Document:

Exhibit 10.65

 

 

AMENDMENT NO. 2 TO LICENSE AND SUPPLY
AGREEMENT 

 

This AMENDMENT NO.
2 TO LICENSE AND SUPPLY AGREEMENT (this “Amendment”) is made and entered into as of November 6, 2013 and shall
become effective upon the closing of an IPO (as defined in the License Agreement). This Amendment amends that certain License and
Supply Agreement dated as of May 23, 2013, as amended from time to time (the “License Agreement”), by and between
Ruthigen, Inc., a Delaware corporation (“Ruthigen”) and Oculus Innovative Sciences, Inc., a Delaware corporation
(“Oculus”). Capitalized terms used and not defined herein shall have the meanings given to them in the License
Agreement.

 

WHEREAS, Section 15.13
of the License Agreement provides that the License Agreement may be amended, if such amendment is reduced to writing and signed
by the authorized officers of both Parties to the License Agreement;

 

WHEREAS, the Parties
entered into Amendment No. 1 to License and Supply Agreement on October 9, 2013;

 

WHEREAS, the Parties
now wish to amend certain sections of the License Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants, agreements and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Parties agree as follows:

 

1.Amendment
to Milestones. The table listing the Milestone Events and Milestone Payments under the License Agreement, which is set forth
in Section 7.1 of the License Agreement, is hereby deleted in its entirety and the following table listing the Milestone Events
and Milestone Payments under the License Agreement is inserted in lieu thereof:

 

	 	Milestone Event	Milestone Payment
	1.	Upon completion of Ruthigen’s first meeting with the FDA following completion of Ruthigen’s first pivotal clinical trial 	Three Million Dollars ($3,000,000)
	2.	Upon first patient enrollment in Ruthigen’s second pivotal clinical trial	Two Million Dollars ($2,000,000)

 

 

2.Amendment to Manufacturing
Equipment Purchases. The introductory lead-in language and subsection (a) of Section 6.13 of the License Agreement is hereby
deleted in its entirety and the following language is inserted in lieu thereof:

 

“6.13 Manufacturing
Equipment.

 

(a)        Ruthigen shall purchase
and pay in full for (i) at least One Million Dollars ($1,000,000) of Manufacturing Equipment, upon the Effective Date; (ii) at
least One Million Two Hundred Fifty Thousand Dollars ($1,250,000) of additional Manufacturing Equipment, within thirty (30) days
following the Effective Date; and (iii) at least Seven Hundred Fifty Thousand Dollars ($750,000) of additional Manufacturing Equipment,
within forty five (45) days following the Effective Date (collectively, the “Equipment Purchase Price”). In
each case, Oculus shall deliver the Manufacturing Equipment to Ruthigen, at Ruthigen’s expense, within sixty (60) days of
receipt of payment therefor or at such other time as the Parties agree upon orally or in writing.”

 

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3.Effect
of this Amendment. Except as specifically amended as set forth herein, each term and condition of the License Agreement shall
continue in full force and effect.

 

4.Governing
Law. This Amendment shall be governed by and construed in accordance with the laws in force in the State of California, without
giving effect to the choice of laws provisions thereof.

 

5.Counterparts;
Facsimile Signatures. This Amendment may be executed or consented to in counterparts, each of which shall be deemed an original
and all of which taken together shall constitute one and the same instrument. This Amendment may be executed and delivered by facsimile
or electronically and, upon such delivery, the facsimile or electronically transmitted signature will be deemed to have the same
effect as if the original signature had been delivered to the other party.

 

 

[Remainder of page intentionally
left blank.]

 

 

 

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IN WITNESS WHEREOF,
the Parties have caused this Amendment No. 2 to License and Supply Agreement to be duly executed and delivered by their proper
and duly authorized officers as of the day and year first above written.

 

	
        OCULUS

        OCULUS INNOVATIVE SCIENCES INC.
	
        RUTHIGEN 

         

        RUTHIGEN, INC.

	 	 
	By: /s/ James Schutz	By: /s/ Hojabr Alimi
	Name: James Schutz 	Name: Hojabr Alimi 
	Title: Chief Executive Officer 	Title: Chief Executive Officer 
	Date: November 6, 2013	Date: November 6, 2013

	

 

 

 

    	3Exhibit 10.66

 

Oculus Innovative Sciences, Inc.

1129 North McDowell Boulevard

Petaluma, CA 94954

 

November 6, 2013

VIA EMAIL

 

Venture Lending & Leasing V, Inc.

Venture Lending & Leasing VI, Inc.

104 La Mesa Drive, Suite 102

Portola Valley, CA 94028

 

Re: Letter of Credit

 

Ladies and Gentlemen:

 

Reference is hereby made
to (i) that certain Loan and Security Agreement and Supplement thereto, both dated as of May 1, 2010 (together, as the same has
been and may be amended, supplemented, extended, renewed or otherwise modified from time to time, the “VLL5 Loan Agreement”),
between Oculus Innovative Sciences, Inc., a Delaware corporation (“Borrower”), and Venture Lending & Leasing
V, Inc., as lender (“VLL5”), and (ii) that certain Loan and Security Agreement and Supplement thereto, both
dated as of June 29, 2011 (together, as the same has been and may be amended, supplemented, extended, renewed or otherwise modified
from time to time, the “VLL6 Loan Agreement” and sometimes referred to herein individually with the VLL5 Loan
Agreement, as a “Loan Agreement” and together, as the “Loan Agreements”), between Borrower
and Venture Lending & Leasing VI, Inc., as lender (“VLL6” and sometimes referred to herein individually
with the VLL5, as a “Lender” and together, as “Lenders”). Except where the context otherwise
requires, or unless this letter agreement (this “Letter Agreement”) otherwise provides, all words and expressions
defined in the Loan Agreements when used or referred to in this Letter Agreement shall have the same meanings as those provided
for in the Loan Agreements. For the purposes of clarity, the definition of “Collateral” shall have the meaning
as set forth in the waiver agreement (the “Waiver”) made by and between the Lenders and the Borrower on August
10, 2012.

 

Borrower previously notified
Lenders that Borrower’s wholly owned subsidiary, Ruthigen, Inc., a Delaware corporation (“Ruthigen”),
intends to consummate an initial underwritten public offering of Ruthigen’s equity interests (the “Ruthigen Shares”)
pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission under the federal Securities
Act of 1933, as amended (the “IPO”). All Ruthigen Shares issued on or after the date hereof to parties other
than Borrower are hereinafter referred to as the “Applicable Ruthigen Shares.” To the extent that the Applicable
Ruthigen Shares constitute Collateral for the Obligations under the Loan Agreements and the other Loan Documents, it is a condition
precedent to the IPO that the Applicable Ruthigen Shares be free and clear of Lenders’ Liens thereon in order to consummate
the IPO. In order to facilitate the IPO, Borrower and each of Lenders agree to the terms and conditions set forth in this Letter
Agreement.

 

		1.	Prior to the pricing of the IPO, Wells Fargo Bank, N.A and its successors and assigns (“Wells
Fargo”) shall issue one or more irrevocable standby letters of credit for Borrower’s account in favor of Lenders,
in form and substance reasonably satisfactory to Lenders (individually and collectively, the “Letter of Credit”),
in a total amount equal to all scheduled payments of principal and interest payable under the Loan Agreements at the time of execution
of such Letter of Credit, to secure all of the Borrower’s Obligations under the Loan Agreements. The Letter of Credit shall
be maintained in effect for the period from the date of issuance and continuing until the date that all of the Borrower’s
Obligations under the Loan Agreements have been paid in full. Lenders are willing to accept such Letter of Credit as a condition
to continuing the credit accommodations outstanding under the Loan Agreements and in consideration of the release and discharge
by Lenders of all Liens which they have or have had in any or all of the Applicable Ruthigen Shares pursuant to the provisions
of the Loan Agreements. Such waiver shall be given by Lenders concurrently with Lenders’ receipt of such Letter of Credit,
in form substantially similar to Exhibit A attached hereto.

 

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		2.	Borrower hereby covenants and agrees that Borrower will take all action within its power and authority
necessary or desirable to keep the Letter of Credit in full force and effect. Borrower further agrees that it will take all action
within its power and authority necessary or desirable to cause Wells Fargo to pay in accordance with the terms and provisions of
the Letter of Credit upon the occurrence of an Event of Default that gives rise to a contractual or legal right to draw upon the
Letter of Credit. In furtherance of the foregoing, Borrower agrees that the Letter of Credit shall be honored by Wells Fargo upon
the occurrence of such Event of Default.

 

		3.	Each of Lenders hereby covenants and agrees that (a) such Lender will draw upon such Letter of
Credit only following the occurrence of an Event of Default and in accordance with the terms of the Loan Agreements, and (b) Borrower
has the right to reduce the amount subject to such Letter of Credit as it pays down the Obligations owed under the Loan Agreements,
however in no event will the Letter of Credit be less than the Obligations. Borrower hereby acknowledges and agrees that each Lender
is entering into this Letter Agreement in material reliance upon the ability of such Lender to draw upon the Letter of Credit upon
the occurrence of any Event of Default. If an Event of Default occurs, either Lender may, without notice to Borrower, draw upon
the Letter of Credit, in part or in whole. Borrower agrees not to interfere in any way with payment to either Lender of the proceeds
of the Letter of Credit, either prior to or following a draw by either Lender of any portion of the Letter of Credit. No condition
or term of the Loan Documents shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of
Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Borrower agrees and acknowledges that (i) the
Letter of Credit constitutes a separate and independent contract between each Lender and the Wells Fargo, (ii) Borrower is
not a third party beneficiary of such contract, (iii) Borrower has no property interest whatsoever in the Letter of Credit
or the proceeds thereof, and (iv) in the event Borrower becomes a debtor under any chapter of the Bankruptcy Code, neither
Borrower, any trustee, nor Borrower’s bankruptcy estate shall have any right to restrict or limit either Lender’s claim
and/or rights to the Letter of Credit and/or the proceeds thereof by application of any provision of the U. S. Bankruptcy
Code or otherwise.

 

This Letter Agreement
constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof,
and there are no other agreements, understandings, representations or understandings, other than those expressly stated in this
Letter Agreement. Except as expressly amended by this Letter Agreement, the Loan Agreements and the other Loan Documents remain
unamended and in full force and effect. All legal fees and costs incurred by Lenders in connection with the preparation, negotiation
and execution hereof shall be reimbursed by Borrower upon demand. This Letter Agreement may be executed in any number of counterparts,
including counterparts transmitted by facsimile or electronic transmission, each of which shall be an original, but all of which
together shall constitute one and the same instrument; signature pages may be detached from multiple separate counterparts and
attached to a single counterpart so that all signature pages are physically attached to the same document.

 

 

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left blank; signature page follows.]

 

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

 

Very truly yours,

 

OCULUS INNOVATIVE SCIENCES, INC.

 

 

By: /s/ Jim Schutz                        

Name:  Jim Schutz

Title:    Chief Executive Officer

 

 

Acknowledged and agreed as of the date set forth above:

 

VENTURE LENDING & LEASING V, INC.

 

 

By: /s/ Maurice Werdegar

Name: Maurice Werdegar

Title: President and CEO

 

VENTURE LENDING & LEASING VI, INC.

 

 

By: /s/ Maurice Werdegar

Name: Maurice Werdegar

Title: President and CEO

 

 

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Exhibit A

 

Venture Lending & Leasing V, Inc.

Venture Lending & Leasing VI, Inc.

104 La Mesa Drive, Suite 102

Portola Valley, CA 94028

 

 

________________, 2013

 

Via Email

 

Oculus Innovative Sciences, Inc.

1129 North McDowell Boulevard

Petaluma, CA 94954

 

		Re:	Release of Certain Conditions Applicable to Ruthigen, Inc.

 

Ladies and Gentlemen:

 

Reference is hereby made
to (i) that certain Loan and Security Agreement and Supplement thereto, both dated as of May 1, 2010 (as the same has been and
may be amended, supplemented, extended, renewed or otherwise modified from time to time, the “VLL5 Loan Agreement”),
between Oculus Innovative Sciences, Inc., a Delaware corporation (“Borrower”), and Venture Lending & Leasing
V, Inc., as lender (“VLL5”), and (ii) that certain Loan and Security Agreement and Supplement thereto, both
dated as of June 29, 2011 (as the same has been and may be amended, supplemented, extended, renewed or otherwise modified from
time to time, the “VLL6 Loan Agreement” and sometimes referred to herein individually with the VLL5 Loan Agreement,
as a “Loan Agreement” and together, as the “Loan Agreements”), between Borrower and Venture
Lending & Leasing VI, Inc., as lender (“VLL6” and sometimes referred to herein individually with the VLL5,
as a “Lender” and together, as “Lenders”). Except where the context otherwise requires, or
unless this letter (this “Agreement”) otherwise provides, all words and expressions defined in the Loan Agreements
when used or referred to in this Agreement shall have the same meanings as those provided for in the Loan Agreements. For the purposes
of clarity, the definition of “Collateral” shall have the meaning as set forth in the waiver agreement (the
“Waiver”) made by and between the Lenders and the Borrower on August 10, 2012.

 

Initial Underwritten Public Offering
of Ruthigen, Inc.

 

Borrower has notified Lenders
that Borrower’s wholly owned subsidiary, Ruthigen, Inc., a Delaware corporation (“Ruthigen”), desires
to consummate an initial underwritten public offering of Ruthigen’s equity interests (the “Ruthigen Shares”)
pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission under the federal Securities
Act of 1933, as amended (the “IPO”). All Ruthigen Shares issued on or after the date hereof to parties other
than Borrower are hereinafter referred to as the “Applicable Ruthigen Shares.” To the extent that the Applicable
Ruthigen Shares constitute Collateral for the Obligations under the Loan Agreements and the other Loan Documents, it is a condition
precedent to the IPO that the Applicable Ruthigen Shares be free and clear of Lenders’ Liens thereon in order to consummate
the IPO.

 

In order to facilitate
the IPO, Borrower wishes to obtain the release of all Lenders’ Liens on the Applicable Ruthigen Shares that Borrower granted
to Lenders pursuant to the Loan Agreements, if any. Subject to the final sentence of this paragraph, each Lender hereby releases
and discharges all Liens which it has or has had in any or all of the Applicable Ruthigen Shares pursuant to the provisions of
the Loan Agreements, including without limitation Section 2.10(a). Each Lender agrees to execute and deliver (and authorize the
execution and delivery of), prior to the pricing of the IPO and from time to time thereafter, all UCC financing statement amendments
and other documents and instruments, in form and substance reasonably satisfactory to Borrower (collectively, the “Release
Documentation”), and to take all other action as Borrower may from time to time reasonably request, to release and discharge
any Liens that such Lender may have had or may have in any of the Applicable Ruthigen Shares; provided, however, that any
and all such Release Documentation and such other documents related thereto and prepared in connection with the transactions contemplated
by this Agreement shall be prepared, filed and recorded at Borrower’s sole cost and expense. Nothing in this Agreement shall
be deemed to be a release of Lenders’ Liens on the Collateral, as defined in the Loan Agreements and amended by the Waiver,
other than the Applicable Ruthigen Shares which are hereby included as an additional exclusion from the definition of “Collateral”
in the Loan Agreements as amended by the Waiver, including, without limitation, (A) any Ruthigen Shares owned by Borrower that
are not included in the IPO and (B) any Ruthigen Shares Borrower subsequently acquires after the IPO. This Agreement shall become
effective upon execution by Lenders and Borrower.

 

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Waiver of Issuance of Applicable Ruthigen
Shares

 

Lenders hereby waive Section
6.14(b) with respect to the issuance of the Applicable Ruthigen Shares on or after the date hereof.

 

Consent for Exclusive License of Certain
Intellectual Property to Ruthigen, Inc.

 

Borrower has also entered
into a license and supply agreement with Ruthigen (the “License Agreement”), which will become effective upon
the closing of the transaction contemplated by subsection (i) of the definition of IPO. Pursuant to the License Agreement, Borrower
has agreed to exclusively license certain of its proprietary technology to Ruthigen to enable Ruthigen’s research and development
and commercialization of the newly discovered RUT58-60, and any improvements to it, in the United States, Canada, European Union
and Japan (the “Territory”) for certain invasive procedures in human treatment as defined in the License Agreement.

 

As part of its condition
to undertake its agreements to make certain advances of money and to extend certain financial accommodations to Borrower, the Lenders
required the execution of Intellectual Property Security Agreements by and between Borrower and each respective Lender, each dated
June 29, 2011 (the “IP Agreements”), whereby Borrower granted to the Lenders a security interest in substantially
all of Borrower’s intellectual property whether presently existing or hereafter acquired. By the terms of the IP Agreements,
the VLL5 Loan Agreement, and the VLL6 Loan Agreement, Borrower is prohibited from entering into agreement to exclusively license
or sell its intellectual property. In order to allow Borrower to pursue such exclusive licensing of certain of its intellectual
property to Ruthigen, the Lenders are willing to waive such covenants in consideration of Borrower’s continued commitment
to pay off the indebtedness outstanding under the VLL5 Loan Agreement and under the VLL6 Loan Agreement in a timely manner. Each
Lender has agreed to waive the provisions of Section 6.5 (Sale of Assets) of each respective Loan Agreement solely as to Borrower’s
anticipated entry into the License Agreement with Ruthigen, whereby Borrower intends to exclusively license certain of its proprietary
technology to Ruthigen to enable Ruthigen’s research and development and commercialization of the newly discovered RUT58-60,
and any improvements to it, in the Territory for certain invasive procedures in human treatment.

 

Therefore, pursuant to
this Agreement, the following sentence shall be added to the end of the definition of “Collateral” of the Loan Agreements,
as amended by the Waiver, as an additional exclusion from the definition of “Collateral”:

“and (viii) upon the closing date of the proposed initial underwritten public offering of Ruthigen, Inc., if any should occur,
exclusive license of certain of Borrower’s proprietary technology to Ruthigen to enable Ruthigen’s research and development
and commercialization of the newly discovered RUT58-60, and any improvements to it, in the United States, Canada, European Union
and Japan for certain invasive procedures in human treatment pursuant to the License and Supply Agreement between Borrower and
Ruthigen, Inc., dated May 23, 2013, and as such may be subsequently amended.”

 

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Therefore, pursuant to
this Agreement, the following sentence shall be added to the end of the definition of “Collateral” in the last paragraph
of Section 1 of the IP Agreements, as amended by the Waiver, as an additional exclusion from the definition of “Collateral”:

“and (x) upon the closing date of the proposed initial underwritten public offering of Ruthigen, Inc., if any should occur,
exclusive license of certain of Grantor’s proprietary technology to Ruthigen to enable Ruthigen’s research and development
and commercialization of the newly discovered RUT58-60, and any improvements to it, in the United States, Canada, European Union
and Japan for certain invasive procedures in human treatment pursuant to the License and Supply Agreement between Grantor and Ruthigen,
Inc., dated May 23, 2013, and as such may be subsequently amended.”

 

General Provisions

 

This Agreement shall become
effective upon execution by Lenders and Borrower. For avoidance of doubt, each Lender hereby consents to the Transfer (as defined
in Section 6.5 of the applicable Loan Agreement) of the Applicable Ruthigen Shares on the terms and conditions set forth herein.
Except as specifically amended by this Agreement, the Loan Agreements and the other Loan Documents and Security Documents shall
remain in full force and effect and are hereby ratified and confirmed. The execution, delivery and performance of this Agreement
shall not, except as expressly provided herein, constitute a waiver of any provision of the Loan Agreements or any of the other
Loan Documents or Security Documents. Without limiting the generality of the provisions of Section 9.3 of the Loan Agreements,
the consent set forth above shall be limited precisely as written solely for the purpose of permitting Borrower to Transfer the
Applicable Ruthigen Shares and for the purposes of permitting Borrower to consummate the transactions contemplated by the License
Agreement without violating the provisions of the Loan Agreements, including without limitation Sections 6.5, 6.14, 7.1(h) or 7.1(i)
thereof, and this Agreement does not constitute, nor should it be construed as, a waiver of compliance by Borrower with respect
to (i) Sections 6.5, 6.14, 7.1(h) and 7.1(i) of the Loan Agreements in any other instance or (ii) any other term, provision
or condition of the Loan Agreements or any other instrument or agreement referred to therein.

 

This Agreement may be executed
in any number of counterparts, including counterparts transmitted by facsimile or electronic transmission, each of which shall
be an original, but all of which together shall constitute one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.
This Agreement is the only agreement between the parties with respect to its subject matter, and there are no other agreements,
understandings, representations or understandings other than those expressly stated in this Agreement. Borrower shall pay all costs
and expenses in connection with the transactions contemplated by this Agreement, and the negotiation and documentation hereof.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA.

 

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left blank; signature page follows]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

LENDERS:

 

VENTURE LENDING & LEASING V, INC.

 

By:________________________________

Name:______________________________

Title:_______________________________

 

 

VENTURE LENDING & LEASING VI, INC.

 

By:________________________________

Name:______________________________

Title:_______________________________

 

 

BORROWER:

 

OCULUS INNOVATIVE SCIENCES, INC.

 

By:________________________________

Name:______________________________

Title:_______________________________

 

 

 

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