<SEC-DOCUMENT>0001387131-16-008369.txt : 20161206
<SEC-HEADER>0001387131-16-008369.hdr.sgml : 20161206
<ACCEPTANCE-DATETIME>20161206165546
ACCESSION NUMBER:		0001387131-16-008369
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161206
DATE AS OF CHANGE:		20161206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-213860
		FILM NUMBER:		162036826

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>lpth-s1a_120616.htm
<DESCRIPTION>AMENDMENT TO FORM S-1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the
Securities and Exchange Commission on December 6, 2016 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Registration No. 333-213860</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>FORM S-1/A</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(Pre-Effective Amendment No.
4)</B></P>

<P STYLE="font: 18pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 24pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>LIGHTPATH TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(Exact name of registrant as
specified in its charter) </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>86-0708398</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Identification Number)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>2603 Challenger Tech Court, Suite 100</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orlando, Florida 32826</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(407) 382-4003 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(Address, including zip code,
and telephone number, including area code of registrant&rsquo;s principal executive offices) </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>J. JAMES GAYNOR, PRESIDENT &amp; CHIEF EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LightPath Technologies, Inc. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2603 Challenger Tech Court, Suite
100, Orlando Florida 32826</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (407) 382-4003 </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(Name, address, including zip
code, and telephone number, including area code, of agent for service) </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I>With a copy to: </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jeffrey E. Decker, Esq.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Baker &amp; Hostetler LLP </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>200 South Orange Avenue</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 2300</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Orlando, Florida 32801</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(407) 649-4017 </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Oded Har-Even, Esq.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Robert V. Condon III, Esq.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Zysman, Aharoni, Gayer and Sullivan
        &amp; Worcester LLP</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1633 Broadway</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10019</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>(212) 660-5000</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Approximate date of commencement
of proposed sale to the public</B>: From time to time after the effectiveness of this registration statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If any of the securities being
registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933,
check the following box: &#9744;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If this form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If this Form is a post-effective
amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 16%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 59%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;&nbsp; (Do not check if a smaller reporting company)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 1pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THE REGISTRANT HEREBY AMENDS THIS
REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A
FURTHER AMENDMENT, WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE
WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH
DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.</B>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">This Amendment No. 4 (this &ldquo;Amendment&rdquo;)
to the Registration Statement on Form S-1 (File No. 333-213860) (the &ldquo;Registration Statement&rdquo;) of LightPath Technologies,
Inc. is being filed solely to amend Item 16 of Part II of the Registration Statement to include Exhibit 1.1, the Form of Underwriting
Agreement by and between LightPath Technologies, Inc. and Roth Capital Partners, LLC. Accordingly, this Amendment consists only
of the facing page, this explanatory note, Part II of the Registration Statement, the signature page to the Registration Statement,
the exhibit index, and Exhibit 1.1. The preliminary prospectus contained in the Registration Statement is unchanged and has been
omitted.<B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PART II</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 14. Other Expenses of Issuance and Distribution </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth an itemization
of the various expenses, all of which we will pay, in connection with the issuance and distribution of the securities being registered.
All of the amounts shown are estimated except the SEC registration fee, FINRA filing fee and NCM listing fee.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: justify">SEC registration fee</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,426</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,943</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">NCM listing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Transfer agent fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Printing and miscellaneous expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">203,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 15. Indemnification of Directors
and Officers </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 145 of the DGCL provides for
the indemnification of officers and directors of corporations in terms sufficiently broad to indemnify our officers and directors
under certain circumstances from liabilities (including reimbursement of expenses incurred) arising under the Securities Act. Section
102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation shall
not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director,
except for liability (i) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) in respect of
certain unlawful dividend payments or stock redemptions or repurchases, or (iv) for any transaction from which the director derived
an improper personal benefit.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As permitted by the DGCL, our Certificate
of Incorporation provides that the personal liability of each member of our Board or our stockholders for monetary damages for
breach of fiduciary duty as a director is eliminated. The effect of this provision in the Certificate of Incorporation is to eliminate
our rights and the rights of our stockholders (through stockholders&rsquo; derivative suits on our behalf) to recover monetary
damages against a director for breach of fiduciary duty as a director thereof (including breaches resulting from negligent or grossly
negligent behavior) except in the situations described in clauses (i)-(iv), inclusive, above. Specifically, Article TENTH of the
Certificate of Incorporation provides as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1in; text-align: justify">TENTH: No director of the corporation
shall be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director
(i) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for any transaction from which the director
derived an improper personal benefit, or (iv) under Section 174 of the GCL. This Article shall eliminate or limit the liability
of a director for any act or omission occurring prior to the time this Article became effective.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, Article 7 of our Bylaws
provides, in summary, that we are required to indemnify to the fullest extent permitted by applicable law, any person made or threatened
to be made a party or involved in a lawsuit action or proceeding by reason that such person is or was our officer, director, employee,
or agent. Indemnification is against all liability and loss suffered and expenses reasonably incurred to the fullest extent permitted
by applicable law. Unless required by law, no such indemnification is required by us of any person initiating such suit, action,
or proceeding without Board authorization. Expenses are payable in advance if the indemnified party agrees to repay the amount
if he or she is ultimately found to not be entitled to indemnification.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bylaws further provide that the
indemnification rights provided for in the Bylaws shall not be deemed exclusive of any rights to the indemnified party under any
bylaw, agreement, vote of stockholders or disinterested directors or otherwise.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been informed that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We provide indemnity insurance pursuant
to which officers and directors are indemnified or insured against liability or loss under certain circumstances, which may include
liability or related loss under the Securities Act and the Exchange Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 16. Exhibits </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The exhibits to this registration statement
are listed in the Exhibit Index to this registration statement, which Exhibit Index is hereby incorporated by reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 17. Undertakings </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned registrant hereby undertakes
that:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 92%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 92%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bone fide</I> offering thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Orlando, State of Florida, on December 6, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">LIGHTPATH TECHNOLOGIES, INC.</TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
     <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;By:</TD>
     <TD STYLE="vertical-align: top; width: 47%">/s/ J. James Gaynor</TD>
</TR>
<TR>
     <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: J. James Gaynor<BR>Title: President and Chief Executive Officer</TD>
</TR>
</TABLE>

<P STYLE="text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt; font: 10pt Times New Roman, Times, Serif">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the
Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 36%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid"><B>Signatures</B></P></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid"><B>Title</B></P></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid"><B>Date</B></P></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">J. James Gaynor</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer <BR>
(principal executive officer) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Dorothy M. Cipolla</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt">Chief Financial
        Officer<BR>
(principal financial and principal accounting officer)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-align: justify; text-indent: -10pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Robert Ripp</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Sohail Khan</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Steven Brueck</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">M. Scott Faris</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">December 6, 2016&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 0.75pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Louis Leeburg</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">December 6, 2016&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: black 1pt solid">*</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Craig Dunham</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
6, 2016&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ J. James Gaynor</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. James Gaynor, as Attorney-in-Fact</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a list of exhibits
filed as part of this registration statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit Number&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 86%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Description</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex1-1.htm">Form of Underwriting Agreement by and between LightPath Technologies, Inc. and Roth Capital Partners, LLC</A></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation of Registrant, filed June 15, 1992 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to Certificate of Incorporation of Registrant, filed October 2, 1995 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designations of Class A common stock and Class E-1 common stock, Class E-2 common stock, and Class E-3 common stock of Registrant, filed November 9, 1995 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.4</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation of Series A Preferred Stock of Registrant, filed July 9, 1997 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.5</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation of Series B Stock of Registrant, filed October 2, 1997 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.6</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment of Certificate of Incorporation of Registrant, filed November 12, 1997 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.7</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation of Series C Preferred Stock of Registrant, filed February 6, 1998 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.8</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation, Preferences and Rights of Series D Participating Preferred Stock of Registrant filed April 29, 1998 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.9&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designation of Series F Preferred Stock of Registrant, filed November 2, 1999 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.10&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment of Certificate of Incorporation of Registrant, filed February 28, 2003 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.11</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment of Certificate of Incorporation of Registration, filed March 1, 2016 with the Secretary of State of Delaware</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Registrant</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement dated May 1, 1998, between Registrant and Continental Stock Transfer &amp; Trust Company</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to Rights Agreement dated as of February 25, 2008, between LightPath Technologies, Inc. and Continental Stock Transfer &amp; Trust Company</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Baker &amp; Hostetler LLP as to the legality of the securities registered hereby</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Omnibus Incentive Plan dated October 15, 2002</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee Letter Agreement dated June 12, 2008, between LightPath Technologies, Inc., and J. James Gaynor, its Chief Executive Officer &amp; President</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LightPath Technologies, Inc. Employee Stock Purchase Plan effective January 30, 2015</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Common Stock Purchase Warrant dated as of June 11, 2012, issued by LightPath Technologies, Inc. to certain investors</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Loan and Security Agreement dated as of December 23, 2014 between LightPath Technologies, Inc. and Avidbank Corporate Finance, a division of Avidbank</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 86%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sixth Amendment to Lease dated as of July 2, 2014 between LightPath Technologies, Inc. and Challenger Discovery LLC</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Amendment to Amended and Restated Loan and Security Agreement dated as of December 23, 2015 between LightPath Technologies, Inc. and Avidbank Corporate Finance, a division of Avidbank</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Purchase Agreement dated August 3, 2016 by and among LightPath Technologies, Inc., ISP Optics Corporation, Mark Lifshotz and Joseph Menaker</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Registrant</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Baker &amp; Hostetler LLP (included in Exhibit 5.1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ltd ARMA K Revidents Auditors</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Notes:</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">1. This exhibit was filed as an
exhibit to our Registration Statement on Form SB-2 (File No: 33-80119) filed with the Securities and Exchange Commission on December
7, 1995 and is incorporated herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">2. This exhibit was filed as an exhibit
to our annual report on Form 10-KSB40 filed with the Securities and Exchange Commission on September 11, 1997 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">3. This exhibit was filed as an exhibit
to our quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 1997 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">4. This exhibit was filed as an exhibit
to our Registration Statement on Form S-3 (File No. 333-47905) filed with the Securities and Exchange Commission on March 13, 1998
and is incorporated herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">5. This exhibit was filed as an exhibit
to our Registration Statement on Form 8-A filed with the Securities and Exchange Commission on April 28, 1998 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">6. This exhibit was filed as an exhibit
to our Registration Statement on Form S-3 (File No: 333-94303) filed with the Securities and Exchange Commission on January 10,
2000 and is incorporated herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">7. This exhibit was filed as an exhibit
to our Proxy Statement filed with the Securities and Exchange Commission on January 24, 2003 and is incorporated herein by reference
thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">8. The Amended and Restated Omnibus
Incentive Plan, dated October 15, 2002 was filed as an exhibit to our Proxy Statement filed with the Securities and Exchange Commission
on September 12, 2002. Amendment No. 1, dated October 20, 2004 and Amendment No. 2, dated December 6, 2004, were filed as an exhibit
to our Registration Statement on Form S-8 (File No. 333-121389) filed with the Securities and Exchange Commission on December 17,
2004. Amendment No. 3, dated November 1, 2007 and Amendment No. 4, dated January 1, 2009, were filed as an exhibit to our Proxy
Statement filed with the Securities and Exchange Commission on December 10, 2012. Amendment No. 5 dated January 1, 2013 was filed
as an exhibit to our Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 9, 2013. Amendment
No. 6 dated January 29, 2015 was filed as an exhibit to our Proxy Statement filed with the Securities and Exchange Commission on
December 19, 2014.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">9. This exhibit was filed as an exhibit
to our Current Report on Form 8-K filed with the Securities and Exchange&nbsp;Commission on June 12, 2008, and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">10. This exhibit was filed as an exhibit
to Amendment No. 1 to the Registration Statement on Form 8-A/A filed with the Securities and Exchange Commission on February 25,
2008, and is incorporated herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">11. This exhibit was filed as an Appendix
A to our Proxy Statement (File No, 333-27548) filed with the Securities and Exchange&nbsp;Commission on December 19, 2014, and
is incorporated herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">12. This exhibit was filed as an exhibit
to our Current Report on Form 8-K filed with the Securities and Exchange&nbsp;Commission on June 11, 2012, and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">13. This exhibit was filed as an exhibit
to our Quarterly Report on Form 10-Q filed with the Securities and Exchange&nbsp;Commission on February 5, 2015, and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">14. This exhibit was filed as an exhibit
to our Current Report on Form 8-K filed with the Securities and Exchange&nbsp;Commission on July 8, 2014, and is incorporated herein
by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">15. This exhibit was filed as an exhibit
to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 3, 2015 and is incorporated herein
by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">16. This exhibit was filed as an exhibit
to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 4, 2016 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">17. This exhibit was filed as an exhibit
to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 15, 2016 and is incorporated herein
by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">18. This exhibit was filed as an exhibit
to our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on September 29, 2016 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">19. This exhibit was filed as an exhibit
to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2016 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">20. This exhibit was filed as an exhibit
to our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 18, 2016 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">21. This exhibit was filed as an exhibit
to our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on November 29, 2016 and is incorporated
herein by reference thereto.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">* Filed herewith.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ex1-1.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B><A HREF="lpth-s1a_120616.htm">LightPath Technologies, Inc. S-1/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>&nbsp;Exhibit 1.1</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>[&bull;] Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>LightPath
Technologies, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Class A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right">[&bull;], 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Roth Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newport Beach, CA 92660</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>As Representative of the Underwriters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>named on <U>Schedule A</U> hereto</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">LightPath Technologies,
Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement, subject to the terms and conditions set
forth herein, with each of the underwriters listed on Schedule A hereto (collectively, the &ldquo;<U>Underwriters</U>&rdquo;),
for whom Roth Capital Partners, LLC is acting as representative (in such capacity, the &ldquo;<U>Representative</U>&rdquo;), to
sell and issue to the Underwriters an aggregate of [&bull;] authorized but unissued shares (the &ldquo;<U>Firm Shares</U>&rdquo;)
of Class A common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;), of the Company. The Company also proposes,
subject to the terms and conditions stated herein, to issue and sell to the Underwriters up to [&bull;] shares of Common Stock
(the &ldquo;<U>Additional Shares</U>&rdquo;), if and to the extent that the Underwriters shall have determined to exercise the
right to purchase Additional Shares granted to the Underwriters in Section 4(b) hereof. The Firm Shares and Additional Shares are
collectively referred to as the &ldquo;<U>Shares</U>&rdquo; or the &ldquo;<U>Securities</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company and the Representative
hereby agree as follows (the &ldquo;<U>Agreement</U>&rdquo;):</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
a registration statement covering the Securities on Form S-1 (File No. 333-213860) under the Securities Act of 1933, as amended
(the &ldquo;<U>Securities Act</U>&rdquo;), and the rules and regulations of the Commission thereunder (the &ldquo;<U>Rules and
Regulations</U>&rdquo;), including a preliminary prospectus relating to the Securities and such amendments to such registration
statement (including post effective amendments) as may have been required to the date of this Agreement. Such registration statement,
as amended (including any post effective amendments), has been declared effective by the Commission. Such registration statement,
including amendments thereto (including post effective amendments thereto) and all documents and information deemed to be a part
of the registration statement through incorporation by reference or otherwise at the time of effectiveness thereof (the &ldquo;<U>Effective
Time</U>&rdquo;), the exhibits and any schedules thereto at the Effective Time or thereafter during the period of effectiveness
and the documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise
pursuant to the Rules and Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called
the &ldquo;<U>Registration Statement</U>.&rdquo; If the Company has filed or files an abbreviated registration statement pursuant
to Rule 462(b) under the Securities Act (the &ldquo;<U>Rule 462 Registration Statement</U>&rdquo;), then any reference herein to
the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary prospectus included in the
Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Securities Act is hereinafter called a &ldquo;<U>Preliminary
Prospectus</U>.&rdquo; The Preliminary Prospectus relating to the Securities that was included in the Registration Statement immediately
prior to the pricing of the offering contemplated hereby is hereinafter called the &ldquo;<U>Pricing Prospectus</U>.&rdquo;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">The Company is filing
with the Commission pursuant to Rule 424 under the Securities Act a final prospectus covering the Securities, which includes the
information permitted to be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus,
as so filed, is hereinafter called the &ldquo;<U>Final Prospectus</U>.&rdquo; The Final Prospectus, the Pricing Prospectus and
any preliminary prospectus in the form in which they were included in the Registration Statement or filed with the Commission pursuant
to Rule 424 under the Securities Act is hereinafter called a &ldquo;<U>Prospectus</U>.&rdquo; Reference made herein to any Preliminary
Prospectus, the Pricing Prospectus or to the Prospectus shall be deemed to refer to and include any documents incorporated by reference
therein and any reference to any amendment or supplement to any Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include any document filed under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
and the rules and regulations of the Commission thereunder, incorporated by reference in such Preliminary Prospectus or the Prospectus,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Representations
and Warranties of the Company Regarding the Offering</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company represents
and warrants to, and agrees with, the Underwriters, as of the date hereof and as of the Closing Date (as defined in Section 4(c)
below), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">At each time
of effectiveness, at the date hereof and at the Closing Date, the Registration Statement and any post-effective amendment thereto
complied or will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations and
did not or will not, as the case may be, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined
in <U>Section 2(a)(iii)</U> below) as of the date hereof and at the Closing Date, and the Final Prospectus, as amended or supplemented,
at the time of filing pursuant to Rule 424(b) under the Securities Act and at the Closing Date, when considered with the Time
of Sale Disclosure Package did not and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply
to statements in or omissions from the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus in
reliance upon, and in conformity with, written information furnished to the Company by the Underwriters specifically for use in
the preparation thereof, which written information is described in Section 8(f). The Registration Statement contains all exhibits
and schedules required to be filed by the Securities Act or the Rules and Regulations. No stop order preventing or suspending
the effectiveness or use of the Registration Statement or any Prospectus is in effect and no proceedings for such purpose have
been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
has not distributed any prospectus or other offering material in connection with the offering and sale of the Shares other than
the Time of Sale Disclosure Package and the roadshow or investor presentations delivered to and approved by the Representative
for use in connection with the marketing of the offering of the Securities (the &ldquo;<U>Marketing Materials</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">(A) The Company
has provided a copy to the Underwriters of each Issuer Free Writing Prospectus (as defined below) used in the sale of the Securities,
if any. The Company has filed all Issuer Free Writing Prospectuses required to be so filed with the Commission, and no stop order
preventing or suspending the effectiveness or use of any Issuer Free Writing Prospectus is in effect and no proceedings for such
purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission.
When taken together with the Time of Sale Disclosure Package or the Final Prospectus, no Issuer Free Writing Prospectus, as of
its issue date and at all subsequent times through the completion of the public offer and sale of the Securities, has, does or
will include any untrue statement of a material fact or omission to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or information that&nbsp;conflicted, conflicts
or will conflict with the information contained in the Registration Statement or the Final Prospectus. The representations and
warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions from the Time of Sale
Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written
information furnished to the Company by the Underwriters specifically for use in the preparation thereof, which written information
is described in Section 8(f). As used in this paragraph and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in; text-align: justify; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 1in; text-align: justify; text-indent: 2in">&ldquo;<U>Time
of Sale Disclosure Package</U>&rdquo; means the Pricing Prospectus, the Prospectus most recently filed with the Commission before
the time of this Agreement, including any preliminary prospectus deemed to be a part thereof, each Issuer Free Writing Prospectus,
the bona fide electronic road show (as defined in Rule 433(h)(5) under the Securities Act) and any description of the transaction
provided by the Underwriters included on <B>Schedule A</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 1in; text-align: justify; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 1in; text-align: justify; text-indent: 2in">&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Securities that (A) is required to be filed with the Commission by the Company, or (B) is exempt from filing
pursuant to Rule 433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed or required to be filed with the
Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g) under the
Securities Act. For the avoidance of doubt, the term &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo; shall not include any
&ldquo;<U>free writing prospectus</U>&rdquo; (as defined in Rule 405 under the Securities Act) that was prepared by the Underwriters
or provided to any person by the Underwriters without the knowledge and consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 2in">At the time of
filing of the Registration Statement and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo;
as defined in Rule 405 under the Securities Act or an &ldquo;excluded issuer&rdquo; as defined in Rule 164 under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 2in">Each Issuer Free
Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period, all other
conditions as may be applicable to its use as set forth in Rules 164 and 433 under the Securities Act, including any legend, record-keeping
or other requirements.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The financial
statements of the Company, together with the related notes and schedules, included or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the applicable accounting
requirements of the Securities Act and the Exchange Act, and the rules and regulations of the Commission thereunder, and fairly
present in all material respects the consolidated financial position of the Company and its subsidiaries as of the dates indicated
and the results of operations and changes in cash flows for the periods therein specified in conformity with U.S. generally accepted
accounting principles (&ldquo;<U>GAAP</U>&rdquo;) consistently applied throughout the periods involved. No other financial statements,
pro forma financial information or schedules are required under the Securities Act, the Exchange Act, or and the Rules and Regulations
to be included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.
<FONT STYLE="background-color: white">BDO USA LLP</FONT>, which has expressed its opinion with respect to the Company&rsquo;s consolidated
audited financial statements and schedules filed as a part of the Registration Statement and included in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus, is an independent public accounting firm with respect to the Company
within the meaning of the Securities Act and the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The pro forma
financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus include
assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the transactions and
events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments
reflect the proper application of those adjustments to the historical financial statements amounts in the pro forma financial statements
included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.
The pro forma financial statements included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus comply as to form in all material respects with the application requirements of Regulation S-X
under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
had a reasonable basis for, and made, disclosed or reaffirmed in good faith, each &ldquo;forward-looking statement&rdquo; (within
the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement, the
Time of Sale Disclosure Package or the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Any statistical,
industry or market-related data, including supply, demand and pricing information, included in the Registration Statement, the
Time of Sale Disclosure Package, and the Final Prospectus, or included in the Marketing Materials, are based on or derived from
sources that the Company reasonably believes to be reliable and accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Common
Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on The NASDAQ Capital Market (&ldquo;<U>NASDAQ</U>&rdquo;).
There is no action pending to delist the Common Stock from NASDAQ, nor has the Company received any notification that NASDAQ is
contemplating terminating such listing. As of the Closing Date, the Shares will have been duly authorized for listing on NASDAQ,
subject to official notice of issuance. The Company has no securities that are rated by any &ldquo;nationally recognized statistical
organization&rdquo; as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company nor, to the Company&rsquo;s knowledge, any of its officers, directors or affiliates has taken or will take, directly or
indirectly, any action that is designed or intended to or that has constituted or that would reasonably be expected to cause or
result in the unlawful stabilization or manipulation of the price of any security of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">To the Company&rsquo;s
knowledge, no relationship, direct or indirect, exists between or among the Company on the one hand, and any director, officer,
stockholder (or analogous interest holders), customer or supplier of the Company or any of its affiliates on the other hand, which
is required by the Securities Act, the Exchange Act or the Rules and Regulations to be described in the Registration Statement,
the Time of Sale Disclosure Package and the Prospectus and which is not so described.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
is not and during the past three years neither the Company nor any predecessor was: (A) a blank check company as defined in Rule
419(a)(2) of the Securities Act, (B) a shell company, other than a business combination shell company, each as defined in Rule
405 of the Securities Act, or (C) an issuer for an offering of penny stock as defined in Rule 3a51-1 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
is not required to, and, after giving effect to the offering and sale of the Securities and the application of the net proceeds
thereof, will not be required to, register as an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company
Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">Any certificate that
is signed by any officer of the Company and delivered to the Underwriters shall be deemed a representation and warranty by the
Company to the Underwriters and to the Underwriters&rsquo; counsel as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Representations
and Warranties Regarding the Company</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company represents
and warrants to and agrees with, the Underwriter, as of the date hereof and as of the Closing Date, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Each of the
Company and its subsidiaries has been duly organized and is validly existing as a corporation in good standing under the laws of
its jurisdiction of incorporation. Each of the Company and its subsidiaries has the corporate power and authority to own its properties
and conduct its business as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure
Package and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction
in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which
the failure to so qualify would have or is reasonably likely to result in a material adverse effect upon the business, prospects,
assets, properties, operations, condition (financial or otherwise) or results of operations of the Company and its subsidiaries,
taken as a whole, or in the Company&rsquo;s ability to perform its obligations under this Agreement (a &ldquo;<U>Material Adverse
Effect</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
has the corporate power and authority to enter into this Agreement and to authorize, issue and sell the Securities as contemplated
by this Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal
and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity and contribution
hereunder may be limited by federal or state law and except as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally and subject to general principles of equity. <B>Schedule II</B> hereto
sets forth each of the direct and indirect subsidiaries of the Company including each significant subsidiary of the Company as
defined by Rule&nbsp;1-02 of Regulation S-X under the Exchange Act. Except as set forth on <B>Schedule II</B> hereto, the Company
does not own or control, directly or indirectly, any interest in any corporation, partnership, limited liability partnership, limited
liability company, association or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">The execution,
delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not (A) result in
a breach or violation of any of the terms and provisions of, or constitute a default under, any law, rule, regulation, judgment,
order or decree of any a court, regulatory body, administrative agency, governmental body, arbitrator or other authority having
jurisdiction over the Company and such subsidiary or any of its properties, as applicable, to which the Company or any subsidiary
is subject, or by which any property or asset of the Company or any subsidiary is bound or affected, (B) conflict with, result
in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, or give to others any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time
or both) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument filed as an exhibit
to the Registration Statement (the &ldquo;<U>Reviewed Agreements</U>&rdquo;) or obligation or other understanding to which the
Company or any subsidiary is a party of by which any property or asset of the Company or any subsidiary is bound or affected except
to the extent that such conflict, default, termination, amendment, acceleration or cancellation right is not reasonably likely
to result in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and provisions of, or constitute
a default under, the Company&rsquo;s certificate of incorporation or by-laws, each as amended and currently in effect.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company nor any of its subsidiaries is in violation, breach or default under its certificate of incorporation, by-laws or other
equivalent organizational or governing documents, each as amended and currently in effect, except where the violation, breach or
default is not reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company, its subsidiaries nor, to its knowledge, any other party&nbsp;is in violation, breach or default of any Reviewed Agreement
that is reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">No consents,
approvals, orders, authorizations or filings are required on the part of the Company in connection with the execution, delivery
or performance of this Agreement and the issue and sale of the Securities, except (A) the registration under the Securities Act
of the Securities, which has been effected; (B) the necessary filings and approvals from NASDAQ to sell and list the Shares; (C)
such consents, approvals, authorizations, registrations or qualifications as may be required under state or foreign securities
or blue sky laws and the rules of the Financial Industry Regulatory Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;) in connection
with the purchase and distribution of the Securities by the Underwriters; (D) such consents and approvals as have been obtained
and are in full force and effect; and (E) such consents, approvals, orders, authorizations and filings the failure of which to
make or obtain is not reasonably likely to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final
Prospectus. All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued, fully
paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform in all material respects
to the description thereof in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of
the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully
paid and non-assessable and, except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final
Prospectus, are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. Except
for the Shares and the issuances of options or restricted stock in the ordinary course of business, since the respective dates
as of which information is provided in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus,
the Company has not entered into or granted any convertible or exchangeable securities, options, warrants, agreements, contracts
or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company and the holders
of outstanding shares of capital stock of the Company are not entitled to preemptive or similar rights, except in each case as
disclosed in the Registration Statement, Time of Sale Disclosure Package or Final Prospectus. The Shares, when issued and duly
paid for as provided herein, will be duly authorized and validly issued, fully paid and nonassessable, issued in compliance with
all applicable securities laws. The Shares, when issued, will conform in all material respects to the descriptions thereof set
forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">No person or
entity has the right to require registration of shares of Common Stock or other securities of the Company or any of its subsidiaries
because of the filing or effectiveness of the Registration Statement, except for persons and entities who have expressly waived
such right in writing or who have been given timely and proper written notice and have failed to exercise such right within the
time or times required under the terms and conditions of such right. Except as described in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus, there are no persons with registration rights or similar rights to have any
securities registered by the Company or any of its subsidiaries under the Securities Act.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The exercise
price of each option issued under the Company&rsquo;s stock option or other employee benefit plans has been no less than the fair
market value of a share of common stock as determined on the date of grant of such option. All grants of options were validly issued
and properly approved by the board of directors of the Company (or a duly authorized committee thereof) in material compliance
with all applicable laws and regulations and recorded in the Company&rsquo;s financial statements in accordance with GAAP and,
to the Company&rsquo;s knowledge, no such grants involved &ldquo;back dating,&rdquo; &ldquo;forward dating&rdquo; or similar practice
with respect to the effective date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
does not own any &ldquo;margin securities&rdquo; as that term is defined in Regulation U of the Board of Governors of the Federal
Reserve System (the &ldquo;<U>Federal Reserve Board</U>&rdquo;), and none of the proceeds of the sale of the Securities will be
used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring
any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause
any of the Stock to be considered a &ldquo;purpose credit&rdquo; within the meanings of Regulation T, U or X of the Federal Reserve
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as otherwise
stated in the Registration Statement, in the Time of Sale Disclosure Package and in the Final Prospectus, there are no preemptive
rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common
Stock pursuant to the Company&rsquo;s certificate of incorporation, by-laws or any agreement or other instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound. Neither the filing of the Registration
Statement nor the offering or sale of the Securities as contemplated by this Agreement gives rise to any rights for or relating
to the registration of any shares of Common Stock or other securities of the Company, other than such rights that have been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as otherwise
stated in the Registration Statement, in the Time of Sale Disclosure Package and in the Final Prospectus, the Company does not
own, directly or indirectly, any capital stock or other ownership interest in any partnership, corporation, business trust, limited
liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">Each of the Company
and its subsidiaries (A) has timely filed all foreign, federal, state and local returns (as hereinafter defined) required to be
filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof, and all
such returns were true, complete and correct in all material respects except insofar as the failure to file, or timely file, such
returns would not singly or in the aggregate be reasonably likely to result in a Material Adverse Effect, (B) has paid all taxes
(as hereinafter defined) shown as due and payable on such returns that were filed, including, without limitation, all sales and
use taxes and all taxes which the Company is obligated to withhold from amounts owing to employees, creditors and third parties,
and all taxes imposed on or assessed against the Company or such respective subsidiary, except where failure to make such payments
would not, singly or in the aggregate, be reasonably likely to result in a Material Adverse Effect, (C) does not have any tax deficiency
or claims outstanding or assessed or, to its knowledge, proposed against it, and (D) will not be obligated to pay any transfer
taxes or other similar fees or charged under federal law or the laws of any state, or any political subdivision thereof, in connection
with the execution and delivery of this Agreement or the sale and issuance by the Company of the Securities. The provisions for
taxes payable, if any, shown on the financial statements included in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including
the dates of such consolidated financial statements. Except as disclosed in writing to the Representative, (1) no issues have been
raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from
the Company or its subsidiaries, and (2) no waivers of statutes of limitation with respect to the returns or collection of taxes
have been given by or requested from the Company or its subsidiaries. Neither the Company nor its subsidiaries has engaged in any
transaction which is a corporate tax shelter or which could be characterized as such by the Internal Revenue Service or any other
taxing authority to which the Company or such subsidiary reports or is governed by. The term &ldquo;<U>taxes</U>&rdquo; mean all
federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium,
property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any
interest and any penalties, additions to tax, or additional amounts with respect thereto. The term &ldquo;<U>returns</U>&rdquo;
means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">The Company maintains
a system of &ldquo;internal control over financial reporting&rdquo; (as such term is defined in Rule 13a-15 of the rules and regulations
under the Exchange Act (the &ldquo;<U>Exchange Act Rules</U>&rdquo;)) that complies in all material respects with the requirements
of the Exchange Act and has been designed by the Company&rsquo;s principal executive officer and principal financial officer, or
under their supervision, to provide reasonable assurances that (A) transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company&rsquo;s internal control over financial
reporting is effective. Except as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
since the end of the Company&rsquo;s most recent audited fiscal year, there has been (1) no material weakness (as defined in Rule
1-02 of Regulation S-X under the Exchange Act) in the Company&rsquo;s internal control over financial reporting (whether or not
remediated) and (2) no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or
is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company&rsquo;s internal
control over financial reporting is, or upon consummation of the offering of the Securities will be, overseen by the Audit Committee
of the board of directors of the Company (the &ldquo;<U>Audit Committee</U>&rdquo;) in accordance with the Exchange Act Rules.
The Company has not publicly disclosed or reported to the Audit Committee or to the board of directors, and within the next 90
days the Company does not reasonably expect to publicly disclose or report to the Audit Committee or the board of directors, a
significant deficiency, material weakness, change in internal control over financial reporting or fraud involving management or
other employees who have a significant role in the internal control over financial reporting (each an &ldquo;<U>Internal Control
Event</U>&rdquo;), any violation of, or failure to comply with, U.S. securities laws, or any matter which if determined adversely,
would reasonably be likely to result in a Material Adverse Effect. A member of the Audit Committee has confirmed to the principal
executive officer or principal financial officer that, except as set forth in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, the Audit Committee is not reviewing or investigating, and the Company&rsquo;s independent auditors
have not recommended that the Audit Committee review or investigate (I) adding to, deleting, changing the application of or changing
the Company&rsquo;s disclosure with respect to, any of the Company&rsquo;s material accounting policies, (II) any matter which
could result in a restatement of the Company&rsquo;s financial statements for any annual or interim period during the current or
prior three fiscal years, or (III) any Internal Control Event. The Company has made and keeps books, records and accounts, which,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company in all material
respects. The Company maintains disclosure controls and procedures (as such is defined in Rule 13a-15 of the Exchange Act Rules)
that comply in all material respects with the requirements of the Exchange Act; such disclosure controls and procedures have been
reasonably designed to ensure that information required to be disclosed by the Company and its subsidiaries is accumulated and
communicated to the Company&rsquo;s management, including the Company&rsquo;s principal executive officer and principal financial
officer by others within those entities, and such disclosure controls and procedures are effective.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as otherwise
stated therein, since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus, (A) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations,
direct or contingent, or entered into any material transactions other than in the ordinary course of business; (B) the Company
has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (C) there has not
been any change in the capital stock of the Company or any of its subsidiaries (other than a change in the number of outstanding
shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or the issuance, repurchase
or forfeiture of restricted stock awards or restricted stock units under the Company&rsquo;s existing stock awards plans, or any
new grants thereof in the ordinary course of business); (D) there has not been any material change in the Company&rsquo;s long-term
or short-term debt other than the addition of new credit facilities which have been disclosed to the Representative; and (E) there
has not been the occurrence of any Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There is not
pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to which the Company or any of its subsidiaries
is a party, or of which any property or assets of the Company or any of its subsidiaries is the subject, before or brought by any
court or governmental agency, authority or body, or any arbitrator or mediator, which is reasonably likely to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
and each of its subsidiaries holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements,
consents, certificates and orders (&ldquo;<U>Permits</U>&rdquo;) of any governmental or self-regulatory agency, authority or body
required for the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure
to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect. All such Permits are free
and clear of any restriction or condition that are in addition to, or materially different from those normally applicable to similar
licenses, certificates, authorizations and permits. The Company has not received notification of any revocation, modification,
suspension, termination or invalidation (or proceedings related thereto) of any such Permit and to the knowledge of the Company,
no event has occurred that allows or results in, or after notice or lapse of time or both would allow or result in, revocation,
modification, suspension, termination or invalidation (or proceedings related thereto) of any such Permit and the Company has no
reason to believe that any such Permit will not be renewed; and the Company is a member in good standing of each federal, state
or foreign exchange, board of trade, clearing house or association, and self-regulatory or similar organization, in each case as
necessary to conduct their respective businesses as described in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">The Company and
its subsidiaries have good and marketable title to all owned property (whether real or personal) described in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus as being owned by them that are material to the business
of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except (A)
those liens and security interests securing the Company&rsquo;s credit facilities and (B) others that are not reasonably likely
to result in a Material Adverse Effect. The property held under lease by the Company and its subsidiaries is held by them under
valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in
any material respect with the conduct of the business of the Company and its subsidiaries.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
and each of its subsidiaries owns or possesses the valid right to use or could obtain on commercially reasonable terms for an amount
that is not material to the Company and its subsidiaries, taken as a whole, all (A) valid and enforceable patents, patent applications,
trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights,
copyright registrations, licenses, trade secret rights (&ldquo;<U>Intellectual Property Rights</U>&rdquo;) and (ii) inventions,
software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how, Internet domain names and
other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information,
systems, or procedures) (collectively, &ldquo;<U>Intellectual Property Assets</U>&rdquo;) necessary to conduct its businesses as
currently conducted, and as proposed to be conducted and described in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus. The Company has not received any opinion from its legal counsel concluding that any activities of their
respective businesses infringe, misappropriate, or otherwise violate, valid and enforceable Intellectual Property Rights of any
other person, and have not received written notice of any challenge, which is to its knowledge still pending, by any other person
to the rights of the Company with respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by
the Company. To the knowledge of the Company, the Company business as now conducted does not give rise to any infringement of,
any misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person. All
licenses for the use of the Intellectual Property Rights described in the Time of Sale Disclosure Package are valid, binding upon,
and enforceable by or against the parties thereto in accordance to its terms. The Company and its subsidiaries have complied in
all material respects with, and are not in breach nor have received any asserted or threatened claim of breach of any Intellectual
Property license, and the Company has no knowledge of any breach or anticipated breach by any other person to any intellectual
property license. Except as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
no claim has been made against the Company alleging the infringement by the Company of any patent, trademark, service mark, trade
name, copyright, trade secret, license in or other intellectual property right or franchise right of any person. The Company has
taken all reasonable steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate
nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result
in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person
in respect of, the Company&rsquo;s right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or
held for use in the conduct of the business as currently conducted. With respect to the use of software in the Company&rsquo;s
business as it is currently conducted, the Company has not experienced any defects in such software including any error or omission
in the processing of any transactions other than defects which have been corrected or that would not have a Material Adverse Effect,
and to the knowledge of the Company, no such software contains any device or feature designed to disrupt, disable, or otherwise
impair the functioning of any software or is subject to the terms of any &ldquo;open source&rdquo; or other similar license that
requires the source code of the Company&rsquo;s material proprietary software to be publicly distributed or dedicated to the public.
The Company has at all times complied with all applicable laws relating to privacy, data protection, and the collection and use
of personal information collected, used, or held for use by the Company in the conduct of the Company&rsquo;s business. No claims
have been asserted or threatened against the Company alleging a violation of any person&rsquo;s privacy or personal information
or data rights and the consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of
any law related to privacy, data protection, or the collection and use of personal information collected, used, or held for use
by the Company in the conduct of the Company&rsquo;s business. The Company takes reasonable measures to ensure that such information
is protected against unauthorized access, use, modification, or other misuse. The Company has taken all necessary actions to obtain
ownership of all works of authorship and inventions made by its employees, consultants and contractors during the time they were
employed by or under contract with the Company and which relate to the Company&rsquo;s business. All founders and key employees
have signed confidentiality and invention assignment agreements with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">The Company and
each of its subsidiaries has complied with, is not in violation of, and has not received any notice of violation relating to any
law, rule, regulation, judgment, order or decree of any a court, regulatory body, administrative agency, governmental body, arbitrator
or other authority having jurisdiction over the Company and such subsidiary or any of its properties, as applicable, including,
without limitation, (A) any laws, rules or regulations related to health, safety or the environment, including those relating to
the regulation of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable
to its business (&ldquo;<U>Environmental Laws</U>&rdquo;), (B) the Sarbanes-Oxley Act and the rules and regulations of the Commission
thereunder, (C) the Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (D) the Employment Retirement
Income Security Act of 1974 and the rules and regulations thereunder, in each case except where the failure to be in compliance
is not reasonably likely to result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no directors or officers of
the Company or any of its subsidiaries, in their capacity as such, have failed to comply with any provision of the Sarbanes-Oxley
Act and the rules and regulations of the Commission thereunder with which any of them is required to comply, including Section
402 relating to loans and Sections 302 and 906 relating to certifications.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The operations
of the Company and its subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping
and reporting requirements and the applicable money laundering statutes of all applicable jurisdictions, and the rules and regulations
thereunder, including but not limited to the Bank Secrecy Act, as amended by the USA PATRIOT Act, and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<U>Money Laundering
Laws</U>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge
of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There has been
no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic
or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or, to the Company&rsquo;s
knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now
or previously owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation of any law, statute,
ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including
rule of common law), regulation, order, judgment, decree or permit, that would give rise to any material liability; and there has
been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such
property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge. The Company
has reasonably concluded that the effect of Environmental Laws on associated costs and liabilities in operating its business (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws or Permits issued thereunder, any related constraints on operating activities and any potential liabilities to third parties)
would not have, singularly or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, representative, agent
or affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered or enforced by the U.S.
government (including, without limitation, by the Office of Foreign Assets Control of the U.S. Treasury Department, the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory
that is the subject or target of Sanctions; and the Company will not directly or indirectly use the proceeds of the offering of
the Securities contemplated hereby, or lend, contribute or otherwise make available such proceeds to any person or entity, for
the purpose of financing the activities of any person currently subject to any Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of
the Company or any of its subsidiaries, is a person that is, or is 50% or more owned or otherwise controlled by a person that is:
(A) the subject of any Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is,
the subject of Sanctions that broadly prohibit dealings with that country or territory (currently, Cuba, Iran, North Korea, Sudan,
and Syria) (collectively, &ldquo;<U>Sanctioned Countries</U>&rdquo; and each, a &ldquo;<U>Sanctioned Country</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as has
been disclosed to the Underwriters or as would not, singly or in the aggregate, result in a Material Adverse Effect, neither the
Company nor any of its subsidiaries has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person,
or with or in a Sanctioned Country, in the preceding 5 years, nor does the Company or any of its subsidiaries have any plans to
increase its dealings or transactions with Sanctioned Persons, or with or in Sanctioned Countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">The interactive
data in the eXtensible Business Reporting Language included as an exhibit to the Registration Statement fairly presents the information
called for in all material respects and has been prepared in accordance with the Commission&rsquo;s rules and guidelines applicable
thereto.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Neither the
Company nor any of its subsidiaries nor, to the Company&rsquo;s knowledge, any employee or agent of the Company and its subsidiaries,
has (A) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political
activity, (B) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political
parties or campaigns from corporate funds, (C) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended
or (D) made any other unlawful payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
is not a Passive Foreign Investment Company (&ldquo;<U>PFIC</U>&rdquo;) within the meaning of Section 1296 of the United States
Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;) and the Company is not likely to become a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There are no
transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined
in Rule 405 of the Rules and Regulations) and any unconsolidated entity, including, but not limited to, any structured finance,
special purpose or limited purpose entity that could reasonably be expected to materially affect the Company&rsquo;s liquidity
or the availability of or requirements for its capital resources required to be described in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus which have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There are no
outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of
indebtedness by the Company or any of its subsidiaries to or for the benefit of any of the officers or directors of the Company
or any of its subsidiaries or any of their respective family members, except as disclosed in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus. All transactions by the Company and any of its subsidiaries with office holders
or control persons of the Company or any of its subsidiaries have been duly approved by the board of directors of the Company,
or duly appointed committees or officers thereof, if and to the extent required under applicable U.S. law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
and each of its subsidiaries carries, or is covered by, insurance covering the Company&rsquo;s, or any of its subsidiaries&rsquo;,
respective businesses, assets, employees, officers and directors, in such amounts and covering such risks as the Company believes
is adequate for the conduct of its business and the value of such properties and assets and as is customary for companies engaged
in similar businesses in similar industries and of the same or similar size to that of the Company. The Company has no reason
to believe that it or any of its subsidiaries will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business as now conducted at a
cost that would not be reasonably likely to have a Material Adverse Effect. All policies of insurance owned by the Company are,
to the Company&rsquo;s knowledge, in full force and effect and the Company is in compliance with the terms of such policies. There
are no claims by the Company or any of its subsidiaries under any such policy as to which any insurer is denying liability or
defending under a reservation of rights clause and neither the Company nor any such subsidiary has been refused any insurance
coverage sought or applied for. The Company has not received written notice from any insurer, agent of such insurer or the broker
of the Company that any material capital improvements or any other material expenditure (other than premium payments) are required
or necessary to be made in order to continue such insurance. The Company does not insure risk of loss through any captive insurance,
risk retention group, reciprocal group or by means of any fund or pool of assets specifically set aside for contingent liabilities
other than as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There is (A)
no unfair labor practice complaint pending against the Company or any of its subsidiaries, nor to the knowledge of the Company,
threatened against it or any of its subsidiaries, before the National Labor Relations Board, any state or local labor relation
board or any foreign labor relations board, and no significant grievance or significant arbitration proceeding arising out of or
under any collective bargaining agreement is so pending against the Company or any of its subsidiaries, or, to the knowledge of
the Company, threatened against it or any of its subsidiaries, that could reasonably be expected, singularly or in the aggregate,
to have a Material Adverse Effect and (B) no labor dispute with the employees of the Company or any of its subsidiaries exists
or, to the Company&rsquo;s knowledge, is imminent, and the Company is not aware of any existing or imminent labor dispute by the
employees of any of its or its subsidiaries&rsquo; principal suppliers, manufacturers, customers or contractors, that could reasonably
be expected, singularly or in the aggregate, to have a Material Adverse Effect. The Company is not aware that any key employee
or significant group of employees of the Company or any of its subsidiaries plans to terminate employment with the Company or any
such subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">No &ldquo;prohibited
transaction&rdquo; (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended, including the
regulations and published interpretations thereunder (&ldquo;<U>ERISA</U>&rdquo;), or Section 4975 of the Code) or &ldquo;accumulated
funding deficiency&rdquo; (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other
than events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred
or could reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries, which
could, singularly or in the aggregate, have a Material Adverse Effect. To the Company&rsquo;s knowledge, each employee benefit
plan of the Company or any of its subsidiaries is in compliance in all material respects with applicable law, including ERISA and
the Code. The Company has not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect
to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any
of its subsidiaries would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified,
and nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of
such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The minute
books of the Company and each of its subsidiaries have been made available to the Underwriters and counsel for the Underwriters,
and such books: (A) contain a summary of all meetings and material actions of the board of directors (including each board committee)
and stockholders of the Company (or analogous governing bodies and interest holders, as applicable), and each of its subsidiaries
since the time of its respective incorporation or organization through the date of the latest meeting and action; and (B) accurately
in all material respects reflect all transactions referred to in such minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Since June
30, 2016, no supplier, customer,&nbsp;distributor or sales agent of the Company or any of its subsidiaries has&nbsp;notified the
Company&nbsp;or any of its subsidiaries that it intends to&nbsp;discontinue or&nbsp;decrease the rate of business done&nbsp;with&nbsp;the
Company or any of its subsidiaries, except where such discontinuation or decrease is not reasonably likely to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There are no
claims, payments, issuances, arrangements or understandings for services in the nature of a finder&rsquo;s, consulting or origination
fee with respect to the introduction of the Company to the Underwriters or the sale of the Securities hereunder or any other arrangements,
agreements, understandings, payments or issuances with respect to the Company that may affect the Underwriters&rsquo; compensation,
as determined by FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as
disclosed to the Representative in writing, the Company has not made any direct or indirect payments (in cash, securities or otherwise)
to (A) any person, as a finder&rsquo;s fee, investing fee or otherwise, in consideration of such person raising capital for the
Company or introducing to the Company persons who provided capital to the Company, (B) any FINRA member, or (C) any person or
entity that has any direct or indirect affiliation or association with any FINRA member, in each case within the 12-month period
prior to the date on which the Registration Statement was filed with the Commission (&ldquo;<U>Filing Date</U>&rdquo;) or thereafter.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">To the knowledge
of the Company and except as disclosed in writing to the Representative, no (A) officer or director of the Company or its subsidiaries,
(B) owner of 5% or more of the Company&rsquo;s unregistered securities or that of its subsidiaries or (C) owner of any amount of
the Company&rsquo;s unregistered securities acquired within the 180-day period prior to the Filing Date, has any direct or indirect
affiliation or association with any FINRA member. The Company will advise the Representative and the Underwriters&rsquo; counsel
if it becomes aware that any officer, director or stockholder of the Company or its subsidiaries is or becomes an affiliate or
associated person of a FINRA member participating in the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xxxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">None of the
net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate or associate of any
participating FINRA member, except as specifically authorized herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xl)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Other than
the Underwriters, the Company has not appointed or granted any right to any person to act as an underwriter or financial advisor
to the Company with respect to the offer and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xli)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
is not a party to any contract, agreement or understanding with any person that would give rise to a valid claim against the Company
or the Underwriters for a brokerage commission, finder&rsquo;s fee or like payment in connection with the offering and sale of
the Securities as contemplated by this Agreement, the Registration Statement, the Time of Sale Disclosure Package or the Final
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xlii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">If applicable,
all of the information provided to the Underwriters or to counsel for the Underwriters by the Company or its officers and directors
in connection with letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules 5110, 5121 and
5190 is true, correct and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xliii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">Except as set
forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the Company has not sold or
issued any shares of Common Stock during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A
under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, stock option
plans or other employee compensation plans or pursuant to outstanding preferred stock, options, rights or warrants or other outstanding
convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">Any certificate signed
by or on behalf of the Company and delivered to the Underwriters shall be deemed to be a representation and warranty by the Company
to the Underwriters as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Purchase, Sale
and Delivery of Securities</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the basis of the
representations, warranties and agreements herein contained, and subject to the terms and conditions herein set forth, the Company
agrees to issue and sell the Firm Shares to the Underwriters, and the Underwriters, severally and not jointly, agree to purchase
the Firm Shares set forth opposite their respective names on <U>Schedule A</U> attached hereto and made a part hereof. The purchase
price for the Shares shall be $[&bull;] per share (the &ldquo;<U>Purchase Price</U>&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the basis of
the representations, warranties and agreements herein contained, and subject to the terms and conditions herein set forth, the
Company hereby grants to the Representative, on behalf of the Underwriters, an option to purchase some or all of the Additional
Shares, and the Underwriters shall have the right to purchase all or any portion of the Additional Shares at the price per share
equal to the Purchase Price, as may be necessary to cover over-allotments made in connection with the transactions contemplated
hereby. This option may be exercised by the Representative one or more times at any time or from time to time, in whole or in
part, on or before the forty-fifth (45th) day following the date hereof, upon prior written notice to the Company (the &ldquo;<U>Option
Notice</U>&rdquo;). The Option Notice shall set forth the aggregate number of Additional Shares as to which the option is being
exercised, and the date and time as determined by the Representative when the Additional Shares are to be delivered (such date
and time being herein referred to as the &ldquo;<U>Option Closing Date</U>&rdquo;); provided, however, that the Option Closing
Date shall not be earlier than the Closing Date (as defined below) nor earlier than the first business day after the date on which
the option shall have been exercised nor later than the fifth business day after the date on which the option shall have been
exercised unless the Company and the Representative otherwise agree.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Payment of the Purchase
Price for and delivery of the Additional Shares shall be made on the Option Closing Date in the same manner as the payment for
the Firm Shares as set forth in subparagraph (c) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Firm Shares will
be delivered by the Company to the Underwriters against payment of the Purchase Price therefor by wire transfer of same day funds
payable to the order of the Company, at 10:00 am Eastern time, on the third (or if the Firm Shares are priced, as contemplated
by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the fourth) full business day following the date hereof,
or at such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act,
or, in the case of the Additional Shares, at such date and time set forth in the Option Notice. The time and date of delivery of
the Firm Shares and the Additional Shares, as applicable, is referred to herein as the &ldquo;<U>Closing Date</U>.&rdquo; The Company
shall deliver the Firm Shares or the Additional Shares, as applicable, which shall be registered in the name or names and shall
be in such denominations as the Representative may request, to the Underwriters, which delivery shall with respect to the Firm
Shares and any Additional Shares, be made by credit through full fast transfer to the account at The Depository Trust Company designated
by the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Covenants and
Other Agreements</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company covenants
and agrees with the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
shall prepare the Final Prospectus in a form approved by the Representative and file such Final Prospectus pursuant to Rule 424(b)
under the Securities Act not later than the Commission&rsquo;s close of business on the second business day following the execution
and delivery of this Agreement, or, if applicable, such earlier time as may be required by the Rules and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">During the
period beginning on the date hereof and ending on the earlier of (A) such date as reasonably determined by the Representative,
the Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer and (B) the completion
of the distribution of the Securities by the Underwriters (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior to amending
or supplementing the Registration Statement, including any Rule 462 Registration Statement, the Time of Sale Disclosure Package
or the Final Prospectus, the Company shall furnish to the Representative for review and comment a copy of each such proposed amendment
or supplement, and the Company shall not file any such proposed amendment or supplement to which the Representative reasonably
objects; provided that the Company may file any such proposed amendment or supplement that it reasonably believes is required by
applicable law, rule, regulation or governmental order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">From the date
of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Representative in writing
(A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B) of the
time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the
Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, (C) of the time and date that any
post-effective amendment to the Registration Statement becomes effective, and (D) of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of
the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, or of any proceedings to remove,
suspend or terminate from listing or quotation the Common Stock from any securities exchange upon which it is listed for trading
or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the
Commission shall enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable
best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees during the
Prospectus Delivery Period that it shall comply with the provisions of Rules 424(b), 430A, 430B or 430C as applicable, under the
Securities Act and will use its reasonable best efforts to confirm that any filings made by the Company under Rule 424(b) or Rule
433 under the Securities Act were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or 164(b)
of the Securities Act).&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">(A) During
the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and
hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and hereafter
amended, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions
hereof, the Time of Sale Disclosure Package, the Registration Statement and the Final Prospectus. If, during the Prospectus Delivery
Period, any event occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available
to prospective purchasers, the Time of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if
during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Representative or counsel
to the Underwriters to amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet
available to prospective purchasers, the Time of Sale Disclosure Package) to comply with the Securities Act or to file under the
Exchange Act any document that would be deemed to be incorporated by reference in the Final Prospectus in order to comply with
the Securities Act or the Exchange Act, the Company will promptly notify the Underwriters, allow the Representative the opportunity
to provide reasonable comments on such amendment, prospectus supplement or document, and will amend the Registration Statement
or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers, the Time of Sale
Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect
such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 2in">During the Prospectus
Delivery Period, if at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or
development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained
in the Registration Statement or any Prospectus or included or would include, when taken together with the Time of Sale Disclosure
Package, an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will promptly
notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
shall take or cause to be taken all necessary action, in cooperation with the Underwriters, to qualify the Securities for sale
under the securities laws of such jurisdictions as the Representative reasonably designates and to continue such qualifications
in effect so long as required for the distribution of the Securities, except that the Company shall not be required in connection
therewith to (A) qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified,
(B) to execute a general consent to service of process in any state, or (C) to subject itself to taxation in respect of doing business
in any jurisdiction in which it is not otherwise subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
will furnish to the Underwriters and counsel for the Underwriters copies of the Registration Statement, each Prospectus, any Issuer
Free Writing Prospectus, and all amendments and supplements to such documents, in each case promptly after they become available
and in such quantities as the Underwriters may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after
the end of the Company&rsquo;s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period
that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be
paid: (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery
to the Underwriters of the Securities, if applicable, (B) all expenses and fees incurred (including, without limitation, fees and
expenses of the Company&rsquo;s counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration
Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto), the Securities, the
Time of Sale Disclosure Package, any Prospectus (including the Final Prospectus), any Issuer Free Writing Prospectus and any amendment
thereof or supplement thereto, (C) the fees and expenses of any transfer agent or registrar of the Securities, (D) NASDAQ listing
fees, (E) FINRA filing fees, and (F) all other costs and expenses incurred by the Company incident to the performance of its obligations
hereunder that are not otherwise specifically provided for herein. In addition, the Company will reimburse the Underwriters for
(i) all reasonable filing fees and reasonable fees and disbursements of the Underwriters&rsquo; counsel incurred in connection
with the qualification of the Securities for offering and sale by the Underwriters or by dealers under the securities or blue sky
laws of the states and other jurisdictions that the Representative shall designate and in connection with any FINRA filing, and
(ii) all reasonable out-of-pocket costs (including, but not limited to, reasonable fees and disbursements of counsel, travel expenses,
postage, facsimile and telephone charges) incurred by the Underwriters in connection with its investigation, preparing to market
and marketing the Securities or in contemplation of performing its obligations hereunder, such costs of this subsection (ii) subject
to an overall limit of $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
intends to apply the net proceeds from the sale of the Securities to be sold by it hereunder for the purposes set forth in the
Registration Statement, the Time of Sale Disclosure Package and in the Final Prospectus under the heading &ldquo;Use of Proceeds&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to or which
might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The Company
hereby agrees that, without the prior written consent of the Representative, it will not, during the period ending one hundred
and twenty (120) days after the date hereof (&ldquo;<U>Lock-Up Period</U>&rdquo;), (A) offer, pledge, issue, sell, contract to
sell, purchase, contract to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock
or any securities convertible into or exercisable or exchangeable for Common Stock; or (B) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any
such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or such other securities, in
cash or otherwise; or (C) file any registration statement with the Commission relating to the offering of any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock. The restrictions contained in the preceding
sentence shall not apply to (1) the Securities to be sold hereunder; (2) the issuance of Common Stock pursuant to the Company&rsquo;s
Employee Stock Purchase Plan not resalable during the Lock-Up Period or upon the exercise of convertible notes, options or warrants
disclosed as outstanding in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus and the vesting
of restricted stock awards or units; and (3) the issuance of employee stock options not exercisable during the Lock-Up Period and
the grant, redemption or forfeiture of restricted stock awards, restricted stock units, or other equity rights pursuant to equity
incentive plans described in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">To engage and
maintain, at its expense, a transfer agent for the Common Stock and the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">To not take,
directly or indirectly, any action designed to cause or result in, or that has constituted or might to constitute, or otherwise,
the stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Securities.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company represents
and agrees that, unless it obtains the prior written consent of the Representative, it will not make any offer relating to the
Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;<U>free writing
prospectus</U>&rdquo; (as defined in Rule 405 of the Securities Act) required to be filed by the Company with the Commission or
retained by the Company under Rule 433 of the Securities Act; provided that the prior written consent of the Representative shall
be deemed to have been given in respect of the free writing prospectus included in <B>Schedule I</B>. Any such free writing prospectus
consented to by the Representative is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The
Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule 433, and has complied or will comply with the requirements of Rule 164 and 433
applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record-keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Conditions of
the Underwriters&rsquo; Obligations</I></B>. The respective obligations of the several Underwriters hereunder to purchase the Securities
are subject to the accuracy in all material respects, unless qualified by materiality and then in all respects, as of the date
hereof and at all times through the Closing Date (as if made on the Closing Date), of and compliance with all representations,
warranties and agreements of the Company contained herein, the performance by the Company of its obligations hereunder and the
following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">If filing of the
Final Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, is required under the Securities
Act or the Rules and Regulations, the Company shall have filed the Final Prospectus (or such amendment or supplement) or such Issuer
Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance on Rule 424(b)(8)
or Rule 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending the effectiveness
of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment thereof, nor suspending
or preventing the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus
shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened by the Commission;
and any request of the Commission or the Representative for additional information (to be included in the Registration Statement,
any Prospectus, the Time of Sale Disclosure Package, any Issuer Free Writing Prospectus, the Final Prospectus, or otherwise) shall
have been complied with to the Representative&rsquo;s reasonable satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">FINRA shall have
raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Representative
shall not have reasonably determined and advised the Company that the Registration Statement, any Prospectus, the Time of Sale
Disclosure Package, the Final Prospectus (or any amendment thereof or supplement thereto) or any Issuer Free Writing Prospectus
contains an untrue statement of fact which, in the Representative&rsquo;s reasonable opinion, is material, or omits to state a
fact which, in the Representative&rsquo;s reasonable opinion, is material and is required to be stated therein or necessary to
make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the Closing Date
and the Option Closing Date, as applicable, there shall have been furnished to the Representative (i) an opinion and a negative
assurance letter of Baker &amp; Hostetler LLP, counsel to the Company, each dated as of the applicable Closing Date and addressed
to the Underwriters, in form and substance reasonably satisfactory to the Representative, and (ii) a negative assurance letter
of Zysman, Aharoni, Gayer and Sullivan &amp; Worcester LLP, counsel to the Underwriters, each dated as of the applicable Closing
Date and addressed to the Representative of the Underwriters, in form and substance reasonably satisfactory to the Representative.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">At the time of execution
of this Agreement, the Representative shall have received a letter from BDO USA LLP, executed and dated such date and addressed
to the Representative, confirming that it is an independent public accountant within the meaning of the Securities Act and is in
compliance with the applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of
the Exchange Act, and confirming, as of the date of such letter (or, with respect to matters involving changes or developments
since the respective dates as of which specified financial information is given in the Time of Sale Disclosure Package, as of a
date not prior to the date hereof or more than five days prior to the date of such letter), the conclusions and findings of said
firm, of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters, with respect to the
financial information, including any financial information contained in Exchange Act Reports filed by the Company or included or
incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and other
matters reasonably requested by the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the Closing Date
and the Option Closing Date, as applicable, the Representative shall have received a letter (a &ldquo;<U>Bring-down Letter</U>&rdquo;)
from BDO USA LLP addressed to the Representative and dated the applicable Closing Date, confirming, as of the date of such Bring-down
Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial
information is given in the Time of Sale Disclosure Package, as of a date not prior to the date hereof or more than five days prior
to the date of such Bring-down Letter), the conclusions and findings of said firm, of the type ordinarily included in accountants&rsquo;
&ldquo;comfort letters&rdquo; to underwriters, with respect to the financial information, and other matters covered by its letter
delivered to the Representative concurrently with the execution of this Agreement pursuant to paragraph (e)&nbsp;of this Section&nbsp;6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the Closing Date
and the Option Closing Date, as applicable, there shall have been furnished to the Representative a certificate, dated as of such
Closing Date or Option Closing Date, as applicable, and addressed to the Underwriters, signed by the chief executive officer and
the chief financial officer of the Company, in their capacity as such on behalf of the Company, to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">The representations
and warranties of the Company in this Agreement that are qualified by materiality are true and correct in all respects and all
other representations and warranties of the Company in this Agreement are true and correct, in all material respects, as if made
at and as of the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part
required to be performed or satisfied at or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">No stop order
or other order (A) suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof, (B)
suspending the qualification of the Securities for offering or sale, or (C) suspending or preventing the use of any Prospectus,
the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, has been issued, and no proceeding
for that purpose has been instituted or, to their knowledge, is contemplated by the Commission or any state or regulatory body;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: 1.5in">There has been
no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from and after
the date of this Agreement and prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">On the Closing Date
and the Option Closing Date, as applicable, the Company shall have furnished to the Representative a certificate, dated as of such
Closing Date or Option Closing Date, as applicable, signed by the Company&rsquo;s secretary including copies of all resolutions
of the Company&rsquo;s Board of Directors or committees thereof relating to the Registration Statement and the offer and sale of
the Securities, and the Company&rsquo;s certificate of incorporation and by-laws as amended and in effect on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company shall
have prepared and filed with the Commission a Current Report on Form 8-K with respect to the offer and sale of the Securities,
which includes this Agreement as an exhibit thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">Each of the Company&rsquo;s
executive officers and directors shall have executed and delivered to the Representative a Lock-up Agreement, substantially in
the form attached hereto as <B>Exhibit B</B>.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Common Stock
shall be registered under the Exchange Act and shall be listed on NASDAQ, and the Company shall not have taken any action designed
to terminate, or likely to have the effect of terminating, the registration of the Common Stock under the Exchange Act or delisting
or suspending from trading the Common Stock from NASDAQ, nor shall the Company have received any information suggesting that the
Commission is contemplating terminating such registration or listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">At the Closing Date
and the Option Closing Date, as applicable, the Shares shall have been approved for listing on NASDAQ, subject only to official
notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company&rsquo;s
stockholders shall have approved the issuance of the Shares in accordance with the applicable rules and regulations of NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company shall
have furnished to the Underwriters and counsel to the Underwriters such additional documents, certificates and evidence as the
Underwriters or counsel to the Underwriters may have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">If any condition
specified in this <U>Section 6</U> shall not have been fulfilled in all material respects when and as required to be fulfilled,
this Agreement may be terminated by the Representative by written notice to the Company at any time at or prior to the applicable
Closing Date specifying in reasonable detail the reason for such termination, and such termination shall be without liability of
any party to any other party, except that <U>Section 8</U> and <U>Section 9</U> shall survive any such termination and remain in
full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Certain Agreements
of the Underwriters</I></B>. Each of the Underwriters hereby severally and not jointly represents and agrees that it has not and
will not use, authorize use of, refer to, or participate in the planning for use of, any &ldquo;<U>free writing prospectus</U>&rdquo;,
as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission
by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other
than (i) a free writing prospectus that, solely as result of use by the Underwriter, would not trigger an obligation to file such
free writing prospectus with the Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus, or (iii) any free writing
prospectus prepared by the Underwriters and approved by the Company in advance in writing. Notwithstanding the foregoing, the Underwriters
may use a term sheet substantially in the form of <B>Schedule A</B> to the Underwriting Agreement without the consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Indemnification
and Contribution</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Company agrees
to indemnify, defend and hold harmless each Underwriter, its affiliates, directors, officers and employees and each person, if
any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from
and against any losses, claims, damages or liabilities to which such Underwriter or such person may become subject, under the
Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent
of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant
to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement,
or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) an untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Disclosure
Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto (including any documents filed under the
Exchange Act and deemed to be incorporated by reference into the Registration Statement or the Prospectus), any Issuer Free Writing
Prospectus, or the Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading, (iii) in whole or in part, any inaccuracy in the representations and warranties of the Company
contained herein, or (iv) in whole or in part, any failure of the Company to perform its obligations hereunder or under applicable
law, and the Company agrees to reimburse each Underwriter for any legal or other expenses reasonably incurred by it in connection
with evaluating, investigating or defending against such loss, claim, damage, liability or action; <I>provided, however</I>, that
the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action (or any
legal or other expense reasonably incurred in connection with the evaluation, investigation or defense thereof) arises out of
or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement,
any Prospectus, the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or supplement thereto or any Issuer
Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company by such Underwriter
specifically for use in the preparation thereof, which written information furnished by the Underwriters shall consist of the
information described in Section 8(f).&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">Each Underwriter
agrees, severally and not jointly, to indemnify, defend and hold harmless the Company, its affiliates, directors, officers, and
employees and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, from and against any losses, claims, damages or liabilities to which the Company or such person may become
subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with
the written consent of such Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, any Prospectus, the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or supplement thereto or
any Issuer Free Writing Prospectus, or (ii) arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the
Registration Statement, any Prospectus, the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or supplement
thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company
by such Underwriter specifically for use in the preparation thereof, which written information furnished by the Underwriters shall
consist of the information described in Section 8(f), and will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with evaluating, investigating or defending against any such loss, claim, damage, liability
or action. The obligation of each Underwriter to indemnify the Company (including any controlling person, director or officer thereof)
shall be limited to the amount of the underwriting discount applicable to the Shares to be purchased by such Underwriter hereunder
actually received by such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">Promptly after receipt
by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially
prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall
wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&rsquo;s
election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal
or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; <I>provided</I>, <I>however</I>,
that if (i) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to those available to the indemnifying party; (ii) a
conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and
the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf
of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified
party to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action,
the indemnified party or parties shall have the right to employ a single counsel to represent it in any claim in respect of which
indemnity may be sought under subsection (a) or (b) of this Section 8, in which event the reasonable fees and expenses of such
separate counsel shall be borne by the indemnifying party and reimbursed to the indemnified party or parties as incurred within
60 days after presenting a statement for the same to the Company; it being understood, however, that the indemnifying party shall
not be liable for the expenses of more than one separate counsel (in addition to any local counsel).&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">The indemnifying party
under this <U>Section 8</U> shall not be liable for any settlement of any proceeding effected without its written consent, but
if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying
party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry
of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could
be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent
(1) includes an unconditional release of such indemnified party from all liability for claims that are the subject matter of such
action, suit or proceeding and (2) does not include a statement as to or an admission of fault, culpability or a failure to act
by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">If the indemnification
provided for in this <U>Section 8</U> is unavailable or insufficient to hold harmless an indemnified party under subsection (a)
or (b) above, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party as
a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company on the one hand and each of the Underwriters on the other
from the offering and sale of the Securities pursuant to this Agreement or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i) above but also the relative fault of the Company on the one hand and each of the Underwriters on the other in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and each of the Underwriters on the other shall be
deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company
bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on
the cover page of the Final Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other hand
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the
parties&rsquo; relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or
omission. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this subsection
(d) were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in the first sentence of this subsection (d). The aggregate amount paid by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
against any action or claim that is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d),
no Underwriter shall be required to contribute any amount in excess of the amount of the Underwriters&rsquo; discount and commissions
referenced in <U>Section 4(a)</U> actually received by such Underwriter pursuant to this Agreement. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; respective obligations to contribute as provided
in this Section 8 are several in proportion to their respective underwriting commitments and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The obligations of
the Company under this <U>Section 8</U> shall be in addition to any liability that the Company may otherwise have and the benefits
of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the obligations of each Underwriter under
this Section 8 shall be in addition to any liability that each Underwriter may otherwise have and the benefits of such obligations
shall extend, upon the same terms and conditions, to the Company, and officers, directors and each person who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">For purposes of
this Agreement, each Underwriter severally confirms, and the Company acknowledges, that there is no information concerning such
Underwriter furnished in writing to the Company by such Underwriters specifically for preparation of or inclusion in the Registration
Statement, any Prospectus, the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, other
than the statements set forth in the &ldquo;Underwriting&rdquo; section of the Final Prospectus and Time of Sale Disclosure Package,
only insofar as such statements relate to the amount of selling concession and re-allowance or to over-allotment, stabilization
and related activities that may be undertaken by the Underwriters.<B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company contained herein or
in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters and the Company
contained in <U>Section 8</U> hereof, shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of the several Underwriters or any controlling person thereof, or the Company or any of its officers, directors,
or controlling persons, and shall survive delivery of, and payment for, the Securities to and by the Underwriters hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Termination of
this Agreement</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">The Representative
shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior
to the Closing Date, if in the discretion of the Representative (i) there has occurred any material adverse change in the securities
markets or any event, act or occurrence that has materially disrupted, or in the reasonable opinion of the Representative, will
in the future materially disrupt, the securities markets or there shall be such a material adverse change in general financial,
political or economic conditions or the effect of international conditions on the financial markets in the United States is such
as to make it, in the judgment of the Representative, inadvisable or impracticable to market the Shares or enforce contracts for
the sale of the Shares, (ii) trading in the Company&rsquo;s Common Stock shall have been suspended by the Commission or NASDAQ
or trading in securities generally on NASDAQ, the New York Stock Exchange or the NYSE MKT shall have been suspended, (iii) minimum
or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on NASDAQ,
the New York Stock Exchange or the NYSE MKT, by such exchange or by order of the Commission or any other governmental authority
having jurisdiction, (iv) a banking moratorium shall have been declared by federal or New York authorities, (v) there shall have
occurred any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration
by the United States of a national emergency or war, any substantial change in financial markets, any substantial change or development
involving a prospective substantial change in United States or international political, financial or economic conditions or any
other calamity or crisis, or (vi)&nbsp;the Company suffers any loss by strike, fire, flood, earthquake, accident or other calamity,
whether or not covered by insurance, any of which, in the Representative&rsquo;s reasonable judgment, is material and adverse and
makes it impractical or inadvisable to proceed with the completion of the sale of and payment for the Securities. Any such termination
shall be without liability of any party to any other party except that the provisions of <U>Section&nbsp;8</U> hereof shall at
all times be effective and shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1.5in">If the Representative
elects to terminate this Agreement as provided in this Section, the Company shall be notified promptly by the Representative by
telephone, confirmed promptly thereafter by in writing in accordance with the notice provisions of <U>Section 12</U>. The Company
shall reimburse the Underwriters on demand for all expenses (including reasonable fees and disbursements of counsel) that shall
have been incurred by it in connection with the proposed purchase and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Substitution
of Underwriters</I></B>. If any Underwriter or Underwriters shall default in its or their obligations to purchase Shares hereunder
on the Closing Date and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed to
purchase does not exceed fifteen percent (15%) of the total number of Shares to be purchased by all Underwriters on such Closing
Date, excluding any Shares to be purchased by officers and directors of the Company, the other Underwriters shall be obligated,
severally and not jointly, in proportion to their respective commitments hereunder bear to the underwriting obligations of all
non-defaulting Underwriters, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase
on such Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of Shares with respect to which
such default or defaults occur is more than fifteen percent (15%) of the total number of Shares to be purchased by all Underwriters
on such Closing Date, excluding any Shares to be purchased by officers and directors of the Company, and arrangements satisfactory
to the remaining Underwriters and the Company for the purchase of such Shares by other persons are not made within forty-eight
(48) hours after such default, this Agreement shall terminate.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">If the remaining
Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Shares of a defaulting Underwriter
or Underwriters on such Closing Date as provided in this <U>Section 11</U>, (a) the Company shall have the right to postpone such
Closing Date for a period of not more than five (5) full business days in order to permit the Company to effect whatever changes
in the Registration Statement, the Final Prospectus, or in any other documents or arrangements, which may thereby be made necessary,
and the Company agrees to promptly file any amendments to the Registration Statement or the Final Prospectus which may thereby
be made necessary, and (b) the respective numbers of Shares to be purchased by the remaining Underwriters or substituted Underwriters
shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall
relieve any defaulting Underwriter of its liability to the Company or any other Underwriter for damages occasioned by its default
hereunder. Any termination of this Agreement pursuant to this Section 11 shall be without liability on the part of any non-defaulting
Underwriters or the Company, except that the representations, warranties, covenants, indemnities, agreements and other statements
set forth in Section 2 and 3 and the provisions of and Sections 8 through 18, inclusive, shall not terminate and shall remain in
full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Representative, shall be mailed,
delivered or emailed to Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660, <U>Attention</U>: Roth Equity
Capital Markets, Email: RothECM@roth.com, with a copy (which shall not constitute notice) to Zysman, Aharoni, Gayer and Sullivan
&amp; Worcester LLP, 1633 Broadway, New York, NY 10019, <U>Attention</U>: Oded Har-Even, Esq., Email: ohareven@zag-sw.com; and
if to the Company, shall be mailed, delivered or emailed to it at 2603 Challenger Tech Court, Suite 100, Orlando, Florida 32826,
<U>Attention</U>: J. James Gaynor, Email: jgaynor@lightpath.com, with a copy (which shall not constitute notice) to Baker &amp;
Hostetler LLP, 200 South Orange Avenue, Orlando, Florida 32801, <U>Attention</U>: Jeffery Decker, Esq. Email: jdecker@bakerlaw.com;
or in each case to such other address as the person to be notified may have requested in writing. Any party to this Agreement may
change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Persons Entitled
to Benefit of Agreement</I></B>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns and the controlling persons, officers and directors referred to in <U>Section 8</U>. Nothing
in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term &ldquo;successors and assigns&rdquo;
as herein used shall not include any purchaser, as such purchaser, of any of the Securities from the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Absence of Fiduciary
Relationship</I></B>. The Company acknowledges and agrees that: (a) each Underwriter has been retained solely to act as underwriter
in connection with the sale of the Securities and that no fiduciary, advisory or agency relationship between the Company and any
Underwriters has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the
Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Securities set forth
in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriters; (c)
the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement; (d) it has been advised that the Underwriters and their affiliates are engaged in a broad range
of transactions that may involve interests that differ from those of the Company and that the Underwriters have no obligation to
disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (e) it has
been advised that the Underwriters are acting, in respect of the transactions contemplated by this Agreement, solely for the benefit
of the Underwriters, and not on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Amendments and
Waivers</I></B>. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party
to be bound thereby. The failure of a party to exercise any right or remedy shall not be deemed or constitute a waiver of such
right or remedy in the future. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provision hereof (regardless of whether similar), nor shall any such waiver be deemed or constitute a continuing
waiver unless otherwise expressly provided.<B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Partial Unenforceability</I></B>.
The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity
or enforceability of any other section, paragraph, clause or provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Governing Law</I></B>.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to conflict
of laws principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Submission to
Jurisdiction</I></B>. The Company irrevocably (a) submits to the jurisdiction of the New York Supreme Court, County of New York,
or in the United States District Court for the Southern District of New York for the purpose of any suit, action, or other proceeding
arising out of this Agreement, or any of the agreements or transactions contemplated by this Agreement, the Registration Statement,
any Prospectus, the Time of Sale Disclosure Package, and the Final Prospectus (each a &ldquo;<U>Proceeding</U>&rdquo;), (b) agrees
that all claims in respect of any Proceeding may be heard and determined in any such court, (c) waives, to the fullest extent permitted
by law, any immunity from jurisdiction of any such court or from any legal process therein, (d) agrees not to commence any Proceeding
other than in such courts, and (e) waives, to the fullest extent permitted by law, any claim that such Proceeding is brought in
an inconvenient forum. EACH OF THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE
EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, ANY PROSPECTUS, THE TIME OF SALE
DISCLOSURE PACKAGE, THE REGISTRATION STATEMENT, AND THE FINAL PROSPECTUS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in"><B><I>Counterparts</I></B>.
This Agreement may be executed and delivered (including by facsimile transmission and electronic mail attaching a portable
document file (.pdf)) in one or more counterparts and, if executed and delivered in more than one counterpart, the executed counterparts
shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Please sign and return
to the Company the enclosed duplicates of this Agreement whereupon this Agreement will become a binding agreement between the Company
and the Underwriter in accordance with its terms.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LIGHTPATH TECHNOLOGIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Confirmed as of the date first above-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">mentioned by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">ROTH
CAPITAL PARTNERS, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SCHEDULE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><U>Underwriters</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Firm Shares</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FEFEFE">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Roth Capital Partners, LLC</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FEFEFE">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dougherty &amp; Company LLC</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FEFEFE">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><U>Transaction Details</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 54%; text-align: left"><FONT STYLE="font-size: 10pt">LightPath Technologies, Inc. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Symbol:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">LPTH</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Securities:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;] shares of Class A Common Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Public offering price:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$[&nbsp;&nbsp;&nbsp;] per share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Underwriting discount:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$[&nbsp;&nbsp;] per share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Expected net proceeds:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Approximately $[&#9679;] million (after deducting the underwriting discount and estimated offering expenses payable by the Company).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Trade date:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">_________, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Settlement date:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">_________, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Underwriters:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Roth Capital Partners, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Dougherty and Company LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SCHEDULE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ISSUER FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">None</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SCHEDULE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 10pt">GelTech Inc.</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LightPath Optical Instrumentation (Shanghai) Co., Ltd</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">LightPath Optical Instrumentation (Zhenjiang) Co., Ltd</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form of Lock-Up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">[See attached.]</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><U>FORM OF LOCK-UP AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">December [&#9679;], 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Roth Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">888 San Clemente Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Newport Beach, CA 92660</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Re: LightPath Technologies, Inc. (the &ldquo;<B>Company</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The undersigned is an owner of record
or beneficially of certain shares of the Company&rsquo;s Class A common stock of the Company, $0.01 par value per share (&ldquo;<B>Common
Stock</B>&rdquo;), or securities convertible into, exchangeable, or exercisable for shares of Common Stock (&ldquo;<B>Securities</B>&rdquo;).
The Company proposes to enter into an underwriting agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with you as representative
of the underwriters, with respect to a public offering of the Company&rsquo;s Common Stock (the &ldquo;<B>Offering</B>&rdquo;).
The undersigned acknowledges that the Offering will be of benefit to the undersigned. The undersigned also acknowledges that you
and each underwriter to be named in the Underwriting Agreement will rely on the representations and agreements of the undersigned
contained in this letter in connection with entering into the Underwriting Agreement and performing your and their obligations
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In consideration of the foregoing and
as an inducement to you as underwriter, the undersigned hereby agrees that the undersigned will not, without your prior written
consent (which consent may be withheld in your sole discretion), directly or indirectly, sell, offer to sell, contract to sell,
or grant any option for the sale (including without limitation any short sale), grant any security interest in, pledge, hypothecate,
hedge, establish an open &ldquo;put equivalent position&rdquo; within the meaning of Rule 16a-1(h) under the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &ldquo;<B>Exchange Act</B>&rdquo;)
or otherwise dispose of or enter into any transaction which is designed to, or could be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or otherwise by the Company or any affiliate
of the Company or any person in privity with the Company or any affiliate of the Company) (collectively, a &ldquo;<B>Disposition</B>&rdquo;)
of any shares of Common Stock or any Securities currently or hereafter owned either of record or beneficially (as defined in Rule
13d-3 under the Exchange Act) by the undersigned, or publicly announce the undersigned&rsquo;s intention to do any of the foregoing
(<I>provided, however, </I>that the undersigned may (i) complete one or more gift transfers of shares of Common Stock or Securities
to immediate family member(s) (as defined in Item 404(a) of Regulation S-K under the Exchange Act) who agree in writing to be similarly
bound for the remainder of the Lock-up Period (as defined below) or (ii) transfer shares of Common Stock or Securities to one or
more trusts for bona fide estate planning purposes, in each case without prior written consent and upon three (3) business days&rsquo;
written notice to you), for a period commencing on the date hereof and continuing through the close of trading on the date one
hundred and twenty (120) days following the Closing Date, as defined in the Underwriting Agreement, subject to adjustment as discussed
below (the &ldquo;<B>Lock-up Period</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The foregoing restrictions have been
expressly agreed to preclude the holder of shares of Common Stock and/or Securities from engaging in any hedging or other transaction
which is designed to or reasonably expected to lead to or result in a Disposition of shares of Common Stock or Securities during
the Lock-up Period, even if such shares of Common Stock or Securities would be disposed of by someone other than such holder. Such
prohibited hedging or other transactions would include, without limitation, any short sale (whether or not against the box) or
any purchase, sale, or grant of any right (including, without limitation, any put or call option) with respect to any shares of
Common Stock or Securities or with respect to any security (other than a broad-based market basket or index) that includes, relates
to, or derives any significant part of its value from shares of Common Stock or Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The undersigned also agrees and consents
to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of shares
of Common Stock or Securities held by the undersigned except in compliance with the foregoing restrictions.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The undersigned understands that the
underwriters are entering into the Underwriting Agreement and proceeding with the Offering in reliance upon this Lock-Up Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">This agreement is irrevocable and will
be binding on the undersigned and the respective successors, heirs, personal representatives, and assigns of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">This Lock-Up Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">Nothing in this Lock-up Agreement shall
constitute an obligation to purchase shares of Common Stock, or Securities of the Company. Whether or not the Offering actually
occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to the Underwriting
Agreement, the terms of which are subject to negotiation among the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If the Underwriting Agreement is not
executed by the parties thereto prior to December 31, 2016, or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder,
this agreement shall automatically terminate and become null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; text-align: center"><I>[Signature Page Follows]&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The undersigned hereby represents and
warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement and that, upon request, the undersigned
will execute any additional documents necessary in connection with the enforcement hereof. All authority herein conferred or agreed
to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives
of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Printed Name of Holder</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Printed Name of Person Signing</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(<I>and indicate capacity of person signing if</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>signing as custodian, trustee, or on behalf</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>of an entity</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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