EXHIBIT 14



CALLWAVE, INC.



CODE OF CONDUCT AND ETHICS



The Board of Directors of CallWave, Inc., a Delaware corporation (with its subsidiaries, the Company) has adopted this Code of Conduct and
Ethics (this Code) to:



| |  |  | Promote honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interest;
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| |  |  | Promote full, fair, accurate, timely and understandable disclosure;
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| |  |  | Promote compliance with applicable laws and governmental rules and regulations;
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| |  |  | Ensure the protection of the Companys legitimate business interests, including corporate opportunities, assets and confidential information; and
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| |  |  | Deter wrongdoing.
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All directors, officers and employees of the Company are expected to be familiar with the Code and to adhere to those principles and the procedures set
forth in the Code that apply to them. For purposes of this Code, the Code of Ethics Contact Person will be:



| |  |  | For each member of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Controller, and Chief Technology Officer: the Audit Committee of the Board
of Directors.
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| |  |  | For Director-level employees (e.g., Director of Marketing, Director of Engineering, etc.): the Chief Executive Officer.
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| |  |  | For all other employees: the Director of the Department in which you are employed.
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From time to time, the Company may waive some provisions of this Code. Any waiver of the Code for executive officers or
directors of the Company may be made only by the Board of Directors or the Audit Committee of the Board, and must be promptly disclosed as required by rules of the SEC or NASDAQ. Any waiver for other employees may be made only by the Chief Executive
Officer.



I. Honest and Candid Conduct



Each director, officer and employee owes a duty to the Company to act with
integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity. Each director, officer and employee must:



| |  |  | Act with integrity, including being honest and candid while still maintaining the confidentiality of information where required or consistent with the Companys policies.
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| |  |  | Observe laws and governmental rules and regulations, accounting standards and Company policies.
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| |  |  | Adhere to a high standard of business ethics.
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II. Conflicts of Interest



A conflict of interest occurs when an individuals private interest interferes or appears to interfere with the interests of the
Company. A conflict of interest can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. For example, a conflict of interest would arise
if a director, officer or employee, or a member of his or her family, receives improper personal benefits as a result of his or her position in the Company. Any material transaction or relationship that could reasonably be expected to give rise to a
conflict of interest should be discussed with the Code of Ethics Contact Person.



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Clear conflict of interest situations involving directors, executive officers, and other employees in
supervisory positions or who have discretionary authority may include the following:



| |  |  | Any significant ownership interest in any supplier or customer;
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| |  |  | Any consulting or employment relationship with any supplier or competitor;
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| |  |  | Any outside business activity that detracts from an individuals ability to devote appropriate time and attention to their responsibilities with the Company;
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| |  |  | The receipt of non-nominal gifts or excessive entertainment from any person or company with which the Company has current or prospective business dealings;
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| |  |  | Being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member; and
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| |  |  | Selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable directors, officers or employees are permitted to so
purchase or sell.
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Such situations, if material,
should always be discussed with the Code of Ethics Contact Person. Anything that would present a conflict for a director, officer or employee would likely also present a conflict if it involved a member of his or her family.



III. Disclosure



Each director, officer or employee involved in the Companys disclosure process, including the Chief Executive Officer,
the Chief Financial Officer and the Chief Accounting Officer and any other officer serving a similar function (the Senior Financial Officers), is required to be familiar with and comply with the Companys disclosure controls
and procedures and internal control over financial reporting, to the extent relevant to his or her area of responsibility, so that the Companys public reports and documents filed with the Securities and Exchange Commission (SEC)
comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each such person having direct or supervisory authority regarding these SEC filings or the Companys other public communications concerning
its general business, results, financial condition and prospects should, to the extent appropriate within his or her area of responsibility, consult with other Company officers and employees and take other appropriate steps regarding these
disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.



Each director, officer or employee who is involved in the Companys disclosure process, including without limitation the Senior Financial Officers,
must:



| |  |  | Familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.
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| |  |  | Not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Companys independent
auditors, governmental regulators and self-regulatory organizations.
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| |  |  | Properly review and critically analyze proposed disclosure for accuracy and completeness (or, where appropriate, delegate this task to others).
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IV. Compliance



It is the Companys policy to comply with all applicable laws, rules and regulations. It is the personal responsibility
of each employee, officer and director to adhere to the standards and restrictions imposed by those laws, rules and regulations.



It is against Company policy and in many circumstances illegal for a director, officer or employee to profit from undisclosed information relating to the
Company or any other company. Any director, officer or employee



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may not purchase or sell any of the Companys securities while in possession of material nonpublic information relating to the Company. Also, any
director, officer or employee may not purchase or sell securities of any other company while in possession of any material nonpublic information relating to that company.



Any director, officer or employee who is uncertain about the legal rules involving a purchase or sale of any Company
securities or any securities in companies that he or she is familiar with by virtue of his or her work for the Company, should consult with the Companys Chief Financial Officer before making any such purchase or sale.



V. Reporting and Accountability.



The Code of Ethics Contact Person is responsible for applying this Code to
specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any director, officer or employee who becomes aware of any existing or potential violation of this Code is required
to notify the Code of Ethics Contact Person promptly. Failure to do so is a violation of this Code.



Any questions relating to the application or interpretation of this Code should be addressed to the Code of Ethics Contact Person. A director, officer or
employee who is unsure of whether a situation violates this Code should discuss the situation with the Code of Ethics Contact Person to prevent possible misunderstandings and embarrassment at a later date. Each director, officer or employee shall:



| |  |  | Notify the Code of Ethics Contact Person promptly of any existing or potential violation of this Code.
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| |  |  | Not retaliate against any other director, officer or employee for reports of potential violations that are made in good faith.
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The Code of Ethics Contact Person shall take all action such Person considers
appropriate to investigate any violations reported to them. If a violation has occurred, the Company will take such disciplinary or preventative action as it deems appropriate.



Upon being notified that a violation has occurred, the Board of Directors, Audit Committee, or Code of Ethics Contact
Person, as applicable, will take such disciplinary or preventative action as it deems appropriate, up to and including dismissal or, in the event of a criminal or other serious violations of law, notification of appropriate governmental authorities.



VI. Corporate Opportunities



Directors, officers and employees owe a duty to the Company to advance the
Companys business interests when the opportunity to do so arises. Directors, officers and employees are prohibited from taking (or directing to a third party) a business opportunity that is discovered through the use of corporate property,
information or position, unless the Company has already been offered the opportunity and turned it down. More generally, directors, officers and employees are prohibited from using corporate property, information or position for personal gain and
from competing with the Company.



Sometimes the line between
personal and Company benefits is difficult to draw, and sometimes there are both personal and Company benefits in certain activities. Directors, officers and employees who intend to make use of Company property or services in a manner not solely for
the benefit of the Company should consult beforehand with the Code of Ethics Contact Person.



VII. Confidentiality



In carrying out the Companys business, directors, officers and employees often learn confidential or proprietary information about the Company, its customers, clients, supplier, or joint venture parties. Directors,



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officers and employees must maintain the confidentiality of all information so entrusted to them, except when disclosure is authorized or legally mandated.
Confidential or proprietary information of the Company, and of other companies, includes any non-public information that would be harmful to the relevant company or useful or helpful to competitors if disclosed.



VIII. Fair Dealing



We have a history of succeeding through honest business competition. We do not seek competitive advantages through illegal
or unethical business practices. Each director, officer and employee should endeavor to deal fairly with the Companys customers, clients, service providers, suppliers, competitors and employees. No director, officer or employee should take
unfair advantage of anyone through manipulation, misrepresentation of material facts, or any unfair dealing practice.



IX. Other Policies



A directors, officers or employees compliance with the provisions of this Code shall not necessarily constitute such persons
compliance with any other policies or procedures of the Company applicable to particular matters. For example, a persons compliance with the provisions of Paragraph IV of this Code will not constitute compliance with the Companys
policies relating to the purchase, sale or trading in the Companys securities.



Adopted May 4, 2004



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