Document:

Exhibit 10 - 01

Exhibit 10.1
*** Where this marking appears throughout this Exhibit 10.1, information has been omitted pursuant to a request for confidential treatment and such information has been filed with the Securities and Exchange Commission separately.

SECOND AMENDMENT TO 
CRUDE OIL STORAGE SERVICES AGREEMENT

This SECOND AMENDMENT TO CRUDE OIL STORAGE SERVICES AGREEMENT, (the “Amendment”) is effective May 1st, 2015 (the “Effective Date”), made by and between BKEP Pipeline, LLC, a Delaware limited liability company, (the “Operator”) and Vitol, Inc., a Delaware corporation, (the “Customer”), each referred to individually as “Party” or collectively as “Parties”.

RECITALS

WHEREAS, the parties previously entered into that certain Crude Oil Storage Services Agreement dated effective November 1st, 2010, (the “Agreement”).

WHEREAS, the parties desire to amend the Agreement as hereinafter described by modifying the Term and Fees of said Agreement. 

NOW THEREFORE, in consideration of the mutual promises set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned Parties hereto agree as follows: 

Shell Capacity.   Commencing on the Effective Date, the Shell Capacity available to the Customer for storage as set forth in Section 2 of the Agreement will change to 2.2 million barrels of dedicated storage available to Customer for the storage of Customer's Crude Oil.  

Term.  This agreement shall amend the term to two (2) years commencing on May 1st, 2015 and shall thereafter automatically renew for successive one (1) year periods until terminated by either party by delivering written notice of such termination to the other party at least ninety (90) days prior to expiration of the then-current Term. 

Monthly Storage Fee.   Commencing on the Effective Date, the monthly storage fee as set forth in Section 4 of the Agreement will change to *** per Barrel of Shell Capacity (the “Monthly Storage”), for a total of ***, regardless of the actual volume of Crude Oil placed in the facility. 

Counterparts.   This Amendment may be executed in several counterparts, each of which shall be deemed an original and each of which alone, and all of which together, shall constitute one and the same amendment.  

Effect of Amendment.    This Amendment shall be effective as of the Effective Date.   Except as expressly amended or modified herein, all other terms, covenants, and the conditions of the Agreement shall be unaffected by this Amendment and shall remain in full force and effect.  In the event of conflict between the provisions of this Amendment and the provisions of the Agreement, this Amendment shall prevail.  

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the Effective Date above. 

BKEP Pipeline, LLC, a Delaware limited 
liability company 

/s/ Mark Hurley
Title: CEO 

Vitol, Inc., a Delaware Corporation

/s/ Sebastian Moretti
Title: Operations ManagerExhibit 4.1

 

 

OCULUS INNOVATIVE SCIENCES, INC.

 

and

 

COMPUTERSHARE
INC. 

 

and

 

Computershare
TRUST COMPANY, N.A.

 

WARRANT AGREEMENT

 

Dated as of January 20, 2015

 

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of January 20, 2015 is by and between Oculus Innovative
Sciences, Inc., a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation,
and its wholly-owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively as warrant
agent (the “Warrant Agent”, also collectively referred to herein as the “Transfer Agent,”
and subject to the appointment of a successor Warrant Agent pursuant to Section 7.3.).

 

WHEREAS,
the Company is engaged in a public offering (the “Offering”) of the Company’s Common Stock (as
defined below) together with Warrants (as defined below) to purchase Common Stock and, in connection therewith, has determined
to issue and deliver up to 5,390,625 Warrants (including 703,125 Warrants subject to the
Over-allotment Option, as defined in the Underwriting Agreement between the Company and Maxim Group LLC, as the representative
of the underwriters, dated January 20, 2015) to investors in the Offering (the “Warrants”). Each Warrant
entitles the holder thereof to purchase one share of common stock of the Company, par value $0.0001 per share (“Common
Stock” and, together with the Warrants and the shares of Common Stock underlying the Warrants, the “Securities”),
for $1.30 per share, subject to adjustment as described herein; and 

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, No. 333-200461 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Securities;
and 

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

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1.Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts
such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.Warrants.

 

2.1.Form of
Warrant. Each Warrant shall be issued in registered form only and shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of the
Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other authorized officer of the Company. In the
event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

 

2.2.Effect of
Countersignature. Unless and until countersigned by, or bear the facsimile signature of, the Warrant Agent pursuant to this
Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3.Registration.

 

2.3.1.Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company or its representatives.

 

2.3.2.Registered
Holder. Prior to due presentment to the Warrant Agent for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered
Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant Certificate (as defined below) made by anyone other than the Company or the Warrant
Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

 

3.Terms and Exercise of Warrants.

 

3.1.Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the
price of $1.30 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares
of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price
at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided,
that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants
and provided further that any such reduction shall be identical among all of the Warrants. For purposes of the Agreement, “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the City of New York are
authorized or obligated by law or executive order to close.

 

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3.2.Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
immediately following the closing of the Offering and terminating at 5:00 p.m., New York City time on the Expiration Date; provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions set forth in
subsection 3.3.3. below with respect to an effective registration statement. For purposes of this Agreement, the “Expiration
Date” shall mean the date that is five (5) years after the closing of the Offering. Each Warrant not exercised on
or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior
written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall
be identical in duration among all the Warrants.

 

3.3.Exercise
of Warrants.

 

3.3.1.Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant countersigned by the Warrant Agent may be exercised by the
Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
Agent, in the City of New York in the State of New York, with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all
applicable taxes due in connection with the exercise of the Warrant. The aggregate Warrant Price shall be paid (a) in lawful money
of the United States in good certified check or good bank draft payable to the order of the Warrant Agent; or

 

(b)as provided in
Section 3.3.2 hereof.

 

3.3.2.Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if and only if an effective registration statement covering
the issuance of the Warrant Shares (as defined below) is not available, the Registered Holder may exercise this Warrant in whole
or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment
of the aggregate Warrant Price, and elect instead to receive upon such exercise the “Net Number” of shares of
Common Stock determined according to formula below (a “Cashless Exercise”). In that case, the Registered Holder
shall deliver to the Company a duly executed facsimile copy of the Notice of Exercise form annexed hereto (the “Exercise
Notice”). In no event shall the Company be required to net cash settle the Warrant exercise. In case of a Cashless Exercise,
the following formula applies:

 

	Net Number =	(A x B) - (A x C)
	 	B

 

For purposes of the foregoing formula:

 

	A	=	the total number of shares with respect to which this Warrant is then being exercised.
	 	 	 
	B	=	the arithmetic average of the Closing Sale Prices (as defined below) of the Common Stock for the five (5) consecutive trading days ending on the date immediately preceding the date of the Exercise Notice.
	 	 	 
	C	=	the Warrant Price then in effect for the applicable shares of Common Stock at the time of such exercise.

 

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The term “Closing
Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively,
for such security on the NASDAQ Capital Market, as reported by Bloomberg, or, if the NASDAQ Capital Market begins to operate on
an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last
bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg,
or, if the NASDAQ Capital Market is not the principal securities exchange or trading market for such security, the last closing
bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such
security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade
price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported
by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average
of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink
sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Sale Price cannot be calculated for a
security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Registered Holder. If the Company and the Registered Holder are
unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 8.3
hereof. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.

 

For purposes of Rule
144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Registered Holder is not an affiliate
of the Company, the shares of Common Stock issued in a Cashless Exercise shall be deemed to have been acquired by the Registered
Holder, and the holding period for the shares of Common Stock shall be deemed to have commenced, on the date this Warrant was originally
issued.

 

Upon receipt of an election
to purchase for a Cashless Exercise, the Company shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall
have no obligation under this Warrant Agreement to calculate, confirm or verify the accuracy or the correctness of, the number
of Warrant Shares issuable in connection with the Cashless Exercise.

 

3.3.3. Issuance of
Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall
have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the
shares of Common Stock underlying the Warrants (the “Warrant Shares”) is then effective and a prospectus
relating thereto is current, except with respect to the Company’s satisfying its obligations under Section 6.4. Unless
otherwise advised in writing by the Company, the Warrant Agent shall always be entitled to assume that such conditions precedent
are in effect and shall incur no liability in making such assumption. No Warrant shall be exercisable and the Company shall not
be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise
has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder
of the Warrants. In the event that the conditions in the two (2) immediately preceding sentences are not satisfied with respect
to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and
expire worthless. Subject to Section 4.5 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only
for a whole number of shares of Common Stock. In no event will the Company be required to net cash settle the Warrant. If, by reason
of any exercise of warrants, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in a share, the Company shall either (i) round up to the nearest whole number, the number of shares to be issued to such
holder or (ii) pay such holder cash for such fractional share in the Company’s sole discretion. In the event of a cash exercise,
the Company hereby instructs the Transfer Agent to record cost basis for newly issued shares as the Warrant Price paid for the
share(s).

 

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3.3.4.Valid Issuance.
All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.5.Date of
Issuance. Each person in whose name any certificate for shares of Common Stock is issued shall for all purposes be deemed to
have become the holder of record of such shares of Common Stock on the date on which the Warrant was surrendered and payment of
the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender
and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the share transfer books are open.

 

3.3.6.Share
Delivery Failure. If the Company shall fail, for any reason or for no reason, to issue to the Registered Holder within three
(3) trading days after receipt of the applicable Exercise Notice (the “Share Delivery Deadline”), a certificate
for the number of Warrant Shares to which the Registered Holder is entitled upon such Registered Holder’s exercise of a Warrant
or credit such Registered Holder’s balance account with The Depository Trust Company (“DTC”) for
such number of Warrant Shares to which such Registered Holder is entitled upon such Registered Holder’s exercise of the Warrant
(as the case may be, but in each case without a restrictive legend) (a “Delivery Failure”), and if on
such or after such Share Delivery Deadline the Registered Holder purchases (in an open market transaction or otherwise) shares
of Common Stock to deliver in satisfaction of a sale by the Registered Holder of all or any portion of the number of Warrant Shares
issuable upon such exercise that the Registered Holder so anticipated receiving from the Company, then, in addition to all other
remedies available to it, the Company shall, within three (3) Business Days after the Registered Holder’s request and in
the Registered Holder’s discretion, either (i) pay cash to the Registered Holder in an amount equal to 100% of the Registered
Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of
Common Stock so purchased (including, without limitation, by any other person in respect, or on behalf, of the Registered Holder)
(the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver such certificate
or credit the Registered Holder’s balance account with DTC for the number of Warrant Shares to which the Registered Holder
is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such Warrant Shares) shall terminate,
or (ii) promptly honor its obligation to so issue and deliver to the Registered Holder a certificate or certificates representing
such Warrant Shares or credit the Registered Holder’s balance account with DTC for the number of Warrant Shares to which
the Registered Holder is entitled upon the Registered Holder’s exercise hereunder (as the case may be) and pay cash to the
Registered Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of
Common Stock multiplied by (B) the lowest Closing Sale Price of the shares of Common Stock on any trading day during the period
commencing on the date of the applicable Exercise Notice and ending on the date immediately preceding the date of such issuance
and payment under this clause (ii). The Warrant Agent shall have no duties, responsibilities
or obligations to take any action under this paragraph without clear and precise instructions from the Company. 

 

 

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3.3.7.
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event such holder elects to be subject
to the provisions contained in this subsection 3.3.7.; however, no holder of a Warrant shall be subject to this subsection
3.3.7. unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the
exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after
giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual
knowledge, would beneficially own in excess of 9.9% (the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number
of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock
issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude
shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially
owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Solely
the holder of the Warrant shall determine the extent to which the Warrant is exercisable in accordance with this Section 3.3.7.,
and neither the Company nor the Transfer Agent shall have any obligation to verify or confirm the accuracy of such determination.
For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or the Transfer Agent (or its successor) setting forth
the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant,
the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number
of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to
time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided,
however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to
the Company.

 

4. Adjustments.

 

4.1. Stock Dividends.

 

4.1.1.Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock on Common Stock, or by a split-up of shares of Common
Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares
of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price
less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied
by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair
Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable
for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value”
means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular
way, without the right to receive such rights.

 

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4.1.2.Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock as a class on account of such shares of Common Stock (or
other shares of the Company’s capital stock into which the Warrants are convertible), other than as described in subsection
4.1.1 (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then
the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each
share of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible) in respect
of such Extraordinary Dividend.

 

4.2.Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.5 hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock.

 

4.3.Adjustments
in Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection 4.1.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares
of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.4.Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give reasonable written notice thereof to the Warrant Agent, which notice shall state the Warrant Price and any
new or amended terms resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at
such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth
for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or
any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall have no duty or obligation
under this Agreement to determine whether any event requiring adjustment under this Section 4 has occurred or are scheduled
or contemplated to occur or to calculate any of the adjustments set forth herein.

 

4.5.No Fractional
Shares or Scrip. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares or scrip representing fractional shares upon the exercise of Warrants. As to any fraction of a share which the holder of
any Warrant would be entitled to purchase upon exercise of such Warrant, the Company shall, at its election, either (i) pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Warrant Price, or (ii) round
up to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

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4.6.Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make
any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be
in the form as so changed.

 

5.Transfer and Exchange of Warrants.

 

5.1.Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed by an eligible guarantor
institution participating in a signature guarantee program approved by the Securities Transfer Association, and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2.Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants.

 

5.3.Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in
the issuance of a warrant certificate for a fraction of a warrant.

 

5.4.Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5.Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.

 

 6.Other Provisions Relating to Rights of Holders of Warrants.

 

6.1.No Rights
as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or
to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the
Company or any other matter.

 

6.2.Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, absent notice to the Company or Warrant
Agent that such certificates have been acquired by a protected purchaser, the Company may, upon receipt by Warrant Agent of an
open penalty surety bond satisfactory to the Warrant Agent and holding it and Company harmless, issue, in a form mutually agreed
to by Warrant Agent and the Company, a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated
or destroyed, and countersigned by the Warrant Agent. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.
The Warrant Agent may, at its option, countersign replacement Warrants for mutilated certificates upon presentation thereof without
such indemnity.

 

    	8

    	 

    

 

6.3.Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.
The Company further covenants that its issuance of Warrants shall constitute full authority to its officers who are charged with
the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights
under the Warrants. The Company will take all such commercially reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the trading
market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by the Warrants will, upon exercise of the purchase rights represented by the Warrants and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

6.4.Registration
of Common Stock. The Company registered the Warrants and the Warrant Shares in the Registration Statement. The Company will
use its reasonable best efforts to maintain the effectiveness of such Registration Statement and the current status of the Prospectus
or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants
and the Warrant Shares at any time that the Warrants are exercisable. In addition, the Company agrees to use its reasonable best
efforts to register the Warrants and Warrant Shares under the blue sky laws of the states of residence of the Registered Holders
to the extent an exemption from such registration is not available. If at any time the Company does not have an effective registration
statement covering the Warrant Shares, and Rule 144 is not available to cover the Warrant Shares due to the failure of the Company
to be currently reporting under the Exchange Act (“Public Information Failure”), then the Company shall
pay in cash by wire transfer of immediately available funds an amount per month equal to 1% of the aggregate volume weighted average
price of the Warrant Shares into which a Warrant is converted which are not able to be delivered without legend because of such
Public Information Failure to the Registered Holder thereof until such Warrant Shares are able to be delivered without legend (to
be pro-rated for any periods which are less than one month).

 

7.Concerning the Warrant Agent and
Other Matters.

 

7.1.Bank Accounts.
All funds received by Warrant Agent under this Agreement that are to be distributed or applied by Warrant Agent in the performance
of services to be provided hereunder (the “Funds”) shall be held by Computershare Inc. as agent for the Company
and deposited in one or more bank accounts to be maintained by Computershare Inc. in its name as agent for the Company. Until paid
pursuant to the terms of this Agreement, Computershare Inc. will hold the Funds through such accounts in: deposit accounts of commercial
banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit
Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance
L.P.). Computershare Inc. shall have no responsibility or liability for any diminution of the Funds that may result from any deposit
made by Computershare Inc. in accordance with this paragraph, including any losses resulting from a default by any bank, financial
institution or other third party. Computershare Inc. may from time to time receive interest, dividends or other earnings in connection
with such deposits. Computershare Inc. shall not be obligated to pay such interest, dividends or earnings to the Company, any holder
or any other party.

 

    	9

    	 

    

 

 

7.2.Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of the Warrant Shares, but neither the Company nor the Warrant Agent shall
be obligated to pay any transfer taxes in respect of the Warrants or Warrant Shares. The Warrant Agent shall not register any transfer
or issue or deliver any Warrants or Warrant Shares unless or until the persons requesting the registration or issuance shall have
paid to the Warrant Agent for the account of the Company the amount of such tax, if any, or shall have established to the reasonable
satisfaction of the Company and the Warrant Agent that such tax, if any, has been paid.

 

 7.3.Resignation, Consolidation, or Merger of Warrant Agent. 

 

7.3.1.Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such applicable court, shall
be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office
in the City and State of New York, and authorized under such laws to exercise the powers of a transfer agent and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary or appropriate, at the expense
of the Company, the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time
held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for such purpose.

 

7.3.2.Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to
the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.

 

7.3.3.Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated
or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

7.4.Fees and
Expenses of Warrant Agent.

 

7.4.1.Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall,
pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.

 

7.4.2.Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.

 

    	10

    	 

    

 

 

7.4.3Cash
Reserve. The Company shall provide an initial funding of $1,000 for the purpose of issuing cash in lieu of fractional shares.
From time to time thereafter, the Warrant Agent may request additional funding to cover fractional payments in writing. The Warrant
Agent shall have no obligation to make such fractional payments unless the Company shall have provided the necessary funds to pay
in full all amounts due and payable with respect thereto.

 

 7.5.Liability of Warrant Agent.

 

7.5.1.Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or other authorized officer of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

7.5.2.Indemnity.
The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable
fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising
from or out of, directly or indirectly, any claims or liability resulting from its actions or omissions as Warrant Agent pursuant
hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with
respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of,
its gross negligence, bad faith, or willful misconduct (each as determined in a final judgment by a court of competent jurisdiction).

 

7.5.3.Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount
of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any
act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any Warrant Shares, when issued, be valid and fully paid
and nonassessable.

 

7.5.4.Limitation
of Liability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during
any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided
or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed,
the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses, during
the twelve (12) months immediately preceding the event for which recovery from Warrant Agent is being sought.

 

7.6.Instructions;
Certifications. From time to time, the Company may provide the Warrant Agent with instructions
or certifications concerning or related to the services performed by the Warrant Agent hereunder. In addition, at any time the
Warrant Agent may apply to any officer of the Company for instruction, and may consult with legal counsel for the Warrant Agent
or the Company with respect to any matter arising in connection with the services to be performed by the Warrant Agent under this
Agreement. The Warrant Agent and its employees, agents and subcontractors shall not be liable and shall be indemnified by the Company
for any action taken or omitted by Warrant Agent, its employees, agents and subcontractors
in reliance upon any Company instructions, certifications or upon the advice or opinion of such counsel. The Warrant Agent shall
not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Company.

 

    	11

    	 

    

 

 

7.7.Rights and
Duties of Warrant Agent. (a)The Warrant Agent may consult with legal counsel (who may be legal counsel for the Company),
and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken
or omitted by it in accordance with such opinion.

 

(b)The Warrant
Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrants
(except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be
deemed to have been made by the Company only.

 

(c)The Warrant
Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Warrants with
respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

(d)The Warrant
Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other
securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(e)The Warrant
Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or
misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct,
absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction)
in the selection and continued employment thereof.

 

(f)The Warrant
Agent may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken,
suffered or omitted to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter, facsimile
transmission, telegram or other document, or any security delivered to it, and believed by it to be genuine and to have been made
or signed by the proper party or parties, or upon any written or oral instructions or statements from the Company with respect
to any matter relating to its acting as Warrant Agent hereunder.

 

(g)The Warrant
Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it
to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment
or indemnity satisfactory to it.

 

(h)The Warrant
Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration
statement filed with the Commission or this Agreement, including without limitation obligations under applicable regulation or
law.

 

(i)The Warrant
Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by
the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds
of the issue and sale, or exercise, of the Warrants.

 

(j)The Warrant
Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions
hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship
of agency or trust with any of the owners or holders of the Warrants.

 

    	12

    	 

    

 

 

(k)The Warrant
Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible
guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable
“signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any
law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered,
changed, amended or repealed.

 

(l)In the event
the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain
from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of any Warrant or
any other person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed
by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent.

 

7.8.Delivery
of Exercise Price. The Warrant Agent shall forward funds received for warrant exercises under this Agreement in a given month
by the 5th Business Day of the following month by wire transfer to an account designated by the Company.

 

7.9.Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
express terms and conditions herein set forth and among other things, shall account to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Warrant Shares.

 

7.10. Opinion
of Counsel. The Company shall provide an opinion of counsel prior to the effective date of this Agreement to set up a reserve
of warrants and related Common Stock. The opinion shall state that all warrants or Common Stock, as applicable, are: (1) registered
under the Securities Act or are exempt from such registration, and all appropriate state securities law filings have been made
with respect to the warrants or shares; and (2) validly issued, fully paid and non-assessable.

 

7.11. Confidentiality.
The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party,
including inter alia, personal, non-public Warrant holder information, which are exchanged or received pursuant to the negotiation
or the carrying out of this Agreement including the compensation for services performed hereunder shall remain confidential, and
shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant
to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

 

7.12.Consequential
Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect, punitive, special
or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental
damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility
of such damages.

 

 8.Miscellaneous Provisions.

 

8.1.Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

8.2.Notices.
All notices, requests, demands and other communications from the Company to the Warrant Agent or vice-versa, or the holders of
warrants to the Warrant Agent or the Company made under or by reason of the provisions of this Agreement shall be in writing and
shall be given by hand delivery, certified or registered mail, return receipt requested, or nationally recognized overnight courier,
addressed as follows:

 

    	13

    	 

    

 

If to the Company:

 

Oculus Innovative Sciences, Inc.

Attn.: Secretary

1129 N. McDowell Blvd.

Petaluma, CA 94954

 

If to the Warrant Agent:

 

Computershare Inc.

250 Royall Street

Canton Massachusetts 02021

Attention: General Counsel

 

All notices, requests,
demands and other communications made under or by reason of the provisions of this Agreement shall be effective when sent.

 

8.3.Applicable
Law, Submission to Jurisdiction, Trial by Jury. The validity, interpretation, and performance of this Agreement and of the
Warrants shall be governed in all respects by the laws of the State of Delaware, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. Each of the Company and the holders hereby
agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought
and enforced in the courts of the State of Delaware or the United States District Court for the District of Delaware, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Warrant Agent hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. Each of the Company and the Warrant Agent hereby waives any objection to such exclusive
jurisdiction, as applicable, and that such courts represent an inconvenient forum. The Company (on its behalf and, to the extent
permitted by applicable law, on behalf of its stockholders and affiliates), the Warrant Agent and the Holders hereby irrevocably
waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby.

 

8.4.Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the Registered Holders of the Warrants.

 

8.5.Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent at the office of the Warrant Agent designated for such purpose, for inspection by the Registered Holder of any Warrant. The
Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

    	14

    	 

    

 

 

8.6.Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature
to this Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

8.7.Effect of
Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.

 

8.8.Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders
of at least 65% of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders. No consideration shall be offered by the Company to any Registered Holder in connection with a modification, amendment
or waiver of this Agreement or any Warrant without also offering the same consideration to all Registered Holders. As a condition
precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate
from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section
8.8.

 

8.9.Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

8.10.Survival.
The provisions of Sections 7 shall survive any termination of this Agreement and the resignation, removal or replacement
of the Warrant Agent.

 

8.11. Force
Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

8.12.USA PATRIOT
Act Notice. The Warrant Agent hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it must obtain, verify and record certain
information that identifies the Company, which information includes the name and address of the Company and other information that
will allow the Warrant Agent to identify the Company in accordance with the Patriot Act.

 

 

 

    	15

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

 

	 	OCULUS INNOVATIVE SCIENCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Jim Schutz	 
	 	 	Name: Jim Schutz	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	COMPUTERSHARE, INC.	 
	 	as Warrant Agent	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Michael Legregin	 
	 	 	Name: Michael Legregin	 
	 	 	Title: Manager	 
	 	 	 	 
	 	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.	 
	 	As Warrant Agent	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Michael Legregin

	 
	 	 	Name: Michael Legregin	 
	 	 	Title: Manager	 

 

 

 

 

[Signature Page to Warrant Agreement]

 

 

    	16

    	 

    

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD
PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

OCULUS INNOVATIVE SCIENCES, INC.

Incorporated Under the Laws of the State
of Delaware

 

CUSIP 67575P
116

 

Warrant Certificate

 

This Warrant
Certificate certifies that ___________, or registered assigns, is the registered holder of warrant(s) (the “Warrants”
and each, a “Warrant”) to purchase shares of Common Stock, $0.0001 par value per share (“Common
Stock”), of Oculus Innovative Sciences, Inc., a Delaware corporation (the “Company”). Each
Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from
the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and
payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth
herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings
given to them in the Warrant Agreement (as defined on the reverse hereof). 

 

Each Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon
exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise
Price per share of Common Stock for any Warrant is equal to $1.30 per share. The Exercise Price is subject to adjustment upon the
occurrence of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
by the end of such Exercise Period, such Warrants shall become void.

 

Reference is hereby
made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for
all purposes have the same effect as though fully set forth at this place.

 

This Warrant Certificate
shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

    	17

    	 

    

 

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.

 

 

	 	OCULUS INNOVATIVE SCIENCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name: Jim Schutz	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	COMPUTERSHARE, INC.	 
	 	as Warrant Agent	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name: Michael Legregin	 
	 	 	Title: Manager	 
	 	 	 	 
	 	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.	 
	 	As Warrant Agent	 
	 	 	 	 
	 	 	 	 
	 	By: 	 

	 
	 	 	Name: Michael Legregin	 
	 	 	Title: Manager	 

 

 

[Signature Page to Warrant Certificate]

 

 

 

    	18

    	 

    

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of January 20, 2015 (the “Warrant
Agreement”), duly executed and delivered by the Company to Computershare Inc., a Delaware corporation, and its wholly-owned
subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement. 

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless
exercise” as provided for in the Warrant Agreement) at the office of the Warrant Agent designated for such purpose.
In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total
number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate
evidencing the number of Warrants not exercised.

 

Notwithstanding anything
else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided
for in the Warrant Agreement.

 

The Warrant Agreement
provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants
set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof
would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the
nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates,
when surrendered at the office of the Warrant Agent designated for such purposes by the Registered Holder thereof in person or
by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation
for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or
other governmental charge imposed in connection therewith.

 

    	19

    	 

    

 

 

The Company and the
Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of
the Company.

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby
irrevocably elects to exercise the rights represented by this Warrant Certificate with respect to ____________ shares of Common
Stock, to receive shares of Common Stock and herewith tenders payment for such shares to the order of Oculus Innovative Sciences,
Inc. (the “Company”) in the amount of $_____ in accordance with the terms hereof. The undersigned requests
that a certificate for such shares be registered in the name of ___________ , whose address is and that such shares be delivered
to whose address is ____________________________________. If said number of shares is less than all of the shares of Common Stock
purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares
be registered in the name of ___________, whose address is____________________________________, and that such Warrant Certificate
be delivered to ___________, whose address is ____________________________________.

 

In the event that
the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise, (i) the number of shares
that this Warrant is exercisable for would be determined in accordance with section 3.3.2 of the Warrant Agreement which allows
for such cashless exercise and (ii) the holder hereof shall complete the following:

 

The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of
the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock
purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares be registered in the name of ___________, whose address is ____________________________________,
and that such Warrant Certificate be delivered to ___________, whose address is ____________________________________.

 

	Date:_______________,2015 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	(Address)
	 	 	 	 
	 	 	 	 
	 	 	 	(Tax Identification Number)

 

	
         
	 
	Signature Guaranteed:	 
	 	 
	 	 
	 	 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	20

    	 

    

 

NOTICE OF EXERCISE

 

To:
      OCULUS INNOVATIVE SCIENCES, INC. 

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant,
dated January 20, 2015, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment shall take the form of (check
applicable box):

 

 ̈
in lawful money of the United States by wire transfer or cashier’s check drawn on a United States bank; or

 

 ̈ 
if permitted by the terms of the Warrant, the cancellation of such number of Warrant Shares as is necessary, in accordance
with the formula set forth in Section 3.3.2, to exercise this Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set forth in Section 3.3.2.

 

(3) Please issue said
Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity: 	 
	 	 

 

	Signature of Authorized Signatory of Investing Entity: 	 
	 	 

 

	Name of Authorized Signatory: 	 
	 	 

 

	Title of Authorized Signatory: 	 
	 	 

 

	Date: 	 	 

 

 

    	21

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