Document:

Exhibit 4.1

 

OCULUS INNOVATIVE SCIENCES, INC.

 

and

 

COMPUTERSHARE
INC. 

 

and

 

Computershare
TRUST COMPANY, N.A.

 

WARRANT AGREEMENT

 

Dated as of March 18, 2016

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of March 18, 2016 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 850,000  Warrants 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 $1.00 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-3 (File No. 333-195554) (the “Registration Statement”), prospectus (the “Prospectus”)
and prospectus supplement (the “Prospectus Supplement”), 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 $1.00 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. For
purposes of this Agreement, the “Expiration Date” shall mean the date that is three (3) 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 notice in writing to the office of the Warrant Agent, or to the office of its successor as Warrant
Agent, 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 in lawful money of the United States in good certified check or good bank draft payable to the order
of the Warrant Agent.

 

3.3.2. 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, the Company shall issue to the Registered Holder of such Warrant a certificate or certificates
or credit such Registered Holder’s balance account with The Depository Trust Company (“DTC”) 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. 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). The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable.

 

3.3.3.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.

 

3.3.4.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.

 

 

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3.3.5.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 shares of Common Stock underlying the Warrants (the “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 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.

 

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 4.9% (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 and in no event shall the Maximum Percentage exceed 9.9% of the shares of Common Stock outstanding immediately after
giving effect to an exercise of a Warrant.

 

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3.3.8Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares, then this Warrant may also be exercised, in whole or in part,
at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the Closing Sale
Price of the Common Stock on the date of the applicable Notice of Exercise relating to the exercise of this Warrant by means of
a “cashless exercise;”

 

(B) = the Exercise Price
of this Warrant, as adjusted hereunder; and

 

(X) = the number of Warrant
Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are
issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to
take any position contrary to this Section 3.3.8.

 

For the avoidance of
doubt, in the event of any exercise of Warrants on a “cashless basis”, the Company shall be solely responsible for
calculating the number of shares of Common Stock issuable in connection with such cashless exercise and transmitting such calculation
in a written notice to the Warrant Agent and the exercising Holder, and the Warrant Agent shall have no duty, responsibility or
obligation to calculate or determine the number of Common Stock issuable in connection with such cashless exercise, or to investigate
or confirm whether the Company’s calculation or determination of the number of shares of Common Stock to be issued in connection
with such cashless exercise is accurate or correct. The Warrant Agent shall have no duty, obligation or responsibility with respect
to any cashless exercise of Warrants until it receives such written notice from the Company, and shall be entitled to rely conclusively
on any such written notice provided by the Company, including the calculations and determinations contained therein, and the Warrant
Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions,
while waiting for such written instructions, or pursuant to this Agreement. In the event of an exercise of any Warrant, the Company
shall provide the cost basis for shares issued pursuant to such exercise at the time such shares are issued.

 

 

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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.

 

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.

 

 

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4.5Fundamental
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 (as the term is defined below), (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, or (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) (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 3.3.7 hereof 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 3.3.7 hereof 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 Warrant 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 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). 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.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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.

 

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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.

 

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.

 

 

    	 	8	 

     

    

 

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.

 

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.

 

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.

 

 

    	 	9	 

     

    

 

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.

 

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.

 

 

    	 	10	 

     

    

 

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.

 

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.

 

 

    	 	11	 

     

    

 

(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.

 

(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.

 

 

    	 	12	 

     

    

 

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:

 

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.

 

 

    	 	13	 

     

    

 

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.

 

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.

 

 

    	 	14	 

     

    

 

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/ Thomas Borbely                       

Name: Thomas Borbely

Title: Manager, Corporate Actions

 

 

 

COMPUTERSHARE TRUST COMPANY, N.A.

As Warrant Agent

 

 

By:    /s/ Thomas Borbely                       

Name: Thomas Borbely

Title: Manager, Corporate Actions

 

 

 

 

 

 

 

[Signature Page
to Warrant Agreement]

 

    	 	15	 

     

    

 

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 124

 

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 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 $1.00 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.

 

 

    	 	16	 

     

    

 

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:

Title:

 

 

 

COMPUTERSHARE TRUST COMPANY, N.A.

As Warrant Agent

 

 

By:                                                              

Name:

Title:

 

 

 

 

    	 	17	 

     

    

 

[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 March 17, 2016 (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 submitting a written notice of exercise set forth hereon properly completed and executed, together with payment
of the Exercise Price as specified 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.

 

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.

 

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.

 

 

 

    	 	18	 

     

    

 

NOTICE OF EXERCISE

 

To:
      OCULUS INNOVATIVE SCIENCES, INC. 

 

1. Form of Exercise Price. The Holder intends
that payment of the Exercise Price shall be made as:

 

a “Cash Exercise”
with respect to                                       Warrant Shares; and/or

 

a “Cashless Exercise”
with respect to                                   Warrant Shares.

 

In the event of a “Cash Exercise”,
this Exercise Notice and the Aggregate Exercise Price shall be delivered to the Warrant Agent. In the event of a “Cashless
Exercise”, this Exercise Notice shall be delivered to the Company.

 

In the event that the Holder has elected
a Cashless Exercise with respect to some or all of the Warrant Shares, shares of Common Stock are to be delivered to Holder as
the Net Number pursuant to such Cashless Exercise, as further specified in Annex A to this Exercise Notice.

 

2. Payment of Exercise Price. In the event
that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares, the Holder shall pay the Aggregate
Exercise Price in the sum of $ to the Warrant Agent in accordance with the terms of the Warrant.

 

3. Delivery of Warrant Shares and Net Number
of Shares of Common Stock. The Company shall cause the Warrant Agent to deliver to Holder, or its designee or agent as specified
below, shares of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or for its benefit,
to the following address:

 

	 	 	 

 

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:                                                                                                               

 

 

    	 	19axgn_Ex10_10_4

		
			Exhibit 10.10.4
		

		
			 
		

		
			FOURTH AMENDMENT TO LEASE
		

		
			 
		

		
			This Fourth Amendment to Lease (this “Fourth Amendment”) is entered into as of March 16, 2016 by and between SNH Medical Office Properties Trust, a Maryland real estate investment trust (“Landlord”), and Axogen Corporation, a Delaware corporation (“Tenant”).
		

		
			 
		

		
			WHEREAS, Wigshaw, LLC (“Original Landlord”) and Tenant entered into that certain Lease dated February 6, 2007 (the “Original Lease”), for certain premises in the building known as Progress One and located at 13859 Progress Boulevard, Alachua, Florida; and
		

		
			 
		

		
			WHEREAS, Landlord succeeded to the interest of Original Landlord under the Original Lease and with Tenant entered into that certain First Amendment to Lease dated March 14, 2012, that certain Second Amendment to Lease dated February 25, 2013, and that certain Third Amendment to Lease (the “Third Amendment”) dated November 12, 2013 (the Original Lease as so amended being hereinafter referred to as the “Lease”); and 
		

		
			 
		

		
			WHEREAS, pursuant to the Third Amendment, the premises demised by the Original Lease were relocated to approximately 11,761 rentable square feet (the “Current Premises”) in the building known as Progress Two and located at 13631 Progress Boulevard, Alachua, Florida, as more particularly described in the Third Amendment; and 
		

		
			 
		

		
			WHEREAS, Landlord and Tenant have agreed to amend the Lease to extend the term thereof and expand the premises demised thereby, subject to and upon the terms and conditions hereinafter provided; and
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows:
		

		
			 
		

		
			1.Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Lease.
		

		
			 
		

		
			2.         The definition of “Term” set forth in Section 1.1(l) of the Original Lease is hereby amended to reflect that the Term is extended and shall expire on the day (the “Expiration Date”) immediately preceding the fifth (5th) anniversary of the Occupancy Date (as defined in Section 4 hereof), except that if such day is not the last day of a calendar month, the Expiration Date shall be the last day of the calendar month in which such day occurs.  Notwithstanding the foregoing, with respect to the portion of the Leased Premises comprised of the Current Premises, the Term shall expire on October 31, 2018. The portion of the Term commencing on the Expansion Date (as hereinafter defined) and ending on October 31, 2018 is hereinafter referred to as the “Current Premises Term”.
		

		
			 
		

		
			3.Commencing on the Expansion Date and expiring at the end of the Term, the premises demised by the Lease shall be expanded to include 7,050 rentable square feet in the Building, known as Suite 600 (the “Expansion Premises”) and shown on Exhibit A-4 attached hereto.  The “Expansion Date” shall be the date on which Landlord delivers the Expansion Premises to Tenant (estimated to be on or about March 1, 2016). 
		

		
			 
		

		
			
		

		
			

		 

 

4.Tenant acknowledges that it is in possession of the Current Premises and is agreeing to an expansion of the premises demised by the Lease with the Current Premises being accepted in their “as is” condition as of the date of this Fourth Amendment. Tenant also acknowledges that Landlord shall deliver and Tenant shall accept the Expansion Premises in their “as is” condition as of the Expansion Date. Tenant, at Tenant’s sole cost and expense (except to the extent of Landlord’s Contribution, hereinafter defined), shall be responsible for making any alterations or improvements to the Expansion Premises desired by Tenant, subject to Landlord’s approval, as hereinafter provided.
		

		
			 
		

		
			Tenant shall prepare complete construction drawings and specifications (“Tenant’s Plans”) for the improvements to Expansion Premises desired by Tenant, which shall be based on the space plan attached hereto as Exhibit B-4 (the “Space Plan”), and submit the same to Landlord for Landlord’s approval in accordance with the provisions of Section 7.2 of the Original Lease. Landlord shall respond to Tenant’s Plans (either by approval, request for additional information, request for revision or communication of a reason for failure to approve) within seven (7) Business Days after the date of Landlord’s receipt of Tenant’s Plans (or any resubmission) plus such additional period of time as may be necessary for review of Tenant’s Plans by a third-party architect, engineer or other consultant if Landlord reasonably determines that any aspect of Tenant’s Plans requires such third-party review. Unless Landlord shall have approved all of Tenant’s Plans, Tenant shall deliver to Landlord such additional information, documentation and/or revisions to Tenant’s Plans as are necessary to obtain Landlord’s approval of Tenant’s Plans and this process shall continue until Tenant’s Plans are approved by Landlord. 
		

		
			 
		

		
			Upon approval of Tenant’s Plans by Landlord (and provided Landlord shall have delivered the Expansion Premises to Tenant), Tenant shall cause its contractor(s) (selected by Tenant, but subject to approval by Landlord, which approval shall not be unreasonably withheld or delayed) to perform the work and improvements described on such approved Tenant’s Plans (collectively, “Tenant’s Work”) diligently and continuously until Tenant’s Work is completed. Tenant’s Work shall be performed in accordance with the provisions of Section 7.2 of the Original Lease.  Tenant agrees (i) to cease promptly upon notice from Landlord any activity or work which has not been approved by Landlord or is not in compliance with the provisions of the Lease, and (ii) to comply and cause its contractors to comply promptly with all reasonable procedures and regulations prescribed by Landlord from time to time.
		

		
			 
		

		
			Tenant’s Work shall be considered substantially complete and the “Substantial Completion Date” shall occur as of the first day as of which all of the following requirements have been met: (i) all Tenant’s Work shown and described in Tenant’s Plans has been completed in accordance with Tenant’s Plans, with only punchlist items (i.e., minor and insubstantial details of decoration or mechanical adjustment) excepted; (ii) all electrical, mechanical, plumbing and HVAC facilities installed by Tenant, if any, are functioning properly; (iii) the Expansion Premises are reasonably free of debris and construction materials; (iv) if applicable, Tenant’s architect has issued a certificate of substantial completion on the standard AIA form, which has been delivered to Landlord; and (v) if applicable, all required governmental inspections have been successfully completed and any final or amended certificate of occupancy required as a result of Tenant’s Work has been issued and a copy thereof delivered to Landlord. The “Occupancy Date” shall be the earliest to occur of (i) the Substantial Completion Date, (ii) the date that is ninety (90) days following the Expansion Date or (iii) the first date on which Tenant
		

		
			 
		

		
			
		

		
			

		 

 

shall occupy all or any portion of the Expansion Premises for the conduct of its business. When the Occupancy Date shall have been determined, such date shall be evidenced by a document in the form of Exhibit C-4 attached hereto executed by Landlord and Tenant and delivered each to the other, but the failure of Landlord and Tenant to execute or deliver such document shall have no effect upon the Occupancy Date.
		

		
			 
		

		
			Provided the Lease is in full force and effect and subject to the provisions of this Section 4, Landlord shall provide Tenant with an allowance (“Landlord’s Contribution”) equal to the lesser of the cost of Tenant’s Work or $105,750.00. For purposes of this Section 4, the “cost” of Tenant’s Work shall mean the actual third-party costs incurred by Tenant in connection with performing Tenant’s Work including, without limitation, all fees and expenses of Tenant’s architectural and engineering professionals, all contractor charges for the cost of labor and materials, profit, general conditions and overhead and supervision, all filing fees and other permitting costs and fees paid to independent construction managers, if any.
		

		
			 
		

		
			Tenant may requisition Landlord for payment of Landlord’s Contribution monthly (hereinafter “Progress Payments”) provided that Landlord may withhold ten percent (10%) of the amount due for Tenant’s Work on each Progress Payment paid prior to the Substantial Completion Date until the Final Payment (hereinafter defined). Each requisition for a Progress Payment shall include (i) a detailed breakdown of the cost of Tenant’s Work included in the requisition, (ii) copies of invoices from Tenant’s contractors, suppliers and others, as applicable, substantiating such costs, and (iii) executed waivers of mechanic’s or material supplier’s liens (in such form as Landlord shall reasonably require) on account of any labor and/or materials furnished by such party through the date of the requisition (provided that any such waiver may be conditioned upon receipt of the amount requested for such party in the requisition).  Landlord shall make each Progress Payment (in an amount not to exceed the lesser of (x) the cost of Tenant’s Work, as evidenced by the documentation submitted with the applicable requisition, or (y) the balance of Landlord’s Contribution then remaining, less amounts retained by Landlord as hereinabove provided) to Tenant (or at Tenant’s request, to its general contractor) within thirty (30) days after Landlord’s receipt of a Progress Payment requisition with all required supporting documentation. 
		

		
			 
		

		
			After the Substantial Completion Date shall have occurred, Tenant may submit a final requisition to Landlord (the “Final Payment”). Such requisition shall include (i) a final, detailed breakdown of the cost of Tenant’s Work, (ii) final mechanic’s and material supplier’s lien waivers (provided that any such waiver may be conditioned upon receipt of the amount requested for such party in the applicable requisition) and (iii) all other documentation required for the Progress Payment pursuant to the preceding paragraph as to the portion of Tenant’s Work covered by the Final Payment. Landlord shall make payment of the Final Payment in an amount equal to the lesser of (x) the unreimbursed cost of Tenant’s Work, as evidenced by the documentation submitted with the requisition for the Final Payment or (y) the balance of Landlord’s Contribution then remaining, if any (including any retained amounts), to Tenant (or at Tenant’s request, to its general contractor) within thirty (30) days after Landlord’s receipt of a requisition for the Final Payment with all required supporting documentation. 
		

		
			 
		

		
			Notwithstanding the foregoing, Landlord shall have no obligation to make any Progress Payment or the Final Payment, (a) if (or to the extent) Tenant shall not have submitted paid
		

		
			 
		

		
			
		

		
			

		 

 

invoices for Tenant’s Work together with all required supporting documentation by December 31, 2016, time being of the essence, (b) at a time when there exists an event of default and/or (c) if the Lease shall have terminated. Any balance of Landlord’s Contribution which Landlord is not required to pay to Tenant (or its general contractor, as applicable) pursuant to this Section 4 shall be the property of Landlord.
		

		
			 
		

		
			Both Landlord and Tenant shall appoint one individual as its “Construction Representative” who is authorized to act on its behalf in connection with any matters arising pursuant to this Section 4.  The Construction Representative may be changed from time to time by notice hereunder from the then current Construction Representative to the other party’s Construction Representative or by notice from Landlord or Tenant pursuant to Section 19.5 of the Original Lease.  The initial Construction Representatives shall be Darryl Carter (Landlord) and David Hansen (Tenant).  Notwithstanding Section 19.5 of the Original Lease, any notices or other communication under this Section 4 may be made by letter or other writing sent by U.S. mail or email, provided the communication is made by one party’s Construction Representative to the other party’s Construction Representative.
		

		
			 
		

		
			5.The definition of “Annual Gross Rent” set forth in Section 1.1(a) of the Original Lease is hereby amended to reflect that in addition to Annual Gross Rent for the Current Premises, Tenant shall pay Annual Gross Rent for the Expansion Premises in accordance with the following schedule:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						Annual Gross Rent

					
					
						    

					
					
						Monthly

					
					
						 

				
	
					
						Year

					
					
						 

					
					
						(per annum)

					
					
						 

					
					
						Payments

					
					
						 

				
	
					
						1

					
					
						 

					
					
						$

					
123,375.00 
					
					
						 

					
					
						$

					
10,281.25 
					
					
						 

				
	
					
						2

					
					
						 

					
					
						$

					
127,076.25 
					
					
						 

					
					
						$

					
10,589.69 
					
					
						 

				
	
					
						3

					
					
						 

					
					
						$

					
130,888.53 
					
					
						 

					
					
						$

					
10,907.38 
					
					
						 

				
	
					
						4

					
					
						 

					
					
						$

					
134,815.18 
					
					
						 

					
					
						$

					
11,234.60 
					
					
						 

				
	
					
						5

					
					
						 

					
					
						$

					
138,859.63 
					
					
						 

					
					
						$

					
11,571.64 
					
					
						 

				

		
			 
		

		
			For purposes of the timing of the adjustments in the amount of Annual Gross Rent with respect to the Expansion Premises, the first “Year” shall be the period beginning on the Occupancy Date and ending on the day preceding the first (1st) anniversary of the Occupancy Date (except that if the Occupancy Date is not the first day of a calendar month, the first (1st) Year shall be the period commencing on the Occupancy Date and expiring on the last day of the calendar month in which the first (1st) anniversary of the Occupancy Date shall occur, and Tenant shall pay Annual Gross Rent with respect to the Expansion Premises for the month in which the Occupancy Date shall occur in an amount equal to $10,281.25 multiplied by a fraction, the numerator of which is the number of days from the Occupancy Date through the last day of such month (inclusive of both dates) and the denominator of which is the number of days in such month, plus Annual Gross Rent for the next twelve full months of Year 1), with each succeeding Year being the twelve (12) month period following the preceding Year. Tenant shall have no obligation to pay Annual Gross Rent with respect to the Expansion Premises only for the period commencing on the Expansion Date and ending on the day preceding the Occupancy Date.
		

		
			 
		

		
			6.On or before the execution of this Fourth Amendment, Tenant shall deposit with Landlord an additional security deposit in the amount of $10,281.25 whereupon the definition of
		

		
			 
		

		
			
		

		
			

		 

 

“Security Deposit” set forth in Sections 1.1(k) and 3.7 of the Original Lease shall be amended to be $26,942.67.
		

		
			 
		

		
			7.The definition of Tenant’s “annual proportionate share” set forth in Section 3.3 of the Original Lease is hereby amended to be thirty-five and eighty-one hundredths percent (35.81%) with respect to the Current Premises, and twenty-one and forty-seven hundredths percent (21.47%) with respect to the Expansion Premises. 
		

		
			 
		

		
			8.With respect to the portion of the Term commencing on the Expansion Date, the first paragraph of Section 3.3 of the Original Lease is hereby amended to reflect that if during any calendar year or portion thereof during the Term, insurance premiums paid by Landlord for the Building and liabilities pursuant to Section 9.3 of the Original Lease (collectively, “Insurance Premiums”) shall exceed the Insurance Premiums payable for the Base Year applicable to each of the Current Premises and the Expansion Premises, Tenant shall pay, as Additional Rent, Tenant’s applicable annual proportionate share (i.e., 35.81% or 21.47%) of such excess (any such amount being hereinafter referred to as the “Insurance Excess”). For purposes of such paragraph, “Base Year” shall mean the 2014 calendar year with respect to the Current Premises, and the 2015 calendar year with respect to the Expansion Premises. Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the Term but otherwise in the manner provided for the payment of Annual Gross Rent, estimated payments on account of the Insurance Excess, such monthly amounts to be sufficient to provide to Landlord, by the end of each calendar year, a sum equal to the Insurance Excess for such calendar year, as estimated by Landlord from time to time. 
		

		
			 
		

		
			9.With respect to the portion of the Term commencing on the Expansion Date, the second paragraph of Section 3.3 of the Original Lease is hereby amended to reflect that if during any fiscal tax period or portion thereof during the Term, ad valorem (real estate) taxes paid by Landlord with respect to the Building shall exceed such taxes payable for the Tax Base Year applicable to each of the Current Premises and the Expansion Premises, Tenant shall pay, as Additional Rent, Tenant’s applicable proportionate share (i.e., 35.81% or 21.47%) of any such excess (any such amount being hereinafter referred to as the “Tax Excess”). For purposes of such paragraph, “Tax Base Year” shall mean the taxes payable by Landlord for the Building for the 2014 fiscal year (i.e., October 1, 2013 – September 30, 2014) with respect to the Current Premises, and the taxes payable by Landlord for the Building for the 2015 fiscal year (i.e., October 1, 2014 – September 30, 2015) with respect to the Expansion Premises. Tenant shall pay to Landlord, as Additional Rent on the first day of each calendar month during the Term but otherwise in the manner provided for the payment of Annual Gross Rent, estimated payments on account of the Tax Excess, such monthly amounts to be sufficient to provide to Landlord, by the time tax payments are due or are to be made by Landlord, a sum equal to the Tax Excess for such tax period, as estimated by Landlord from time to time. 
		

		
			 
		

		
			10.So long as the Lease is still in full force and effect, and subject to the Current Premises Conditions (as hereinafter defined), which Landlord may waive, in its discretion, at any time, but only by notice to Tenant, Tenant shall have the right to extend the Current Premises Term for three (3) additional periods (the “Current Premises Extended Term(s)”), the first such Current Premises Extended Term to commence on November 1, 2018 and end on October 31, 2019, the second such Current Premises Extended Term to commence on November 1, 2019 and
		

		
			 
		

		
			
		

		
			

		 

 

end on October 31, 2020 and the third such Current Premises Extended Term to commence on November 1, 2020 and end on the Expiration Date, as defined in Section 2 hereof. All of the terms, covenants and provisions of the Lease in effect immediately prior to the commencement of each Current Premises Extended Term with respect to the Current Premises shall apply to the Current Premises for such Current Premises Extended Term except that (i) Tenant shall pay Annual Gross Rent for the Current Premises for each Current Premises Extended Term in an amount equal to one hundred and three percent (103%) of the Annual Gross Rent in effect for the Current Premises for the immediately preceding year; and (ii) Tenant shall have no further right to extend the Current Premises Term beyond the Current Premises Extended Terms hereinabove provided.  If Tenant shall elect to exercise the aforesaid options, it shall do so by giving Landlord notice (a “Current Premises Election Notice”) of such election not later than six (6) months, nor sooner than one (1) year, prior to the expiration of the Current Premises Term or the expiration of the first or second Current Premises Extended Term, as the case may be.  If Tenant fails to give any such Current Premises Election Notice to Landlord timely, the Current Premises Term shall automatically terminate no later than the then current expiration of the Current Premises Term (i.e., October 31, 2018, October 31, 2019 or October 31, 2020, as the case may be), and Tenant shall have no further option to extend the Current Premises Term, it being agreed that time is of the essence with respect to the giving of any such Current Premises Election Notice.  If Tenant shall extend the Current Premises Term pursuant to the provisions of this paragraph, such extension(s) shall (subject to satisfaction of the Current Premises Conditions, unless waived by Landlord) be automatically effected without the execution of any additional documents.  The “Current Premises Conditions” are that, as of the date of the applicable Current Premises Election Notice, there shall exist no event of default by Tenant and Axogen Corporation shall actually occupy the entire Leased Premises.
		

		
			 
		

		
			11.In addition to the foregoing right to extend Current Premises Term, so long as the Lease is still in full force and effect, and subject to the Conditions (as hereinafter defined), which Landlord may waive, in its discretion, at any time, but only by notice to Tenant, Tenant shall have the right to extend the Term with respect to the then current Leased Premises (i.e., the Expansion Premises and, provided Tenant shall have properly exercised all of its options to extend the Current Premises Term pursuant to Section 10, the Current Premises) for one (1) additional period of five (5) years (the “Extended Term”) commencing on the day immediately succeeding the Expiration Date and ending on the day immediately preceding the fifth (5th) anniversary of such Extended Term. All of the terms, covenants and provisions of the Lease in effect immediately prior to the commencement of the Extended Term shall apply to such Extended Term except that (i) the Annual Gross Rent for each year of such Extended Term shall be equal to one hundred and three percent (103%) of the Annual Gross Rent in effect for each immediately preceding year; (ii) Tenant shall have no further right to extend the Term beyond the Extended Term hereinabove provided and (iii) the Expiration Date shall be amended to be the expiration date of the Extended Term.  If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord notice (an “Election Notice”) of such election not later than nine (9) months, nor sooner than one (1) year, prior to the Expiration Date.  If Tenant fails to give such Election Notice to Landlord timely, the Term shall automatically terminate no later than the Expiration Date, and Tenant shall have no further option to extend the Term, it being agreed that time is of the essence with respect to the giving of the Election Notice.  If Tenant shall extend the Term pursuant to the provisions of this paragraph, such extension shall (subject to satisfaction of the Conditions, unless waived by Landlord) be automatically effected without the execution of
		

		
			 
		

		
			
		

		
			

		 

 

any additional documents.  The “Conditions” are that, as of the date of the Election Notice, there shall exist no event of default by Tenant and Axogen Corporation shall actually occupy the then current entire Leased Premises.
		

		
			 
		

		
			12.For the period commencing on the Expansion Date and ending on the last day of the Current Premises Term, (i) the definition of “Leased Premises” set forth in Section 1.1(h) of the Original Lease is hereby amended to be the Current Premises and the Expansion Premises, and (ii) the definition of “Rentable Area” or “Rentable Square Footage” set forth in Section 1.1(j) of the Original Lease is hereby amended to be 18,811 square feet, consisting of 11,761 square feet in the Current Premises and 7,050 square feet in the Expansion Premises, and for the period commencing on the day immediately succeeding the expiration of the Current Premises Term and expiring on the last day of the Term, (iii) the definition of Leased Premises” set forth in Section 1.1(h) of the Original Lease is hereby amended to be the Expansion Premises, and (iv) the definition of “Rentable Area” or “Rentable Square Footage” set forth in Section 1.1(j) of the Original Lease is hereby amended to be 7,050 square feet.  Notwithstanding the foregoing, if the Current Premises Term shall have been extended for all three Current Premises Extended Terms, then the definitions of “Leased Premises”, “Rentable Area” and “Rentable Square Footage” set forth in items (i) and (ii) of this Section 12 shall be in effect for the period commencing on the Expansion Date and expiring on the last day of the Term.
		

		
			 
		

		
			13.If the Current Premises Term shall expire prior to the expiration of the Term, then or before the expiration of the Current Premises Term, Tenant shall vacate the Current Premises, and surrender the same to Landlord in accordance with the provisions of Section 6.4 of the Original Lease and all other applicable provisions of the Lease as if the Term had expired on such date.  Tenant’s failure to vacate and surrender the Current Premises in accordance with the first sentence of this paragraph shall be deemed a holdover pursuant to Section 3.4 of the Original Lease, and in addition to Annual Gross Rent and other charges due pursuant to the Lease as amended hereby (i.e., with respect to the Expansion Premises), Tenant shall pay to Landlord twice the Annual Gross Rent for the Current Premises in effect immediately preceding the expiration of the Current Premises Term for each day of such deemed holdover. In addition, Tenant shall indemnify Landlord and hold it harmless from and against any and all loss, cost, damage or expense incurred by Landlord arising out of Tenant’s failure to vacate and surrender the Current Premises in accordance with the terms of the Lease and this Fourth Amendment. 
		

		
			 
		

		
			14.Section 1.1(a) of the Original Lease is hereby amended to reflect that until further notice to Tenant from Landlord, Landlord’s address for payment of Annual Gross Rent and all other amounts due under the Lease shall be as follows:
		

		
			 
		

		
			SNH Medical Office Properties Trust
		

		
			c/o The RMR Group LLC
		

		
			Dept. #1600, P.O. Box 538601
		

		
			Atlanta, GA  30353-8601
		

		
			 
		

		
			15.Section 19.5 of the Original Lease is hereby amended to reflect that Landlord’s address for notices shall be as follows:
		

		
			 
		

		
			
		

		
			

		 

 

SNH Medical Office Properties Trust
		

		
			c/o The RMR Group LLC
		

		
			4550 North Pond Parkway, Suite 380
		

		
			Alpharetta, GA  30022-2414
		

		
			Attention: Vice President, Southeast Region
		

		
			with a copy to:
		

		
			 
		

		
			The RMR Group LLC
		

		
			Two Newton Place
		

		
			255 Washington Street, Suite 300
		

		
			Newton, MA  02458
		

		
			Attention: Jennifer B. Clark
		

		
			 
		

		
			16.Section 7 of the Third Amendment to Lease and Section 18.1 of the Original Lease are both hereby deleted in their entireties and Tenant shall have no further right to terminate the Term pursuant to either such Section.
		

		
			 
		

		
			17.Tenant warrants and represents that it has dealt with no broker in connection with the consummation of this Fourth Amendment, other than Frontstreet Commercial Real Estate Group (“Frontstreet”), and in the event of any brokerage claims or liens, other than by Frontstreet, against Landlord or the Building predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien. Landlord shall pay a brokerage commission arising out of the consummation of this Fourth Amendment to Frontstreet pursuant to a separate agreement between Landlord and Frontstreet.
		

		
			 
		

		
			18.As amended hereby, the Lease is hereby ratified and confirmed.
		

		
			 
		

		
			
		

		
			

		 

 

IN WITNESS WHEREOF, the parties hereunto have executed this Fourth Amendment as of the date first written above.
		

		
			 
		

			
					
						 

					
					
						    

					
					
						LANDLORD:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SNH Medical Office Properties Trust

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						The RMR Group LLC, its agent

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/Jennifer F. Francis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Jennifer F. Francis

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						 

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						TENANT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Axogen Corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/David Hansen

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: David Hansen

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						Title: Chief Accounting Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

 

EXHIBIT A-4
		

		
			 
		

		
			EXPANSION PREMISES
		

		
			 
		

		
			
		

		
			

		 

 

EXHIBIT B-4
		

		
			 
		

		
			SPACE PLAN
		

		
			 
		

		
			
		

		
			

		 

 

EXHIBIT C-4
		

		
			 
		

		
			DECLARATION BY LANDLORD AND TENANT
		

		
			AS TO OCCUPANCY DATE
		

		
			 
		

		
			Attached to and made a part of that certain Lease dated February 6, 2007, as amended by that certain First Amendment to Lease dated March 14, 2012, that certain Second Amendment to Lease dated February 25, 2013, that certain Third Amendment to Lease dated November 12, 2013 and that certain Fourth Amendment to Lease dated ___________________, 2016 (as so amended, the “Lease”), entered into by and between SNH Medical Office Properties Trust, a Maryland real estate investment trust (“Landlord”), successor in interest to Wigshaw, LLC, and Axogen Corporation, a Delaware corporation (“Tenant”), for certain premises in the building located at 13631 Progress Boulevard, Alachua, Florida, as more particularly described in the Lease.
		

		
			The undersigned Landlord and Tenant hereby certify that (i) the Lease is in full force and effect; (ii) the Expansion Date (as defined in the Fourth Amendment to Lease) occurred on _______________, 201_; (iii) the Occupancy Date (as defined in the Fourth Amendment to Lease) occurred on ___________________, 201_ and the Expiration Date (as defined in the Fourth Amendment) is ___________________, 20__ and (iv) as of the date hereof, there is no default of Landlord and Tenant claims no right to set off against rents.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties hereunto have executed this Declaration as of this _____ day of ______________, 201_.
		

		
			 
		

			
					
						 

					
					
						    

					
					
						LANDLORD:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						SNH Medical Office Properties Trust

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						The RMR Group LLC, its agent

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Jennifer F. Francis

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						 

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						TENANT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Axogen Corporation

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

				
	
					
						Witness

					
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Witness

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]