Document:

Exhibit 10.2

 

Venture Lending & Leasing V, Inc.

104 La Mesa Dr., Suite 102

Portola Valley, CA 94028

 

October 30, 2012

VIA EMAIL

 

Oculus Innovative Sciences, Inc.

Re: Loan and Security Agreement dated
as of May 1, 2010 

 

Ladies and Gentlemen:

 

Reference is made to
the Loan and Security Agreement, dated as of May 1, 2010 (as the same has been and may be amended, supplemented, extended, renewed
or otherwise modified from time to time, the “Loan Agreement”), and the Supplement thereto of even date therewith
(as the same has been and may be amended, supplemented, extended, renewed or otherwise modified from time to time, the “Supplement”),
both between Oculus Innovative Sciences, Inc. (“Borrower”) and Venture Lending & Leasing V, Inc. (“Lender”).
All capitalized terms not otherwise defined in this letter have the meanings ascribed thereto in the Loan Agreement and Supplement,
as applicable.

 

Borrower, Lender’s
parent company, Venture Lending & Leasing V, LLC (“LLC5”), and Venture Lending & Leasing VI, LLC (“LLC6”)
are parties to that certain Stock Purchase Agreement of even date herewith (as the same may be amended, supplemented, extended,
renewed or otherwise modified from time to time, “SPA”). It is a condition precedent to the obligations of Borrower,
LLC5 and LLC6 to consummate the transactions contemplated by the SPA that Borrower and Lender amend the Loan Agreement and Supplement
in certain respects to allow Borrower to prepay the Loans advanced to Borrower by Lender in accordance with the terms of the SPA.
In furtherance of the foregoing and notwithstanding anything to the contrary in Part 2, Sections 2(a) and 2(b) of the Supplement,
Borrower and Lender agree that Borrower may prepay the Loans advanced to Borrower by Lender in accordance with Section 4.1 of the
SPA, which provides, among other things, that Borrower shall use a portion of the excess net proceeds from the sale of the Shares
(as such term is defined in the SPA) to prepay the outstanding Loans, with such excess net proceeds applied to such Loans in the
inverse order of maturity until such Loans have been prepaid in full (i.e., the proceeds will be applied to furthest in time payments
and not affect the original payment schedules of the Loans).

 

Except as expressly
amended by this letter, the Loan Agreement, the Supplement and all of the other Loan Documents remain unamended and in full force
and effect. Borrower hereby ratifies, confirms and reaffirms all representations, warranties and covenants contained therein, except
to the extent any of the same have been modified by the SPA. All legal fees and costs incurred by Lender in connection with the
preparation, negotiation and execution hereof shall be reimbursed by Borrower in accordance with the terms of the SPA. This letter
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Any party may execute this letter by facsimile signature or scanned signature in PDF (or like) format,
and any such facsimile signature or scanned signature, if identified, legible and complete, shall be deemed an original signature
and each of the parties is hereby authorized to rely thereon.

 

 

    	 

    	 

    

 

Please indicate your
agreement to the foregoing by executing and returning a copy of this letter.

 

 

	 	VENTURE LENDING & LEASING V, INC.
	 	 
	 	By: /s/ Maurice Werdegar
	 	Name:  Maurice Werdegar
	 	Title: President and CEO

 

 

 

Acknowledged and agreed as of the date set forth above:

 

OCULUS INNOVATIVE SCIENCES, INC.

 

By: /s/ Jim Schutz

Name: Jim Schutz

Title: Chief Operating Officer and General CounselExhibit 10.3

 

 

Venture Lending & Leasing VI, Inc.

104 La Mesa Dr., Suite 102

Portola Valley, CA 94028

 

October 30, 2012

VIA EMAIL

 

Oculus Innovative Sciences, Inc.

Re: Loan and Security Agreement dated
as of June 29, 2011 

 

Ladies and Gentlemen:

 

Reference is made to
the Loan and Security Agreement, dated as of June 29, 2011 (as the same has been and may be amended, supplemented, extended, renewed
or otherwise modified from time to time, the “Loan Agreement”), and the Supplement thereto of even date therewith
(as the same has been and may be amended, supplemented, extended, renewed or otherwise modified from time to time, the “Supplement”),
both between Oculus Innovative Sciences, Inc. (“Borrower”) and Venture Lending & Leasing VI, Inc. (“Lender”).
All capitalized terms not otherwise defined in this letter have the meanings ascribed thereto in the Loan Agreement and Supplement,
as applicable.

 

Borrower, Lender’s
parent company, Venture Lending & Leasing VI, LLC (“LLC6”), and Venture Lending & Leasing V, LLC (“LLC5”)
are parties to that certain Stock Purchase Agreement of even date herewith (as the same may be amended, supplemented, extended,
renewed or otherwise modified from time to time, “SPA”). It is a condition precedent to the obligations of Borrower,
LLC6 and LLC5 to consummate the transactions contemplated by the SPA that Borrower and Lender amend the Loan Agreement and Supplement
in certain respects to allow Borrower to prepay the Loans advanced to Borrower by Lender in accordance with the terms of the SPA.
In furtherance of the foregoing and notwithstanding anything to the contrary in Part 2, Section 2 of the Supplement, Borrower and
Lender agree that Borrower may prepay the Loans advanced to Borrower by Lender in accordance with Section 4.1 of the SPA, which
provides, among other things, that Borrower shall use a portion of the excess net proceeds from the sale of the Shares (as such
term is defined in the SPA) to prepay the outstanding Loans, with such excess net proceeds applied to such Loans in the inverse
order of maturity until such Loans have been prepaid in full (i.e., the proceeds will be applied to furthest in time payments and
not affect the original payment schedules of the Loans).

 

Except as expressly
amended by this letter, the Loan Agreement, the Supplement and all of the other Loan Documents remain unamended and in full force
and effect. Borrower hereby ratifies, confirms and reaffirms all representations, warranties and covenants contained therein, except
to the extent any of the same have been modified by the SPA. All legal fees and costs incurred by Lender in connection with the
preparation, negotiation and execution hereof shall be reimbursed by Borrower in accordance with the terms of the SPA. This letter
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Any party may execute this letter by facsimile signature or scanned signature in PDF (or like) format,
and any such facsimile signature or scanned signature, if identified, legible and complete, shall be deemed an original signature
and each of the parties is hereby authorized to rely thereon.

 

 

    	 

    	 

    

 

Please indicate your
agreement to the foregoing by executing and returning a copy of this letter.

 

 

 

	 	VENTURE LENDING & LEASING VI, INC.
	 	 
	 	By: /s/ Maurice Werdegar
	 	Name: Maurice Werdegar
	 	Title: President and CEO

 

 

 

Acknowledged and agreed as of the date set forth above:

 

OCULUS INNOVATIVE SCIENCES, INC.

 

By: /s/ Jim Schutz

Name: Jim Schutz

Title:: Chief Operating Officer and General CounselExhibit 10.4

 

October 29, 2012

 

Robert Grundstein

Sabby Healthcare Volatility Master Fund, Ltd.

Sabby Volatility Warrant Master Fund, Ltd.

c/o Sabby Management, LLC

10 Mountainview Road, Suite 205

Upper Saddle River, NJ 07458

 

Jim Schutz

Chief Operating Officer and General Counsel

Oculus Innovative Sciences, Inc.

1129 N. McDowell Blvd.

Petaluma, California 94954

 

 

	Subject:		Side Letter Agreement regarding that certain Stock Purchase Agreement between Sabby
Healthcare Volatility Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd. on one hand and Oculus Innovative Sciences,
Inc. on the other hand dated April 22, 2012 (the “Agreement”) and the warrants issued pursuant to that Agreement

 

Dear Mr. Grundstein and Mr. Schutz:

 

In connection with the Agreement, Oculus Innovative
Sciences, Inc. (the “Company”) issued to Sabby Healthcare Volatility Master Fund, Ltd. warrants to purchase
2,360,001 shares of the Company’s common stock and Sabby Volatility Warrant Master Fund, Ltd. warrants to purchase
1,111,111 shares of the Company’s common stock (collectively, “Sabby”) a warrant to purchase shares of
common stock of the Company (the “Warrant”). This Side Letter Agreement will serve to amend such Warrants.
Section 3(e) of the Warrant shall be replaced in its entirely with the following:

 

e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or
property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement or other business combination) or (vi) any “person” or “group” (as these terms are used for
purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding Common Shares (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of
the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a
holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such
exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company
under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to
written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in
exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with
an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value
of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under
this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the
Company herein.

 

Additionally, the Termination Date of the
Warrant will be extended from October 25, 2014 to October 25, 2016.

 

Sabby agrees to return the originally-issued
Warrants within 5 business days of the execution of this Agreement and the Company agrees to issue replacement Warrants within
3 business days of the receipt of the originally-issued Warrants.

 

No other terms, rights or provisions of the Agreement and Warrant
are or should be considered to have been modified by the terms of this Side Letter Agreement and each party to the Agreement retains
all other rights, obligations, privileges and duties contained in the Agreement. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which shall constitute the same agreement. Signed facsimile copies of this
Agreement will legally bind the parties to the same extent as original documents. 

 

Agreed and Accepted on October 29, 2012:

 

Very truly yours,

 

Sabby Healthcare Volatility Master Fund, Ltd.

Name: Robert Grundstein

 

Signature: /s/ Robert Grundstein                       

 

Sabby Volatility Warrant Master Fund, Ltd.

Name: Robert Grundstein

 

Signature: /s/ Robert
Grundstein                       

 

Oculus Innovative Sciences, Inc.

Name: Jim Schutz

 

Signature: /s/ Jim
Schutz

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