SEC Contract Filing

Filing Date: 2016-12-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>AFFIRMATION OF GUARANTEE
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><A HREF="lpth-8k_122116.htm">LightPath Technologies, Inc. 8-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Exhibit 10.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">This <B>AFFIRMATION
OF GUARANTEE </B>is made as of December 21, 2016 (&ldquo;<B>Affirmation</B>&rdquo;), by the undersigned guarantor (&ldquo;<B>Guarantor</B>&rdquo;)
for the benefit of AVIDBANK (&ldquo;<B>Bank</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">Bank and Lightpath
Technologies, Inc<FONT STYLE="font-variant: small-caps">. </FONT>(&ldquo;<B>Borrower</B>&rdquo;) are parties to that Amended and
Restated Loan and Security Agreement dated as of December 23, 2014 and as amended from time to time (the &ldquo;<B>Agreement</B>&rdquo;).
In connection therewith, Guarantor executed for the benefit of Bank an Unconditional Guaranty dated as of September 30, 2013 (the
&ldquo;<B>Guarantee</B>&rdquo;). Borrower and Bank propose to enter into an amendment and restatement of the Agreement on even
date herewith (the &ldquo;<B>Restated Loan Agreement</B>&rdquo;), provided, among other things, that Guarantor consents to the
Restated Loan Agreement and agrees that the Guarantee will remain effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
Guarantor agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Guarantor consents
to the execution, delivery and performance by Borrower of the Restated Loan Agreement and the documents and instruments executed
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Guarantor confirms
that, as of the date hereof, Guarantor has no defenses against its obligations under the Guarantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">The Guarantee is and
shall remain in full force and effect with respect to Borrower&rsquo;s Obligations (as defined in the Restated Loan Agreement)
and otherwise and hereby is ratified and confirmed in all respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Unless otherwise defined,
all capitalized terms in this Affirmation shall be as defined in the Guarantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a &ldquo;.pdf&rdquo; format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or &ldquo;.pdf&rdquo; signature page were an original hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned has executed this Affirmation of Guaranty as of the first date above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">GUARANTOR:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">GELTECH INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD STYLE="width: 59%">&nbsp;</TD>
 <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
 <TD STYLE="width: 33%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ J. James Gaynor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-size: 1