----

| A.   | Conflicts of      Interest |
|----------------|----------------------------|

|   | Employees      must avoid any conflict of interest with the Company. Whenever an employee      believes a situation involves, or may reasonably be expected to involve, a      conflict of interest with the Company, he or she should promptly advise      the Company's Human ResourceManager. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A      "conflict of interest" occurs when an individual's private interest      interferes in any way - or even appears to interfere - with the interest      of the Company. A conflict of interest can arise when an employee takes      actions or has interests that may make it difficult to perform the      Company's work objectively and effectively. Conflicts of interest also      arise when an employee, or a Family Member, receives improper personal      benefits as a result of the employee's position in the Company. This Code      does not attempt to describe all possible conflicts of interest that could      develop. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | Relationships      with Suppliers. |
|----------------|------------------------------------|

| a.   | Relationships      with suppliers of all goods and services to the Company must be on an      "arms length" basis, reflecting a willing buyer and willing seller. Where      possible and reasonably practicable, competitive bidding should be used,      with supply decisions made on the basis of quality, price, availability      and service. If the employee making the purchasing decision is a friend or      relative of the supplier, or if the supplier is a former employee of the      Company, the employee should disclose this information to the Human      Resource Manger before effecting the  transaction. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Neither      employees nor members of their immediate families may use a Company      supplier for personal needs on other than an "arms length"      basis. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | Gifts      and Gratuities |
|----------------|---------------------------|

| i.   | Meetings      with vendors or suppliers may include an aspect of entertainment, provided      the entertainment is of reasonable value and occasional frequency. The      nature of meetings and entertainment should always be in good taste and      not in conflict with the Company's values. The employee should maintain      detailed receipts and records of these contacts and the business nature of      the discussions on the appropriate expense reporting forms or other      journals or business calendars. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | No      cash gift or gratuity or any kickback, free services or special favors      from any vendor, supplier, contractor or agency may be solicited,      requested or accepted. Gifts of a nominal value (defined as less than $25      individually or $100 in aggregate) may be accepted provided they have not      been solicited and are not being made in return for a special      consideration or decision. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| iii.   | Cabins,      lodges, or other recreational retreat facilities owned or supplied by      vendors, suppliers, contractors, or agencies may not be used for personal      purposes, and under normal circumstances employees should not accept      invitations to attend major sporting or public events if the employee's      attendance is at substantial cost to suppliers and no significant business      is expected to be conducted. Participation in supplier-sponsored seminars,      meetings or activities at vendor-owned or supplied facilities and      attendance at other smaller sporting events may be permitted with prior      approval by the Company’s Human Resource  Manager. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Financial      and Other Business Interests |
|----------------|---------------------------------------------|

| a.   | No      employee or Family Member of an employeeshall: |
|----------------|--------------------------------------------------------|

| i.   | own,      directly or indirectly, any equity securities of a supplier or competitor,      other than, for supplier or competitor companies traded on a major stock      exchange, ownership of equity securities with a market value of less than      $100,000; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | loan      or borrow any money to or from a supplier or competitor of the Company, or      to or from officers or employees of a supplier or competitor of the      Company. Loans and borrowings for this purpose include loan guarantees and      giving of collateral to support such loans and  borrowings; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | be      a director, employee, officer or agent of a supplier or competitor of the      Company; or |
|------------------|----------------------------------------------------------------------------------------------------|

| iv.   | own      or be a partner in an optics-relatedcompany. |
|-----------------|-------------------------------------------------------|

| b.   | Exempt      employees may not be employed by another optics  company. |
|----------------|-----------------------------------------------------------------------|

| c.   | No      executive officer of the Company shall hold a Board seat with any other      company in the interests of the full devotion of his work time and      attention to the Company. Waivers hereto shall be made only in compliance      with Section H herein, requiring full and prompt disclosure to the      Company’s shareholders. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| B.   | Corporate      Opportunities |
|----------------|------------------------------|

|   | Employees      are prohibited from (a) taking for themselves opportunities that are      discovered through the use of corporate property, information or position;      (b) using corporate property, information or position for personal gain;      and (c) competing with the Company. Employees owe a duty to the Company to      advance its legitimate interests when the opportunity to do so      arises. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C.   | Confidentiality |
|----------------|-----------------|

|   | Employees      must not disclose any Company confidential or proprietary information or      trade secrets to anyone, except as specifically authorized by management      through Company policies, or when disclosure is required by law.      Confidential information includes all non-public information that might be      of use to competitors, or harmful to the Company or its customers, if      disclosed. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D.   | Fair    Dealing |
|----------------|-----------------|

|   | Each      employee should endeavor to deal fairly with the Company's customers,      suppliers, competitors and employees. No employee should take unfair      advantage of anyone through manipulation, concealment, abuse of privileged      information, misrepresentation of material facts, or any other      unfair-dealing practice. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E.   | Protection and proper use of      Company assets. |
|----------------|---------------------------------------------------|

|   | All      employees should protect the Company's assets and ensure their efficient      use. Theft, carelessness and waste have a direct impact on the Company's      profitability. All Company assets should be used for legitimate business      purposes. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| F.   | Compliance with laws, rules and      regulations (including insider-trading  laws). |
|----------------|-------------------------------------------------------------------------------------|

|   | All      employees must comply at all times with all applicable laws, rules and      regulations, including insider-trading laws. This policy does affirm the      Company’s insider-trading policy attached hereto as Appendix D. This Code      does not attempt to describe all possible laws, rules and regulations that      must be followed. Some of the more common laws, rules and regulations      applicable to our business are discussedbelow. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | Antitrust      laws; Contacts with Competitors |
|----------------|------------------------------------------------|

|   | No      discussions, meetings, or arrangements with competitors are ever to be      held on any subject that could possibly violate the antitrust laws,      including laws related to price fixing, exclusive dealing, and others. It      is the responsibility of each employee who has responsibility in areas      affected by these laws to be sufficiently knowledgeable of the laws so as      to avoid violations. No employee is ever authorized to violate these laws,      and any question regarding the legal validity of an action should be      directed to the Chairman of the AuditCommittee. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.   | Undisclosed      Commissions, Kickbacks, Bribes,etc. |
|----------------|------------------------------------------------------|

|   | No      payment by an officer or employee which is in the nature of an undisclosed      commission, kickback, or bribe to a third party for obtaining      discretionary business, a contract, a competitive award, or otherwise      bestowing a special favor is ever authorized by the Company. Likewise, no      payment to any sales agent, consultant, or other independent third party      with the intent or understanding that any part of such payment is to be      used for any purpose or remitted to any other person or entity other than      as described by the invoice or document supporting the payment is ever      authorized by the Company. No deviation from this policy is authorized      under any circumstance regardless of whether a payment may be legal under      the laws of a foreign country. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Political      Contributions and Activities |
|----------------|---------------------------------------------|

|   | Local,      state, federal, and foreign laws vary as to the legality of contributing      money or anything of value to any political party or organization, or to      any candidate for public office. The Company's policy is to not use any      Company funds for politicalcontributions. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company encourages employees to be active participants in public affairs,      to vote, and to support the party and candidates of their choice.      Employees who choose to seek or hold public office, either by election or      appointment, should consider any potential for actual or apparent conflict      of interest, and should disclose their intentions to their supervisor and      the Human Resource Manager in advance. If an employee or supervisor has      any question about the propriety or legality of their action related to      political activity or support and their role with the Company, the Human      Resource Manager or the Chairman of the Audit Committee should be      consulted. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| G.   | Reporting of illegal or      unethical behavior. |
|----------------|--------------------------------------------------|

|   | The      Company encourages the reporting of any illegal or unethical behavior.      Employees should consult supervisors, managers or other appropriate      personnel when in doubt about the best course of action in a particular      situation. In addition, employees should report violations of laws, rules,      regulations or the Code of Business Conduct and Ethics to appropriate      personnel as indicated below. It is the Company's policy not to allow      retaliation for reports made in good faith. The Sarbanes-Oxley Act of 2002      also specifically prohibits any publicly traded company like LightPath, or      any of its employees, from discriminating against an employee who reports      fraud in violation of a rule or regulation of the Securities and Exchange      Commission or any provision of Federal law regarding fraud against      shareholders. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The      Company has a policy in place to address employee questions and complaints      on a variety of Company and employee-related issues. Employees are      encouraged to speak to their direct supervisor or manager about their      problem or concern. If the employee is unable or uncomfortable speaking to      their direct supervisor, they are encouraged to speak to a senior member      of management or to the Human Resource Manager. To encourage reporting, in      addition to the avenues outlined above, any concern can be addressed by      contacting the Chairman of the Audit Committee of the Board of Directors.      His contact information is provided in Appendix  C. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company has adopted a special "Employee Complaint Procedure for Accounting      and Auditing Matters," which is attached as Appendix C. Any employee of      the Company may submit a good faith complaint regarding accounting or      auditing matters to the management of the Company using these procedures      without fear of dismissal or retaliation of any  kind. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H.   | Waivers of the Code of Business      Conduct and Ethics. |
|----------------|----------------------------------------------------------|

|   | Any      waiver of this Code as regards actions by executive officers may be made      only by the Board of Directors or by the Audit Committee of the Board of      Directors and must be disclosed promptly to the Company's shareholders as      may be required by applicable Securities and Exchange Commission rules or      Nasdaq Marketplace Rules or listingstandards. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I.   | Failure to Comply; Compliance      Procedures. |
|----------------|------------------------------------------------|

|   | A      failure by any employee to comply with the laws or regulations governing      the Company's business, this Code or any other Company policy or      requirement may result in disciplinary action, including termination of      employment, and, if warranted, legal  proceedings. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | Conflicts      of Interest. Directors must avoid any conflicts of interest with the      Company. Any situation that involves, or may reasonably be expected to      involve, a conflict of interest with the Company, should be disclosed      promptly to the Chairman of the Board or the Chairman of the Audit      Committee. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A      "conflict of interest" can occur when a director's personal interest is      adverse to - or may appear to be adverse to - the interests of the      Company. Conflicts of interest also arise when a director, or a Family      Member1, receives improper personal benefits as a result of his or her      position as a director of theCompany. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This      Code does not attempt to describe all possible conflicts of interest that      could develop. Some of the more common conflicts from which directors must      refrain, however, are set outbelow. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Relationship      of Company with third parties. Directors may not engage in any conduct or      activities that are inconsistent with the Company's best interests or that      disrupt or impair the Company's relationship with any person or entity      with which the Company has or proposes to enter into a business or      contractual relationship. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Compensation      from non-Company sources. Directors may not accept compensation (in any      form) for services performed for the Company from any source other than      the Company. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Gifts.      Directors and Family Members may not accept gifts from persons or entities      who deal with the Company in any case where the gift has a value beyond      what is normal and customary courtesy in the Company's business, or where      acceptance of the gift could create the appearance of a conflict of      interest. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.   | Corporate      Opportunities. |
|----------------|-------------------------------|

|   | Directors      are prohibited from: (a) taking for themselves personally opportunities      related to the Company's business; (b) using the Company's property,      information, or position for personal gain; or (c) competing with the      Company for business opportunities, provided, however, if the Company's      disinterested directors determine that the Company will not pursue an      opportunity that relates to the Company's business, a director may do      so. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Confidentiality. |
|----------------|------------------|

|   | Directors      should maintain the confidentiality of information entrusted to them by      the Company and any other confidential information about the Company that      comes to them, from whatever source, in their capacity as a director,      except when disclosure is authorized or legally mandated. For purposes of      this Code, "confidential information" includes all non-public information      relating to the Company. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Protection      and Proper Use of Company Assets. |
|----------------|---------------------------------------------------|

|   | Directors      must protect the Company's assets and ensure their efficient use. Theft,      loss, misuse, carelessness and waste of assets have a direct impact on the      Company's profitability. Directors must not use Company time, employees,      supplies, equipment, tools, buildings or other assets for personal benefit      without prior authorization from the Chairman of the Board or Chairman of      the Audit Committee unless such use is part of a compensation or expense      reimbursement program available to all  directors. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Fair      Dealing. |
|----------------|--------------------|

|   | Directors      shall deal fairly and oversee fair dealing by employees and officers with      the Company's directors, employees, customers, suppliers and competitors.      No director should take unfair advantage of any such persons through      manipulation, concealment, abuse of privileged information,      misrepresentation of material facts or any other unfair dealing      practices. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.   | Compliance      with laws, rules and regulations. |
|----------------|---------------------------------------------------|

|   | Directors      shall comply, and oversee compliance by employees, officers and other      directors, with laws, rules and regulations applicable to the Company,      including insider-trading laws. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Waivers      of the Code of Business Conduct andEthics. |
|----------------|---------------------------------------------------------|

|   | Any      waiver of this Code may be made only by the full Board and must be      promptly disclosed to the Company's  shareholders. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Encouraging      the reporting of any illegal or unethical  behavior. |
|----------------|-----------------------------------------------------------------------|

|   | Directors      should promote ethical behavior and take steps to ensure the Company: (a)      encourages employees to talk to supervisors, managers and other      appropriate personnel when in doubt about the best course of action in a      particular situation; (b) encourages employees to report violations of      laws, rules, regulations or the Company's Employee Code of Business      Conduct and Ethics to appropriate personnel; and (c) informs employees      that the Company will not allow retaliation for reports made in good      faith. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Failure      to Comply; Compliance Procedures. |
|----------------|------------------------------------------------|

|   | A      failure by any director to comply with the laws or regulations governing      the Company's business, this Code or any other Company policy or      requirement may result in removal from the Board of Directors, and, if      warranted, legal proceedings. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Directors      should communicate any suspected violations of this Code promptly to the      Chairman of the Board or the Chairman of the Audit Committee. Alleged      violations will be investigated by the Board or by the Board's designee(s)      and appropriate action will be taken in the event of any violations of the      Code. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | The      CEO and all Senior Financial Officers are responsible for full, fair,      accurate, timely and understandable disclosure in the periodic reports      required to be filed by the Company with the Securities and Exchange      Commission. Accordingly, it is the responsibility of the CEO and each      Senior Financial Officer promptly to bring to the attention of the      Chairman of the Audit Committee of the Board of Directors any material      information of which he or she may become aware that affects the      disclosures made by the Company in its public filings or otherwise assist      the Company's Audit Committee in fulfilling its responsibilities as      specified in its Charter. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The      CEO and each Senior Financial Officer shall promptly bring to the      attention of the Audit Committee any information he or she may have      concerning (a) significant deficiencies in the design or operation of      internal controls which could adversely affect the Company's ability to      record, process, summarize and report financial data or (b) any fraud,      whether or not material, that involves management or other employees who      have a significant role in the Company's financial reporting, disclosures      or internal controls. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The      CEO and each Senior Financial Officer shall promptly bring to the      attention of the Chairman of the Board or the Chairman of the Audit      Committee any information he or she may have concerning any violation of      the Company's Code of Business Conduct and Ethics, including any actual or      apparent conflicts of interest between personal and professional      relationships, involving any management or other employees who have a      significant role in the Company's financial reporting, disclosures or      internal controls. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The      CEO and each Senior Financial Officer shall promptly bring to the      attention of the Chairman of the Board or the Chairman of the Audit      Committee any information he or she may have concerning evidence of a      material violation of the securities or other laws, rules or regulations      applicable to the Company and the operation of its business, by the      Company or any agent thereof, or of violation of the Code of Business      Conduct and Ethics or of these additional  procedures. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The      Board of Directors shall determine, or designate appropriate persons to      determine, appropriate actions to be taken in the event of violations of      the Employee Code of Business Conduct and Ethics or of these additional      procedures by the CEO and the Company's Senior Financial Officers. Such      actions shall be reasonably designed to deter wrongdoing and to promote      accountability for adherence to the Code of Business Conduct and Ethics      and to these additional procedures, and shall include written notices to      the individual involved that the Board has determined that there has been      a violation, censure by the Board, demotion or re-assignment of the      individual involved, suspension with or without pay or benefits (as      determined by the Board) and termination of the individual's employment.      In determining what action is appropriate in a particular case, the Board      of Directors or such designee shall take into account all relevant      information, including the nature and severity of the violation, whether      the violation was a single occurrence or repeated occurrences, whether the      violation appears to have been intentional or inadvertent, whether the      individual in question had been advised prior to the violation as to the      proper course of action and whether or not the individual in question had      committed other violations in thepast. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.   | The      Company will disclose the nature of any amendment (other than technical,      administrative or other non-substantive amendments) to, or waiver or      implicit waiver from, this Code of Ethics for the Company's CEO and Senior      Financial Officers as may be required by applicable rules of the      Securities and Exchange Commission, Nasdaq Marketplace Rules, or Nasdaq      listing standards. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Employees      with concerns regarding Accounting Matters may report their concerns to      the Chairman of the Audit Committee of the  Company. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Employees      may forward complaints on a confidential or anonymous basis to the      Chairman of the Audit Committee through e-mail or regular mail      to: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | fraud      or deliberate error in the preparation, evaluation, review or audit of any      Company financial statement; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | fraud      or deliberate error in the recording and maintaining of the Company’s      financial records; |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | deficiencies      in or noncompliance with the Company’s internal accounting      controls; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | misrepresentation      or false statement to or by a senior officer or accountant regarding a      matter contained in the Company’s financial records, financial reports or      audit reports; or |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | deviation      from full and fair reporting of the Company’s financial      condition. |
|--------------------|----------------------------------------------------------------------------------------------|

----

| ·   | Upon      receiving a complaint, the Audit Committee will (i) determine whether the      complaint actually pertains to Accounting Matters and (ii) when possible,      acknowledge receipt of the complaint to the  sender. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Complaints      relating to Accounting Matters will be investigated and reviewed under      Audit Committee direction and may include the use of outside counsel in      the process as the Audit Committee determines to be appropriate.      Confidentiality will be maintained to the fullest extent possible,      consistent with the need to conduct an adequate  review. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Prompt      and appropriate corrective action will be taken when and as warranted in      the judgment of the AuditCommittee. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      Company will not discharge, demote, suspend, threaten, harass or in any      manner discriminate against any employee in the terms and conditions of      employment based upon any lawful actions of the employee in making a good      faith complaint regarding Accounting Matters or otherwise as specified in      Section 806 of the Sarbanes-Oxley Act of2002. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      Chairman of the Audit Committee will maintain a log of all complaints,      tracking their receipt, investigation and resolution and shall prepare a      periodic summary report for the Audit Committee and full Board of      Directors. Complaints determined by the Chairman of the Audit Committee to      be material in nature will be reported to the full Board      immediately. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Directors      of LightPath:          |                 |
|---------------------------------------|----------------------|
| Robert      Ripp                      |                 |
| Sohail      Khan                      | Steve      Brueck    |
| Louis      Leeburg                    | Gary      Silverman  |
| Jim      Gaynor                       |                 |
|                                  |                 |
| Executive      Officers of LightPath: |                 |
| Jim      Gaynor                       | Dorothy      Cipolla |
|                                  |                 |
|                                  |                 |

----

|   | (i) | a      civil penalty of up to three times the profit gained or loss      avoided; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | a      criminal fine (no matter how small the profit) of up to $1 million;      and |
|--------|------|-------------------------------------------------------------------------------------|

|   | (iii) | a      jail term of up to ten years. |
|--------|-------|--------------------------------------|

----

| 1       .   | Trading      in securities on a short-term basis.  Any LightPath security      purchased must be held for a minimum of six months and ideally      longer.  This rule does not apply to the “net exercise” of stock      options or to similar transactions in which the proceeds from the sale of      shares are used to pay the option exercise price.  Please be      aware, however, that shares acquired upon exercise of stock options are      subject to the profit recovery rules under Section 16 of the Securities      Exchange Act of 1934 (as described below).  Accordingly, the      sale of such shares could trigger a Section 16 violation if the sale      occurs within six months of a non-exempt purchase of  shares |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2. | Purchases      of LightPath securities on margin. |
|--------|----|---------------------------------------------------|

|   | 3. | Short      sales. |
|--------|----|-------------------|

| 4.            | Buying      or selling puts or calls. |
|----------------------------------------|---------------------------------------|

----

----

----

----

| “Black      Out Periods”        | “Window      Periods”           |
|---------------------------------------------|---------------------------------------------|
|  March      31– 2 days after PR  |  3      days after PR – June 29  |
|  June      30 – 2 days after PR  |  3      days after PR – Sept. 29 |
|  Sept.      30 – 2 days after PR |  3      days after PR – Dec. 30  |
|  Dec.      31 – 2 days after PR  |  3      days after PR – March 30 |

----

|  Form  |   |  Time      For Filing                                                                                                                                                                                                                                                                                  |   | Number      of Copiesand      Where Filed                          |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                        |   |                                                               |
| FORM      3 |   | Within      2 days after the time when the person first becomes a designated executive      officer or becomes a director of LightPath.                                                                                                                                                                |   |  The      Company will file for youvia      the EDGAR system. |
|        |   |                                                                                                                                                                                                                                                                                                        |   |                                                               |
| Form      4 |   | Within      2 days of the date in which a non-exempt transaction* has      occurred.  This Form is also used to “exit” the Section 16      reporting system and is to be filed in the event of retirement,      resignation, etc. *Such      as an open market purchase or sale. |   | Same      as for Form 3, above.                                    |
|        |   |                                                                                                                                                                                                                                                                                                        |   |                                                               |
| Form      5 |   | This      form, in effect, is an annual report that must be filed by February 14      following the close of LightPath’s fiscal year and sets forth all items      not previously reported, including exempt transactions.                                                                            |   | Same      as for Form 3, above.                                    |

|   | Early      Filing Note -- Certain exempt transactions that normally would be reported      in the annual Form 5 filing (such as gifts) may be voluntarily reported      early in a Form 4 filing.  This is recommended as a more      efficient method of complying with the filing requirements.  It      will be LightPath’s practice, on your behalf, to report such transactions      early on Form 4 to the extent possible under the      circumstances. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1. | If      you have not already done so, you will be asked to execute a power of      attorney authorizing our CEO or CFO to execute and file appropriate Forms      4 (and the annual Form 5) on yourbehalf. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | You      are required to contact our CFO promptly following the any trade, even if      unapproved, made in error or otherwise made in violation of this      policy. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Our      CFO will confirm whether a Form 4 filing will be required or should be      filed voluntarily for the subject month, based upon the review with      you.  If a filing is appropriate, a completed From 4 will be      forwarded for your review. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | You      are asked to confirm the accuracy of Form 4 with our CFO by the close of      business within 24 hours after the trade has been executed (not      settled).  If such confirmation has not been received by that      time, our CEO or CFO will execute in your name the Form 4 sent to you and      have it filed on a timely basis. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | Financial      performance, especially quarterly and year-end earnings, and significant      changes in financial performance orliquidity. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Company      projections and strategic plans. |
|--------------------|-----------------------------------------------|

| ·   | Potential      mergers and acquisitions or the sale of Company assets or      subsidiaries. |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | New      major contracts, orders, suppliers, customers, or finance sources, or the      loss thereof. |
|--------------------|-------------------------------------------------------------------------------------------------------|

| ·   | Major      discoveries or significant changes or developments in products or product      lines, research or technologies. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | Significant      changes or developments in supplies or inventory, including significant      product defects, recalls or productreturns. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Significant      pricing changes. |
|--------------------|-----------------------------------|

| ·   | Stock      splits, public or private securities/debt offerings, or changes in Company      dividend policies or amounts. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| ·   | Significant      changes in senior management. |
|--------------------|------------------------------------------------|

| ·   | Significant      labor disputes or negotiations. |
|--------------------|--------------------------------------------------|

| ·   | Actual      or threatened major litigation, or the resolution of such      litigation. |
|--------------------|----------------------------------------------------------------------------------------|

----

|                  |   |   |   |   |
|-----------------------|--------|--------|--------|--------|
|                  |   |   |   |   |
| Signature   |   |   | Date   |   |

|      |   |   |   |   |
|-----------|--------|--------|--------|--------|
|      |   |   |   |   |
| CEO  |   |   | Date   |   |

----