# EDGAR Filing Document

**Accession Number:** 0001325964
**File Stem:** 0001553350-25-000073
**Filing Date:** 2025-6
**Character Count:** 26169
**Document Hash:** 7b5e09de86a168ee872e6f5ee5f97d67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001553350-25-000073.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001553350-25-000073

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lightwave Logic, Inc.
- **CENTRAL INDEX KEY:** 0001325964
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS PLASTIC PRODUCTS [3080]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 820497368
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288209
- **FILM NUMBER:** 251062108

**BUSINESS ADDRESS:**
- **STREET 1:** 369 INVERNESS PARKWAY
- **STREET 2:** SUITE 350
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** (720) 340-4949

**MAIL ADDRESS:**
- **STREET 1:** 369 INVERNESS PARKWAY
- **STREET 2:** SUITE 350
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THIRD-ORDER NANOTECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20070320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THIRD-ORDER NANOTECHNOLOIES INC
- **DATE OF NAME CHANGE:** 20070222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PSI TEC HOLDINGS INC
- **DATE OF NAME CHANGE:** 20050503

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**———————**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

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| |
|:---|
| **Lightwave Logic, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

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| | |
|:---|:---|
| **Nevada** | **82-049-7368** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **369 Inverness Parkway, Suite 350<br> Englewood, Colorado** | **80112** |
| (Address of principal executive offices) | (Zip Code) |

---

---

| |
|:---|
| **Lightwave Logic, Inc. 2025 Equity Incentive Plan** |
| (Full title of the plan) |

---

---

| | |
|:---|:---|
| **James S. Marcelli**<br> **Chief Financial Officer**<br> **369 Inverness Parkway, Suite 350<br> Englewood, Colorado 80112**<br> **Telephone: (720) 340-4949** | **Copy to:**<br> **Clayton E. Parker, Esq.**<br> **K&L Gates LLP**<br> **200 S. Biscayne Blvd., Suite 3900**<br> **Miami, FL 33131** |
| (Name, address and telephone number of agent for service) | **Telephone: (305) 539-3300** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer □ <br> Non-accelerated filer 🗹 Smaller reporting company 🗹 <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act of 1933 (the "Securities Act"). In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this registration statement on Form S-8 (this "Registration Statement") or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents have been previously filed by the Company with the Commission and are hereby incorporated by reference into this registration statement and shall be deemed a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's [Annual Report on Form 10-K](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000420/lwlg_10k-123124.htm) for the fiscal year ended December 31, 2024, filed with
the Commission on March 18, 2025, as amended by that [Form 10-K/A](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000493/lwlg_10ka-123124.htm) filed with the Commission on March 28, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company's Quarterly Report on Form 10-Q for the quarter ended [March 31, 2025](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000793/lwlg_033125-10q.htm) , filed with the
Commission on May 13, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company's Current Reports on Form 8-K filed with the Commission on [January 2, 2025](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000012/lwlg_8k.htm) and [May 19, 2025](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000907/lwlg_8k.htm) (provided that any portions of such reports that are deemed furnished and not filed pursuant to instructions to Form 8-K shall not
be incorporated by reference into this Registration Statement); and

&nbsp;&nbsp;&nbsp;&nbsp;(4) The description of the Common Stock contained in the registration statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1325964/000155335021000760/lwlg_8a12b.htm) filed on August
27, 2021, under Section 12(b) of the Securities Exchange Act of 1934, including any amendment or report filed for the purpose of updating
that description.

In addition, all documents that the Company files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the effective date of this Registration Statement (except for any portions of the Company's Current Reports on Form 8-K furnished pursuant to Item 2.02 or Item 7.01 thereof and any corresponding exhibits thereto not filed with the Commission), but prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.

For purposes of this Registration Statement, any document or statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such document or statement in such document. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable, see Item 3(4) above.

**Item 5. Interests of Named Experts and Counsel.**

The validity of our securities registered hereby has been passed upon by David M. Bovi, Esq., of David M. Bovi, P.A. As of June 20, 2025, David Bovi beneficially owned shares of our Common Stock, the aggregate value of which exceeds $50,000.

**Item 6. Indemnification of Directors and Officers.**

Under the Nevada Revised Statutes, director immunity from liability to a company or its shareholders for monetary liabilities applies automatically unless it is specifically limited by a company's articles of incorporation.

Nevada Revised Statutes 78.751 and 78.7502 have provisions that provide for discretionary and mandatory indemnification of officers, directors, employees, and agents of a corporation. Under these provisions, such persons may be indemnified by a corporation against expenses, including attorney's fees, judgment, fines and amounts paid in settlement, actually and reasonably incurred by him in connection with the action, suit or proceeding, if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation and with respect to any criminal action or proceeding had no reasonable cause to believe his conduct was unlawful.

To the extent that a director, officer, employee or agent has been successful on the merits or otherwise in defense of any action, suit or proceeding, or in defense of any claim, issue or matter, the Nevada Revised Statues provide that he must be indemnified by the Company against expenses, including attorney's fees, actually and reasonably incurred by him in connection with the defense.

Section 78.7502 of the Nevada Revised Statues also provides that any discretionary indemnification, unless ordered by a court or advanced by the Company, may be made only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances.

The Company's articles of incorporation state that no director or officer shall be personally liable to the Company or its stockholders for monetary damages for any breach of fiduciary duty by such person as a director or officer. Notwithstanding the foregoing sentence, a director or officer shall be liable to the extent provided by applicable law (i) for acts or omissions which involve intentional misconduct, fraud or a knowing violation of the law or (ii) for the payment of dividends in violation of Nevada Revised Statutes Section 78.300.

The Company's bylaws state that Company shall, to the fullest extent permitted by Nevada law, indemnify any person who is or was a director or officer of the Company or is or was a director or officer of the Company serving at the Company's request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other entity (each such person, an "Indemnitee") against Expenses (as defined below), including without limitation attorneys' fees, costs, expenses, judgments, fines, and amounts paid in settlement (collectively, "Expenses"), actually and reasonably incurred by the Indemnitee in connection with any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, whether or not an action, suit or proceeding by or in the right of the Company, to which the Indemnitee is, was, or is threatened to be made a party by reason of being an Indemnitee

Section 2 of Article VI of the Company's bylaws state that Expenses of Indemnitees must be paid or reimbursed by the Company or through insurance purchased and maintained by the Company or through other financial arrangements made by the Company, as they are incurred and in advance of the final disposition of the action, suit, proceeding or claim described in Section 1 of this Article VI, to the fullest extent permitted by Nevada law. Section 3 states that the Company may, by action of its Board of Directors and to the extent provided in such action, indemnify employees and other persons as though they were Indemnitees.

Section 4 of Article VI states that the Company may purchase and maintain insurance or make other financial arrangements on behalf of any Indemnitee for any liability asserted against him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer, employee, member, managing member or agent, or arising out of his or her status as such, whether or not the Company has the authority to indemnify him or her against such liability and expenses. Section 5 further states that the rights of indemnification set out in Article VI shall be in addition to and not exclusive of any other rights to which any Indemnitee may be entitled under the articles of incorporation, bylaws, any other agreement with the Company, any action taken by the stockholders or disinterested directors of the Company, or otherwise. Further, the termination of any proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of this Company, or, with respect to any criminal proceeding, that the person had reasonable cause to believe that the conduct was unlawful.

Section 10 of Article VI states that if the bylaws or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, the Company shall indemnify each director, officer or other agent to the fullest extent permitted by any applicable portion of such bylaws that shall not have been invalidated, or by any other applicable law.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

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| | |
|:---|:---|
| **Number** | **Description** |
| 4.1 | [2025 Equity Incentive Plan (incorporated by reference to Appendix A to the Company's Proxy Statement pursuant to Section 14(a) of the Exchange Act filed with the SEC on March 28, 2025)](http://www.sec.gov/Archives/edgar/data/1325964/000107997325000511/lwlg_def14a.htm) |
| 5.1 | [Opinion of David M. Bovi, P.A.\*](ex5x1.htm) |
| 23.1 | [Consent of David M. Bovi, P.A. (Included in Exhibit 5.1)\*](ex5x1.htm) |
| 23.2 | [Consent of Stephano Slack LLC, independent registered public accounting firm\*](ex23x2.htm) |
| 107 | [Filing Fee Exhibit\*](ex107.htm) |

---

\* Filed herewith

**Item 9. Undertakings**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price
set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To include any material information with respect to the plan of distribution not previously disclosed
in this Registration Statement or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment 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 *bona fide* offering
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement 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 *bona fide* offering
thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act 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 Commission such indemnification is against public policy as expressed in the Securities 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 Securities Act and will be governed
by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Englewood, State of Colorado, on June 20, 2025.

---

| | |
|:---|:---|
| **LIGHTWAVE LOGIC, INC.** | **LIGHTWAVE LOGIC, INC.** |
| By: | /s/ Yves LeMaitre |
|  | Yves LeMaitre |
|  | Chief Executive Officer, |
|  | Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Yves LeMaitre | Chief Executive Officer and Director (principal executive officer) | June 20, 2025 |
| Yves LeMaitre | Chief Executive Officer and Director (principal executive officer) |  |
| /s/ James S. Marcelli | Chief Financial Officer, Chief Operating Officer, Secretary and Director (principal financial and accounting officer) | June 20, 2025 |
| James S. Marcelli | Chief Financial Officer, Chief Operating Officer, Secretary and Director (principal financial and accounting officer) |  |
| /s/ Ronald A. Bucchi | Chairman of the Board of Directors | June 20, 2025 |
| Ronald A. Bucchi |  |  |
| /s/ Siraj Nour El-Ahmadi | Director | June 20, 2025 |
| Siraj Nour El-Ahmadi |  |  |
| /s/ Laila Partridge | Director | June 20, 2025 |
| Laila Partridge |  |  |
| /s/ Craig Ciesla | Director | June 20, 2025 |
| Craig Ciesla |  |  |
| /s/ Thomas M. Connelly, Jr. | Director | June 20, 2025 |
| Thomas M. Connely, Jr. |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

LETTERHEAD OF DAVID M. BOVI, P.A.

June 20, 2025

Lightwave Logic, Inc.

369 Inverness Parkway, Suite 350<br>Englewood, Colorado 80112

Re: Lightwave Logic, Inc.

Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel for Lightwave Logic, Inc., a Nevada corporation (the "<u>Company</u>"), with respect to certain legal matters in connection with the registration by the Company under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of the offer and sale of: 6,000,000 shares of common stock, par value $0.001 per share, of the Company (the "<u>Common Stock</u>") pursuant to the Lightwave Logic, Inc. 2025 Equity Incentive Plan (the "<u>2025 Plan</u>"). The shares of Common Stock that are to be issued under the 2025 Plan are referred to herein as the "<u>Shares</u>."

In connection with the foregoing, we have examined and are familiar with the 2025 Plan, certificate of incorporation of the Company, as amended, the bylaws of the Company, the corporate proceedings with respect to the issuance of the Shares, the registration statement on Form S-8 filed in connection with the registration of the Shares (the "<u>Registration Statement</u>"), and such other certificates, instruments and documents as we have considered necessary or appropriate for purposes of this opinion. In our examination of these documents, we have assumed, without independent investigation, the genuineness of all signatures, the legal capacity of all individuals who have executed any of the documents, the authenticity of all documents submitted to us as originals and the conformity to the original documents of all copies.

Based upon the foregoing, we are of the opinion that the Shares have been duly authorized and, when the Shares are issued in accordance with the provisions of the 2025 Plan, will be validly issued and are fully paid and non-assessable.

We render no opinion herein as to matters involving the laws of any jurisdiction other than the Nevada Revised Statutes (the "NRS"). We are not admitted to practice in the State of Nevada; however, we are generally familiar with the NRS as currently in effect and have made such inquiries as we consider necessary to render the opinions above. This opinion is limited to the effect of the current state of the law of the NRS and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such law or the interpretations thereof or such facts.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder.

Very truly yours,

/s/ David M. Bovi, P.A.

David M. Bovi, P.A.

## Exhibit 23.2

**EXHIBIT 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement of Lightwave Logic, Inc. on Form S-8 to be filed on June 20, 2025 of our report dated March 18, 2025, relating to the financial statements of Lightwave Logic, Inc., which report was included in the Annual Report on Form 10-K filed March 18, 2025.

/s/ Stephano Slack, LLC

Wayne, Pennsylvania

June 20, 2025

## Ex-Filing

Exhibit 107

**Calculation of Filing Fee Table**

<u>Form S-8</u>

(Form Type)

<u>Lightwave Logic, Inc.</u> 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u> 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security**<br> **Class**<br> **Title** | **Fee<br> Calculation<br> Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Maximum<br> Aggregate**<br> **Offering Price** **(2)** | **Fee**<br> **Rate** | **Amount of<br> Registration<br> Fee** |
| Equity | Common Stock, $0.001 par value per share, reserved for issuance under the Lightwave Logic, Inc. 2025 Equity Incentive Plan | Rule 457(c) and Rule 457(h) | 5800000<sup>(2)</sup>$1.24<sup>(3)</sup> | $7192000<sup>(3)</sup> | 0.0001531 | $1101.10 |
| Equity | Common Stock, $0.001 par value per share, that may be issued pursuant to the exercise of outstanding stock options under the Lightwave Logic, Inc. 2025 Equity Incentive Plan | Rule 457(h) | 200000$1.33<sup>(4)</sup> | $266000<sup>(4)</sup> | 0.0001531 | $40.73 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $7458000 |  | $1141.82 |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  | $- |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $1141.83 |

---

(1) In accordance with Rule 416(a) under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), this registration statement on Form S-8 (the " <u>Registration Statement</u> ") shall be deemed to cover any additional shares of Common Stock, $0.001 par value per share (the " <u>Common Stock</u> ") of Lightwave Logic, Inc. (the " <u>Company</u> ") that become issuable under the plans set forth herein by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected that results in an increase to the number of outstanding shares of Common Stock, as applicable.

(2) Includes
 6,000,000 shares reserved for issuance under the Lightwave Logic, Inc. 2025 Equity Incentive Plan (the " <u>2025 Plan</u> ")
 at the time of its adoption, minus 200,000 shares of Common Stock that as of the date hereof are subject to options outstanding under
 the 2025 Plan.

(3) Estimated in accordance with Rules 457(c) and 457(h) of the Securities Act based upon the average of the high and low sale prices of the Common Stock as reported on the Nasdaq Capital Market on June 18, 2025.

(4) Estimated in accordance with Rule 457(h) promulgated under the Securities Act solely for purposes of calculating the registration fee on the basis of $1.33 per share, the weighted-average exercise price of stock option awards outstanding under the 2025 Plan as of the date hereof.