Document:

Exhibit
10.2

     

    SUPPLEMENT

    to
the

    Loan
and Security Agreement

    dated
as of May 1, 2010

    between

    Oculus
Innovative Sciences, Inc. (“Borrower”)

    and

    Venture
Lending & Leasing V, Inc. (“Lender”) 

       

      
        

      

    

    

    This is a Supplement identified in the
document entitled Loan and Security Agreement dated as of May 1, 2010, as
the same may be amended, restated, supplemented and modified from time to time
(the “Loan and
Security Agreement”), by and between Borrower and Lender.  All
capitalized terms used in this Supplement and not otherwise defined in this
Supplement have the meanings ascribed to them in Article 10 of the Loan and
Security Agreement, which is incorporated in its entirety into this
Supplement.  In the event of any inconsistency between the provisions
of that document and this Supplement, this Supplement is
controlling.

    

    In addition to the provisions of the
Loan and Security Agreement, the parties agree as follows:

    

    Part 1. - Additional
Definitions:

    

    “Commitment” Subject
to the terms and conditions set forth in the Loan and Security Agreement and
this Supplement, Lender commits to make Growth Capital Loans to Borrower up to
the aggregate original principal amount of Three Million Dollars
($3,000,000).  The Commitment shall be divided into two tranches in
the following amounts:  (i) Two Million Dollars ($2,000,000), which
shall be referred to herein as the “First Tranche” of the
Commitment; and (ii) One Million Dollars ($1,000,000), which shall be referred
to herein as the “Second Tranche” of
the Commitment.

    

    “Designated
Rate”:  The Designated Rate for each Loan shall be a fixed rate
of interest per annum equal to the Prime Rate as published on the Business Day
on which Lender prepares the Note for such Loan, plus six and three-quarters of
one percent (6.75%); provided, however, that in no event shall the Designated
Rate for a Loan be less than ten percent (10.00%).

    

    “Final Payment”: Each
Growth Capital Loan shall have a Final Payment equal to six and 617/1000 percent
(6.617%) of the original principal amount of such Growth Capital
Loan.

    

    “Growth Capital Loan”
means any Loan requested by Borrower and funded by Lender under its Commitment
for general corporate purposes of Borrower.  Growth Capital Loans are
sometimes referred to herein individually as a “Loan” or collectively
as “Loans”.

    

    “Interest-Only
Rate”:  The Interest-Only Rate for each Loan shall be a fixed rate
of interest per annum equal to ten percent (10.00%).

    

    “Interim
Rate”:  The Interim Rate for each Loan shall be a fixed rate of
interest per annum equal to thirteen percent (13.00%).

    

    “Loan Commencement
Date” means, with respect to a Loan, (i) the first day of the first full
calendar month following the Borrowing Date of such Loan if such Borrowing Date
is not the first day of a month; or (ii) the same day as the Borrowing Date if
the Borrowing Date is the first day of a month.

    

    “Prime Rate” means the
“prime rate” of interest, as published from time to time by The Wall Street
Journal in the “Money Rates” section of its Western Edition
newspaper.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Termination Date”:
The Termination Date is the earlier of (i) the date Lender may terminate making
Loans or extending other credit pursuant to the rights of Lender under Article 7
of the Loan and Security Agreement, or (ii) (A) with respect to the First
Tranche of the Commitment, the earlier of (x) two (2) Business Days following
the Closing Date or (y) May 1, 2010; and (B) with respect to the Second Tranche
of the Commitment, November 30, 2010.

    

    “Threshold Amount”
means Fifty Thousand Dollars ($50,000).

    

    Part 2. - Additional Covenants and
Conditions:

    

    1.           Growth Capital Loan
Facility.

    

    (a)           Funding of Growth Capital
Loan under First Tranche of Commitment. Subject to the terms and
conditions of the Loan and Security Agreement and this Supplement, Lender agrees
to make a Growth Capital Loan to Borrower under the First Tranche of the
Commitment from the Closing Date up to and including the applicable Termination
Date in an original principal amount equal to but not exceeding the First
Tranche of the Commitment.

    

    (b)           Funding of Growth Capital
Loan under Second Tranche of Commitment; Additional Condition Precedent
Regarding Second Tranche.  In addition to the satisfaction of
all the other conditions precedent specified in Article 4.2 of the Loan and
Security Agreement and this Supplement, Lender’s obligation to fund the Growth
Capital Loan under the Second Tranche of the Commitment is subject to receipt by
Lender of evidence satisfactory to it, as determined by Lender in its reasonable
judgment, that Borrower has achieved certain financial milestones, as determined
by  Borrower and Lender on the date hereof (the “Second Tranche
Milestone”).  Subject to the foregoing and the other conditions
precedent specified in Article 4.2 of the Loan and Security Agreement and this
Supplement, Lender agrees to make a Growth Capital Loan to Borrower under the
Second Tranche of the Commitment on from and after the date Borrower satisfies
the Second Tranche Milestone up to and including the applicable Termination Date
in an original principal amount equal to but not exceeding the Second Tranche of
the Commitment.

    

    (c)           Minimum Funding Amount;
Maximum Number of Borrowing Requests.  Except to the extent the
remaining Commitment is a lesser amount, each Growth Capital Loan requested by
Borrower to be made on a single Business Day shall be for a minimum original
principal amount of One Hundred Thousand Dollars ($100,000).  Borrower
shall not submit a Borrowing Request more frequently than once each
month.

    

    (d)           Repayment of Growth Capital
Loans Funded Under the First Tranche.  Principal of and
interest on the Growth Capital Loan funded under the First Tranche of the
Commitment shall be payable as set forth in a Note evidencing such Loan
(substantially in the form attached hereto as Exhibit “A-1”), which
Note shall provide substantially as follows:  principal and interest
at the Designated Rate shall be fully amortized over a period of thirty (30)
months in equal, monthly installments commencing after an eight (8) month period
of interest-only payments at the Interest-Only Rate.  In particular,
on May 1, 2010, Borrower shall pay to Lender the first interest-only installment
at the Interest-Only Rate, in advance, on the outstanding principal balance of
the Note evidencing the Loan for the month of May, 2010.  Commencing
on June 1, 2010 and continuing on the first day of the month for seven months
thereafter, Borrower shall pay interest at the Interest-Only Rate, in advance,
on the outstanding principal balance of the Loan evidenced by such Note for the
ensuing month.  Commencing on January 1, 2011 and continuing on the
first day of each consecutive calendar month thereafter, principal and interest
at the Designated Rate shall be payable, in advance, in 30 equal consecutive
monthly installments. Borrower shall pay the Final Payment on the same date that
the final amortization payment is due and payable.  For purposes of
illustration and not of limitation, attached hereto as  Exhibit “H” is an
Amortization Schedule that describes the repayment term of the Loan based upon
the facts set forth therein for purposes of such illustration.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (e)           Repayment of Growth Capital
Loan Funded Under the Second Tranche.  Principal of and
interest on the Growth Capital Loan funded under the Second Tranche of the
Commitment shall be payable as set forth in a Note evidencing such Loan
(substantially in the form attached hereto as Exhibit “A-2”), which
Note shall provide substantially as follows:  principal and interest
at the Designated Rate shall be fully amortized over a period of thirty (30)
months in equal, monthly installments, commencing after a six (6) month period
of interest-only payments at the Interest-Only Rate.  In particular,
on the Borrowing Date applicable to such Growth Capital Loan, Borrower shall pay
to Lender:  (i) if the Borrowing Date is earlier than the Loan
Commencement Date, interest only at the Interim Rate, in advance, on the
outstanding principal balance of the Growth Capital Loan for the period from the
Borrowing Date through the last day of the calendar month in which such
Borrowing Date occurs, and (ii) a first (1st) interest only installment at the
Interest-Only Rate, in advance, on the outstanding principal balance of the Note
for the ensuing month.  Commencing on the first day of the second full
month after the Borrowing Date and continuing on the first day of the third,
fourth, fifth and sixth full months after the Borrowing Date, Borrower shall pay
interest at the Interest-Only Rate, in advance, on the outstanding principal
balance of the Loan evidenced by such Note for the ensuing
month.  Commencing on the first day of the seventh full month after
the Borrowing Date and continuing on the first day of each consecutive calendar
month thereafter, principal and interest at the Designated Rate shall be
payable, in advance, in 30 equal consecutive monthly
installments.  Borrower shall pay the Final Payment to Lender on the
date on which the final amortization payment is due and payable.

    

    2.           Prepayment of
Loans.  No Loan may be voluntarily prepaid except as provided
in this Section 2.

    

    (a)           Prepayment
Generally.  Borrower may voluntarily prepay all, but not less
than all, Loans in whole, but not in part, at any time by tendering to Lender
cash payment in respect of such Loans in an amount equal to the sum
of:  (i) all accrued and unpaid interest on such Loans as of the date
of prepayment; (ii) all outstanding principal balances of such Loans as of the
date of prepayment; (iii) the undiscounted Final Payment(s); and (iv) an amount
equal to the total amount of all of the interest that would have accrued and
been payable from the date of prepayment through the stated maturity of the
Loans had they remained outstanding and been paid in accordance with the terms
of the related Note(s).

    

    (b)           Prepayment After December
31, 2011.  Notwithstanding anything to the contrary in Section
2(a), at any time after December 31, 2011, provided that no Default or Event of
Default has occurred and is continuing, Borrower may voluntarily prepay all, but
not less than all, Loans in whole, but not in part, by tendering to Lender
payment in respect of such Loans in an amount equal to the sum
of:  (i) the amounts indicated in Part 2, Sections 2(a)(i), (a)(ii)
and (a)(iii) above, plus (ii) an amount equal to eighty five percent (85%) of
the amount indicated in Part 2, Section 2(a)(iv) above.

    

    3.           Special Provisions Relating
to Lien on Intellectual Property; Scope of Collateral Security for Loans;
Negative Pledge on Intellectual Property.

    

    (a)           Initial Exclusion of
Intellectual Property from “Collateral”.  In reliance on
Borrower’s covenant in Section 6.2 of the Loan and Security Agreement to keep
all of its Intellectual Property assets free and clear of Liens other than as
set forth in Section 6.2 of the Loan and Security Agreement, Lender has agreed,
subject to the provisions of this Supplement, to exclude Intellectual Property
from the Collateral over which Borrower has granted to Lender a Lien to secure
the Obligations; provided that
Collateral shall include Accounts and General Intangibles that consist of rights
to payment and proceeds from the sale, licensing or disposition of all or any
part, or rights in, the Intellectual Property (the “IP Rights to
Payment”); and further provided,
that if at any time while the Obligations are outstanding a judicial authority
(including a U.S. Bankruptcy Court) that has or would have jurisdiction over
Borrower determines that a security interest in Intellectual Property is
necessary to the creation or perfection of the Liens in the IP Rights to
Payment, then the Collateral shall automatically, retroactive to the Closing
Date, include the Intellectual Property solely to the extent necessary to permit
perfection of Lender’s Lien in the IP Rights to Payment.  Consistent
with the foregoing, notwithstanding anything to the contrary in Section 2.10 of
the Loan and Security Agreement, or in the definition of “Collateral” or
elsewhere in Article 10 of the Loan and Security Agreement, Borrower’s initial
grant and the perfection of Lender’s security interests in Borrower’s assets as
security for the Obligations and the definition of “Collateral” shall be limited
to the following:

    
      
         

      

      
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    “Collateral” means all
of Borrower’s right, title and interest in and to the following property,
whether now owned or hereafter acquired and wherever located: (a) all
Receivables; (b) all Equipment; (c) all Fixtures; (d) all General Intangibles
(subject to the exclusion
described below with respect to Intellectual Property); (e) all
Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all
Shares; (i) all other Goods and personal property of Borrower (subject to the exclusion described
below with respect to Intellectual Property), whether tangible or
intangible and whether now or hereafter owned or existing, leased, consigned by
or to, or acquired by, Borrower and wherever located; (j) all Records; and (k)
all Proceeds of each of the foregoing and all accessions to, substitutions and
replacements for, and rents, profits and products of each of the foregoing,
subject to limitations and exclusions set forth in any
Supplement.  Notwithstanding the foregoing, the Collateral shall not
include Intellectual Property; provided, however, that the
Collateral shall include all Accounts and General Intangibles that consist of
rights to payment and proceeds from the sale, licensing or disposition of all or
any part, or rights in, the Intellectual Property (the “IP Rights to
Payment”); provided, further, that if at
any time while the Obligations are outstanding a judicial authority (including a
U.S. Bankruptcy Court) that has or would have jurisdiction over Borrower
determines that a security interest in the intellectual property is necessary to
the creation or perfection of Lender’s Lien in the IP Rights to Payment, then
the Collateral shall automatically, retroactive to the Closing Date, include the
Intellectual Property solely to the extent necessary to permit perfection of
Lender’s security interest in the IP Rights to Payment.

    

    (b)           IP Lien Upon Reduced
Liquidity; Release of IP Lien.  If during a period in which a
Loan is outstanding Borrower’s Remaining Months Liquidity (hereinafter defined)
drops below 6 months or an Event of Default occurs, then Borrower agrees that
the definition of Collateral in Article 10 of the Loan and Security Agreement
shall be amended automatically and immediately, without any further action or
writing required by the parties, to read as stated in Article 10 of the Loan and
Security Agreement without reference to Section 3(a) above, such that all of
Borrower’s Intellectual Property then owned and thereafter arising or acquired
becomes part of the Collateral for all purposes of the Loan and Security
Agreement and the other Loan Documents.  In connection therewith: (A)
Lender may file an amendment to any previously filed UCC-1 financing statement,
and/or a new UCC-1 financing statement, as applicable, to reflect the broader
scope of the Collateral to cover Intellectual Property; and (B) Borrower shall
execute and deliver, at Borrower’s sole cost and expense, all documents and
instruments reasonably necessary to perfect such Lien, including an Intellectual
Property Security Agreement, substantially the form attached hereto as Exhibit
“G”.

    

    If at any
time after Lender’s Lien includes Intellectual Property Borrower completes an
additional equity financing of at least Six Million Dollars ($6,000,000) that
funds Borrower for at least twelve (12) months, then so long as no Event of
Default has occurred and is then continuing, Lender agrees upon written request
of the Borrower that Lender shall release its Lien with respect to that portion
of the Collateral consisting of Intellectual Property, and upon such release of
Lien the provisions of Section 3(a) above shall become applicable.

    

    (c)           Reporting.  Borrower
agrees that it shall immediately notify Lender if Borrower’s Remaining Months
Liquidity has dropped below 6 months or an Event of Default
occurs.  Borrower further agrees to include a calculation of Remaining
Months Liquidity as part of each Compliance Certificate furnished to Lender
pursuant to Section 5.2(c) of the Loan and Security Agreement; provided,
however, that the inclusion of any such calculation shall not affect Borrower’s
obligations pursuant to the previous sentence.

    
      
         

      

      
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    “Remaining Months
Liquidity” means, as of any date of determination, the number of months
equal to (x) Unrestricted Cash (hereinafter defined), divided by (y) Borrower’s
average monthly net cash expenditures (including Loan repayments) during the 5
months immediately preceding the date of determination; and “Unrestricted
Cash” means,
as of any date of determination, Borrower’s cash on hand (which shall include
the proceeds of any Loans) and Cash Equivalents (hereinafter defined) which are
not subject to any Liens, other than Permitted Liens.  “Cash Equivalents”
means, as of any date of determination, the following assets or rights of
Borrower: (i) marketable direct obligations issued or unconditionally guaranteed
by the United States government having maturities of not more than 12 months
from the date of acquisition; and (ii) domestic certificates of deposit and time
deposits having maturities of not more than 12 months from the date of
acquisition, and overnight bank deposits, in each case issued by a commercial
bank organized under the laws of the United States or any state thereof which at
the time of acquisition are rated A-1 or better by Standard & Poor’s
Corporation (or equivalent), and not subject to any offset rights in favor of
such bank arising from any banking relationship with such bank.

    

    4.           Forbearance of Exercise of
Remedies Against Intellectual Property.

    

    (a)           Notwithstanding
anything to the contrary contained in Article 7 and 8 of the Loan and Security
Agreement or elsewhere in the Loan Documents (including any Intellectual
Property Security Agreement hereafter executed and delivered by Borrower
pursuant to Section 3 above), following the occurrence and during the
continuance of an Event of Default, other than an Event of Default under Section
7.1(c)(ii) or an Event of Default under Section 7.1(f) of the Loan and Security
Agreement, if at such time Lender has a Lien over Borrower’s Intellectual
Property, Lender agrees to forbear from selling, leasing, licensing or otherwise
disposing of any Collateral comprising Intellectual Property (“Intellectual Property
Collateral”) for a period of up to sixty (60) days after the occurrence
of such Event of Default (such period being referred to herein as a “Forbearance
Period”),
provided that at all times during the Forbearance Period:

    

    (i)           Borrower
shall continue to have a duly constituted and acting board of directors, and
executive management actively involved in Borrower’s operations who have not
resigned their positions;

    

    (ii)          Borrower
is able to demonstrate to Lender that Borrower is exercising on a continuous and
diligent basis reasonable commercial efforts to resolve such Event of Default or
consummate a financing or other transaction that will enable it to satisfy and
discharge its Obligations to Lender;

    

    (iii)         Borrower
shall cooperate with Lender in its exercise of rights under Sections 5.3 and
5.9(a) of the Loan and Security Agreement;

    

    (iv)         No
Insolvency Proceeding is commenced by or against Borrower; and

    

    (v)          No
Person who holds or acquires a Lien on or against all or any material portion of
the Intellectual Property Collateral actually exercises foreclosure or similar
remedies against such property.

    

    Subject
to paragraph (b) below, upon the non-occurrence of any of the events under
clauses (i) through (v) above, the Forbearance Period shall immediately and
automatically terminate and Lender may thereupon commence, continue and complete
any exercise of its rights and remedies against Intellectual Property
Collateral, all as provided in the Loan Documents and under applicable
law.

    
      
         

      

      
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    (b)  If during the
Forbearance Period, Lender proposes or arranges a private or public sale of all
or a material portion of the Intellectual Property Collateral (which sale shall
not be consummated during the Forbearance Period), Lender shall give notice of
such proposed sale to Borrower, including notice of the minimum price to be paid
or bid in such sale.  If Borrower’s Board of Director determines in
good faith that the proposed sale would not be commercially reasonable, then
Borrower may, within five (5) Business Days of receipt of the initial notice
from Lender, deliver a written objection, following which the parties agree to
meet promptly and to confer in good faith to resolve any disagreements as to
value or the proposed sale.  Unless the parties have otherwise agreed
as a result of such meet-and-confer, Borrower shall obtain, at its sole expense,
within thirty (30) days after the initial notice from Lender, a written
appraisal of the orderly liquidation value of the Intellectual Property,
prepared by a recognized, independent appraiser with experience evaluating
similar types of property (in which event, the 60-day limitation on the
Forbearance Period shall be extended if, and only as, necessary to afford
Borrower the full thirty (30) days to obtain such appraisal).  If such
appraisal is not timely delivered, or if the value concluded by the independent
appraisal is not more than one hundred twenty percent (120%) of the minimum
price or bid in any transaction proposed by Lender for the same Intellectual
Property Collateral, then Lender may proceed with the proposed transaction (but
not sooner than 60 days after the occurrence of an Event of Default unless
Borrower approves otherwise) on price terms not materially more favorable to the
transferee than originally proposed by Lender.  If the value concluded
by the independent appraisal is more than one hundred twenty percent (120%) of
the minimum price or bid in any transaction proposed by Lender, then the 60-day
limitation on the Forbearance Period (as may have been extended for the
appraisal as aforesaid) shall be extended and the parties shall cooperate with
one another to realize the higher valuation, provided that if the Forbearance
Period (as so extended) terminates for any reason other than that set forth in
clause (ii) of paragraph (a) above, Lender may thereupon commence, continue and
complete any exercise of its rights and remedies against Intellectual Property
Collateral, all as provided in the Loan Documents and under applicable law, and
in all events, Lender shall be free to enforce such rights and remedies and
complete one or more sales or other dispositions of the Intellectual Property
after the earlier of (i) one hundred twenty (120) days after the occurrence of
the Event of Default, or (ii) sixty (60) days after the delivery of the
appraisal report to Borrower.

    

    (c)  At any time during the
Forbearance Period, Lender will discontinue and forbear from enforcing its
rights and remedies against the Collateral upon tender to Lender by Borrower or
by another Person for its account all amounts payable under Section 2(a) of Part
2 hereunder.

    

    5.           Issuance of
Warrant.  As additional consideration for the making of the
Commitment, Lender has earned and is entitled to receive immediately upon the
execution of the Loan and Security Agreement and this Supplement, a warrant
instrument issued by Borrower substantially in the form attached hereto as Exhibit “D” (the
“Warrant”).  Borrower
acknowledges that Lender has assigned its rights to receive the Warrant to its
parent, Venture Lending & Leasing V, LLC (“LLC”).  In
connection therewith, Borrower shall issue the Warrant directly to
LLC.  Upon request of Borrower, Lender shall furnish to Borrower a
copy of the agreement in which Lender assigned the Warrant to LLC.

    

    6.           Commitment
Fee.  As an additional condition precedent under Section 4.1 of
the Loan and Security Agreement, Lender shall have completed to its satisfaction
its due diligence review of Borrower’s business and financial condition and
prospects and Lender’s investment committee shall have approved its
Commitment.  If this condition is not satisfied, the Thirty Thousand
Dollar ($30,000) commitment fee (the “Commitment Fee”)
previously paid by Borrower shall be refunded.  Lender agrees that
with respect to each Loan advanced by it under the Commitment, on the Borrowing
Date applicable to such Loan, Lender shall credit against the payments due from
Borrower on such date in respect of such Loan an amount equal to the product of
Thirty Thousand Dollars ($30,000) and a fraction, the numerator of which is the
principal amount of such Loan and the denominator of which is Three Million
Dollars ($3,000,000), until the aggregate amount of such credits equals but does
not exceed Thirty Thousand Dollars ($30,000).  Except as set forth in
this section, the Commitment Fee is not refundable.

    

    7.           Documentation Fee
Payment.  Pursuant to Section 9.8(a) of the Loan and Security
Agreement Borrower shall pay Lender, on demand, the total amount of Lender’s
actual costs and expenses incurred in connection with the preparation and
negotiation of the Loan Documents, including reasonable legal fees not to exceed
$15,000 and Lender’s actual costs and filing fees related to perfection of its
Liens.

    

    8.           Borrower’s Account and Wire
Transfer Instructions.  Borrower’s Primary Operating Account
and Wire Transfer Instructions shall be provided to Lender on or prior to the
Closing Date.

    
      
         

      

      
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    9.           Debits to Account for ACH
Transfers.  For purposes of Section 2.2 and 5.10 of the Loan
and Security Agreement, Borrower’s Primary Operating Account shall be the bank
account set forth in Section 8 above.  Borrower hereby agrees that
Loans will be advanced to the account specified above and regularly scheduled
monthly payments of principal and interest and any Final Payments will be
automatically debited from the same account.

    

    Part 3. - Additional
Representations:

    

    Borrower represents and warrants that
as of the Closing Date and each Borrowing Date:

    

    
      	
               
      

            	
              a)

            	
              Its
      chief executive office is located at: 1129 North McDowell Boulevard,
      Petaluma, CA 94954.

            

    

    

    
      	
               
      

            	
              b)

            	
              Its
      chief executive office is located at: 1129 North McDowell Blvd., Petaluma,
      CA 94954

            

    

    

    
      	
               
      

            	
              c)

            	
              Its
      Equipment is located at:  1129 North McDowell Blvd., Petaluma,
      CA 94954

            

    

    

    
      	
               
      

            	
              d)

            	
              Its
      Records are located at:  1129 North McDowell Blvd., Petaluma, CA
      94954

            

    

    

    
      	
               
      

            	
              e)

            	
              Its
      Inventory is located at 1129 North McDowell Blvd., Petaluma, CA 94954, and
      at various distributor warehouse sites and at the Borrowers’ premises, as
      referenced below.

            

    

    

    
      	
               
      

            	
              f)

            	
              In
      addition to its chief executive office, Borrower maintains offices or
      operates its business at the following
  locations:

            

    

    

    Aquamed
Technologies

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    

    MicroMed
Laboratories, Inc.

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    

    L3
Pharmaceuticals, Inc.

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    

    Oculus
Technologies of Mexico S.A. de C.V.

    Industria
Vidriera 81

    Fracc
Industrial Zapopan Norte

    Zapopan,
Jalisco

    México

    45130
(manufacturing and administration)

    

    Pedro
Martinez Rivas 861

    Parque
Industrial Belenes Norte

    Zapopan,
Jalisco

    México

    45150
(warehouse)

    
      
         

      

      
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    Oculus
Innovative Sciences Netherlands B.V.

    Nusterweg
123

    6136
KT  Sittard

    P.O. Box
5056

    6130
PB  Sittard

    The
Netherlands

    

    
      	
               
      

            	
              g)

            	
              Other
      than its full corporate name, Borrower has conducted business using the
      following trade names or fictitious business names: Micromed
      Laboratories

            

    

    

    
      	
               
      

            	
              h)

            	
              Borrower’s Federal Tax I.D.
      number is: 680423298

            

    

    

    
      	
               
      

            	
              i)

            	
              Borrower’s
      Delaware state corporation I.D. number is:
  4254674

            

    

    

    
      	
               
      

            	
              j)

            	
              Borrower
      is a majority owner of or in a control relationship with the following
      business entities:

            

    

    

    Aquamed
Technologies

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    

    MicroMed
Laboratories, Inc.

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    (corporation
formed but shares not yet issued)

    

    L3
Pharmaceuticals, Inc.

    1129 N.
McDowell Blvd.

    Petaluma,
CA 94954

    USA

    (corporation
formed but shares not yet issued)

    

    Oculus
Technologies of Mexico S.A. de C.V.

    Industria
Vidriera 81

    Fracc
Industrial Zapopan Norte

    Zapopan,
Jalisco

    México

    45130

    

    Oculus
Innovative Sciences Netherlands B.V.

    Nusterweg
123

    6136
KT  Sittard

    P.O. Box
5056

    6130
PB  Sittard

    The
Netherlands

    

    
      	
               
      

            	
              k)

            	
              Borrower’s Deposit and
      Securities Accounts:  Including the Primary Operating
      Account identified in Part 2, Section 8, it maintains certain Deposit
      Accounts and investment/securities accounts, which shall be provided to
      Lender on or prior to the Closing
Date.

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
       

    

    
      Exhibit
10.2

       
 

    

    
      [Signature
page to Supplement]

    

    

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

    

    
      
        	 
      	
                BORROWER:

              
	 
      	 
      
	 
      	
                OCULUS
      INNOVATIVE SCIENCES, INC.

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Robert E. Miller

              	 
      
	 
      	
                Name:

              	
                Robert
      E. Miller

              
	 
      	
                Title:

              	
                Chief
      Financial Officer

              

      

    

    

    
      
        	
                Address
      for Notices:

              	
                1129
      North McDowell Boulevard

              
	 
      	
                Petaluma,
      CA  94954

              

      

    

    
      
        
          	 
      	
                  Attn:

                	
                    Victoria Covel

                	 

        

      

    

    
      
        
          	 
      	
                  Fax
      #

                	
                     707-282-0551

                	 

        

      

    

    
      
        
          	 
      	
                  Phone
      #

                	
                     
    707-283-0550

                	 

        

      

    

    

    
      
        	 
      	
                LENDER:

              
	 
      	 
      
	 
      	
                VENTURE
      LENDING & LEASING V, INC.

              
	 
      	 
      
	 
      	
                By:

              	
                  /s/ Maurice Werdegar

              	 
      
	 
      	
                Name:

              	
                Maurice
      Werdegar

              
	 
      	
                Title:

              	
                President
      and CEO

              

      

    

    

    
      
        	
                Address
      for Notices:

              	
                2010
      North First Street, Suite 310

              
	 
      	
                San
      Jose, California 95131

              
	 
      	
                Attn:  Chief
      Financial Officer

              
	 
      	
                Fax
      # 408-436-8625

              
	 
      	
                Phone
      # 408-436-8577

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
“A-1”

    

    FORM OF
PROMISSORY NOTE

    FIRST
TRANCHE

    

    [Note No.
X-XXX]

    

    
      
        	
                $____________________

              	
                ____________________,
      2010

              
	 
      	
                San
      Jose, California

              

      

    

    

    The undersigned (“Borrower”) promises
to pay to the order of VENTURE LENDING & LEASING V, INC., a Maryland
corporation (“Lender”) at its
office at 2010 North First Street, Suite 310, San Jose, California 95131, or at
such other place as Lender may designate in writing, in lawful money of the
United States of America, the principal sum of ______________________________
Dollars ($__________), with interest thereon from the date hereof until
maturity, whether scheduled or accelerated, at a fixed rate per annum equal
to [the Prime Rate as published
on the Business Day on which Lender prepares this Note plus 6.75%, but in no
event less than 10.00%] (the “Designated Rate”),
except as otherwise provided herein, according to the payment schedule described
herein, and a Final Payment in the sum of [6.617% of face amount]
Dollars ($____________) payable on the date set forth below.

    

    This Note is one of the Notes referred
to in, and is entitled to all the benefits of, a Loan and Security Agreement
dated as of May 1, 2010, between Borrower and Lender (as amended, restated
and supplemented from time to time, the “Loan
Agreement”).  Each capitalized term not otherwise defined
herein shall have the meaning set forth in the Loan Agreement.  The
Loan Agreement contains provisions for the acceleration of the maturity of this
Note upon the happening of certain stated events.

    

    Principal of and interest on this Note
shall be payable as follows:

    

    On May 1,
2010, Borrower shall pay  interest only at a fixed
rate per annum equal to 10.00% (the “Interest-Only Rate”),
in advance, on the outstanding principal balance of this Note in the amount of
$_____________ for the month of May, 2010.

    

    Commencing on  June 1, 2010
and continuing on the first day of each month for seven months thereafter,
Borrower shall make payments, in advance, of interest only at the Interest-Only
Rate on the outstanding principal balance of this Note in the amount of
$_____________ each.

    

    Commencing on January 1, 2011, and
continuing on the first day of each consecutive month thereafter, principal and
interest at the Designated Rate shall be payable, in advance, in thirty (30)
equal consecutive installments of _________________________________ Dollars
($__________) each.

    

    The Final Payment and any unpaid
expenses, fees, interest and principal shall be due and payable on June 1,
2013.

    

    This Note may be voluntarily prepaid
only as permitted under Section 2 of Part 2 of the Supplement to the Loan
Agreement.

    

    Any unpaid payments of principal or
interest on this Note shall bear interest from their respective maturities,
whether scheduled or accelerated, at a rate per annum equal to the Default
Rate.  Borrower shall pay such interest on demand.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Interest, charges and fees shall be
calculated for actual days elapsed on the basis of a 360-day year, which results
in higher interest, charge or fee payments than if a 365-day year were
used.  In no event shall Borrower be obligated to pay interest,
charges or fees at a rate in excess of the highest rate permitted by applicable
law from time to time in effect.

    

    If Borrower is late in making any
payment under this Note by more than five (5) business days, Borrower agrees to
pay a “late charge” of five percent (5%) of the installment due, but not less
than fifty dollars ($50.00) for any one such delinquent payment.  This
late charge may be charged by Lender for the purpose of defraying the expenses
incidental to the handling of such delinquent amounts.  Borrower
acknowledges that such late charge represents a reasonable sum considering all
of the circumstances existing on the date of this Note and represents a fair and
reasonable estimate of the costs that will be sustained by Lender due to the
failure of Borrower to make timely payments.  Borrower further agrees
that proof of actual damages would be costly and inconvenient.  Such
late charge shall be paid without prejudice to the right of Lender to collect
any other amounts provided to be paid or to declare a default under this Note or
any of the other Loan Documents or from exercising any other rights and remedies
of Lender.

    

    This Note shall be governed by, and
construed in accordance with, the laws of the State of California without
reference to its conflict of laws principles.

    

    
      
        
          
            
              	 
      	
                      OCULUS
      INNOVATIVE SCIENCES, INC.

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Its:

                    	 
      

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
“A-2”

    

    FORM OF
PROMISSORY NOTE

    SECOND
TRANCHE

    

    [Note No.
X-XXX]

    

    
      
        	
                $____________________

              	
                ____________________,
      2010

              
	 
      	
                San
      Jose, California

              

      

    

    

    The undersigned (“Borrower”) promises
to pay to the order of VENTURE LENDING & LEASING V, INC., a Maryland
corporation (“Lender”) at its
office at 2010 North First Street, Suite 310, San Jose, California 95131, or at
such other place as Lender may designate in writing, in lawful money of the
United States of America, the principal sum of ______________________________
Dollars ($__________), with interest thereon from the date hereof until
maturity, whether scheduled or accelerated, at a fixed rate per annum equal
to [the Prime Rate as published
on the Business Day on which Lender prepares this Note plus 6.75%, but in no
event less than 10.00%] (the “Designated Rate”),
except as otherwise provided herein, according to the payment schedule described
herein, and a Final Payment in the sum of [6.617% of face amount]
Dollars ($____________) payable on the date set forth below.

    

    This Note is one of the Notes referred
to in, and is entitled to all the benefits of, a Loan and Security Agreement
dated as of May 1, 2010, between Borrower and Lender (as amended, restated
and supplemented from time to time, the “Loan
Agreement”).  Each capitalized term not otherwise defined
herein shall have the meaning set forth in the Loan Agreement.  The
Loan Agreement contains provisions for the acceleration of the maturity of this
Note upon the happening of certain stated events.

    

    Principal of and interest on this Note
shall be payable as follows:

    

    On the
Borrowing Date, Borrower shall pay [(i) if the Borrowing
Date is not the first day of the month:  interest only at a
fixed rate per annum equal to 13.00%, in advance, on the outstanding principal
balance of this Note for the period from the Borrowing Date through    [the last
day of the same month]___; and (ii)] interest only at a fixed
rate per annum equal to 10.00% (the “Interest-Only Rate”),
in advance, on the outstanding principal balance of this Note in the amount of
$_____________ for the month of [date of
first regular interest only installment].

    

    Commencing on the first day of the
second full month after the Borrowing Date, and continuing on the first day of
the third, fourth, fifth and sixth months thereafter, Borrower shall make
payments, in advance, of interest only at the Interest-Only Rate on the
outstanding principal balance of this Note in the amount of $_____________
each.

    

    Commencing on [the
first day of the seventh full month after the Borrowing Date], and
continuing on the first day of each consecutive month thereafter, principal and
interest at the Designated Rate shall be payable, in advance, in thirty (30)
equal consecutive installments of _________________________________ Dollars
($__________) each.

    

    The Final Payment and any unpaid
expenses, fees, interest and principal shall be due and payable on [the same
date of the last amortized payment].

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    This Note may be voluntarily prepaid
only as permitted under Section 2 of Part 2 of the Supplement to the Loan
Agreement.

    

    Any unpaid payments of principal or
interest on this Note shall bear interest from their respective maturities,
whether scheduled or accelerated, at a rate per annum equal to the Default
Rate.  Borrower shall pay such interest on demand.

    

    Interest, charges and fees shall be
calculated for actual days elapsed on the basis of a 360-day year, which results
in higher interest, charge or fee payments than if a 365-day year were
used.  In no event shall Borrower be obligated to pay interest,
charges or fees at a rate in excess of the highest rate permitted by applicable
law from time to time in effect.

    

    If Borrower is late in making any
payment under this Note by more than five (5) business days, Borrower agrees to
pay a “late charge” of five percent (5%) of the installment due, but not less
than fifty dollars ($50.00) for any one such delinquent payment.  This
late charge may be charged by Lender for the purpose of defraying the expenses
incidental to the handling of such delinquent amounts.  Borrower
acknowledges that such late charge represents a reasonable sum considering all
of the circumstances existing on the date of this Note and represents a fair and
reasonable estimate of the costs that will be sustained by Lender due to the
failure of Borrower to make timely payments.  Borrower further agrees
that proof of actual damages would be costly and inconvenient.  Such
late charge shall be paid without prejudice to the right of Lender to collect
any other amounts provided to be paid or to declare a default under this Note or
any of the other Loan Documents or from exercising any other rights and remedies
of Lender.

    

    This Note shall be governed by, and
construed in accordance with, the laws of the State of California without
reference to its conflict of laws principles.

    

    
      
        
          
            
              	 
      	
                      OCULUS
      INNOVATIVE SCIENCES, INC.

                    
	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Its:Exhibit
10.3

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD
OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A
FORM REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

     

    Date of
Issuance: May 1, 2010

    

    WARRANT
TO PURCHASE

    

    SHARES OF
COMMON STOCK OF

    

    OCULUS
INNOVATIVE SCIENCES, INC.

    

    (Void
after November 30, 2017)

    _______________________________________________

    

    This certifies that VENTURE LENDING
& LEASING V, LLC, a Delaware limited liability company, or assigns (the
“Holder”), for
value received, is entitled to purchase from OCULUS INNOVATIVE SCIENCES, INC., a
Delaware corporation (the “Company”), the
Applicable Number (hereinafter defined) of fully paid and nonassessable shares
of Company’s common stock (the “Shares”), for cash,
at a purchase price per share (the “Stock Purchase
Price”) equal to $2.00. Holder may also exercise this Warrant on a
cashless or “net issuance” basis as described in Section 1(b) below, and this
Warrant shall be deemed to have been exercised in full on such basis on the
Expiration Date (hereinafter defined), to the extent not fully exercised prior
to such date.  The Stock Purchase Price and the number of shares
purchasable hereunder are subject to further adjustment as provided in Section 4
of this Warrant.  This Warrant is issued in connection with the Loan
and Security Agreement of even date herewith (as amended, restated and
supplemented from time to time, the “Loan Agreement”),
between Company, as borrower, and Venture Lending & Leasing V, Inc., a
subsidiary of Holder, as lender (“Lender”).  Capitalized terms used
herein and not otherwise defined in this Warrant shall have the meaning(s)
ascribed to them in the Loan Agreement, unless the context would otherwise
require.  The “Applicable Number” of
shares purchasable hereunder shall be the number obtained by dividing (X) the
sum of (i) $333,334, plus (ii) if the Company satisfies the Second Tranche
Milestone, $166,666, by (Y) the Stock Purchase Price.  If in any case
such number includes a fraction, the fraction shall be adjusted to the closest
integral number.  

     

    This Warrant may be exercised at any
time or from time to time up to and including 5:00 p.m.  (Pacific
time) on November 30, 2017 (the “Expiration Date”),
upon surrender to the Company at its principal office at 1129 North McDowell
Blvd., Petaluma, California 94954 (or at such other location as the Company may
advise Holder in writing) of this Warrant properly endorsed with the Form of
Subscription attached hereto duly filled in and signed and upon payment in cash
or by check of the aggregate Stock Purchase Price for the number of shares for
which this Warrant is being exercised determined in accordance with the
provisions hereof.

     

    This Warrant is subject to the
following terms and conditions:

     

    
      1.          
Exercise; Issuance of
Certificates; Payment for Shares.

    

    

    (a)          Unless
an election is made pursuant to clause (b) of this Section 1, this Warrant shall
be exercisable at the option of the Holder, at any time or from time to time, on
or before the Expiration Date for all or any portion of the Shares (but not for
a fraction of a Share) which may be purchased hereunder for the Stock Purchase
Price multiplied by the number of Shares to be purchased.  The Company
agrees that the Shares purchased under this Warrant shall be and are deemed to
be issued to the Holder hereof as the record owner of such Shares as of the
close of business on the date on which the Form of Subscription attached hereto
shall have been delivered and payment made for such Shares. Subject to the
provisions of Section 2, certificates for the Shares so purchased, together with
any other securities or property to which the Holder hereof is entitled upon
such exercise, shall be delivered to the Holder hereof by the Company at the
Company’s expense within a reasonable time after the rights represented by this
Warrant have been so exercised.  Except as provided in clause (b) of
this Section 1, in case of a purchase of less than all the Shares which may be
purchased under this Warrant, the Company shall cancel this Warrant and execute
and deliver a new Warrant or Warrants of like tenor for the balance of the
Shares purchasable under this Warrant surrendered upon such purchase to the
Holder hereof within a reasonable time.  Each warrant so delivered
shall be in such denominations as may be requested by the Holder hereof and
shall be registered in the name of such Holder or such other name as shall be
designated by such Holder, subject to the limitations contained in Section
2.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (b)          The
Holder, in lieu of exercising this Warrant by the cash payment of the Stock
Purchase Price pursuant to clause (a) of this Section 1, may elect, at any time
on or before the Expiration Date, to surrender this Warrant and receive that
number of  Shares computed using the following formula:

    

    

     

    
      
      

    

    
      
        	
                Where:

              	

                X

              	

                =

              	

                the
      number of Shares to be issued to
Holder.

              

      

    

     

    
      	
               
      

            	
              Y

            	
              =

            	
              the
      number of Shares that Holder would otherwise have been entitled to
      purchase hereunder pursuant to Section 1(a) (or such lesser number of
      Shares as Holder may designate in the case of a partial exercise of this
      Warrant).

            

    

     

    
      	
               
      

            	
              A

            	
              =

            	
              the
      Per Share Price (as defined in Section 1(c) below) of one (1) Share at the
      time the net issuance election under this Section 1(b) is
      made.

            

    

     

    
      	
               
      

            	
              B

            	
              =

            	
              the
      Stock Purchase Price then in
effect.

            

    

     

    Election
to exercise under this Section 1(b) may be made by delivering a signed form of
subscription to Company via facsimile, to be followed by delivery of this
Warrant.  Notwithstanding anything to the contrary contained in this
Warrant, if as of the close of business on the last business day preceding the
Expiration Date this Warrant remains unexercised as to all or a portion of the
Shares purchasable hereunder, then effective as of 9:00 a.m.  (Pacific
time) on the Expiration Date, Holder shall be deemed, automatically and without
need for notice to the Company, to have elected to exercise this Warrant in full
pursuant to the provisions of this Section 1(b), and upon surrender of this
Warrant shall be entitled to receive that number of Shares computed using the
above formula, provided that the application of such formula as of the
Expiration Date yields a positive number for “X”.

    

    (c)          For
purposes of Section 1(b), “Per Share Price”
means:

     

    (i)           If
Company’s Shares are traded on a securities exchange or actively traded
over-the-counter:

     

    (1)           If
Company’s Shares are traded on a securities exchange, the Per Share Price shall
be deemed to be the closing price of Company’s Shares as quoted on any exchange,
as published in the Western Edition of The Wall Street Journal for the trading
day immediately prior to the date of Holder’s election
hereunder.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    (2)           If
Company’s Shares are actively traded over-the-counter, the Per Share Price shall
be deemed to be the closing bid or sales price, whichever is applicable, of the
Shares for the trading day immediately prior to the date of the Holder’s
election hereunder.

     

    (ii)          If
(i) is not applicable, the Per Share Price shall be determined in good faith by
the Board of Directors of Company based on relevant facts and circumstances at
the time of the net exercise under Section 1(b), including in the case of a
Change of Control (as defined in Section 4.3(a) hereof), the consideration
receivable by the holders of the Shares in such Change of Control and the
liquidation preference (including any declared but unpaid dividends), if any,
then applicable to the Shares.

     

    2.           Limitation on
Transfer.

    

    (a)          This
Warrant and the Shares shall not be transferable except upon the conditions
specified in this Section 2, which conditions are intended to ensure compliance
with the provisions of the Securities Act.  Each holder of this
Warrant or the Shares issuable hereunder will cause any proposed transferee of
the Warrant or Shares to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Section
2.  Notwithstanding the foregoing and any other provision of this
Section 2, Holder may freely transfer all or part of this Warrant or the Shares
issuable upon exercise of this Warrant at any time to any lender transferee of a
portion of the loan commitment of Lender under the Loan Agreement, by giving
Company notice of the portion of the Warrant being transferred setting forth the
name, address and taxpayer identification number of the transferee and
surrendering this warrant to Company for reissuance to the transferees(s) (and
Holder, if applicable).

     

    (b)          Each
certificate representing (i) this Warrant, (ii) the Shares, and (iii) any other
securities issued in respect to the Shares upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall (unless
otherwise permitted by the provisions of this Section 2 or unless such
securities have been registered under the Securities Act or sold under Rule 144)
be stamped or otherwise imprinted with a legend substantially in the following
form (in addition to any legend required under applicable state securities
laws):

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF,
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES
LAWS.  SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

     

    (c)          The
Holder of this Warrant and each person to whom this Warrant is subsequently
transferred (as permitted hereunder) represents and warrants to the Company (by
acceptance of such transfer) that it will not transfer this Warrant (or
securities issuable upon exercise hereof unless a registration statement under
the Securities Act was in effect with respect to such securities at the time of
issuance thereof) except pursuant to (i) an effective registration statement
under the Securities Act, (ii) Rule 144 under the Securities Act (or any other
rule under the Securities Act exempting the disposition of securities from
registration), or (iii) an opinion of counsel, reasonably satisfactory to
counsel for the Company, that an exemption from such registration is
available.

    

    3.           Shares to be Fully Paid;
Reservation of Shares. The Company covenants and agrees that all Shares
which may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable and free from all preemptive rights of any stockholder and free of
all taxes, liens and charges with respect to the issue thereof.  The
Company further covenants and agrees that during the period within which the
rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved, for the purpose of issue or transfer upon
exercise of the subscription rights evidenced by this Warrant, a sufficient
number of shares of authorized but unissued Shares, or other securities and
property, when and as required to provide for the exercise of the rights
represented by this Warrant.  The Company will take all such action as
may be necessary to assure that such Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of
any domestic securities exchange upon which the Shares may be
listed.  The Company will not take any action which would result in
any adjustment of the Stock Purchase Price (as defined in Section 4 hereof) (i)
if the total number of Shares issuable after such action upon exercise of all
outstanding warrants, together with all Shares then outstanding and all Shares
then issuable upon exercise of all options and upon the conversion of all
convertible securities then outstanding, would exceed the total number of Shares
then authorized by the Company’s Articles of Incorporation, (ii) if the par
value per Share would exceed the Stock Purchase Price.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    4.           Adjustment of Stock Purchase
Price and Number of Shares.  The Stock Purchase Price and the
number of shares purchasable upon the exercise of this Warrant shall be subject
to adjustment from time to time upon the occurrence of certain events described
in this Section 4.  Upon each adjustment of the Stock Purchase Price,
the Holder of this Warrant shall thereafter be entitled to purchase, at the
Stock Purchase Price resulting from such adjustment, the number of shares
obtained by multiplying the Stock Purchase Price in effect immediately prior to
such adjustment by the number of shares purchasable pursuant hereto immediately
prior to such adjustment, and dividing the product thereof by the Stock Purchase
Price resulting from such adjustment.

    

    4.1          Subdivision or Combination
of Stock.  Without duplication of any provision in the
Company’s Articles of Incorporation, as amended, in case the Company shall at
any time subdivide its outstanding Shares into a greater number of shares, the
Stock Purchase Price in effect immediately prior to such subdivision shall be
proportionately reduced, and conversely, in case the outstanding Shares shall be
combined into a smaller number of shares, the Stock Purchase Price in effect
immediately prior to such combination shall be proportionately
increased.

    

    4.2          Dividends in Shares, Other
Stock, Property, Reclassification.  If at any time or from time
to time the holders of Shares (or any shares of stock or other securities at the
time receivable upon the exercise of this Warrant) shall have received or become
entitled to receive, without payment therefor,

    

    (a)          Shares,
or any shares of stock or other securities whether or not such securities are at
any time directly or indirectly convertible into or exchangeable for Shares, or
any rights or options to subscribe for, purchase or otherwise acquire any of the
foregoing by way of dividend or other distribution, or

    

    (b)         any
cash paid or payable otherwise than as a cash dividend, or

    

    (c)          Shares
or other or additional stock or other securities or property (including cash) by
way of spin off, split-up, reclassification, combination of shares or similar
corporate rearrangement, (other than Shares issued as a stock split, adjustments
in respect of which shall be covered by the terms of Section 4.1
above),

    

    then and
in each such case, the Holder hereof shall, upon the exercise of this Warrant,
be entitled to receive, in addition to the number of Shares receivable
thereupon, and without payment of any additional consideration therefore, the
amount of stock and other securities and property (including cash in the cases
referred to in clauses (b) and (c) above) which such Holder would hold on the
date of such exercise had it been the holder of record of such Shares as of the
date on which holders of Shares received or became entitled to receive such
shares and/or all other additional stock and other securities and
property.

    

    4.3          Change of
Control.

     

    (a)           In
the event of a Change of Control (as hereinafter defined), this Warrant shall be
automatically exchanged for a number of shares of Company’s securities, such
number of shares being equal to the maximum number of shares issuable pursuant
to the terms hereof (after taking into account all adjustments described herein)
had Holder elected to exercise this Warrant immediately prior to the closing of
such Change of Control and purchased all such shares pursuant to the cash
exercise provision set forth in Section 1(a) hereof (as opposed to the cashless
exercise provision set forth in Section 1(b)).  Company acknowledges and
agrees that Holder shall not be required to make any additional payment (cash or
otherwise) for such shares as further consideration for their issuance pursuant
to the terms of the preceding sentence.  “Change of Control”
shall mean any sale, license, or other disposition of all or substantially all
of the assets of Company, or any reorganization, privatization, consolidation,
or merger of Company where the holders of Company’s securities before the
transaction beneficially own less than 50% of the outstanding voting securities
of the surviving entity after the transaction.  This Warrant shall
terminate upon Holder’s receipt of the number of shares of the Company’s equity
securities described in this Section 4.3(a).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b)           Notwithstanding
anything to the contrary set forth in Section 4.3(a), at the first to occur of:
(i) a Change of Control, (ii) the Company’s having closed a round of equity
financing equal to or exceeding $15,000,000 in aggregate additional equity (a
round of equity financing is defined as a transaction or a series of
transactions with substantially the same terms and excludes the exercise or
conversion of any securities outstanding on the day the Warrant is issued), or
(iii) March 31, 2014 (each, a “Put Event”), at
Holder’s option, Holder may elect, within sixty (60) days of such Put Event, to
surrender this Warrant in full to Company in exchange for a cash payment in an
amount equal to the sum of: (x) $500,000 and (y) if the Company satisfies the
Second Tranche Milestone, $250,000.

    

    4.4          Intentionally
Omitted.

    

    4.5          Notice of
Adjustment.  Upon any adjustment of the Stock Purchase Price of
more than 5% of the existing stock purchase price, and/or any increase or
decrease in the number of shares purchasable upon the exercise of this Warrant
the Company shall give written notice thereof, by first class mail, postage
prepaid, addressed to the registered holder of this Warrant at the address of
such holder as shown on the books of the Company.  The notice, which
may be substantially in the form of Exhibit “A” attached hereto, shall be signed
by the Company’s chief financial officer and shall state the Stock Purchase
Price resulting from such adjustment and the increase or decrease, if any, in
the number of shares purchasable at such price upon the exercise of this
Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

    

    4.6          Other
Notices.  If at any time:

    

    (a)         the
Company shall declare any cash dividend upon its Shares;

    

    (b)         the
Company shall declare any dividend upon its Shares payable in stock or make any
special dividend or other distribution to the holders of its
Shares;

    

    (c)         the
Company shall offer for subscription pro rata to the holders of its Shares any
additional shares of stock of any class or other rights;

    

    (d)         there
shall be any capital reorganization or reclassification of the capital stock of
the Company, or consolidation or merger of the Company with, or sale of all or
substantially all of its assets to, another entity;

    

    (e)         there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of
the Company; or

    

    (f)          the
Company shall take or propose to take any other action, notice of which is
actually provided to holders of the Shares;

    

    then, in
any one or more of said cases, the Company shall give, by first class mail,
postage prepaid, addressed to the Holder of this Warrant at the address of such
Holder as shown on the books of the Company, (i) at least 20 day’s prior written
notice of the date on which the books of the Company shall close or a record
shall be taken for such dividend, distribution or subscription rights or for
determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, or other action and (ii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, or other action, at least 20 day’s written notice of the date when
the same shall take place.  Any notice given in accordance with the
foregoing clause (i) shall also specify, in the case of any such dividend,
distribution or subscription rights, the date on which the holders of Shares
shall be entitled thereto.  Any notice given in accordance with the
foregoing clause (ii) shall also specify the date on which the holders of Shares
shall be entitled to exchange their Shares for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding-up, or other action as the case may
be.  In addition, the Company shall notify the Holder if the Company
satisfies the Second Tranche Milestone, such notice to be provided as soon as
possible following such satisfaction.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    4.7          Certain
Events.  If any change in the outstanding Shares of the Company
or any other event occurs as to which the other provisions of this Section 4 are
not strictly applicable and the Board of Directors in good faith believes that
an adjustment is necessary to effect the essential intent and principles with
the adjustment provisions of this Warrant or if the provisions of this Section 4
are strictly applicable to an event but the application of such provisions would
not fairly effect the adjustments to this Warrant in accordance with the
essential intent and principles of such provisions, then the Board of Directors
of the Company shall make in good faith an adjustment in the number and class of
shares issuable under this Warrant, the Stock Purchase Price and/or the
application of such provisions, in accordance with such essential intent and
principles, so as to protect such purchase rights as aforesaid.  The
adjustment shall be such as will give the Holder of this Warrant upon exercise
for the same aggregate Stock Purchase Price the total number, class and kind of
shares as the Holder would have owned had this Warrant been exercised prior to
the event and had the Holder continued to hold such shares until after the event
requiring adjustment.

    

    5.           Issue
Tax.  The issuance of certificates for Shares upon the exercise
of this Warrant shall be made without charge to the Holder of this Warrant for
any issue tax in respect thereof; provided, however, that the Company shall not
be required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than
that of the then Holder of this Warrant being exercised.

    

    6.           Closing of
Books.   The Company will at no time close its transfer
books against the transfer of this Warrant or of any Shares issued or issuable
upon the exercise of this Warrant in any manner which interferes with the timely
exercise of this Warrant, unless required by applicable law or regulation, or to
avoid the violation of any applicable law or regulation..

    

    7.           No Voting or Dividend
Rights; Limitation of Liability.  Nothing contained in this
Warrant shall be construed as conferring upon the Holder hereof the right to
vote or to consent as a stockholder in respect of meetings of stockholders for
the election of directors of the Company or any other matters or any rights
whatsoever as a stockholder of the Company.  No dividends or interest
shall be payable or accrued in respect of this Warrant or the interest
represented hereby or the shares purchasable hereunder until, and only to the
extent that, this Warrant shall have been exercised.  No provisions
hereof, in the absence of affirmative action by the Holder to purchase Shares,
and no mere enumeration herein of the rights or privileges of the Holder hereof,
shall give rise to any liability of such Holder for the Stock Purchase Price or
as a stockholder of the Company, whether such liability is asserted by the
Company or by its creditors.

    

    
      8.          
Intentionally
Omitted.

    

    

    9.           Registration
Rights.  Holder hereof shall be entitled, with respect to the
Shares issued upon exercise hereof, to all of the registration rights set forth
in Section 8 of the Purchase Agreement dated as of February 6, 2009(as amended,
restated or modified from time to time, the “Purchase Agreement”),
to the same extent and on the same terms and conditions as possessed by the
major institutional investors thereunder.  Company shall take such
action as may be reasonably necessary to assure that the granting of such
registration rights to Holder does not violate the provisions of the Purchase
Agreement or any of Company’s charter documents or rights of prior grantees of
registration rights.  Notwithstanding the foregoing, (a) Holder agrees
that it will have piggyback rights and not demand rights such that it will not
have any right to ask, demand or require that the Company file a registration
statement on its behalf; and (b) Holder agrees to relinquish its piggyback
registration rights in connection with any registration statement with respect
to which the U.S. Securities and Exchange Commission notifies the Company that
the securities proposed to be registered therein exceeds the number of
securities which can be registered in a valid secondary offering under Rule 415
of the Securities Act of 1933, and Holder acknowledges that it may be required
to relinquish all of its rights prior to other selling shareholders
relinquishing their rights.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    10.         Rights and Obligations
Survive Exercise of Warrant.  The rights and obligations of the
Company, of the Holder of this Warrant and of the holder of Shares issued upon
exercise of this Warrant, contained in Sections 6 and 9 shall survive the
exercise of this Warrant.

     

    11.         Modification and
Waiver.  This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the same is sought.

     

    12.         Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder hereof or the Company shall be deemed to have been given (i) upon
receipt if delivered personally or by courier (ii) upon confirmation of receipt
if by telecopy or (iii) three business days after deposit in the US mail, with
postage prepaid and certified or registered, to each such Holder at its address
as shown on the books of the Company or to the Company at the address indicated
therefor in the first paragraph of this Warrant.

     

    13.         Survival.  All
of the obligations of the Company relating to the Shares issuable upon the
exercise of this Warrant shall survive the exercise and termination of this
Warrant.  All of the covenants and agreements of the Company shall
inure to the benefit of the successors and assigns of the Holder
hereof.  The Company will, at the time of the exercise of this
Warrant, in whole or in part, upon request of the Holder hereof and at the
Holder’s expense, acknowledge in writing its continuing obligation to the Holder
hereof in respect of any rights (including, without limitation, any right to
registration of the Shares) to which the Holder hereof shall continue to be
entitled after such exercise in accordance with this Warrant; provided, that the
failure of the Holder hereof to make any such request shall not affect the
continuing obligation of the Company to the Holder hereof in respect of such
rights.

    

    14.         Descriptive Headings and
Governing Law.  The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do
not constitute a part of this Warrant.  This Warrant shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of California.

     

    15.         Lost Warrants or Stock
Certificates.  The Company represents and warrants to the
Holder hereof that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction, or mutilation of any Warrant or stock
certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company at Holder’s expense will make and deliver a new Warrant
or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant or stock certificate.

    

    16.         Fractional
Shares.  No fractional shares shall be issued upon exercise of
this Warrant.  The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the then effective Stock Purchase Price.

     

    17.         Representations of
Holder.  With respect to this Warrant, Holder represents and
warrants to the Company as follows:

    

    17.1        Experience.  It
is an “accredited investor” as that term is defined in Rule 501 (a) promulgated
under the Securities Act of 1933, as amended; is experienced in evaluating and
investing in companies engaged in businesses similar to that of the
Company;  it understands that investment in this Warrant involves
substantial risks; it has made detailed inquiries concerning the Company, its
business and services, its officers and its personnel; the officers of the
Company have made available to Holder any and all written information it has
requested; the officers of the Company have answered to Holder’s satisfaction
all inquiries made by it; in making this investment it has relied upon
information made available to it by the Company; and it has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of investment in the Company and it is able to bear the
economic risk of that investment.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    17.2        Investment.  It
is acquiring this Warrant for investment for its own account and not with a view
to, or for resale in connection with, any distribution thereof.  It
understands that this Warrant and the Shares issuable upon exercise thereof have
not been registered under the Securities Act, nor qualified under applicable
state securities laws.

    

    17.3        Rule
144.  It acknowledges that this Warrant and the Shares must be
held indefinitely unless they are subsequently registered under the Securities
Act or an exemption from such registration is available.  It has been
advised or is aware of the provisions of Rule 144 promulgated under the
Securities Act.

    

    17.4        Access to
Data.  It has had an opportunity to discuss the Company’s
business, management and financial affairs with the Company’s management and has
had the opportunity to inspect the Company’s facilities.

    

    18.         Additional Representations
and Covenants of the Company.  The Company hereby represents,
warrants and agrees as follows:

     

    18.1        Corporate
Power.  The Company has all requisite corporate power and
corporate authority to issue this Warrant and to carry out and perform its
obligations hereunder.

    

    18.2        Authorization.  All
corporate action on the part of the Company, its directors and stockholders
necessary for the authorization, execution, delivery and performance by the
Company of this has been taken.  This Warrant is a valid and binding
obligation of the Company, enforceable in accordance with its
terms.

    

    18.3        Offering.  Subject
in part to the truth and accuracy of Holder’s representations set forth in
Section 17 hereof, the offer, issuance and sale of this Warrant is, and the
issuance of Shares upon exercise of this Warrant will be exempt from the
registration requirements of the Securities Act, and are exempt from the
qualification requirements of any applicable state securities laws; and neither
the Company nor anyone acting on its behalf will take any action hereafter that
would cause the loss of such exemptions.

     

    18.4        Listing; Stock
Issuance.  The Company shall secure and maintain the listing of
the Shares issuable upon exercise of this Warrant upon each securities exchange
or over-the-counter market upon which the Company’s Shares are  listed
or quoted.  Upon exercise of this Warrant, the Company will use its
best efforts to cause stock certificates representing the Shares purchased
pursuant to the exercise to be issued in the names of Holder, its nominees or
assignees, as appropriate at the time of such exercise.

    

    18.5        Certificate and
By-Laws.  The Company has made available to Holder true and
complete copies of the Company’s Certificate of Incorporation, By-Laws, and each
Certificate of Designation or other charter document setting, forth any rights,
preferences and privileges of Company’s capital stock, each as amended and in
effect on the date of issuance of this Warrant.

    

    18.6        Intentionally
Omitted.

    

    18.7        Financial and Other
Reports.  From time to time up to the earlier of the Expiration
Date or the complete exercise of this Warrant, the Company shall furnish to
Holder (i) upon delivery to the Company’s Board of Directors, an audited balance
sheet and statement of changes in financial position at and as of the end of
such fiscal year, together with an audited statement of income for such fiscal
year; (ii) within 45 days after the close of each fiscal quarter of the Company,
an unaudited balance sheet and statement of cash flows at and as of the end of
such quarter, together with an unaudited statement of income for such quarter
and a capitalization table; and (iii) promptly after sending, making available,
or filing, copies of all reports, proxy statements, and financial statements
that the Company sends or makes available to its stockholders and all
registration statements and reports that the Company files with the SEC or any
other governmental or regulatory authority.  In addition, Company
agrees to provide Holder at any time and from time to time with such information
as Holder may reasonably request for purposes of Holder’s compliance with
regulatory, accounting and reporting requirements applicable to
Holder.  Notwithstanding the foregoing, the Company shall not be
required to furnish to Holder the financial information described in this
Section 18.7 in the event such financial information has been previously
delivered to Lender pursuant to the Loan Agreement.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    [Remainder
of this page intentionally left blank; signature page follows]

    

    IN WITNESS WHEREOF, the Company has
caused this Warrant to be duly executed by its officer, thereunto duly
authorized as of the date of issuance set forth on the first page
hereof.

    

    OCULUS
INNOVATIVE SCIENCES, INC

     

    
      
        
          	
                  By:

                	
                  /s/ Robert E. Miller

                
	
                  Name:

                	
                  Robert E. Miller

                
	
                  Title:

                	
                    Chief Financial
    Officer

                

        

      

    

     

    
      
        
          	
                  VENTURE
      LENDING & LEASING V, LLC,

                
	
                  a
      Delaware limited liability company

                
	 
      	 
      	 
      
	
                  By:

                	
                  Westech
      Investment Advisors, Inc.,

                
	 
      	
                  a
      California corporation

                
	
                  Its:

                	
                  Managing
      Member

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Maurice Werdegar

                
	 
      	
                  Name:

                	
                  Maurice Werdegar

                
	 
      	
                  Title:

                	
                    President and
  CEO

                

        

      

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    FORM OF
SUBSCRIPTION

    

    (To be
signed only upon exercise of Warrant)

    

    To:           OCULUS
INNOVATIVE SCIENCES, INC.

    

    
      	
               ̈

            	
              The
      undersigned, the holder of the within Warrant, hereby irrevocably elects
      to exercise the purchase right represented by such Warrant for, and to
      purchase thereunder, (1) See Below ________________ (_____)shares (the
      “Shares”) of Stock of __________ and herewith makes payment of
      _____________ Dollars ($________) therefor, and requests that the
      certificates for such shares be issued in the name of, and delivered to,
      _________, whose address is
___________.

            

    

     

    
      	
               ̈

            	
              The
      undersigned hereby elects to convert ______ percent (__%) of the value of
      the Warrant pursuant to the provisions of Section 1(b) of the
      Warrant.

            

    

     

    The
undersigned acknowledges that it has reviewed the representations and warranties
contained in Section 17 of this Warrant and by its signature below hereby makes
such representations and warranties to the Company.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          Dated

                                                        	
                                                          ______________________

                                                        	    
      
	
                                                          Holder:

                                                        	
                                                          ______________________

                                                        	    
      
	
                                                          By:

                                                        	
                                                          ______________________

                                                        	    
      
	
                                                          Its:

                                                        	
                                                          ______________________

                                                        	    
      
	 
      	 
      	 
	
                                                          (Address)

                                                        	 
	

                                                          ___________________________

                                                        	    
      
	

                                                          ___________________________

                                                        	    
      

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      	
              (1)

            	
              Insert
      here the number of shares called for on the face of the Warrant (or, in
      the case of a partial exercise, the portion thereof as to which the
      Warrant is being exercised), in either case without making any adjustment
      for additional Shares or any other stock or other  securities or
      property or cash which, pursuant to the adjustment provisions of the
      Warrant, may be issuable upon
exercise.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ASSIGNMENT

    

    FOR VALUE
RECEIVED, the undersigned, the holder of the within Warrant, hereby sells,
assigns and transfers all of the rights of the undersigned under the within
Warrant, with respect to the number of Shares covered thereby set forth herein
below, unto:

     

    
      
        
          
            
              
                
                  	
                          Name
      of Assignee

                        	 	
                          Address

                        	 	
                          No.
      of Shares

                        
	 
      	 	 
      	 	 
      

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          Dated

                                        	
                                          ______________________

                                        	     
      
	
                                          Holder:

                                        	
                                          ______________________

                                        	   
      
	
                                          By:

                                        	
                                          ______________________

                                        	   
      
	
                                          Its:

                                        	
                                          ______________________

                                        	    
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
"A"

    

    [On letterhead of the
Company]

    

    

    Reference is hereby made to that
certain Warrant dated May 1, 2010, issued by OCULUS INNOVATIVE SCIENCES, INC, a
Delaware corporation (the "Company"), to VENTURE LENDING & LEASING V, INC.,
a Maryland corporation (the "Holder").

    

    [IF APPLICABLE]  The Warrant
provides that the actual number of shares of the Company's capital stock
issuable upon exercise of the Warrant and the initial exercise price per share
are to be determined by reference to one or more events or conditions subsequent
to the issuance of the Warrant.  Such events or conditions have now
occurred or lapsed, and the Company wishes to confirm the actual number of
shares issuable and the initial exercise price.  The provisions of
this Supplement to Warrant are incorporated into the Warrant by this reference,
and shall control the interpretation and exercise of the Warrant.

    

    [IF APPLICABLE]  Notice is
hereby given pursuant to Section 4.5 of the Warrant that the following
adjustment(s) have been made to the Warrant:  [describe adjustments,
setting forth details regarding method of calculation and facts upon which
calculation is based].

    

    This certifies that the Holder is
entitled to purchase from the Company __________________________ (____________)
fully paid and nonassessable shares of the Company's _________ Stock at a price
of _________________________ Dollars ($__________) per share (the "Stock
Purchase Price").  The Stock Purchase Price and the number of shares
purchasable under the Warrant remain subject to adjustment as provided in
Section 4 of the Warrant.

    

    Executed this ___ day of
________________, 20____.

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                OCULUS
      INNOVATIVE SCIENCES, INC

                              	 
	 
      	 
      	 
	
                                By:

                              	 
      	 
	 
      	 
      	 
	
                                Name:

                              	 
      	 
	 
      	 
      	 
	
                                Title:

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