Document:

Warrant issued to Prenox March 31, 2006

    
      

      

    

     

    Exhibit
      10.2

     

     

    Void
      after 5:00 p.m., New York Time on October 14, 2010

     

     

    Warrant
      to Purchase 3,066,667 Shares of Common Stock

     

     

    WARRANT
      TO PURCHASE COMMON STOCK 

     

     

    OF

     

     

    ULURU
      INC. 

     

     

    THIS
      WARRANT AND THE SECURITIES INTO WHICH IT IS EXERCISABLE (COLLECTIVELY, THE
      “SECURITIES”)
      HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
      THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE OFFERED OR SOLD
      UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT OR PURSUANT TO AVAILABLE
      EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE COMPANY WILL
      BE
      PROVIDED WITH AN OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY
      REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.

     

     

    FOR
      VALUE RECEIVED,
      Uluru,
      Inc., a corporation organized under the laws of Nevada (the “Company”), grants
      the following rights to Prenox, LLC and/or its assigns (the
“Holder”):

     

     

    ARTICLE
      1. DEFINITIONS

     

     

    Capitalized
      terms used and not otherwise defined herein shall have the meanings given such
      terms in the Securities Purchase Agreement by and among the Company, the Holder
      and the other party thereto entered into on October 14, 2005 (the “Purchase
      Agreement”). As used in this Warrant, the following terms shall have the
      following meanings:

     

     

    “Corporate
      Office” shall mean the office of the Company (or its successor) at which at any
      particular time its principal business shall be administered. 

     

     

    “Exercise
      Date” shall mean any date on which the Holder gives the Company a Notice of
      Exercise in compliance with the terms of Exhibit E to the Purchase Agreement.
      

     

     

    “Exercise
      Price” shall mean the Fixed Price per share of Common Stock, subject to
      adjustment as provided herein.

     

     

    “Expiration
      Date” shall mean 5:00 p.m. (New York time) on October 14, 2010.

     

     

    “Fair
      Market Value” shall have the meaning set forth in Section 2.2(b). 

     

     

    “Fixed
      Price” shall mean US$0.01.

     

    
      
         

      

      
        -
          1
          -

        
          

        

      

      
         

      

    

     

    

     

     

    “Market
      Value” shall have the meaning set forth in Section 2.2(b).

     

     

    “SEC”
      shall mean the United States Securities and Exchange Commission.

     

     

    “Warrant
      Shares” shall mean the shares of the Common Stock issuable upon exercise of this
      Warrant.

     

     

    ARTICLE
      2. EXERCISE AND AGREEMENTS

     

     

    2.1 Exercise
      of Warrant; Sale of Warrant and Warrant Shares.
      This
      Warrant shall entitle the Holder to purchase, at the Exercise Price, 3,066,667
      shares of Common Stock; the number of Warrant Shares shall be subject to
      adjustment in accordance with Section 2.7. This Warrant shall be exercisable
      at
      any time and from time to time from the date hereof and prior to the Expiration
      Date (the “Exercise Period”). This Warrant and the right to purchase Warrant
      Shares hereunder shall expire and become void on the Expiration
      Date.

     

     

    2.2 Manner
      of Exercise.

     

     

    (a) The
      Holder may exercise this Warrant at any time and from time to time during the
      Exercise Period, in whole or in part (but not in denominations of fewer than
      10,000 Warrant Shares, except upon an exercise of this Warrant with respect
      to
      the remaining balance of Warrant Shares purchasable hereunder at the time of
      exercise), by delivering to the Escrow Agent pursuant to the Escrow Agreement
      incorporated herein by reference (i) a duly executed Notice of Exercise in
      substantially the form attached as Appendix I hereto, (ii) the certificate
      representing this Warrant and (iii) a bank cashier’s or certified check for the
      aggregate Exercise Price of the Warrant Shares being purchased (unless this
      Warrant is exercised through a Warrant Exchange as set forth in Section 2.2(b)
      below).

     

     

    (b) The
      Holder may, at its option, in lieu of paying cash for the Warrant Shares,
      exercise this Warrant by an exchange, in whole or in part (a “Warrant
      Exchange”), by delivery to the Escrow Agent of (i) a duly executed Notice of
      Exercise electing a Warrant Exchange and (ii) the certificate representing
      this
      Warrant. In connection with any Warrant Exchange, the Holder shall be deemed
      to
      have paid for the Warrant Shares an amount equal to the Fair Market Value of
      each Warrant delivered, and the Warrant shall be deemed exercised for the amount
      so paid. For this purpose, the Fair Market Value of each Warrant is the
      difference between the Market Value of a share of Common Stock and the Exercise
      Price on the Exercise Date. Market Value shall mean the average Closing Bid
      Price of a share of Common Stock during the ten (10) Trading Days ending on
      the
      Exercise Date.

     

    
      
         

      

      
        -
          2
          -

        
          

        

      

      
         

      

    

     

    

     

     

    (c) Beneficial
      Ownership.
      The
      Company shall not effect the exercise of this Warrant, and the Holder shall
      not
      have the right to exercise this Warrant, to the extent that after giving effect
      to such exercise, such Holder (together with such Holder’s affiliates) would
      beneficially own in excess of 4.99% (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 Holder and its affiliates shall include the
      number of shares of Common Stock issuable upon exercise of this Warrant with
      respect to which the determining of such sentence is being made, but shall
      exclude shares of Common Stock which would be issuable upon (i) exercise of
      the
      remaining, unexercised portion of this Warrant beneficially owned by such Holder
      and its affiliates and (ii) exercise or conversion of the unexercised or
      unconverted portion of any other securities of the Company beneficially owned
      by
      such Holder 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. For purposes of this 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 Form 10-K or 10-KSB, Form 10-Q or 10-QSB, Current Report on Form
      8-K
      or other public filing with the Securities and Exchange Commission, as the
      case
      may be, (2) a more recent public announcement by the Company or (3) any other
      notice by the Company or its transfer agent setting forth the number of shares
      of Common Stock outstanding. For any reason at any time, upon the written or
      oral request of the Holder, the Company shall within one Business Day confirm
      orally and in writing to the Holder the number of shares of Common Stock then
      outstanding. By written notice to the Company, the Holder may increase or
      decrease the Maximum Percentage to any other percentage up to 9.99% specified
      in
      such notice; provided that any such increase will not be effective until the
      sixty-first (61st)
      day
      after such notice is delivered to the Company.

     

     

    2.3 Termination.
      All
      rights of the Holder in this Warrant, to the extent they have not been
      exercised, shall terminate on the Expiration Date.

     

     

    2.4 No
      Rights Prior to Exercise.
      This
      Warrant shall not entitle the Holder to any voting or other rights as a
      stockholder of the Company.

     

     

    2.5 Fractional
      Shares.
      No
      fractional shares shall be issuable upon exercise of this Warrant, and the
      number of Warrant Shares to be issued shall be rounded up to the nearest whole
      number. If, upon exercise of this Warrant, the Holder hereof would be entitled
      to receive any fractional share, the Company shall issue to the Holder one
      additional share of Common Stock in lieu of such fractional share.

     

    
      
         

      

      
        -
          3
          -

        
          

        

      

      
         

      

    

     

    

     

     

    2.6 Escrow.
      The
      Company agrees to enter into the Escrow Agreement and acknowledges and to
      deposit with the Escrow Agent thereunder stock certificates registered in the
      name of the Holder, each representing a number of shares of Common Stock (in
      denominations specified by the Purchaser) equal, in the aggregate, to the total
      number of Warrant Shares for which this Warrant is exercisable, assuming
      exercise of this Warrant in full on the date hereof. The Company shall deposit
      additional certificates for Warrant Shares upon request by the Escrow Agent
      pursuant to the Escrow Agreement.

     

     

    2.7 Adjustments
      to Exercise Price and Number of Securities.

     

     

    (a) Subdivision
      and Combination.
      In case
      the Company shall at any time subdivide or combine the outstanding shares of
      Common Stock, the Exercise Price shall forthwith be proportionately decreased
      in
      the case of subdivision, dividend or distribution or increased in the case
      of a
      combination.

     

     

    (b) Adjustment
      in Number of Securities.
      Upon
      each adjustment of the Exercise Price pursuant to the provisions of this Section
      2.7, the number of Warrant Shares issuable upon the exercise of each Warrant
      shall be adjusted to the nearest whole number by multiplying a number equal
      to
      the Exercise Price in effect immediately prior to such adjustment by the number
      of Warrant Shares issuable upon exercise of the Warrants immediately prior
      to
      such adjustment and dividing the product so obtained by the adjusted Exercise
      Price.

     

     

    (c) Merger
      or Consolidation.
      In case
      of any consolidation of the Company with, or merger of the Company with, or
      merger of the Company into, another corporation (other than a consolidation
      or
      merger which does not result in any reclassification or change of the
      outstanding Common Stock), the corporation formed by such consolidation or
      merger shall execute and deliver to the Holder a supplemental warrant agreement
      providing that the Holder of each Warrant then outstanding or to be outstanding
      shall have the right thereafter (until the expiration of such Warrant) to
      receive, upon exercise of such Warrant, the kind and amount of shares of stock
      and other securities and property (except in the event the property is cash,
      then the Holder shall have the right to exercise the Warrant and receive cash
      in
      the same manner as other stockholders) receivable upon such consolidation or
      merger, by a holder of the number of shares of Common Stock of the Company
      for
      which such warrant might have been exercised immediately prior to such
      consolidation, merger, sale or transfer. Such supplemental warrant agreement
      shall provide for adjustments which shall be identical to the adjustments
      provided in Section 2.7. The foregoing provisions of this paragraph (e) shall
      similarly apply to successive consolidations or mergers.

     

     

    (d) No
      Adjustment of Exercise Price in Certain Cases.
      No
      adjustment of the Exercise Price shall be made upon the issuance of the Warrant
      Shares or upon the exercise of any options, rights, or warrants outstanding
      as
      of the date of the Purchase Agreement and disclosed in Section 3.1(c)
      therein.

     

    
      
         

      

      
        -
          4
          -

        
          

        

      

      
         

      

    

     

    

     

     

    (e) Dividends
      and Other Distributions.
      In the
      event that the Company shall at any time while this Warrant is outstanding
      declare a dividend (other than a dividend consisting solely of shares of Common
      Stock) or otherwise distribute to its stockholders any assets, property, rights,
      evidences of indebtedness, securities (other than shares of Common Stock),
      whether issued by the Company or by another, or any other thing of value, the
      Holder of this unexercised Warrant shall thereafter be entitled, in addition
      to
      the shares of Common Stock or other securities and property receivable upon
      the
      exercise assuming exercise thereof, to receive, upon the exercise of this
      Warrant, the same property, assets, rights, evidences of indebtedness,
      securities or any other thing of value that they would have been entitled to
      receive at the time of such dividend or distribution as if the Warrant had
      been
      exercised immediately prior to such dividend or distribution. At the time of
      any
      such dividend or distribution, the Company shall make appropriate reserves
      to
      ensure the timely performance of the provisions of this subsection 2.7 (g).
      Nothing contained herein shall provide for the receipt or accrual by a Holder
      of
      cash dividends prior to the exercise by such Holder of this
      Warrant.

     

    2.8 Registration
      Rights.
      The
      Holder shall have the registration rights in the Investor Registration Rights
      Agreement as amended and restated.

    

    ARTICLE
      3. MISCELLANEOUS

    

    3.1 Transfer.
      This
      Warrant may not be offered, sold, transferred, pledged, assigned, hypothecated
      or otherwise disposed of, in whole or in part, at any time, except in compliance
      with applicable federal and state securities laws by the transferor and the
      transferee (including, without limitation, the delivery of an investment
      representation letter and, if requested by the Company, a legal opinion
      reasonably satisfactory to the Company).

    

    3.2
       Transfer
      Procedure.
      Subject
      to the provisions of Section 3.1, the Holder may transfer or assign this Warrant
      by giving the Company notice setting forth the name, address and taxpayer
      identification number of the transferee or assignee, if applicable (the
“Transferee”), and surrendering this Warrant to the Company for reissuance to
      the Transferee and, in the event of a transfer or assignment of this Warrant
      in
      part, the Holder. (Each of the persons or entities in whose name any such new
      Warrant issued are herein referred to as a ‘Holder”).

     

    3.2  Loss,
      Theft, Destruction or Mutilation.
      If this
      Warrant shall mutilated or defaced or be destroyed, lost or stolen, the Company
      shall execute deliver a new Warrant in exchange for and upon surrender and
      cancellation mutilated or defaced Warrant or, in lieu of and in substitution
      for
      such Warrant destroyed, lost or stolen, upon the Holder filing with the Company
      an affidavit that Warrant has been so mutilated, defaced, destroyed, lost or
      stolen. However, Company shall be entitled, as a condition to the execution
      and
      delivery of such Warrant, to demand reasonably acceptable indemnity to it and
      payment of the expenses and charges incurred in connection with the delivery
      of
      such new Warrant. Any so surrendered to the Company shall be
      canceled.

     

     

    3.3  Notices.
      All
      notices and other communications from the Company Holder or vice versa shall
      be
      deemed delivered and effective when given personally, facsimile transmission
      with confirmation sheet at such address and/or facsimile as may have been
      furnished to the Company or the Holder, as the case may be, in by the Company
      or
      the Holder from time to time.

     

     

    3.4  Waiver.
      This
      Warrant and any term hereof may be changed, waived, terminated only by an
      instrument in writing signed by the party against enforcement of such change,
      waiver, discharge or termination is sought.

     

     

    3.5  Governing
      Law.
      This
      Warrant shall be governed by and construed accordance with the laws of the
      State
      of New York, without giving effect to its principles regarding conflicts of
      law.
      Any action to enforce the terms of this Warrant exclusively heard in the county,
      state and federal Courts of New York and Country United States of
      America.

     

     

    3.6  Signature.
      In the
      event that any signature on this Warrant is delivered facsimile transmission,
      such signature shall create a valid and binding obligation party executing
      (or
      on whose behalf such signature is executed) the same, with the force and effect
      as if such facsimile signature page were an original thereof.

     

     

    3.7  Legal
      Fees.
      In the
      event any Person commences a legal action proceeding to enforce its rights
      under
      this Warrant, the non-prevailing party action or proceeding shall pay all
      reasonable and necessary costs and expenses (including reasonable and necessary
      attorney’s fees) incurred in enforcing such rights. 

     

     

    

     

     

    Dated:
      March 31, 2006

     

     

    ULURU
      INC.

     

    By: 
      /s/
      Kerry P. Gray 

    Name: Kerry
      P.
      Gray

    Title: President
      & CEO

    

    
      
         

      

      
        -
          5
          -

        
          

        

      

      
         

      

    

     

    APPENDIX
      I

     

     

    NOTICE
      OF EXERCISE

     

     

    
      	
              1.

            	
              The
                undersigned hereby elects (please check the appropriate box and fill
                in
                the blank spaces):

            

    

     

    £ to
      purchase ______ shares of Common Stock, $.001 par value per share, of Uluru
      Inc.
      at $.01 per share for a total of $______ and pursuant to the terms of the
      attached Warrant, and tenders herewith payment of the aggregate Exercise Price
      of such Warrant Shares in full; or

    

    £ to
      purchase _______ shares of Common Stock, $.001 par value per share, of Uluru
      Inc. pursuant to the cashless exercise provision under Section 2.2 (b) of the
      attached Warrant, and tenders herewith the number of Warrant Shares to purchase
      such Warrant Shares based upon the formula set forth in Section 2.2
      (b).

     

    
      	
              2.

            	
              Please
                issue a certificate or certificates representing said Warrant Shares
                in
                the name of the undersigned or in such other name as is specified
                below:

            

    

     

    
      	
               

              Dated:
                

               

            	
               

              By:

               

            
	 	 
	 	
               

              Name:

               

            
	 	 
	
               

              Title:
                

               

            	 

    

     

    

     

    
      
         

      

      
        -
          6
          -Repayment Agreement

     

    
      

      

    

    

      Exhibit
        10.22

       

      Agreement

       

      Reference
        is made to that certain (A)(i) Securities Purchase Agreement (the “Securities
        Purchase Agreement”),
        (ii)
        Security Agreement (“Security
        Agreement”),
        (iii)
        Collateral Assignment (“Collateral
        Assignment”),
        (iv)
        Guarantor Security Agreement (“Guarantor
        Security Agreement”),
        (v)
        Escrow Agreement (“Escrow
        Agreement”),
        (vi)
        Escrow Shares Escrow Agreement (“Escrow
        Shares Agreement”),
        and
        (vii) Irrevocable Transfer Agent Instructions, each dated as of October 12,
        2005, and each by and among Uluru Inc. (f/k/a Oxford Ventures, Inc.), a Nevada
        corporation (the “Company”),
        or
        Uluru Delaware Inc. (f/k/a Uluru Inc. and the successor by merger with Uluru
        Acquisition Corp.), a Delaware corporation (the “Subsidiary”),
        and
        Highgate House Funds, Ltd (whose interests were subsequently transferred
        to
        Cornell Capital Partners, LP (“Cornell”)),
        Prenox, LLC (“Prenox”)
        and
        the various other parties, if any, thereto, and (B)(i) a Amendment Agreement
        to
        the Securities Purchase Agreement (the “Amendment
        Agreement”),
        (ii)
        Amended and Restated Guaranty Agreement (the “Guaranty
        Agreement”),
        and
        (iii) Amended and Restated Registration Rights Agreement (the “Registration
        Rights Agreement”),
        each
        dated as of August 30, 2006, by and among the Company and/or the Subsidiary,
        and
        Cornell and Prenox and the various other parties, if any, thereto. Capitalized
        terms used herein and not otherwise defined are defined in the Securities
        Purchase Agreement.

       

      WHEREAS,
        in
        connection with the Securities Purchase Agreement and the Amendment Agreement
        thereto, the Company has issued (i) a 10% secured convertible debenture due
        December 31, 2007 to Prenox in the original principal amount of $13,000,000
        (the
“Prenox
        Debenture”),
        and
        (ii) a 10% secured convertible debenture due December 31, 2007 to Cornell
        in the
        original principal amount of $3,000,000 (the “Cornell
        Debenture”
and
        collectively with the Prenox Debenture, the “Debentures”);

       

      WHEREAS,
        the
        Company desires to use $13,000,000 of the proceeds from the sale of common
        stock
        of the Company pursuant to the Common Stock Purchase Agreement (“Common
        Stock Purchase Agreement”)
        of
        even date herewith by and among the Company and the parties named on Schedule
        1
        attached thereto (the “Purchasers”)
        towards the partial repayment of the Debentures;

       

      WHEREAS,
        Prenox
        and Cornell desire to be Purchasers under the Common Stock Purchase Agreement
        and purchase common stock of the Company in accordance therewith for
        consideration consisting solely of the cancellation and surrender of
        indebtedness due and owing to Prenox and Cornell by the Company under the
        Debentures. 

       

      WHEREAS,
        as of
        the date hereof, the total repayment amount pursuant to the Debentures are
        as
        set forth below:

       

      
        	
                Holder:

                 

              	
                Outstanding
                  Principal:

              	
                Redemption
                  Premium:

              	
                Total
                  Repayment Amount:

              	
                Per
                  Diem Interest Accrual

              
	
                Prenox

              	
                $
                  13,000,000

              	
                $
                  2,600,000

              	
                $
                  15,600,000

              	
                $
                  3,611.11

              
	
                Cornell

              	
                $
                  3,000,000

              	
                $
                  600,000

              	
                $
                  3,600,000

              	
                $
                  833.33

              

      

       

       

      Now
        therefore, in consideration of the foregoing and other consideration, the
        sufficiency of which is hereby acknowledged, the parties hereto agree as
        follows:

       

      	1.  	
              The
                Company shall repay the Prenox Debenture in full on the date hereof
                as
                follows: 

            

       

      (i) The
        Company shall pay Prenox $10,600,000 by wire transfer of immediately available
        funds in accordance with the wire instructions attached hereto as Exhibit
        A.

       

      (ii)
         The
        Company shall accept Prenox’s subscription to purchase 5,263,157 shares of
        common stock of the Company pursuant to the Common Stock Purchase Agreement
        for
        consideration consisting solely of the cancellation and surrender of $5,000,000
        of the indebtedness due and owing to Prenox and the Company shall issue such
        shares of common stock to Prenox at the closing of the Common Stock Purchase
        Agreement. 

       

      (iii)
         The
        Company shall pay Prenox $3,611.11 per day in accrued and unpaid interest
        due
        and owing to Prenox for each day that elapses between December 1, 2006 and
        the
        date such payment is made by wire transfer of immediately available funds
        in
        accordance with the wire instructions attached hereto as Exhibit A. The sum
        of
        the amounts in this Section 1(i), (ii), and (iii) shall be referred to herein
        as
        the “Prenox
        Payoff Amount”).

       

      	2.  	
              The
                Company shall repay the Cornell Debenture in full on the date hereof
                as
                follows: 

            

       

      (i) The
        Company shall pay Cornell $2,400,000 by wire transfer of immediately available
        funds in accordance with the wire instructions attached hereto as Exhibit
        A.

       

      (ii)
         The
        Company shall accept Cornell’s subscription to purchase 1,263,157 shares of
        common stock of the Company pursuant to the Common Stock Purchase Agreement
        for
        consideration consisting solely of the cancellation and surrender of $1,200,000
        of the indebtedness due and owing to Cornell and the Company shall issue
        such
        shares of common stock to Cornell at the closing of the Common Stock Purchase
        Agreement.

       

      (iii)
         The
        Company shall pay Cornell $833.33 per day in accrued and unpaid interest
        due and
        owing to Cornell for each day that elapses between December 1, 2006 and the
        date
        such payment is made by wire transfer of immediately available funds in
        accordance with the wire instructions attached hereto as Exhibit A. The sum
        of
        the amounts in this Section 2(i), (ii), and (iii) shall be referred to herein
        as
        the “Cornell
        Payoff Amount”).

       

      	3.  	
              Prenox
                and Cornell hereby (i) acknowledge and agree that full payment of
                the
                Prenox Payoff Amount and the Cornell Payoff Amount (collectively,
                the
                “Payoff
                Amount”)
                will constitute payment in full of all of the obligations of the
                Company
                under the Debentures, (ii) release, effective upon the receipt of
                the
                Payoff Amount, all security interests, liens, and guaranties which
                the
                Company and the Subsidiary may have granted to the Prenox and Cornell
                pursuant to the Security Agreement, the Collateral Assignment, the
                Guarantor Security Agreement, and the Guaranty Agreement, (iii) agree
                that, effective upon receipt of the Payoff Amount, neither the Company
                nor
                any successor entity to the Company shall have any further liabilities
                or
                obligations under the Debentures, (iv) agree that, effective upon
                receipt
                of the Payoff Amount to waive any and all rights to collect Liquidated
                Damages (as defined in the Registration Rights Agreement) that may
                have
                accrued pursuant to the Registration Rights Agreement. Prenox and
                Cornell,
                upon receipt of the Payoff Amount, authorize the Company and the
                Subsidiary to file all necessary UCC-3 termination statements effecting
                the foregoing releases, discharges and terminations. Prenox and Cornell
                shall provide the Company will any instruments and documents and
                take such
                further actions as may be reasonably requested by the Company to
                fully
                effect the foregoing releases, discharges and terminations.
                

            

       

      	4.  	
              Each
                of the (i) Securities Purchase Agreement, (ii) Security Agreement,
                (iii)
                Collateral Assignment, (iv) Guarantor Security Agreement, (v) Escrow
                Agreement, (vi) Escrow Shares Agreement, (v) Irrevocable Transfer
                Agent
                Instructions, (vi) Guaranty Agreement, and (vii) Registration Rights
                Agreement and any and all agreements related to the forgoing agreements
                shall be terminated and each party to such agreements shall release
                the
                other parties thereto from any and all obligations under such agreements.
                For the avoidance of doubt, nothing contained in this Agreement shall
                be
                deemed to terminate, cancel, amend or modify the outstanding warrants
                previously issued by the Company to Prenox and Cornell, which warrants
                shall remain outstanding and in full force and effect in accordance
                with
                their terms.

            

       

      	5.  	
              Prenox
                and Cornell shall authorize the Escrow Agent to return any Escrow
                Shares
                being held pursuant to the Escrow Shares Agreement to the Company
                for
                cancellation. 

            

       

      	6.  	
              All
                questions concerning the construction, validity, enforcement and
                interpretation of this Agreement shall be governed by the internal
                laws of
                the State of New York, without giving effect to any choice of law
                or
                conflict of law provision or rule (whether of the State of New York
                or any
                other jurisdictions) that would cause the application of the laws
                of any
                jurisdictions other than the State of New York. Each party hereby
                irrevocably submits to the exclusive jurisdiction of the state and
                federal
                courts sitting in The City of New York, Borough of Manhattan, for
                the
                adjudication of any dispute hereunder or in connection herewith or
                with
                any transaction contemplated hereby or discussed herein, and hereby
                irrevocably waives, and agrees not to assert in any suit, action
                or
                proceeding, any claim that it is not personally subject to the
                jurisdiction of any such court, that such suit, action or proceeding
                is
                brought in an inconvenient forum or that the venue of such suit,
                action or
                proceeding is improper. Each party hereby irrevocably waives personal
                service of process and consents to process being served in any such
                suit,
                action or proceeding by mailing a copy thereof to such party at the
                address for such notices to it under this Agreement and agrees that
                such
                service shall constitute good and sufficient service of process and
                notice
                thereof. Nothing contained herein shall be deemed to limit in any
                way any
                right to serve process in any manner permitted by law. EACH
                PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES
                NOT TO
                REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
                OR IN
                CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
                CONTEMPLATED HEREBY. 

            

       

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

           

          
          

        

        
          -
            1
            -

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the undersigned have duly executed this Agreement as of
        this
        6th
        day of
        December, 2006.

       

      ULURU
        INC., a Nevada corporation

      

      By:__/s/
        Kerry P. Gray_____________

      Kerry
        P.
        Gray

      Chief
        Executive Officer

      

      

      ULURU
        DELAWARE INC., a Delaware corporation

      

      By:__/s/
        Kerry P. Gray_____________

      Kerry
        P.
        Gray

      Chief
        Executive Officer

      

      

      CORNELL
        CAPITAL PARTNERS, LP

      By:
        Yorkville Advisors, LLC, its General Partner

      

      

      By:___/s/
        Mark Angelo______________

      Name:
        Mark Angelo

      Title:
        Portfolio Manager

      

      

      PRENOX,
        LLC

      By:
        Prentice Capital Management, LP, its Manager

      

      By:____/s/
        Matthew Hoffman_________

      Name:
        Matthew Hoffman

      Title:
        General Counsel

      

      

      
        
           

           

          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      WIRE
        INSTUCTIONS

      

      

      PRENOX:

      

      
        	
                Bank:   
                  First Republic Bank

              
	
                ABA
                  #:  321 081 669

              	 
	
                Account
                  Name: Prenox LLC

              
	
                Account
                  #:  979 000 768 15

              

      

      

      

      

      

      

      

      CORNELL:

      

      Wachovia
        Bank 

      Downtown
        Financial Center 

      101
        Hudson Street, NJ1022

      Jersey
        City NJ 07302

      201-413-6608

      Contact
        Name: Ms. Cathy Destito

      

      ABA/Routing#
        031 201
        467

      Swift
        code: PNBPUS33 - for
        international wires

      Account#
        2000018639380

      Beneficiary:
        Cornell
        Capital Partners, LP

      

      

      
        
          
          

        

        
          -
            3
            -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]