Document:

EXHIBIT 10.1

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of June 29, 2006 (Korean Standard Time), by and between VaxGen, Inc., a Delaware corporation (the “Company”), on the one hand, and Nexol Co., Ltd., a Korean corporation (“Nexol”), Nexol Biotech Co., Ltd., a Korean corporation (“Nexol Bio”), Nexol Venture Capital Co., Ltd., a Korean corporation (“Nexol Venture”), on the other hand. Each of Nexol, Nexol Bio and Nexol Venture is an “Initial Purchaser” and together are the “Initial
Purchasers” and each of the Company, Nexol, Nexol Bio and Nexol Venture is a “Party” and together are the “Parties”.

RECITALS

The Company desires to sell to the Initial Purchasers, and the Initial Purchasers desire to purchase from the Company, 3,569,788 shares of common stock, par value 5,000 Korean Won per share (the “Common Stock”), of Celltrion, Inc., a Korean joint stock company (“Celltrion”), in the amount opposite such Initial Purchaser’s name on the schedule attached as Exhibit A hereto, and the Initial Purchasers desire to purchase from the Company such Common Stock.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

	
             
 	
            1.
 	
            Sale of Common Stock.
 

1.1          Sale of Common Stock. At the Closing (as defined below), the Company agrees to sell, and the Initial Purchasers agree to purchase, on the terms and conditions set forth herein, the Common Stock, in the amounts set forth opposite such Initial Purchaser’s name on the schedule attached as Exhibit A hereto.

1.2          Delivery. At the Closing, the Initial Purchasers shall deliver, or cause to be delivered, to the Company the Purchase Amount (as defined below), by wire transfer of immediately available funds to the account specified by the Company to the Initial Purchasers. The Company shall specify such account information to the Initial Purchasers no later than two Business Days prior to the Closing Date. Concurrent to its receipt of the Purchase Amount, the Company shall deliver to each Initial Purchaser the Common Stock, in the amount opposite such Initial Purchaser’s name on the schedule attached as Exhibit A hereto. “Purchase Amount” shall mean an aggregate amount,
in US dollars, equal to $78,963,710.56, calculated at the rate of $22.12 per share. The Securities Transaction Tax (as defined in Section 1.3) shall be deducted from the Purchase Amount and paid by the Initial Purchasers to the relevant Korean tax authorities. 

1.3          Securities Transaction Tax. The Securities Transaction Tax shall be defined as the amount of U.S. dollars currency, rounded down to the nearest U.S. dollar, required to convert, at the applicable spot exchange rate of U.S. dollars and Korean Won, 0.50% of the 

 

	
             
 	
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product of (x) the “buying and selling exchange rate” announced at 9:00 a.m. Korean Standard Time on the Closing Date by Seoul Money Brokerage Services, Ltd. and (y) $78,963,710.56. 

2.            Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Kim & Chang, 4th Floor, 223 Naeja dong, Jongno gu, Seoul 110 720, Republic of Korea on June 29, 2006 (Korean Standard Time; hereinafter the dates in the Agreement shall be construed to mean the Korean Standard Time, unless otherwise expressly provided), or at such other time and place as the parties may agree (such date hereinafter, the “Closing Date”), except that the execution and delivery of this Agreement shall occur at the offices of the Company. In the event that the Closing has not occurred by
July 17, 2006, this Agreement shall automatically terminate without further action by either Party and neither Party shall have any further obligation hereunder. “Business Day” shall mean a day other than Saturday, Sunday or any other day on which commercial banking institutions in Seoul, Republic of Korea are closed or are authorized to close.  

3.            Option. From (and including) the Effective Date (as defined in the last paragraph of this Section 3) to (and including) December 31, 2006 (such time period, the “Option Period”), the Initial Purchasers shall have the right (the “Option”), but not the obligation, at the actual price in US dollars calculated as 22,000 Korean Won multiplied by (i) the number of Option Shares to be purchased and (ii) the closing spot price exchange rate for US dollars to Korean Won as of 5:00 p.m. Eastern Standard Time in the United States on the day of closing in Korea relating to the Option Shares to purchase from the Company up to
2,193,227 shares of common stock of Celltrion, par value 5,000 Korean Won (“Option Shares”), upon delivery of written notice (the “Notice”) no later than twenty (20) days prior to the date of such contemplated purchase of the Option Shares (such purchase date, which must occur on or prior to December 31, 2006, the “Proposed Option Closing Date”). The Initial Purchasers shall have the right to assign the Option to one or more purchasers provided that each such assignment and all such assignments, taken together, shall comply with Section 5.7(a) and all applicable securities laws. In addition, the Option may not be assigned by any such initial assignee. The Notice shall indicate the amount of the Option Shares that will be purchased by each purchaser under the Option. Upon receipt of the Notice from any such
purchaser, the Company and such purchaser shall take all action as is necessary or appropriate to cause (1) the Company and such purchaser to enter into a purchase agreement substantially in the form of Exhibit B, and (2) the purchase and sale of the Option Shares to occur on the Proposed Option Closing Date; provided, that if any conditions to the purchase and sale of the Option Shares remains unsatisfied or unwaived as of such Proposed Option Closing Date, then the purchase and sale of the Option Shares shall occur on the date that is two Business Days following the satisfaction or waiver of the conditions; provided further that if the date of the purchase and sale of the Option Shares has not occurred by December 31, 2006, then the obligation of the Company to sell the Option Shares to any
purchaser under the Option or otherwise shall terminate. In furtherance of the foregoing, during the Option Period, the Company shall not transfer, pledge or assign any of the Option Shares. The Initial Purchasers shall report to the Bank of Korea of their execution of the Option and shall obtain the approval as soon as reasonably possible. Notwithstanding anything to the contrary herein, the Company’s obligation to sell the Option Shares under this Agreement is subject to the condition that all required government authorizations have been obtained in respect of the Option. If the party or parties that have the right to purchase Option Shares under the 

 

	
             
 	
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Option do not purchase all of the Option Shares, then the Company shall thereafter be free to sell all of such unpurchased Option Shares to any other purchaser or purchasers.  

The right of the Initial Purchasers to purchase from the Company the Option Shares as contemplated by this Section 3 shall become effective upon the date of the acceptance by the Bank of Korea of the filing by the Initial Purchasers with respect to such right to purchase from the Company such Option Shares (such date, the “Effective Date”).

4.            Representations and Warranties of the Company. The Company hereby represents and warrants to the Initial Purchasers as follows:

4.1          Existence and Standing. The Company is a corporation validly existing and in good standing under the laws of the State of Delaware.

4.2          Authority and Enforceability. The Company has all requisite corporate power and authority to execute and deliver this Agreement and to perform fully its obligations hereunder. The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming this Agreement constitutes a valid and binding agreement of the other parties hereto and thereto, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity.

4.3          No Violations. The execution and delivery of this Agreement and the grant of the Option as contemplated by Section 3 of this Agreement, by the Company do not, and the performance of its obligations hereunder will not, violate any constituent document of the Company, and assuming that all consents, approvals, authorizations and other actions described in Schedule I have been obtained and all filings and obligations described in Schedule I have been made (all of which shall be obtained or made by the Company prior to the Closing), violate any Law applicable to the Company or by which any property or asset of the Company is bound or affected. “Law” means all laws, statutes, rules, regulations, ordinances,
judgments, decrees or injunctions or similar orders of any legislative, executive or judicial unit of any governmental entity (federal, national, prefectural, state or local) or any department, commission, board, agency, bureau, official or other regulatory, administrative or judicial authority thereof.

4.4          Solvency. As of the date hereof, the Company is not insolvent (as such term is defined both in the Uniform Fraudulent Transfer Act as in effect on the date hereof and is used in Section 548(B)(ii)(I) of the Bankruptcy Reform Act of 1978, as amended to the date hereof) and, after giving effect to or as a result of the consummation of the transactions contemplated by this Agreement, will not be insolvent. In addition, the Company (i) is not engaged, and is not about to engage, in a business or transaction for which any property remaining thereafter would constitute unreasonably small capital, (ii) does not intend or propose to incur debts that would be beyond its ability to pay as they matured, and (iii) the sale of the 

 

	
             
 	
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Common Stock was not made to an insider under an employment contract outside the ordinary course of business. However, the Company is experiencing losses and anticipates that it will need to raise additional capital at some point in the future to continue to operate its business consistent with its current business plan. 

4.5          Title to Common Stock. The Company is the record and beneficial owner of the Common Stock and the Option Shares are convertible, and the Company owns such Common Stock and such Option Shares free and clear of all liens, encumbrances, equities and claims.

4.6          No Advertising. The Company has made no offers to sell the Common Stock other than to the Initial Purchasers. The Company has not offered or sold the Common Stock by any form of general solicitation or advertising. Neither the Company nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any security or solicited offers to buy any security under circumstances that would require the registration of the Common Stock under the United States Securities Act of 1933, as amended (the “Securities Act”).

4.7          Broker. No broker or finder is entitled to any brokerage or finder’s fee or commission in connection with the transactions contemplated by this Agreement based upon any arrangements made by or on behalf of the Company. 

4.8          Tax Treaty Benefits. The Company is entitled to the tax exemption under the US – Korea Tax Treaty with respect to any capital gains tax which may arise in connection with the sale of the Common Stock and therefore no withholding tax other than the Securities Transaction Tax will be imposed on the part of the Initial Purchasers when purchasing the Common Stock. 

5.            Representations and Warranties of the Initial Purchasers. Each Initial Purchaser, jointly and severally, hereby represents and warrants to the Company as follows:

5.1          Existence and Standing. Each Initial Purchaser is a corporation validly existing and in good standing, to the extent applicable, under the laws of the Republic of Korea. 

5.2          Authority and Enforceability. Each Initial Purchaser has all requisite corporate power and authority to enter into this Agreement.  The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of such Initial Purchaser. This Agreement has been duly executed and delivered by such Initial Purchaser and, assuming this Agreement constitutes a valid and binding agreement of the other Parties hereto, this Agreement constitutes a legal, valid and binding obligation of such Initial Purchaser, enforceable against such Initial Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect relating to creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity.

5.3          No Violations. The execution and delivery of this Agreement by such Initial Purchaser do not, and the performance of its obligations hereunder will not, violate any 

 

	
             
 	
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constituent document of such Initial Purchaser, and assuming that all consents, approvals, authorizations and other actions described in Schedule I have been obtained and all filings and obligations described in Schedule I have been made (all of which shall be obtained or made by the Initial Purchasers prior to the Closing), violate any Law applicable to such Initial Purchaser or by which any property or asset of such Initial Purchaser is bound or affected.

5.4          Funding. The Initial Purchasers, acting together, have the funds necessary to pay the Purchase Amount at the Closing.

5.5          Purchase Entirely for Own Account. The Common Stock and the Option will be acquired for investment for such Initial Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any federal or any state securities laws in the United States or elsewhere. None of the Initial Purchasers has any present intention of selling, granting any participation in or otherwise distributing the same. No Initial Purchaser has any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation in any of the Common Stock or the Option to such person or to any third person. 

5.6          Investment Experience; Financial Risk. Each Initial Purchaser is an investor in securities of companies and is able to fend for itself and bear the economic risk of its investment, including the complete loss thereof, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Common Stock and the Option. No Initial Purchaser has been organized for the purpose of acquiring the Common Stock or the Option.

	
             
 	
            5.7
 	
            Restricted Securities.
 

(a)          Each Initial Purchaser acknowledges and agrees that the Option it is purchasing is characterized as a “restricted security” under the United States securities laws inasmuch as it is being acquired from the Company in a transaction without registration under the  Securities Act, in reliance on an exemption pursuant to Section 4(2) of the Securities Act. Accordingly, each Initial Purchaser acknowledges and agrees that, in the absence of an effective registration statement with respect to the Option under the Securities Act and the compliance with all other securities laws of all applicable jurisdictions based upon the nature of any subsequent sale, the Option may be offered, sold, pledged or otherwise transferred only (A) in a manner that allows the Company to comply with all
applicable securities laws of all applicable jurisdictions based upon the nature of the transaction and (B) as to transactions falling under the jurisdiction of the federal or any state securities laws in the United States (1) to a person that the Initial Purchaser reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (2) to an “accredited investor” (as defined in Rule 501 of Regulation D under the Securities Act) pursuant to an exemption from the registration requirements of the Securities Act, or (3) pursuant to a valid exemption from registration under the Securities Act such as Regulation S, in each case in accordance with any applicable federal or state securities laws of the United States. Each Initial Purchaser represents and warrants to the Company, by purchasing the Option, that it will notify any purchaser of the Option from it of the resale restrictions referred to above.

 

 

	
             
 	
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(b)          Each Initial Purchaser acknowledges and agrees that the shares of Common Stock are characterized as “restricted securities” under the United States securities laws are being acquired from the Company in a transaction without registration under the Securities Act, in reliance on an exemption of the Securities Act. Accordingly, each Initial Purchaser acknowledges and agrees that, in the absence of an effective registration statement with respect to the Common Stock under the Securities Act and the compliance with all other securities laws of all applicable jurisdictions based upon the nature of any subsequent sale, the Common Stock may be offered, sold, pledged or otherwise transferred only (A) in a manner that allows the Company to comply with all applicable securities laws of all
applicable jurisdictions based upon the nature of the transaction and (B) as to transactions falling under the jurisdiction of the federal or any state securities laws in the United States pursuant to a valid exemption from registration under the Securities Act in accordance with any applicable federal or state securities laws of the United States. Each Initial Purchaser represents and warrants to the Company, by purchasing the Common Stock, that it will notify any purchaser of the Common Stock from it of the resale restrictions referred to above.

5.8          Accredited Investor. Each Initial Purchaser is an “accredited investor” as defined in Rule 501 of Regulation D of the Securities Act.

	
             
 	
            6.
 	
            Conditions to Closing.
 

6.1          Conditions of the Initial Purchasers’ Obligations at Closing. The obligations of the Initial Purchasers at the Closing are subject to the fulfillment, on or prior to the date of Closing, of each of the following conditions, any of which may be waived in whole or in part by all of the Initial Purchasers:

(a)          The representations and warranties made by the Company in this Agreement shall be true and correct when made, and shall be true and correct on the date of Closing with the same force and effect as if they had been made on and as of the same date.

(b)          The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or prior to the date of Closing.

(c)          Except for the notices required or permitted to be filed after the date of Closing pursuant to applicable federal and state securities laws, the Company shall have obtained all governmental approvals required in connection with the lawful sale of the Common Stock.

(d)          The sale by the Company, and the purchase by the Initial Purchasers, of the Common Stock shall be legally permitted by all laws and regulations to which any Party is subject.

(e)          The Initial Purchasers shall have received the opinion from (i) Paul, Hastings, Janofsky & Walker LLP, the US counsel to the Company, substantially in the form attached as Exhibit C-1 hereto, and (ii) Kim and Chang, the Korean counsel to the Company, substantially in the form attached as Exhibit C-2 hereto, in each case dated the Closing Date, regarding the corporate power and authority of the Company to enter, and the 

 

	
             
 	
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execution and delivery of, this Agreement and the purchase and sale of the Common Stock and the enforceability of this Agreement against the Company, as appropriate.

(f)           The Initial Purchasers shall have received an opinion, dated the Closing Date, from Houlihan Lokey Howard & Zukin substantially in the form attached as Exhibit D hereto, relating to the reasonably equivalent value of the consideration to be received by the Company for the Common Stock and the Option pursuant to the Agreement from a financial point of view.

(g)          The Company shall have opened a non-resident foreign currency account with a Korean bank or a Korean branch of a foreign bank into which the Purchase Amount will be deposited in accordance with this Agreement and shall have notified the Initial Purchasers of the particulars of such account at least two (2) Business Days prior to the Closing Date.

(h)          The Company shall have filed a sale report to the relevant authorities as required by the Foreign Investment Promotion Law of Korea, that is duly accepted by such authorities.

(i)           (A) The Company shall have delivered to the Initial Purchasers or in the United States to its representatives a duly prepared original tax exemption application together with a copy of the resident certificate of the Company issued by the relevant tax authorities of the United States to the Initial Purchasers for any capital gain tax which may arise in connection with the delivery of the Common Stock to the Initial Purchasers or (B) the Company shall have entered into the Escrow Agreement specified in Section 7.11.

(j)           The Company shall have delivered a letter to the Initial Purchasers substantially in the form attached as Exhibit E hereto, dated the Closing Date, to indemnify the Initial Purchasers for any and all losses arising in relation to its withholding obligation for the capital gains tax in connection with the delivery of the shares of Common Stock to the Initial Purchasers.

6.2          Conditions to Obligations of the Company. The Company’s obligation to sell the Common Stock at the Closing is subject to the fulfillment, to the Company’s satisfaction, on or prior to the date of Closing, of the following conditions, any of which may be waived in whole or in part by the Company:

(a)          The representations and warranties made by the Initial Purchasers in this Agreement shall be true and correct when made, and shall be true and correct on the date of Closing with the same force and effect as if they had been made on and as of the same date.

(b)          The Initial Purchasers shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or prior to the date of Closing.

(c)          Except for any notices required or permitted to be filed after the date of Closing pursuant to applicable federal or state securities laws, the Initial Purchasers shall 

 

	
             
 	
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have obtained all governmental approvals required in connection with the lawful purchase of the Common Stock.

(d)          The sale by the Company, and the purchase by the Initial Purchasers, of the Common Stock shall be legally permitted by all laws and regulations to which any Party is subject.

(e)          Celltrion shall have entered into a services agreement a copy of which is attached hereto as Exhibit F, whereby Celltrion shall, for so long as the Company is required to incorporate Celltrion’s financial results into its financial statements under United States generally accepted accounting principles and/or United States securities laws or stock market rules, provide to the Company its financial statements on a quarterly basis and its audited financial statements on an annual basis, in each case prepared in accordance with United States generally accepted accounting principles in sufficient time for the Company to meet its filing obligations under the Securities Act of 1934, as amended, and the rules of any securities exchange or
trading on which the Company’s shares of common stock are traded.   

(f)           Any amendments, consents or waivers, as the case may be, to the joint venture agreement, by and among the Parties hereto and the other parties named therein, as is necessary or appropriate in connection with the transactions contemplated by this Agreement shall have been made, obtained or received, as the case may be, by the Company. 

	
             
 	
            7.
 	
            Miscellaneous
 

7.1          Waivers and Amendments. Any provision of this Agreement may be amended, waived or modified (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely), upon the written consent of all of the Parties to this Agreement. 

7.2          Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Korea, without regard to the conflict of laws provisions thereof. The Parties hereby consent to the jurisdiction of the Incheon District Court, and waive their right to challenge any proceeding involving or relating to this Agreement on the basis of lack of jurisdiction over the person or forum non convenience. 

7.3          Survival. The representations, warranties, covenants and agreements made herein shall survive the Closing of the transaction contemplated hereby.

7.4          Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of and will be binding upon the successors, assigns, heirs, executors and administrators of the parties hereto.

7.5          Entire Agreement. This Agreement (including the exhibits attached hereto) constitutes the full and entire understanding and agreement between the Parties with regard to the subjects hereof and thereof.

7.6          Confidentiality. The Parties hereto acknowledge that as a public company, the Company has public disclosure obligations with respect to this Agreement and the 

 

	
             
 	
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sale of the Common Stock and, if sold, the Option Shares and the transactions contemplated hereby. In fulfilling its public disclosure obligations, the Company agrees to take into consideration the other Initial Purchasers’ desire to maintain, as much as practicable, the confidential nature of this Agreement and the transactions contemplated hereby.

7.7          Notices, etc.  All notices and other communications required or permitted hereunder shall be effective upon receipt, shall be in writing and may be delivered in person, by telecopy or electronic mail (in each case receipt to be verified by answer-back electronic transmission), overnight delivery service or United States or Korean mail, in which event they may be mailed by international first-class, certified or registered, postage prepaid, addressed, (i) if to an Initial Purchaser, at its address set forth on the signature page hereto, or at such other address as such Initial Purchaser shall have furnished to the Company in writing pursuant to this Section 7.7, or (ii) if to the Company, at its address set forth on the signature page hereto, or at such other
address as the Company shall have furnished to the Initial Purchasers in writing pursuant to this Section 7.7.

7.8          Severability of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

7.9          Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall be deemed to constitute one instrument.

7.10       Expenses. Regardless of whether the Closing is effected, each Party shall pay all of its own costs and expenses incurred by it in connection with the negotiation, execution, delivery and performance of this Agreement; provided however, that the Company shall pay the legal costs and expenses of the special US counsel for each of the Initial Purchasers in connection with the execution and delivery of this Agreement and the transactions contemplated hereby.

7.11       Tax Exemption Certification. If the Company is unable to deliver the original tax exemption application required by Section 6.1(i) by the Closing, then (A) the Company and the Initial Purchasers shall enter into the escrow agreement attached hereto as Exhibit G (the “Escrow Agreement”) and (B) at the Closing and from the Purchase Amount, the Initial Purchasers shall deduct and deposit into escrow under the Escrow Agreement an amount equal to the tax withholding in respect of capital gains tax that the Company may be subject to in Korea to be held in accordance with the terms of the Escrow Agreement. If the Company delivers at the Closing a copy of the resident certificate of the
Company issued by the relevant tax authorities of the United States, then as soon as possible after the Closing the Company will deliver to the Initial Purchasers the original resident certificate of the Company issued by the relevant tax authorities of the United States.

[Signature Page Follows]

 

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

 

	
            COMPANY:
 	
             
 	
             

	
            
 	
             
 
	
            VaxGen, Inc.
 	
             
 
	
            
 	
             
 
	
            By:
 	
            
/s/ Lance Gordon
 	
             
 
	
            Its:
 	
            
 
 
 	
             
 
	
            Address:
 	
            
 
 
 	
             
 
	
             
 	
             
 	
             
 
					

 

 

	
            INITIAL PURCHASERS:
 	
             
 	
             
 
	
            
 	
             
 	
             
 
	
            Nexol Co., Ltd. 

 	
             
 	
            Nexol Biotech Co., Ltd.
 
	
            
 	
             
 	
             
 
	
            By:
 	
            
/s/ Jung-Jin Seo
 	
             
 	
            By:
 	
            
/s/ Jung-Jin Seo
 
	
            Its:
 	
            
 
 
 	
             
 	
            Its:
 	
            
 
 
 
	
            Address:
 	
            
 
 
 	
             
 	
            Address:
 	
            
 
 
 
	
             
 	
             
 	
             
 	
             
 	
             
 
	
             
 	
             
 	
             

	
            Nexol Venture Capital Co., Ltd.
 	
             
 	
             

	
            
 	
             
 	
             
 
	
            By:
 	
            
/s/ Jung-Jin Seo
 	
             
 	
             

	
            Its:
 	
            
 
 
 	
             
 	
             

	
            Address:
 	
            
 
 
 	
             
 	
             

	
             
 	
             
 	
             
 	
             

							

 

 

Signature Page for Share Purchase Agreement

 

 

 

SCHEDULE I

CONSENTS, APPROVALS, AUTHORIZATIONS, OTHER ACTIONS, FILINGS, AND OBLIGATIONS

 

	
             
 	
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            Acceptance of filing by the Bank of Korea with respect to the option granted pursuant to Section 3 of this Agreement.
 

 

 

	
             
 	
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EXHIBIT A

 

	
            Initial Purchaser
  	
            Purchase Amount
  	
            Number of Shares of Common Stock 
  
	
            Nexol
 	
            $27,048,269.64
 	
            1,222,797
 
	
            Nexol Bio
 	
            $24,950,475.20
 	
            1,127,960
 
	
            Nexol Venture 
 	
            $26,964,965.72
 	
            1,219,031
 
	
             
 	
            Total    $78,963,710.56
 	
            Total Number of Shares         3,569,788  
 

 

 

	
             
 	
            3<PAGE>

                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "AGREEMENT") is made and
entered into as of June 30, 2006, among Tutogen Medical, Inc., a Florida
corporation (the "COMPANY"), and Azimuth Opportunity, Ltd., an international
business company incorporated under the laws of the British Virgin Islands (the
"PURCHASER").

         This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof between the Company and the Purchaser (the "PURCHASE
AGREEMENT").

         The Company and the Purchaser hereby agree as follows:

1.       DEFINITIONS

         CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN THAT ARE
DEFINED IN THE PURCHASE AGREEMENT SHALL HAVE THE MEANINGS GIVEN SUCH TERMS IN
THE PURCHASE AGREEMENT. As used in this Agreement, the following terms shall
have the following meanings:

                  "ADVICE" shall have the meaning set forth in Section 6(d).

                  "EFFECTIVENESS DATE" means the 60th calendar day following the
         Filing Date; PROVIDED, HOWEVER, in the event the Company is notified by
         the Commission that the Registration Statement will not be reviewed or
         is no longer subject to further review and comment, the Effectiveness
         Date shall be as soon as practicable but not later than the tenth
         Trading Day following the date on which the Company is so notified, if
         such date precedes the end of such 60-day period.

                  "EFFECTIVENESS PERIOD" shall have the meaning set forth in
Section 2(a).

                  "EVENT" shall have the meaning set forth in Section 2(b).

                  "EVENT DATE" shall have the meaning set forth in Section 2(b).

                  "FILING DATE" means the earlier of (i) the day following the
         filing of the Company's annual report on Form 10-K for the fiscal year
         ending September 30, 2006 and (ii) December 31, 2006.

                  "HOLDER" or "HOLDERS" means the holder or holders, as the case
         may be, from time to time of Registrable Securities.

                  "INDEMNIFIED PARTY" shall have the meaning set forth in
Section 5(c).

                  "INDEMNIFYING PARTY" shall have the meaning set forth in
Section 5(c).

                  "LOSSES" shall have the meaning set forth in Section 5(a).

                                       1
<PAGE>

                  "PLAN OF DISTRIBUTION" shall have the meaning set forth in
Section 2(a).

                  "PROCEEDING" means an action, claim, suit, investigation or
         proceeding (including, without limitation, an investigation or partial
         proceeding, such as a deposition), whether commenced or threatened.

                  "PROSPECTUS" means the prospectus included in the Registration
         Statement (including, without limitation, a prospectus that includes
         any information previously omitted from a prospectus filed as part of
         an effective registration statement in reliance upon Rule 430A
         promulgated under the Securities Act), as amended or supplemented by
         any prospectus supplement, with respect to the terms of the offering of
         the Registrable Securities, and all other amendments and supplements to
         the Prospectus, including post-effective amendments, and all material
         incorporated by reference or deemed to be incorporated by reference in
         such Prospectus.

                  "REGISTRABLE SECURITIES" means (i) all of the shares of Common
         Stock issuable upon conversion in full of the Debenture, (ii) all of
         the shares of Common Stock issuable upon exercise in full of the
         Warrant, (iii) any securities issued or issuable upon any stock split,
         dividend or other distribution, recapitalization or similar event with
         respect to the foregoing, (iv) any additional shares issuable in
         connection with any anti-dilution provisions in the Debenture or the
         Warrant (in each case, without giving effect to any limitations on
         conversion set forth in the Debenture or limitations on exercise set
         forth in the Warrant), and (v) shares of Common Stock issued upon
         conversion of the Debenture and exercise of the Warrant.

                  "REGISTRATION STATEMENT" means the registration statement
         required to be filed hereunder, including the Prospectus, amendments
         and supplements to such registration statement or Prospectus, including
         pre- and post-effective amendments, all exhibits thereto, and all
         material incorporated by reference or deemed to be incorporated by
         reference in such registration statement.

                  "RULE 415" means Rule 415 promulgated by the Commission
         pursuant to the Securities Act, as such Rule may be amended from time
         to time, or any similar rule or regulation hereafter adopted by the
         Commission having substantially the same purpose and effect as such
         Rule.

                  "RULE 424" means Rule 424 promulgated by the Commission
         pursuant to the Securities Act, as such Rule may be amended from time
         to time, or any similar rule or regulation hereafter adopted by the
         Commission having substantially the same purpose and effect as such
         Rule.

                  "SELLING SHAREHOLDER QUESTIONNAIRE" shall have the meaning set
forth in Section 3(a).

         2.       SHELF REGISTRATION

                  (a) On or prior to the Filing Date, the Company shall prepare
and file with the Commission a "Shelf" Registration Statement covering the
resale of 100% of the Registrable

                                       2
<PAGE>

Securities for an offering to be made on a continuous basis pursuant to Rule
415. The Registration Statement shall be on Form S-3 (except if the Company is
not then eligible to register for resale the Registrable Securities on Form S-3,
in which case such registration shall be on another appropriate form in
accordance herewith) and shall contain (unless otherwise directed by the
Holders) substantially the "Plan of Distribution" attached hereto as Annex A.
Subject to the terms of this Agreement, the Company shall use its commercially
reasonable efforts to cause the Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but
in any event prior to the Effectiveness Date, and shall use its commercially
reasonable efforts to keep the Registration Statement continuously effective
under the Securities Act for a period not exceeding the earlier of (i) the date
on which all Registrable Securities have been sold or cease to be outstanding,
and (ii) the date on which all Registrable Securities may be sold without volume
restrictions pursuant to Rule 144(k) as determined by the counsel to the Company
pursuant to a written opinion letter to such effect and based on such
representations as may be reasonably requested from the Holders and any broker
utilized by the Holders, addressed and acceptable to the Company's transfer
agent (the "Effectiveness Period"). The Company shall telephonically request
effectiveness of the Registration Statement as of 5:00 pm Eastern Time on a
Trading Day. The Company shall promptly notify the Holders via facsimile of the
effectiveness of the Registration Statement on the same Trading Day that the
Company telephonically confirms effectiveness with the Commission. The Company
shall, by 9:30 am Eastern Time on the first Trading Day after the Effectiveness
Date, file a Form 424(b)(5) with the Commission.

                  (b) If, unless due to the fault of the Holder: (i) the
Registration Statement is not filed on or prior to the Filing Date (if the
Company files the Registration Statement without affording the Holders the
opportunity to review and comment on the same as required by Section 3(a), the
Company shall not be deemed to have satisfied this clause (i)), or (ii) the
Company fails to file with the Commission a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act, within five
(5)Trading Days of the date that the Company is notified (orally or in writing,
whichever is earlier) by the Commission that the Registration Statement will not
be "reviewed," or not subject to further review, or (iii) prior to the
Effectiveness Date, the Company fails to file a pre-effective amendment and
otherwise respond in writing to comments made by the Commission in respect of
the Registration Statement within 30 calendar days after the receipt of comments
by or notice from the Commission that such amendment is required in order for
the Registration Statement to be declared effective, or (iv) the Registration
Statement filed or required to be filed hereunder is not declared effective by
the Commission by the Effectiveness Date, or (v) after the Effectiveness Date,
the Registration Statement ceases for any reason to remain continuously
effective as to all Registrable Securities for which it is required to be
effective, or the Holders are not permitted to utilize the Prospectus therein to
resell such Registrable Securities for 15 consecutive Trading Days but no more
than an aggregate of 30 Trading Days during any 12-month period (which need not
be consecutive Trading Days) (any such failure or breach being referred to as an
"EVENT", and for purposes of clause (i) or (iv) the date on which such Event
occurs, or for purposes of clause (ii) the date on which such five Trading Day
period is exceeded, or for purposes of clause (iii) the date which such 30
calendar day period is exceeded, or for purposes of clause (v) the date on which
such 15 or 30 Trading Day period, as applicable, is exceeded being referred to
as "EVENT DATE"), then in addition to any other rights the Holders may have
hereunder or under applicable law, for all or part of each 30 calendar day
period in which such applicable Event remains uncured, the Company shall pay to

                                       3
<PAGE>

each Holder an amount in cash, as partial liquidated damages and not as a
penalty, equal to 1.5% of the aggregate purchase price paid by such Holder
pursuant to the Purchase Agreement for any Registrable Securities then held by
such Holder, subject to an overall limit in the aggregate of 12 months of
partial liquidated damages. If the Company fails to pay any partial liquidated
damages pursuant to this Section in full within seven days after the date
payable, the Company will pay interest thereon at a rate of 18% per annum (or
such lesser maximum amount that is permitted to be paid by applicable law) to
the Holder, accruing daily from the date such partial liquidated damages are due
until such amounts, plus all such interest thereon, are paid in full. The
partial liquidated damages pursuant to the terms hereof shall apply on a daily
pro-rata basis for any portion of 30 calendar day prior to the cure of an Event.

         3.       REGISTRATION PROCEDURES.

         In connection with the Company's registration obligations hereunder,
the Company shall:

                  (a) Not less than five Trading Days prior to the filing of the
Registration Statement or any related Prospectus or any amendment or supplement
thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall, (i) furnish to the Holder
copies of all such documents proposed to be filed, which documents (other than
those incorporated or deemed to be incorporated by reference) will be subject to
the review of the Holder, and (ii) use commercially reasonable efforts to cause
its officers and directors, counsel and independent certified public accountants
to respond to such inquiries as shall be necessary, in the reasonable opinion of
respective counsel to conduct a reasonable investigation within the meaning of
the Securities Act. The Company shall not file the Registration Statement or any
Prospectus or any amendments or supplements thereto to which the Holders of a
majority of the Registrable Securities shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later
than five Trading Days after the Holders have been so furnished copies of such
documents. The Holder agrees to furnish to the Company a completed Questionnaire
in the form attached to this Agreement as Annex B (a "SELLING SHAREHOLDER
QUESTIONNAIRE") not less than seven Trading Days prior to the Filing Date or by
the end of the fourth Trading Day following the date on which such Holder
receives draft materials in accordance with this Section.

                  (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to the Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep the
Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period; (ii) cause the related Prospectus to be
amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and as so supplemented or amended to be filed pursuant
to Rule 424; (iii) respond as promptly as reasonably possible to any comments
received from the Commission with respect to the Registration Statement or any
amendment thereto and as promptly as reasonably possible provide the Holders
true and complete copies of all correspondence from and to the Commission
relating to the Registration Statement; and (iv) comply in all material respects
with the provisions of the Securities Act and the Exchange Act with respect to
the disposition of all Registrable Securities during the applicable period in
accordance (subject to the terms of this Agreement) with the intended methods of
disposition by the Holders thereof set forth in the Registration Statement as so
amended or in the Prospectus as so supplemented.

                                       4
<PAGE>

                  (c) Intentionally Omitted.

                  (d) Notify the Holders of Registrable Securities to be sold
(which notice shall, pursuant to clauses (ii) through (vi) hereof, be
accompanied by an instruction to suspend the use of the Prospectus until the
requisite changes have been made) as promptly as reasonably possible and (if
requested by any such Person) confirm such notice in writing no later than one
Trading Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement is proposed
to be filed; (B) when the Commission notifies the Company whether there will be
a "review" of the Registration Statement and whenever the Commission comments in
writing on the Registration Statement (the Company shall provide true and
complete copies thereof and all written responses thereto to each of the
Holders); and (C) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other Federal or state governmental authority
for amendments or supplements to the Registration Statement or Prospectus or for
additional information; (iii) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the
effectiveness of the Registration Statement covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; (v) of the occurrence of any
event or passage of time that makes the financial statements included in the
Registration Statement ineligible for inclusion therein or any statement made in
the Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading; and (vi) the occurrence or existence of any pending
corporate development with respect to the Company that the Company believes may
be material and that, in the determination of the Company, makes it not in the
best interest of the Company to allow continued availability of the Registration
Statement or Prospectus; provided that any and all of such information shall
remain confidential to each Holder until such information otherwise becomes
public, unless disclosure by a Holder is required by law; PROVIDED, FURTHER,
notwithstanding each Holder's agreement to keep such information confidential,
the Holders make no acknowledgement that any such information is material,
non-public information.

                  (e) Use its commercially reasonable efforts to avoid the
issuance of, or, if issued, obtain the withdrawal of (i) any order suspending
the effectiveness of the Registration Statement, or (ii) any suspension of the
qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.

                  (f) Furnish to each Holder, without charge, at least one
conformed copy of the Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or
deemed to be incorporated therein by reference to the extent requested by such
Person,

                                       5
<PAGE>

and all exhibits to the extent requested by such Person (including those
previously furnished or incorporated by reference) promptly after the filing of
such documents with the Commission.

                  (g) Promptly deliver to each Holder, without charge, as many
copies of the Prospectus or Prospectuses (including the form of prospectus) and
each amendment or supplement thereto as such Persons may reasonably request in
connection with resales by the Holder of Registrable Securities. Subject to the
terms of this Agreement, the Company hereby consents to the use of the
Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities
covered by the Prospectus and any amendment or supplement thereto, except after
the giving on any notice pursuant to Section 3(d).

                  (h) If NASDR Rule 2710 requires any broker-dealer to make a
filing prior to executing a sale by a Holder, make an Issuer Filing with the
NASDR, Inc. Corporate Financing Department pursuant to NASDR Rule
2710(b)(10)(A)(i) and respond within five Business Days to any comments received
from NASDR in connection therewith, and pay the filing fee required in
connection therewith.

                  (i) Prior to any resale of Registrable Securities by a Holder,
use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or
exemption from the Registration or qualification) of the Registrable Securities
for the resale by the Holder under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder reasonably requests in
writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or
things reasonably necessary to enable the disposition in such jurisdictions of
the Registrable Securities covered by the Registration Statement; provided, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a
general consent to service of process in any such jurisdiction.

                  (j) If requested by the Holders, cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the
Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable
the Registrable Securities to be in such denominations and registered in such
names as any such Holders may request.

                  (k) Upon the occurrence of any event contemplated by this
Section 3, as promptly as reasonably possible under the circumstances taking
into account the Company's good faith assessment of any adverse consequences to
the Company and its stockholders of the premature disclosure of such event,
prepare a supplement or amendment, including a post-effective amendment, to the
Registration Statement or a supplement to the Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, neither the
Registration Statement nor the Prospectus will contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light

                                       6
<PAGE>

of the circumstances under which they were made, not misleading. If the Company
notifies the Holders in accordance with clauses (ii) through (vi) of Section
3(d) above to suspend the use of any Prospectus until the requisite changes to
the Prospectus have been made, then the Holders shall suspend use of the
Prospectus. The Company will use its commercially reasonable efforts to ensure
that the use of the Prospectus may be resumed as promptly as is practicable. The
Company shall be entitled to exercise its right under this Section 3(k) to
suspend the availability of the Registration Statement and Prospectus, subject
to the payment of partial liquidated damages pursuant to Section 2(b), for a
period not to exceed 60 Trading Days (which need not be consecutive days) in any
12 month period.

                  (l) Comply with all applicable rules and regulations of the
Commission.

                  (m) The Company may require each selling Holder to furnish to
the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the person
thereof that has voting and dispositive control over the Shares. During any
periods that the Company is unable to meet its obligations hereunder with
respect to the registration of the Registrable Securities solely because any
Holder fails to furnish such information within three Business Days of the
Company's request, any liquidated damages that are accruing at such time as to
such Holder only shall be tolled and any Event that may otherwise occur solely
because of such delay shall be suspended as to such Holder only, until such
information is delivered to the Company.

         4. REGISTRATION EXPENSES. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, (B) in compliance with applicable state securities or Blue
Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with
Blue Sky qualifications or exemptions of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as requested by the Holders) and (C) if not
previously paid by the Company in connection with an Issuer Filing, with respect
to any filing that may be required to be made by any broker through which a
Holder intends to make sales of Registrable Securities with NASD Regulation,
Inc. pursuant to the NASD Rule 2710, so long as the broker is receiving no more
than a customary brokerage commission in connection with such sale, (ii)
printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities and of printing prospectuses if the
printing of prospectuses is reasonably requested by the holders of a majority of
the Registrable Securities included in the Registration Statement), (iii)
messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit

                                       7
<PAGE>

and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder. In no
event shall the Company be responsible for any broker or similar commissions or,
except to the extent provided for in the Transaction Documents, any legal fees
or other costs of the Holders.

         5.       INDEMNIFICATION

                  (a) INDEMNIFICATION BY THE COMPANY. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees (and any other Persons with a functionally equivalent role of a
Person holding such titles, notwithstanding a lack of such title or any other
title) of each of them, each Person who controls any such Holder (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, members, shareholders, partners, agents and
employees (and any other Persons with a functionally equivalent role of a Person
holding such titles, notwithstanding a lack of such title or any title) of each
such controlling Person, to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys' fees) and expenses (collectively,
"LOSSES"), as incurred, arising out of or relating to any untrue or alleged
untrue statement of a material fact contained in the Registration Statement, any
Prospectus or any form of prospectus or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to (1) any
omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus or form
of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading or (2) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act or any state securities law, or
any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement, except to the extent, but only to the extent,
that (i) such untrue statements or omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, the Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that
the Holder has approved Annex A hereto for this purpose), (ii) in the case of an
occurrence of an event of the type specified in Section 3(d)(ii)-(vi), the use
by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section 6(d)
or (iii) the willful misconduct on the part of the Holder. The Company shall
notify the Holders promptly of the institution, threat or assertion of any
Proceeding arising from or in connection with the transactions contemplated by
this Agreement of which the Company is aware.

                  (b) INDEMNIFICATION BY HOLDERS. Each Holder shall, severally
and not jointly, indemnify and hold harmless the Company, its directors,
officers, agents and employees, each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such

                                       8
<PAGE>

controlling Persons, to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, to the extent arising out of or relating to:
(x) such Holder's breach of Sections 6(c) or 6(d) hereof or (y) any untrue or
alleged untrue statement of a material fact contained in any Registration
Statement, any Prospectus, or any form of prospectus, or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading (i) to
the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished in writing by the Holder to the
Company specifically for inclusion in the Registration Statement or the
Prospectus, (ii) to the extent that (1) such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder's proposed method of
distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in the Registration Statement (it
being understood that the Holder has approved Annex A hereto for this purpose),
the Prospectus or such form of Prospectus or in any amendment or supplement
thereto or (2) in the case of an occurrence of an event of the type specified in
Section 3(d)(ii)-(vi), the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the
Prospectus is outdated or defective and prior to the receipt by such Holder of
the Advice contemplated in Section 6(d) or (iii) willful misconduct on the part
of the Holder. In no event shall the liability of any selling Holder hereunder
be greater in amount than the dollar amount of the net proceeds received by such
Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation.

                  (c) CONDUCT OF INDEMNIFICATION PROCEEDINGS. If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder
(an "INDEMNIFIED PARTY"), such Indemnified Party shall promptly notify the
Person from whom indemnity is sought (the "INDEMNIFYING PARTY") in writing, and
the Indemnifying Party shall have the right to assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified
Party and the payment of all fees and expenses incurred in connection with
defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which
determination is not subject to appeal or further review) that such failure
shall have prejudiced the Indemnifying Party.

         An Indemnified Party shall have the right to employ separate counsel in
any such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or
Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall reasonably believe that a material conflict of interest is likely to exist
if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the

                                       9
<PAGE>

Indemnifying Party shall not have the right to assume the defense thereof and
the reasonable fees and expenses of one separate counsel shall be at the expense
of the Indemnifying Party) provided, however, that no Indemnifying Party shall
be responsible for the fees and expenses of more than one separate counsel for
all Indemnified Parties. The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

         Subject to the terms of this Agreement, all reasonable fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such
Proceeding in a manner not inconsistent with this Section) shall be paid to the
Indemnified Party, as incurred, within ten Trading Days of written notice
thereof to the Indemnifying Party; provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is not
entitled to indemnification hereunder, determined based upon the relative faults
of the parties.

                  (d) CONTRIBUTION. If the indemnification under Section 5(a) or
5(b) is unavailable to an Indemnified Party or insufficient to hold an
Indemnified Party harmless for any Losses, then each Indemnifying Party shall
contribute to the amount paid or payable by such Indemnified Party, in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and Indemnified Party in connection with the actions, statements or
omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission of a material fact, has been taken
or made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action, statement or
omission. The amount paid or payable by a party as a result of any Losses shall
be deemed to include, subject to the limitations set forth in this Agreement,
any reasonable attorneys' or other reasonable fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been
indemnified for such fees or expenses if the indemnification provided for in
this Section was available to such party in accordance with its terms.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission, except in the case of fraud by
such Holder.

         The indemnity and contribution agreements contained in this Section are
in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

                                       10
<PAGE>

         6.       MISCELLANEOUS

                  (a) REMEDIES. Neither the Company nor any Holder (nor any of
the Persons covered in Section 5) shall be liable for any consequential,
punitive or special damages, including lost profits, arising out of, or based
upon, any breach of this Agreement. In the event of a breach by the Company or
by a Holder, of any of their obligations under this Agreement, each Holder or
the Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

                  (b) NO PIGGYBACK ON REGISTRATIONS. Except as set forth on
SCHEDULE 6(B) attached hereto, neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include
securities of the Company in the Registration Statement other than the
Registrable Securities. The Company shall not file any other registration
statements (other than on Form S-4 or Form S-8) until the initial Registration
Statement required hereunder is declared effective by the Commission, provided
that this Section 6(b) shall not prohibit the Company from filing amendments to
registration statements already filed.

                  (c) COMPLIANCE. Each Holder covenants and agrees that (i) it
will not sell, offer to sell, solicit offers to buy, dispose of, loan, pledge or
grant any right with respect to any of the Registrable Securities except as
contemplated in the Registration Statement or otherwise in accordance with the
Securities Act and the Exchange Act, and (ii) it will comply with the prospectus
delivery requirements of the Securities Act as applicable to it in connection
with sales of Registrable Securities pursuant to the Registration Statement.

                  (d) DISCONTINUED DISPOSITION. Each Holder agrees by its
acquisition of Registrable Securities that, upon receipt of a notice from the
Company of the occurrence of any event of the kind described in Section 3(d),
such Holder will forthwith discontinue disposition of Registrable Securities
under the Registration Statement until such Holder's receipt of the copies of
the supplemented Prospectus and/or amended Registration Statement, or until it
is advised in writing (the "ADVICE") by the Company that the use of the
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in the Prospectus or Registration Statement. The
Company will use its commercially reasonable efforts to ensure that the use of
the Prospectus may be resumed as promptly as is practicable. The Company agrees
and acknowledges that any periods during which the Holder is required to
discontinue the disposition of the Registrable Securities hereunder shall be
subject to the provisions of Section 2(b).

                                       11
<PAGE>

                  (e) PIGGY-BACK REGISTRATIONS. If at any time during the
Effectiveness Period there is not an effective Registration Statement covering
the Registrable Securities and the Company shall determine to prepare and file
with the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the stock option or other employee
benefit plans, then the Company shall send to each Holder a written notice of
such determination and, if within fifteen days after the date of such notice,
any such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of the Registrable Securities such holder
requests to be registered; provided, that, the Company shall not be required to
register the Registrable Securities pursuant to this Section 6(e) that are
eligible for resale pursuant to Rule 144(k) promulgated under the Securities Act
or that are the subject of a then effective Registration Statement.

                  (f) AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and the Holders of a majority of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
Holders and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of all of the Registrable Securities to which
such waiver or consent relates; PROVIDED, HOWEVER, that the provisions of this
sentence may not be amended, modified, or supplemented except in accordance with
the provisions of the immediately preceding sentence.

                  (g) NOTICES. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

                  (h) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
the Holders of a majority of the then-outstanding Registrable Securities. Each
Holder may assign their respective rights hereunder in the manner and to the
Persons as permitted under the Purchase Agreement.

                  (i) NO INCONSISTENT AGREEMENTS. Neither the Company nor any of
its subsidiaries has entered, as of the date hereof, nor shall the Company or
any of its subsidiaries, on or after the date of this Agreement, enter into any
agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions hereof. Except as set forth on SCHEDULE 6(i),
neither the Company nor any of its subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person that have not been satisfied in full.

                                       12
<PAGE>

                  (j) EXECUTION AND COUNTERPARTS. This Agreement may be executed
in any number of counterparts, each of which when so executed shall be deemed to
be an original and, all of which taken together shall constitute one and the
same Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

                  (k) GOVERNING LAW. All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be determined
with the provisions of the Purchase Agreement.

                  (l) CUMULATIVE REMEDIES. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

                  (m) SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

                  (n) SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or
appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday, then
such action may be taken or such right may be exercised on the next succeeding
day not a Saturday, Sunday or legal holiday.

                  (o) FORCE MAJEURE. In no event shall a Holder have any claim
or right against the Company for any failure of performance in accordance with
this Agreement due to causes beyond its reasonable control, including, but not
limited to: such delays arising directly out of an act of God, fire, flood or
other natural catastrophe; laws, orders, rules, regulations, directions or
action of governmental authorities having jurisdiction or any civil military
authority; or national emergency, riot, act of terrorism or war or labor
dispute.

                  (p) HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (q) INDEPENDENT NATURE OF HOLDERS' OBLIGATIONS AND RIGHTS. The
obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with

                                       13
<PAGE>

respect to such obligations or the transactions contemplated by this Agreement.
Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Holder to be joined as an additional party in any
proceeding for such purpose.

                              ********************

                                       14
<PAGE>

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

                                             TUTOGEN MEDICAL, INC.

                                             By:   /S/ GUY L. MAYER
                                                 ----------------------------
                                                 Name:   Guy L. Mayer
                                                 Title:  Chief Executive Officer

                                             AZIMUTH OPPORTUNITY, LTD.

                                            By:   /S/ DEIRDRE M. MCCOY
                                                 ----------------------------
                                            Name:    Deirdre M. McCoy
                                            Title:   Corporate Secretary

                                       15
<PAGE>
                                                                         ANNEX A

                              PLAN OF DISTRIBUTION

         Each Selling Stockholder (the "SELLING STOCKHOLDERS") of the common
stock ("COMMON STOCK") of Tutogen Medical, Inc., a Florida corporation (the
"COMPANY") and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares of Common Stock on the
Trading Market or any other stock exchange, market or trading facility on which
the shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. A Selling Stockholder may use any one or more of the
following methods when selling shares:

         o        ordinary brokerage transactions and transactions in which the
                  broker-dealer solicits purchasers;

         o        block trades in which the broker-dealer will attempt to sell
                  the shares as agent but may position and resell a portion of
                  the block as principal to facilitate the transaction;

         o        purchases by a broker-dealer as principal and resale by the
                  broker-dealer for its account;

         o        an exchange distribution in accordance with the rules of the
                  applicable exchange;

         o        privately negotiated transactions;

         o        settlement of short sales entered into after the effective
                  date of the registration statement of which this prospectus is
                  a part;

         o        broker-dealers may agree with the Selling Stockholders to sell
                  a specified number of such shares at a stipulated price per
                  share;

         o        a combination of any such methods of sale;

         o        through the writing or settlement of options or other hedging
                  transactions, whether through an options exchange or
                  otherwise; or

         o        any other method permitted pursuant to applicable law.

         The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, as amended (the "SECURITIES ACT"), if available, rather
than under this prospectus.

         Broker-dealers engaged by the Selling Stockholders may arrange for
other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated, but, except as set forth in a supplement to this Prospectus, in the
case of an agency transaction not in excess of a customary brokerage commission
in compliance with NASDR Rule 2440; and in the case of a principal transaction a
markup or markdown in compliance with NASDR IM-2440.

<PAGE>

         In connection with the sale of the Common Stock or interests therein,
the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the
Common Stock in the course of hedging the positions they assume. The Selling
Stockholders may also sell shares of the Common Stock short and deliver these
securities to close out their short positions, or loan or pledge the Common
Stock to broker-dealers that in turn may sell these securities. The Selling
Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

         The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each Selling Stockholder has
informed the Company that it does not have any written or oral agreement or
understanding, directly or indirectly, with any person to distribute the Common
Stock. In no event shall any broker-dealer receive fees, commissions and markups
which, in the aggregate, would exceed eight percent (8%).

         The Company is required to pay certain fees and expenses incurred by
the Company incident to the registration of the shares. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act.

         Because Selling Stockholders may be deemed to be "underwriters" within
the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act. In addition, any securities covered
by this prospectus which qualify for sale pursuant to Rule 144 under the
Securities Act may be sold under Rule 144 rather than under this prospectus.
Each Selling Stockholder has advised us that they have not entered into any
written or oral agreements, understandings or arrangements with any underwriter
or broker-dealer regarding the sale of the resale shares. There is no
underwriter or coordinating broker acting in connection with the proposed sale
of the resale shares by the Selling Stockholders.

         We agreed to keep this prospectus effective until the earlier of (i)
the date on which the shares may be resold by the Selling Stockholders without
registration and without regard to any volume limitations by reason of Rule
144(e) under the Securities Act or any other rule of similar effect or (ii) all
of the shares have been sold pursuant to the prospectus or Rule 144 under the
Securities Act or any other rule of similar effect. The resale shares will be
sold only through registered or licensed brokers or dealers if required under
applicable state securities laws. In addition, in certain states, the resale
shares may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.

<PAGE>

         Under applicable rules and regulations under the Exchange Act, any
person engaged in the distribution of the resale shares may not simultaneously
engage in market making activities with respect to the Common Stock for a period
of two business days prior to the commencement of the distribution. In addition,
the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M,
which may limit the timing of purchases and sales of shares of the Common Stock
by the Selling Stockholders or any other person. We will make copies of this
prospectus available to the Selling Stockholders and have informed them of the
need to deliver a copy of this prospectus to each purchaser at or prior to the
time of the sale.

<PAGE>

                                                                         ANNEX B

                              TUTOGEN MEDICAL, INC.

                 SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

         The undersigned beneficial owner of common stock, par value $0.01 per
share (the "COMMON STOCK"), of Tutogen Medical, Inc., a Florida corporation (the
"COMPANY"), (the "REGISTRABLE SECURITIES") understands that the Company has
filed or intends to file with the Securities and Exchange Commission (the
"COMMISSION") a registration statement on Form S-3 (except if the Company is not
then eligible to register for resale the Registrable Securities on Form S-3, in
which case such registration shall be on another appropriate form) (the
"REGISTRATION STATEMENT") for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the "SECURITIES ACT"), of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement,
dated as of June 30, 2006 (the "REGISTRATION RIGHTS AGREEMENT"), between the
Company and the Purchaser named therein. A copy of the Registration Rights
Agreement is available from the Company upon request at the address set forth
below. All capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Registration Rights Agreement.

         Certain legal consequences arise from being named as a selling
securityholder in the Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Registration
Statement and the related prospectus.

                                     NOTICE

         The undersigned beneficial owner (the "SELLING SECURITYHOLDER") of
Registrable Securities hereby elects to include the Registrable Securities owned
by it and listed below in Item 3 (unless otherwise specified under such Item 3)
in the Registration Statement.

<PAGE>

The undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

                                  QUESTIONNAIRE

1.                NAME.

         (a)      Full Legal Name of Selling Securityholder

                  --------------------------------------------------------------

         (b)      Full Legal Name of Registered Holder (if not the same as (a)
                  above) through which Registrable Securities Listed in Item 3
                  below are held:

                  --------------------------------------------------------------

         (c)      Full Legal Name of Natural Control Person (which means a
                  natural person who directly or indirectly alone or with others
                  has power to vote or dispose of the securities covered by the
                  questionnaire):

                  --------------------------------------------------------------

2.  ADDRESS FOR NOTICES TO SELLING SECURITYHOLDER:

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Telephone:
          ----------------------------------------------------------------------
Fax:
Contact Person:

3.  BENEFICIAL OWNERSHIP OF REGISTRABLE SECURITIES:

         (a) Type and Principal Amount of Registrable Securities beneficially
owned:

                  --------------------------------------------------------------
                  --------------------------------------------------------------
                  --------------------------------------------------------------

<PAGE>

4.  BROKER-DEALER STATUS:

         (a)      Are you a broker-dealer?

                                            Yes [ ]    No [ ]

         (b)      If "yes" to Section 4(a), did you receive your Registrable
                  Securities as compensation for investment banking services to
                  the Company.

                                            Yes [ ]    No [ ]

         Note:    If no, the  Commission's  staff has indicated  that you should
                  be identified as an underwriter in the Registration Statement.

         (c)      Are you an affiliate of a broker-dealer?

                                            Yes [ ]      No [ ]

         (d)      If you are an affiliate of a broker-dealer, do you certify
                  that you bought the Registrable Securities in the ordinary
                  course of business, and at the time of the purchase of the
                  Registrable Securities to be resold, you had no agreements or
                  understandings, directly or indirectly, with any person to
                  distribute the Registrable Securities?

                                            Yes [ ]     No [ ]

         Note:    If no, the Commission's staff has indicated that you should be
                  identified as an underwriter in the Registration Statement.

5. BENEFICIAL OWNERSHIP OF OTHER SECURITIES OF THE COMPANY OWNED BY THE SELLING
SECURITYHOLDER.

         EXCEPT AS SET FORTH BELOW IN THIS ITEM 5, THE UNDERSIGNED IS NOT THE
         BENEFICIAL OR REGISTERED OWNER OF ANY SECURITIES OF THE COMPANY OTHER
         THAN THE REGISTRABLE SECURITIES LISTED ABOVE IN ITEM 3.

         (a)      Type and Amount of Other Securities beneficially owned by the
                  Selling Securityholder:

                  --------------------------------------------------------------
                  --------------------------------------------------------------
                  --------------------------------------------------------------

<PAGE>

6.  RELATIONSHIPS WITH THE COMPANY:

         EXCEPT AS SET FORTH BELOW, NEITHER THE UNDERSIGNED NOR ANY OF ITS
         AFFILIATES, OFFICERS, DIRECTORS OR PRINCIPAL EQUITY HOLDERS (OWNERS OF
         5% OF MORE OF THE EQUITY SECURITIES OF THE UNDERSIGNED) HAS HELD ANY
         POSITION OR OFFICE OR HAS HAD ANY OTHER MATERIAL RELATIONSHIP WITH THE
         COMPANY (OR ITS PREDECESSORS OR AFFILIATES) DURING THE PAST THREE
         YEARS.

         State any exceptions here:

         -----------------------------------------------------------------------
         -----------------------------------------------------------------------
         -----------------------------------------------------------------------

         The undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof at any time while the Registration Statement
remains effective.

         By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to Items 1 through 6 and the
inclusion of such information in the Registration Statement and the related
prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in
connection with the preparation or amendment of the Registration Statement and
the related prospectus.

         IN WITNESS WHEREOF the undersigned, by authority duly given, has caused
this Notice and Questionnaire to be executed and delivered either in person or
by its duly authorized agent.

Dated:   Beneficial Owner:
                           --------------------------------------------

                                                 By:
                                                    ------------------------
                                                    Name:
                                                    Title:

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND
RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

                              Tutogen Medical, Inc.
                          13709 Progress Blvd., Box 19
                                Alachua, FL 32615
                          Attn: Chief Financial Officer
                            Facsimile: (386) 462-1421

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