Document:

Amended and Restated Investors Registration Rights Agreement

    
       

      
        Exhibit
          10.37 

         

        
          

          

        

         

         
AMENDED
        AND RESTATED

       

      INVESTOR
        REGISTRATION RIGHTS AGREEMENT

       

       

      THIS
        AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
        “Agreement”),
        dated as of August 30, 2006, by and among ULURU
        INC. (f/k/a
        Oxford Ventures, Inc.), a Nevada corporation (the “Company”), and the
        undersigned investors listed on Schedule I attached hereto (each, an
“Investor”
and
        collectively, the “Investors”).

       

       WHEREAS:

       

      A. In
        connection with the Securities Purchase Agreement by and among the parties
        hereto dated October 12, 2005 (the “Securities
        Purchase Agreement”),
        the
        Company issued and sold to the Investors at the First Closing (i) secured
        convertible debentures (the “Convertible
        Debentures”)
        which
        are convertible into shares of the Company’s common stock, par value $0.001 per
        share (the “Common
        Stock”),
        as is
        provided for in the Convertible Debentures and (ii) warrants (the “First
        Closing Warrants”)
        to
        purchase 5,000,000 shares of Common Stock. Capitalized terms not defined
        herein
        shall have the meaning ascribed to them in the Securities Purchase
        Agreement.

       

      B. To
        induce
        the Investors to execute and deliver the Securities Purchase Agreement, the
        Company agreed to provide certain registration rights under the Securities
        Act
        of 1933, as amended, and the rules and regulations thereunder, or any similar
        successor statute (collectively, the “Securities
        Act”),
        and
        applicable state securities laws, to the Investors pursuant to the terms
        of the
        Investor Registration Rights Agreement, dated as of October 12, 2005 (the
        “Prior
        Registration Rights Agreement”),
        by
        and among the Company and the Investors.

       

      C. On
        March
        13, 2006 Highgate House Funds, Ltd. assigned to Cornell Capital Partners,
        LP the
        Convertible Debenture and First Closing Warrants issued to Highgate House
        Funds,
        Ltd. pursuant to the Securities Purchase Agreement and all of Highgate’s rights
        and interests that Highgate had under the Prior Registration Rights Agreement.
        

      

      D. Simultaneously
        herewith, the Securities Purchase Agreement is being amended to provide that
        the
        Second Closing shall occur on the date hereof and, at the Second Closing,
        (i)
        Prenox, LLC shall provide an additional $3,000,000 of funding to the Company
        in
        exchange for (A) the issuance of an amended and restated Convertible Debenture
        in the aggregate principal amount of $13,000,000 and (B) the issuance of
        warrants (the “Second
        Closing Warrants”)
        and
        together with the First Closing Warrants, the “Warrants”)
        to
        purchase 1,125,000 shares of Common Stock and (ii) the Convertible Debenture
        held by Cornell Capital Partners, LP shall be amended and restated (the amended
        and restated Convertible Debentures issued to Prenox, LLC and Cornell Capital
        Partners, LP are referred to herein as the “Amended
        and Restated Convertible Debentures”).

       

      NOW,
        THEREFORE, in
        consideration of the premises and the mutual covenants contained herein and
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the Company and the Investors hereby agree as
        follows:

       

      	1.  	
              DEFINITIONS.
                

            

       

      As
        used
        in this Agreement, the following terms shall have the following
        meanings:

       

      (a) “Person”
means
        a
        corporation, a limited liability company, an association, a partnership,
        an
        organization, a business, an individual, a governmental or political subdivision
        thereof or a governmental agency.

       

      (b) “Register,”
        “registered,”
and
        “registration”
refer
        to a registration effected by preparing and filing one or more Registration
        Statements (as defined below) in compliance with the Securities Act and pursuant
        to Rule 415
        under
        the
        Securities Act or any successor rule providing for offering securities on
        a
        continuous or delayed basis (“Rule
        415”),
        and
        the
        declaration or ordering of effectiveness of such Registration Statement(s)
        by
        the United States Securities and Exchange Commission (the “SEC”).

       

      (c)
        “Registrable
        Securities”
means
        (i) the shares of Common Stock issued or issuable upon conversion of the
        Amended
        and Restated Convertible Debentures, (ii) the shares of Common Stock issued
        or
        issuable upon exercise of the Warrants, and (iii) any shares of capital stock
        of
        the Company issued or issuable with respect to the Amended and Restated
        Convertible Debentures (without regard to any limitations on conversion
        contained therein), the Warrants (without regard to any limitations on exercise
        contained therein) or the securities referred to in clauses (i) and (ii)
        above
        as a result of any stock split, stock dividend, recapitalization, exchange
        or
        similar event or otherwise.

       

      (d)
        “Registration
        Statement”
means
        a
        registration statement under the Securities Act which covers the Registrable
        Securities.

       

      	2.  	
              REGISTRATION.

            

       

      (a)
        Subject to the terms and conditions of this Agreement, the Company shall
        prepare
        and file, no later than seventy-five (75)
        days
        from
        the date hereof (the “Scheduled
        Filing Deadline”),
        with
        the SEC a registration statement on Form S-1 or SB-2 (or, if the Company
        is then
        eligible, on Form S-3) under the Securities Act (the “Initial
        Registration Statement”)
        for
        the resale by the Investors of the Registrable Securities, which includes
        at
        least 30,000,000 Conversion Shares to be issued upon conversion of and/or
        default under the Amended and Restated Convertible Debentures and 6,125,000
        Warrant Shares to be issued upon exercise of the Warrants. The Company shall
        keep the Registration Statement “Evergreen” for the life of the Amended and
        Restated Convertible Debentures or until Rule 144(k) of the Securities Act
        of
        1933, as amended, is available to the Investor with respect to all of the
        Registrable Securities, whichever is later. The Company shall retain, and
        pay at
        its sole expense, a law firm to file the Registration Statement from a list
        of
        approved law firms provided by the Investor. Prior to the filing of the
        Registration Statement with the SEC, the Company shall furnish a copy of
        the
        Initial Registration Statement to the Investors for their review and comment.
        The Investors shall furnish comments on the Initial Registration Statement
        to
        the Company within seventy-two (72) hours of the receipt thereof from the
        Company.

       

      (b)
        Effectiveness
        of the Initial Registration Statement.
        The
        Company shall use its best efforts (i) to have the Initial Registration
        Statement declared effective by the SEC no later than one hundred twenty
        (120)
        days (one hundred fifty (150)
        days
        if
        the Initial Registration Statement is reviewed by the SEC) after the date
        hereof
        (the “Scheduled
        Effective Deadline”)
        and
        (ii) to insure that the Initial Registration Statement and any subsequent
        Registration Statement remains in effect until all of the Registrable Securities
        have been sold, subject to the terms and conditions of this Agreement. It
        shall
        be an event of default under the Amended and Restated Convertible Debentures
        if
        the Initial Registration Statement is not declared effective by the SEC within
        one hundred fifty (150) days following the date hereof 

       

      (c)
        Failure
        to File or Obtain Effectiveness of the Registration Statement.
        In the
        event the Registration Statement is not filed by the Scheduled Filing Deadline
        or is not declared effective by the SEC on or before the Scheduled Effective
        Deadline, or if after the Registration Statement has been declared effective
        by
        the SEC, sales cannot be made pursuant to the Registration Statement (whether
        because of a failure to keep the Registration Statement effective, failure
        to
        disclose such information as is necessary for sales to be made pursuant to
        the
        Registration Statement, failure to register sufficient shares of Common Stock
        or
        otherwise, except for any grace period provided in Section 3(e) hereof)
        (“Maintenance
        Failure”)
        then
        as partial relief for the damages to any holder of Registrable Securities
        by
        reason of any such delay in or reduction of its ability to sell the underlying
        shares of Common Stock (which remedy shall not be exclusive of any other
        remedies at law or in equity), the Company will pay as liquidated damages
        (the
“Liquidated
        Damages”)
        and
        not as a penalty, to the holder, a cash amount equal to two percent (2%)
        per
        month of the outstanding principal amount of the Amended and Restated
        Convertible Debentures outstanding. The initial payment of Liquidated Damages
        shall be made on the date the Scheduled Filing Deadline, Scheduled Effective
        Deadline or Maintenance Failure occurs, and shall continue and be paid every
        thirtieth (30th)
        day
        thereafter (or, if cured prior to any such subsequent thirtieth (30) day,
        within
        three (3) business days following such cure) until the Registration Statement
        is
        filed or declared effective or such Maintenance Failure is cured, as the
        case
        may be. Notwithstanding anything contained herein to the contrary, no Liquidated
        Damages payments under this Agreement (excluding any accrued Liquidated Damages’
payments under the Prior Registration Rights Agreement pursuant to Section
        2(e))
        shall exceed, with respect to a particular Investor, twelve and one half
        percent
        (12.5%) of the principal amount of such Investor’s Amended and Restated
        Convertible Debentures.

       

      (d)
        Liquidated
        Damages.
        The
        Company and the Investor hereto acknowledge and agree that the sums payable
        under subsection 2(c) above shall constitute liquidated damages and not
        penalties and are in addition to all other rights of the Investor, including
        the
        right to call a default. The parties further acknowledge that (i) the amount
        of
        loss or damages likely to be incurred is incapable or is difficult to precisely
        estimate, (ii) the amounts specified in such subsection bear a reasonable
        relationship to, and are not plainly or grossly disproportionate to, the
        probable loss likely to be incurred in connection with any failure by the
        Company to file a Registration Statement or to obtain or maintain the
        effectiveness of a Registration Statement, (iii) one of the reasons for the
        Company and the Investor reaching an agreement as to such amounts was the
        uncertainty and cost of litigation regarding the question of actual damages,
        and
        (iv) the Company and the Investor are sophisticated business parties and
        have
        been represented by sophisticated and able legal counsel and negotiated this
        Agreement at arm’s length.

       

      (e)
        Accrued
        Liquidated Damages.
        As of
        the date hereof, there are accrued Liquidated Damages owed to Prenox, LLC
        and
        Cornell Capital Partners, LP in the amount of $1,450,000 and $435,000,
        respectively, for the failure to timely file the Registration Statement under
        the Prior Registration Rights Agreement. The Company and each Investor hereby
        acknowledges and agrees that (i) payment of the accrued but unpaid Liquidated
        Damages due and owing to such Investor shall be deferred until such time
        as the
        Amended and Restated Convertible Debenture held by such Investor becomes
        due and
        owing, whether at maturity, by acceleration or otherwise and, at such time,
        such
        accrued but unpaid Liquidated Damages shall be paid in full and (ii) the
        accrued
        but unpaid Liquidated Damages shall constitute Obligations (as defined in
        the
        Security Agreement). In connection with a financing pursuant to which the
        Amended and Restated Convertible Debentures are redeemed in full in accordance
        with the terms of the Amended and Restated Convertible Debentures, the Investors
        and the Company shall enter into discussions regarding potential alternative
        terms, settlement or other resolution of payment of such accrued but unpaid
        Liquidated Damages set forth above, which such alternative terms of payment,
        settlement or resolution shall be acceptable to the Investors in their sole
        discretion.

       

      	3.  	
              RELATED
                OBLIGATIONS.

            

       

      (a)
        The
        Company shall keep the Registration Statement effective pursuant to Rule
        415 at
        all times until the date on which the Investors shall have sold all the
        Registrable Securities covered by such Registration Statement (the “Registration
        Period”),
        which
        Registration Statement (including any amendments or supplements thereto and
        prospectuses contained therein) shall not contain any 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 of the circumstances in
        which
        they were made, not misleading. 

       

      (b)
        The
        Company shall prepare and file with the SEC such amendments (including
        post-effective amendments) and supplements to a Registration Statement and
        the
        prospectus used in connection with such Registration Statement, which prospectus
        is to be filed pursuant to Rule 424 promulgated under the Securities Act,
        as may
        be necessary to keep such Registration Statement effective at all times during
        the Registration Period, and, during such period, comply with the provisions
        of
        the Securities Act with respect to the disposition of all Registrable Securities
        of the Company covered by such Registration Statement until such time as
        all of
        such Registrable Securities shall have been disposed of in accordance with
        the
        intended methods of disposition by the seller or sellers thereof as set forth
        in
        such Registration Statement. In the case of amendments and supplements to
        a
        Registration Statement which are required to be filed pursuant to this Agreement
        (including pursuant to this Section 3(b)) by reason of the Company’s filing a
        report on Form 10-KSB, Form 10-QSB or Form 8-K or any analogous report under
        the
        Securities Exchange Act of 1934, as amended (the “Exchange
        Act”),
        the
        Company shall incorporate such report by reference into the Registration
        Statement, if applicable, or shall file such amendments or supplements with
        the
        SEC on the same day on which the Exchange Act report is filed which created
        the
        requirement for the Company to amend or supplement the Registration
        Statement.

       

      (c)
        The
        Company shall furnish to each Investor whose Registrable Securities are included
        in any Registration Statement, without charge, (i) at least one (1) copy
        of such
        Registration Statement as declared effective by the SEC and any amendment(s)
        thereto, including financial statements and schedules, all documents
        incorporated therein by reference, all exhibits and each preliminary prospectus,
        (ii) ten (10) copies of the final prospectus included in such Registration
        Statement and all amendments and supplements thereto (or such other number
        of
        copies as such Investor may reasonably request) and (iii) such other documents
        as such Investor may reasonably request from time to time in order to facilitate
        the disposition of the Registrable Securities owned by such
        Investor.

       

      (d)
        The
        Company shall use its best efforts to (i) register and qualify the Registrable
        Securities covered by a Registration Statement under such other securities
        or
“blue sky” laws of such jurisdictions in the United States as any Investor
        reasonably requests, (ii) prepare and file in those jurisdictions, such
        amendments (including post-effective amendments) and supplements to such
        registrations and qualifications as may be necessary to maintain the
        effectiveness thereof during the Registration Period, (iii) take such other
        actions as may be necessary to maintain such registrations and qualifications
        in
        effect at all times during the Registration Period, and (iv) take all other
        actions reasonably necessary or advisable to qualify the Registrable Securities
        for sale in such jurisdictions; provided, however, that the Company shall
        not be
        required in connection therewith or as a condition thereto to (w) make any
        change to its articles of incorporation or by-laws, (x) qualify to do business
        in any jurisdiction where it would not otherwise be required to qualify but
        for
        this Section 3(d), (y) subject itself to general taxation in any such
        jurisdiction, or (z) file a general consent to service of process in any
        such
        jurisdiction. The Company shall promptly notify each Investor who holds
        Registrable Securities of the receipt by the Company of any notification
        with
        respect to the suspension of the registration or qualification of any of
        the
        Registrable Securities for sale under the securities or “blue sky” laws of any
        jurisdiction in the United States or its receipt of actual notice of the
        initiation or threat of any proceeding for such purpose.

       

      (e)
        As
        promptly as practicable after becoming aware of such event or development,
        the
        Company shall notify each Investor in writing of the happening of any event
        as a
        result of which the prospectus included in a Registration Statement, as then
        in
        effect, includes an untrue statement of a material fact or omission to state
        a
        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 (provided that in no event shall such notice contain any material,
        nonpublic information), and promptly prepare a supplement or amendment to
        such
        Registration Statement to correct such untrue statement or Omission, and
        deliver
        ten (10) copies of such supplement or amendment to each Investor.
        Notwithstanding any provision of this Agreement to the contrary, if the Company
        makes such a notification, the Company may suspend the use of any prospectus
        contained in any Registration Statement for periods not to exceed forty five
        (45)
        business
        days in any three month period or two periods not to exceed an aggregate
        of
        ninety (90) business days in any 12 month period in the event that the Company
        determines, in the exercise of its reasonable discretion, confirmed by a
        legal
        opinion from outside counsel, that sales of Registrable Securities thereunder
        could constitute violations of the Securities Act due to the Registration
        Statement containing an untrue statement of a material fact or omission to
        state
        a 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. In each case the Company shall use commercially reasonable
        efforts to remedy the deficiency in the Registration Statement within thirty
        (30) business days. The Company shall also promptly notify each Investor
        in
        writing (i) when a prospectus or any prospectus supplement or post-effective
        amendment has been filed, and when a Registration Statement or any
        post-effective amendment has become effective (notification of such
        effectiveness shall be delivered to each Investor by facsimile on the same
        day
        of such effectiveness), (ii) of any request by the SEC for amendments or
        supplements to a Registration Statement or related prospectus or related
        information, and (iii) of the Company’s reasonable determination that a
        post-effective amendment to a Registration Statement would be
        appropriate.

       

      (f)
        The
        Company shall use its best efforts to prevent the issuance of any stop order
        or
        other suspension of effectiveness of a Registration Statement, or the suspension
        of the qualification of any of the Registrable Securities for sale in any
        jurisdiction within the United States of America and, if such an order or
        suspension is issued, to obtain the withdrawal of such order or suspension
        at
        the earliest possible moment and to notify each Investor who holds Registrable
        Securities being sold of the issuance of such order and the resolution thereof
        or its receipt of actual notice of the initiation or threat of any proceeding
        for such purpose. 

       

      (g)
        The
        Company shall make available for inspection by (i) any Investor and (ii)
        one (1)
        firm of accountants or other agents retained by the Investors (collectively,
        the
“Inspectors”)
        all
        pertinent financial and other records, and pertinent corporate documents
        and
        properties of the Company (collectively, the “Records”),
        as
        shall be reasonably deemed necessary by each Inspector, and cause the Company’s
        officers, directors and employees to supply all information which any Inspector
        may reasonably request; provided, however, that each Inspector shall agree,
        and
        each Investor hereby agrees, to hold in strict confidence and shall not make
        any
        disclosure (except to an Investor) or use any Record or other information
        which
        the Company determines in good faith to be confidential, and of which
        determination the Inspectors are so notified, unless (a) the disclosure of
        such
        Records is necessary to avoid or correct a misstatement or omission in any
        Registration Statement or is otherwise required under the Securities Act,
        (b)
        the release of such Records is ordered pursuant to a final, non-appealable
        subpoena or order from a court or government body of competent jurisdiction,
        or
        (c) the information in such Records has been made generally available to
        the
        public other than by disclosure in violation of this or any other agreement
        of
        which the Inspector and the Investor has knowledge. Each Investor agrees
        that it
        shall, upon learning that disclosure of such Records is sought in or by a
        court
        or governmental body of competent jurisdiction or through other means, give
        prompt notice to the Company and allow the Company, at its expense, to undertake
        appropriate action to prevent disclosure of, or to obtain a protective order
        for, the Records deemed confidential.

       

      (h)
        The
        Company shall hold in confidence and not make any disclosure of information
        concerning an Investor provided to the Company unless (i) disclosure of such
        information is necessary to comply with federal or state securities laws,
        (ii)
        the disclosure of such information is necessary to avoid or correct a
        misstatement or omission in any Registration Statement, (iii) the release
        of
        such information is ordered pursuant to a subpoena or other final,
        non-appealable order from a court or governmental body of competent
        jurisdiction, or (iv) such information has been made generally available
        to the
        public other than by disclosure in violation of this Agreement or any other
        agreement. The Company agrees that it shall, upon learning that disclosure
        of
        such information concerning an Investor is sought in or by a court or
        governmental body of competent jurisdiction or through other means, give
        prompt
        written notice to such Investor and allow such Investor, at the Investor’s
        expense, to undertake appropriate action to prevent disclosure of, or to
        obtain
        a protective order for, such information.

       

      (i)
        The
        Company shall use its best efforts either to cause all the Registrable
        Securities covered by a Registration Statement (i) to be listed on each
        securities exchange on which securities of the same class or series issued
        by
        the Company are then listed, if any, if the listing of such Registrable
        Securities is then permitted under the rules of such exchange or (ii) to
        be
        included for quotation on the National Association of Securities Dealers,
        Inc.
        OTC Bulletin Board for such Registrable Securities. The Company shall pay
        all
        fees and expenses in connection with satisfying its obligation under this
        Section 3(i).

       

      (j)
        The
        Company shall cooperate with the Investors who hold Registrable Securities
        being
        offered and, to the extent applicable, to facilitate the timely preparation
        and
        delivery of certificates to a transferee of an Investor (not bearing any
        restrictive legend) representing the Registrable Securities to be offered
        pursuant to a Registration Statement and enable such certificates to be in
        such
        denominations or amounts, as the case may be, as the Investors may reasonably
        request and registered in such names as the Investors may request.

       

      (k)
        The
        Company shall use its best efforts to cause the Registrable Securities covered
        by the applicable Registration Statement to be registered with or approved
        by
        such other governmental agencies or authorities as may be necessary to
        consummate the disposition of such Registrable Securities.

       

      (1)
        The
        Company shall make generally available to its security holders as soon as
        practical, but not later than ninety (90) days after the close of the period
        covered thereby, an earnings statement (in form complying with the provisions
        of
        Rule 158 under the Securities Act) covering a twelve (12) month period beginning
        not later than the first day of the Company’s fiscal quarter next following the
        effective date of the Registration Statement.

       

      (m)The
        Company shall otherwise use its best efforts to comply with all applicable
        rules
        and regulations of the SEC in connection with any registration
        hereunder.

       

      (n)
        Within two (2) business days after a Registration Statement which covers
        Registrable Securities is declared effective by the SEC, the Company shall
        deliver, and shall cause legal counsel for the Company to deliver, to the
        transfer agent for such Registrable Securities (with copies to the Investors
        whose Registrable Securities are included in such Registration Statement)
        confirmation that such Registration Statement has been declared effective
        by the
        SEC in the form attached hereto as Exhibit
        A. 

       

      	4.  	
              OBLIGATIONS
                OF THE INVESTORS.

            

       

      Each
        Investor agrees that, upon receipt of any notice from the Company of the
        happening of any event of the kind described in Section 3(f) or the first
        sentence of Section 3(e), such Investor will immediately discontinue disposition
        of Registrable Securities pursuant to any Registration Statement(s) covering
        such Registrable Securities until such Investor’s receipt of the copies of the
        supplemented or amended prospectus contemplated by Section 3(e) or receipt
        of
        notice from the Company that no supplement or amendment is required.
        Notwithstanding anything to the contrary, the Company shall cause its transfer
        agent to deliver unlegended certificates for shares of Common Stock to a
        transferee of an Investor in accordance with the terms of the Securities
        Purchase Agreement in connection with any sale of Registrable Securities
        with
        respect to which an Investor has entered into a contract for sale prior to
        the
        Investor’s receipt of a notice from the Company of the happening of any event of
        the kind described in Section 3(f) or the first sentence of 3(e) and for
        which
        the Investor has not yet settled.

       

      	5.  	
              EXPENSES
                OF REGISTRATION.

            

       

      All
        expenses incurred in connection with registrations, filings or qualifications
        pursuant to Sections 2 and 3, including, without limitation, all registration,
        listing and qualifications fees, printers, legal and accounting fees shall
        be
        paid by the Company.

       

      	6.  	
              INDEMNIFICATION.
                

            

       

      With
        respect to Registrable Securities which are included in a Registration Statement
        under this Agreement:

       

      (a)
        To
        the fullest extent permitted by law, the Company will, and hereby does,
        indemnify, hold harmless and defend each Investor, the directors, officers,
        partners, employees, agents, representatives of, and each Person, if any,
        who
        controls any Investor within the meaning of the Securities Act or the Exchange
        Act (each, an “Indemnified
        Person”),
        against any losses, claims, damages, liabilities, judgments, fines, penalties,
        charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
        expenses, joint or several (collectively, “Claims”)
        incurred in investigating, preparing or defending any action, claim, suit,
        inquiry, proceeding, investigation or appeal taken from the foregoing by
        or
        before any court or governmental, administrative or other regulatory agency,
        body or the SEC, whether pending or threatened, whether or not an indemnified
        party is or may be a party thereto (“Indemnified
        Damages”),
        to
        which any of them may become subject insofar as such Claims (or actions or
        proceedings, whether commenced or threatened, in respect thereof) arise out
        of
        or are based upon: (i) any untrue statement or alleged untrue statement of
        a
        material fact in a Registration Statement or any post-effective amendment
        thereto or in any filing made in connection with the qualification of the
        offering under the securities or other “blue sky” laws of any jurisdiction in
        which Registrable Securities are offered (“Blue
        Sky Filing”),
        or
        the omission or alleged omission to state a material fact required to be
        stated
        therein or necessary to make the statements therein not misleading; (ii)
        any
        untrue statement or alleged untrue statement of a material fact contained
        in any
        final prospectus (as amended or supplemented, if the Company files any amendment
        thereof or supplement thereto with the SEC) or the omission or alleged omission
        to state therein any material fact necessary to make the statements made
        therein, in light of the circumstances under which the statements therein
        were
        made, not misleading; or (iii) any violation or alleged violation by the
        Company
        of the Securities Act, the Exchange Act, any other law, including, without
        limitation, any state securities law, or any rule or regulation there under
        relating to the offer or sale of the Registrable Securities pursuant to a
        Registration Statement (the matters in the foregoing clauses (i) through
        (iii)
        being, collectively, “Violations”).
        The
        Company shall reimburse the Investors and each such controlling person promptly
        as such expenses are incurred and are due and payable, for any legal fees
        or
        disbursements or other reasonable expenses incurred by them in connection
        with
        investigating or defending any such Claim. Notwithstanding anything to the
        contrary contained herein, the indemnification agreement contained in this
        Section 6(a): (x) shall not apply to a Claim by an Indemnified Person arising
        out of or based upon a Violation which occurs in reliance upon and in conformity
        with information furnished in writing to the Company by such Indemnified
        Person
        expressly for use in connection with the preparation of the Registration
        Statement or any such amendment thereof or supplement thereto; (y) shall
        not be
        available to the extent such Claim is based on a failure of the Investor
        to
        deliver or to cause to be delivered the prospectus made available by the
        Company, if such prospectus was timely made available by the Company pursuant
        to
        Section 3(c); and (z) shall not apply to amounts paid in settlement of any
        Claim
        if such settlement is effected without the prior written consent of the Company,
        which consent shall not be unreasonably withheld. Such indemnity shall remain
        in
        full force and effect regardless of any investigation made by or on behalf
        of
        the Indemnified Person and shall survive the transfer of the Registrable
        Securities by the Investors.

       

      (b)
        In
        connection with a Registration Statement, each Investor agrees to severally
        and
        not jointly indemnify, hold harmless and defend, to the same extent and in
        the
        same manner as is set forth in Section 6(a), the Company, each of its directors,
        each of its officers, employees, representatives, or agents and each Person,
        if
        any, who controls the Company within the meaning of the Securities Act or
        the
        Exchange Act (each an “Indemnified
        Party”),
        against any Claim or Indemnified Damages to which any of them may become
        subject, under the Securities Act, the Exchange Act or otherwise, insofar
        as
        such Claim or Indemnified Damages arise out of or is based upon any Violation,
        in each case to the extent, and only to the extent, that such Violation occurs
        in reliance upon and in conformity with written information furnished to
        the
        Company by such Investor expressly for use in connection with such Registration
        Statement; and, subject to Section 6(d), such Investor will reimburse any
        legal
        or other expenses reasonably incurred by them in connection with investigating
        or defending any such Claim; provided, however, that the indemnity agreement
        contained in this Section 6(b) and the agreement with respect to contribution
        contained in Section 7 shall not apply to amounts paid in settlement of any
        Claim if such settlement is effected without the prior written consent of
        such
        Investor, which consent shall not be unreasonably withheld; provided, further,
        however, that the Investor shall be liable under this Section 6(b) for only
        that
        amount of a Claim or Indemnified Damages as does not exceed the net proceeds
        to
        such Investor as a result of the sale of Registrable Securities pursuant
        to such
        Registration Statement. Such indemnity shall remain in full force and effect
        regardless of any investigation made by or on behalf of such Indemnified
        Party
        and shall survive the transfer of the Registrable Securities by the Investors.
        Notwithstanding anything to the contrary contained herein, the indemnification
        agreement contained in this Section 6(b) with respect to any prospectus shall
        not inure to the benefit of any Indemnified Party if the untrue statement
        or
        omission of material fact contained in the prospectus was corrected and such
        new
        prospectus was delivered to each Investor prior to such Investor’s use of the
        prospectus to which the Claim relates.

       

      (c)
        Promptly after receipt by an Indemnified Person or Indemnified Party under
        this
        Section 6 of notice of the commencement of any action or proceeding (including
        any governmental action or proceeding) involving a Claim, such Indemnified
        Person or Indemnified Party shall, if a Claim in respect thereof is to be
        made
        against any indemnifying party under this Section 6, deliver to the indemnifying
        party a written notice of the commencement thereof, and the indemnifying
        party
        shall have the right to participate in, and, to the extent the indemnifying
        party so desires, jointly with any other indemnifying party similarly noticed,
        to assume control of the defense thereof with counsel mutually satisfactory
        to
        the indemnifying party and the Indemnified Person or the Indemnified Party,
        as
        the case may be; provided, however, that an Indemnified Person or Indemnified
        Party shall have the right to retain its own counsel with the fees and expenses
        of not more than one (1) counsel for such Indemnified Person or Indemnified
        Party to be paid by the indemnifying party, if, in the reasonable opinion
        of
        counsel retained by the indemnifying party, the representation by such counsel
        of the Indemnified Person or Indemnified Party and the indemnifying party
        would
        be inappropriate due to actual or potential differing interests between such
        Indemnified Person or Indemnified Party and any other party represented by
        such
        counsel in such proceeding. The Indemnified Party or Indemnified Person shall
        cooperate fully with the indemnifying party in connection with any negotiation
        or defense of any such action or claim by the indemnifying party and shall
        furnish to the indemnifying party all information reasonably available to
        the
        Indemnified Party or Indemnified Person which relates to such action or claim.
        The indemnifying party shall keep the Indemnified Party or Indemnified Person
        fully apprised at all times as to the status of the defense or any settlement
        negotiations with respect thereto. No indemnifying party shall be liable
        for any
        settlement of any action, claim or proceeding effected without its prior
        written
        consent; provided, however, that the indemnifying party shall not unreasonably
        withhold, delay or condition its consent. No indemnifying party shall, without
        the prior written consent of the Indemnified Party or Indemnified Person,
        consent to entry of any judgment or enter into any settlement or other
        compromise which does not include as an unconditional term thereof the giving
        by
        the claimant or plaintiff to such Indemnified Party or Indemnified Person
        of a
        release from all liability in respect to such claim or litigation. Following
        indemnification as provided for hereunder, the indemnifying party shall be
        subrogated to all rights of the Indemnified Party or Indemnified Person with
        respect to all third parties, firms or corporations relating to the matter
        for
        which indemnification has been made. The failure to deliver written notice
        to
        the indemnifying party within a reasonable time of the commencement of any
        such
        action shall not relieve such indemnifying party of any liability to the
        Indemnified Person or Indemnified Party under this Section 6, except to the
        extent that the indemnifying party is prejudiced in its ability to defend
        such
        action.

       

      (d)
        The
        indemnification required by this Section 6 shall be made by periodic payments
        of
        the amount thereof during the course of the investigation or defense, as
        and
        when bills are received or Indemnified Damages are incurred. 

       

      (e)
        The
        indemnity agreements contained herein shall be in addition to (i) any cause
        of
        action or similar right of the Indemnified Party or Indemnified Person against
        the indemnifying party or others, and (ii) any liabilities the indemnifying
        party may be subject to pursuant to the law.

       

      	7.  	
              CONTRIBUTION.

            

       

      To
        the
        extent any indemnification by an indemnifying party is prohibited or limited
        by
        law, the indemnifying party agrees to make the maximum contribution with
        respect
        to any amounts for which it would otherwise be liable under Section 6 to
        the
        fullest extent permitted by law; provided, however, that: (i) no seller of
        Registrable Securities guilty of fraudulent misrepresentation (within the
        meaning of Section 11(f) of the Securities Act) shall be entitled to
        contribution from any seller of Registrable Securities who was not guilty
        of
        fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
        Securities shall be limited in amount to the net amount of proceeds received
        by
        such seller from the sale of such Registrable Securities.

       

      	8.  	
              REPORTS
                UNDER THE EXHANGE ACT.

            

       

      With
        a
        view to making available to the Investors the benefits of Rule 144 promulgated
        under the Securities Act or any similar rule or regulation of the SEC that
        may
        at any time permit the Investors to sell securities of the Company to the
        public
        without registration (“Rule
        144”)
        the
        Company agrees to:

       

      (a)
        Make
        and keep public information available, as those terms are understood and
        defined
        in Rule 144;

       

      (b)
        file
        with the SEC in a timely manner all reports and other documents required
        of the
        Company under the Securities Act and the Exchange Act so long as the Company
        remains subject to such requirements (it being understood that nothing herein
        shall limit the Company’s obligations under Section 4(c) of the Securities
        Purchase Agreement) and the filing of such reports and other documents as
        are
        required by the applicable provisions of Rule 144; and

       

      (c)
        furnish to each Investor so long as such Investor owns Registrable Securities,
        promptly upon request, (i) a written statement by the Company that it has
        complied with the reporting requirements of Rule 144, the Securities Act
        and the
        Exchange Act, (ii) a copy of the most recent annual or quarterly report of
        the
        Company and such other reports and documents so filed by the Company, and
        (iii)
        such other information as may be reasonably requested to permit the Investors
        to
        sell such securities pursuant to Rule 144 without registration.

       

      	9.  	
              AMENDMENT
                OF REGISTRATION RIGHTS; ASSIGNMENT OF REGISTRATION RIGHTS.

            

       

      (a)
        Provisions of this Agreement may be amended and the observance thereof may
        be
        waived (either generally or in a particular instance and either retroactively
        or
        prospectively), only with the written consent of the Company and Investors
        who
        then hold at least two-thirds (2/3) of the Registrable Securities. Any amendment
        or waiver effected in accordance with this Section 9 shall be binding upon
        each
        Investor and the Company. No such amendment shall be effective to the extent
        that it applies to fewer than all of the holders of the Registrable Securities.
        No consideration shall be offered or paid to any Person to amend or consent
        to a
        waiver or modification of any provision of any of this Agreement unless the
        same
        consideration also is offered to all of the parties to this
        Agreement.

       

      (b)
        The
        rights under this Agreement shall be automatically assignable by an Investor
        to
        any transferee of all or any portion of such Investor’s Registrable Securities
        if: (i) the Investor agrees in writing with the transferee or assignee to
        assign
        such rights, and a copy of such agreement is furnished to the Company within
        a
        reasonable time after such assignment; (ii) the Company is, within a reasonable
        time after such transfer or assignment, furnished with written notice of
        (a) the
        name and address of such transferee or assignee, and (b) the securities with
        respect to which such registration rights are being transferred or assigned;
        (iii) immediately following such transfer or assignment the further disposition
        of such securities by the transferee or assignee is restricted under the
        Securities Act or applicable state securities laws; and (iv) at or before
        the
        time the Company receives the written notice contemplated by clause (ii)
        of this
        sentence the transferee or assignee agrees in writing with the Company to
        be
        bound by all of the provisions contained herein.

       

      	10.  	
              MISCELLANEOUS.

            

       

      (a)
        A
        Person is deemed to be a holder of Registrable Securities whenever such Person
        owns or is deemed to own of record such Registrable Securities. If the Company
        receives conflicting instructions, notices or elections from two (2) or more
        Persons with respect to the same Registrable Securities, the Company shall
        act
        upon the basis of instructions, notice or election received from the registered
        owner of such Registrable Securities.

       

      (b)
        Any
        notices, consents, waivers or other communications required or permitted
        to be
        given under the terms of this Agreement must be in writing and will be deemed
        to
        have been delivered: (i) upon receipt, when delivered personally; (ii) upon
        receipt, when sent by facsimile (provided confirmation of transmission is
        mechanically or electronically generated and kept on file by the sending
        party);
        or (iii) one (1) business day after deposit with a nationally recognized
        overnight delivery service, in each case properly addressed to the party
        to
        receive the same. The addresses and facsimile numbers for such communications
        shall be:

       

      
        	
                 If
                  to the Company, to: 

              	
                Uluru
                  Inc.

              
	 	
                4452
                  Beltway Drive 

                Addison,
                  TX 75001

              
	 	
                Attention:
                  Kerry P. Gray 

                Telephone:
                  (214) 668-0821

              
	 	 
	
                 With
                  a copy to: 

              	
                Bingham
                  McCutchen LLP

              
	 	
                150
                  Federal Street 

                Boston,
                  MA 02110

              
	 	
                Attention:
                  John J. Concannon, Esq. 

                Telephone:
                  (617) 951-8874 

                Facsimile:
                  (617) 951-8736

              

      

       

      If
        to an
        Investor, to its address and facsimile number on the Schedule of Investors
        attached hereto, with copies to such Investor’s representatives as set forth on
        the Schedule of Investors or to such other address and/or facsimile number
        and/or to the attention of such other person as the recipient party has
        specified by written notice given to each other party five (5) days prior
        to the
        effectiveness of such change. Written confirmation of receipt (A) given by
        the
        recipient of such notice, consent, waiver or other communication, (B)
        mechanically or electronically generated by the sender’s facsimile machine
        containing the time, date, recipient facsimile number and an image of the
        first
        page of such transmission or (C) provided by a courier or overnight courier
        service shall be rebuttable evidence of personal service, receipt by facsimile
        or receipt from a nationally recognized overnight delivery service in accordance
        with clause (i), (ii) or (iii) above, respectively.

       

      (c)
        Failure of any party to exercise any right or remedy under this Agreement
        or
        otherwise, or delay by a party in exercising such right or remedy, shall
        not
        operate as a waiver thereof.

       

      (d)
        The
        parties hereto acknowledge that the transactions contemplated by this Agreement
        and the exhibits hereto bear a reasonable relation to the State of New York.
        The
        parties hereto agree that the internal laws of the State of New York shall
        govern this Agreement and the exhibits hereto, including, but not limited
        to,
        all issues related to usury. Any action to enforce the terms of this Agreement
        or any of its exhibits shall be brought exclusively in the state and/or federal
        courts situated in the County and State of New York. Each party hereby
        irrevocably waives personal service of process and consents to process being
        served in any such suit, action or proceeding by mailing a copy thereof to
        such
        party at the address for such notices to it under this Agreement and agrees
        that
        such service shall constitute good and sufficient service of process and
        notice
        thereof. Nothing contained herein shall be deemed to limit in any way any
        right
        to serve process in any manner permitted by law. If any provision of this
        Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
        or unenforceability shall not affect the validity or enforceability of the
        remainder of this Agreement in that jurisdiction or the validity or
        enforceability of any provision of this Agreement in any other jurisdiction.
        EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
        TO
        REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
        CONISIECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
        CONTEMPLATED HEREBY.

       

      (e)
        This
        Agreement, the Irrevocable Transfer Agent Instructions, the Securities Purchase
        Agreement (including the amendment thereto) and related documents including
        the
        Amended and Restated Convertible Debentures, the Warrants, the Escrow Agreement
        by and among the Company, the Investors set forth on the Schedule of Investors
        attached hereto, and Gottbetter & Partners, LLP. (the “Escrow
        Agreement”),
        the
        Escrow Shares Escrow Agreement, the Security Agreement and any other documents
        executed in connection with the First Closing and/or Second Closing constitute
        the entire agreement among the parties hereto with respect to the subject
        matter
        hereof and thereof. There are no restrictions, promises, warranties or
        undertakings, other than those set forth or referred to herein and therein.
        This
        Agreement, the Irrevocable Transfer Agent Instructions, the Securities Purchase
        Agreement (including the amendment thereto) and related documents including
        the
        Amended and Restated Convertible Debenture, the Warrants, the Escrow Agreement,
        the Escrow Shares Escrow Agreement, the Security Agreement and any other
        documents executed in connection with the First Closing and/or Second Closing
        supersede all prior agreements and understandings among the parties hereto
        with
        respect to the subject matter hereof and thereof (including the Prior
        Registration Rights Agreement).

       

      (f)
        This
        Agreement shall inure to the benefit of and be binding upon the permitted
        successors and assigns of each of the parties hereto. 

       

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

       

      (h)
        This
        Agreement may be executed in identical counterparts, each of which shall
        be
        deemed an original but all of which shall constitute one and the same agreement.
        This Agreement, once executed by a party, may be delivered to the other party
        hereto by facsimile transmission of a copy of this Agreement bearing the
        signature of the party so delivering this Agreement.

       

      (i)
        Each
        party shall do and perform, or cause to be done and performed, all such further
        acts and things, and shall execute and deliver all such other agreements,
        certificates, instruments and documents, as the other party may reasonably
        request in order to carry out the intent and accomplish the purposes of this
        Agreement and the consummation of the transactions contemplated
        hereby.

       

      The
        language used in this Agreement will be deemed to be the language chosen
        by the
        parties to express their mutual intent and no rules of strict
        construction will
        be
        applied against any party.

       

       

      (j)
        This
        Agreement is intended for the benefit of the parties hereto and their respective
        permitted successors and assigns, and is not for the benefit of, nor may
        any
        provision hereof be enforced by, any other Person.

       

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, the
        parties have caused this Investor Registration Rights Agreement to be duly
        executed as of day and year first above written.

       

       

      COMPANY:
        

       

      Uluru,
        Inc. (f/k/a Oxford Ventures, Inc.)

       

      By:
        /s/
        Kerry P. Gray 

      Name:
        Kerry
        P. Gray 

      Title:
        President
        & CEO

      

      INVESTORS:

      

      Cornell
        Capital Partners, LP

      By:
        Yorkville Advisors, LLC, its General Partner

      

      By:
        /s/
        Ed
        Schinik  

      Name:
        Ed
        Schinik  

      Title:
        Chief
        Financial Officer  

       

      Prenox,
        LLC 

                                      By:
        Prentice Capital
        Management, LP, its Manager

       

      By:
        /s/
        Matt Hoffman  

                                      Name:
Matt
        Hoffman  

                                      Title:
General
        Counsel  

       

      
        
           

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
        I 

       

       

      SCHEDULE
        OF INVESTORS

       

       

      
        	
                Name

              	 	
                Signature

              	 	
                Address/Facsimile

                Number
                  of Investors

              
	 	 	 	 	 
	
                Cornell
                  Capital Partners, LP 

              	 	
                By:
                  Yorkville Advisors, its General Partner

                Name:
                  Mark Angelo 

                Its:
                  Portfolio Manager

              	 	
                101
                  Hudson Street, 

                Suite
                  3700 Jersey City, NJ 07302

                Telephone:
                  (201) 985-8266

              
	 	 	 	 	 
	 	 	 	 	 
	
                With
                  a copy to:

              	 	
                Troy
                  Rillo, Esq.

              	 	
                101
                  Hudson Street, 

                Suite
                  3700 Jersey City, NJ 07302

                Telephone:
                  (201) 985-8266

              
	 	 	 	 	 
	 	 	 	 	 
	
                Prenox,
                  LLC.

              	 	
                By:
                  Prentice Capital Management LP, its Manager

                Name:
                  Mathew B. Hoffman 

                Its:
                  General Counsel

              	 	
                623
                  Fifth Avenue, 32nd
                  Floor New York, NY 10022

                Telephone:
                  (212) 756-8051

                Facsimile:
                  (212) 756-1471

              

      

       

      

       

      
        
           

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A

       

       

      FORM
        OF NOTICE OF EFFECTIVENESS 

       

      OF
        REGISTRATION STATEMENT

       

       

      Attention:

       

      Re:
        ULURU
        INC.

       

      Ladies
        and Gentlemen:

       

      We
        are
        counsel to Uluru Inc., a Nevada corporation (the “Company”),
        and
        have represented the Company in connection with that certain Securities Purchase
        Agreement (the “Securities
        Purchase Agreement”)
        entered into by and among the Company and the investors named therein
        (collectively, the “Investors”)
        pursuant to which the Company issued to the Investors shares of its Common
        Stock, par value $0.00 1 per share (the “Common
        Stock”).
        Pursuant to the Purchase Agreement, the Company also has entered into a
        Registration Rights Agreement with the Investors (the “Investor
        Registration Rights Agreement”)
        pursuant to which the Company agreed, among other things, to register the
        Registrable Securities (as defined in the Registration Rights Agreement)
        under
        the Securities Act of 1933, as amended (the “Securities Act”). In connection
        with the Company’s obligations under the Registration Rights Agreement, on
    ,,
        the
        Company filed a Registration Statement on Form  _________
        (File No. 333-
          )
        (the
“Registration
        Statement”)
        with
        the Securities and Exchange SEC (the “SEC”)
        relating to the Registrable Securities which names each of the Investors
        as a
        selling stockholder there under.

       

      In
        connection with the foregoing, we advise you that a member of the SEC’s staff
        has advised us by telephone that the SEC has entered an order declaring the
        Registration Statement effective under the Securities Act at [ENTER
        TIME
        OF EFFECTIVENESS] on
        [ENTER
        DATE OF EFFECTIVENESS]
        and we
        have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that
        any stop order suspending its effectiveness has been issued or that any
        proceedings for that purpose are pending before, or threatened by, the SEC
        and
        the Registrable Securities are available for resale under the Securities
        Act
        pursuant to the Registration Statement.

       

       

      Very
        truly yours,

       

       

      [Law
        Firm]

       

       

      By:
           

       

       

      cc:
        [LIST
        NAMES OF INVESTORS]Amended and Restated Guaranty Agreement

    
       

      Exhibit
        10.38

       

      
        

        

      

       

       

      AMENDED
        AND RESTATED GUARANTY AGREEMENT

       

       

      THIS
        AMENDED AND RESTAED GUARANTY AGREEMENT, dated
        as
        of August 30, 2006 (the “Amended
        and Restated Guaranty”),
        by
        Uluru Delaware Inc. (f/k/a Uluru Inc.), a Delaware corporation (successor
        by
        merger to Uluru Acquisition Corp., a Delaware corporation) (the “Guarantor”)
        in
        favor of the undersigned Buyers listed on Schedule I attached hereto
        (collectively, the “Buyer”).
        

       

      WITNESSETH:
        

       

      WHEREAS,
        on
        or
        around October 12, 2005, Oxford Ventures, Inc., a Nevada corporation (now
        known
        as Uluru Inc., a Nevada corporation) and the Buyer entered into a Securities
        Purchase Agreement (as amended to date, the “Securities
        Purchase Agreement”)
        pursuant to which Oxford Ventures, Inc., a Nevada corporation, issued and
        the
        Buyer purchased, at the first closing, Convertible Debentures in an amount
        up to
        $13,000,000; 

       

      WHEREAS,
        on or
        around October 12, 2005, Uluru Acquisition Corp, a Nevada corporation entered
        into the Guaranty Agreement (the “Original
        Guaranty”)
        in
        favor of the buyers listed on Schedule I thereto; 

       

      WHEREAS,
        to
        secure
        the Obligations of the Guarantor to the Buyer, the Guarantor and the Buyer
        entered into that certain Security Agreement, dated on or around October,
        12,
        2005 (the “Security
        Agreement”)
        pursuant to which, among other things, the Guarantor granted to the Buyer
        a
        security interest in and to the Pledged Property (as defined in the Security
        Agreement); 

       

      WHEREAS,
        on
        March
        31, 2006, Oxford Ventures, Inc., a Nevada corporation changed its name to
        Uluru
        Inc., a Nevada corporation;

       

      WHEREAS,
        on
        March 31, 2006, Uluru Acquisition Corp., a Delaware corporation merged with
        and
        into Uluru, Inc., a Delaware corporation, and on June 8, 2006, Uluru Inc.,
        a
        Delaware corporation, changed its name to Uluru Delaware Inc.;

       

      WHEREAS,
        the
        Guarantor is a wholly owned subsidiary of Uluru Inc., a Nevada corporation
        (“Parent”);

       

      WHEREAS,
        on the
        date hereof, the Securities Purchase Agreement will be amended to provide
        for
        the purchase of Convertible Debentures at the second closing in an aggregate
        amount of $3,000,000 and, in connection therewith, (i) the Convertible
        Debentures issued to each Buyer will be amended and restated (the Convertible
        Debentures issued to each Buyer, as amended and restated, are hereinafter
        referred to as the “Debentures”)
        and
        (ii) the Investor Registration Rights Agreement, dated on or around October
        12,
        2005, by and among the Company and the Buyer will be amended and restated
        (the
“Amended
        and Restated Investor Registration Rights Agreement”)
        

       

      WHEREAS,
        each
        of
        the parties hereto desires to amend the Original Guaranty in order to reflect
        the amendments to the Securities Purchase Agreement that shall occur
        concurrently herewith; and

       

      WHEREAS,
        each
        of
        the parties hereto agrees that the execution, delivery and performance of
        this
        Amended and Restated Guaranty directly benefits, and is in such Person’s best
        interest. 

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and the covenants contained herein, the Guarantors
        hereby agree that the Original Guaranty shall be amended and restated as
        follows: 

       

      Section
        1. Definitions.
        All
        terms used in this Amended and Restated Guaranty which are defined in the
        Debentures and not otherwise defined herein shall have the same meanings
        herein
        as set forth in the Debentures. 

       

      Section
        2. Guaranty.
        

       

      (a) The
        Guarantor does hereby irrevocably, absolutely and unconditionally guaranty
        the
        prompt payment by Parent, as and when due and payable (whether maturity,
        Scheduled Payment, acceleration, demand or otherwise), of all of the obligations
        (collectively, the “Obligations”) from time to time owing by Parent to the Buyer
        under the Debentures, whether for principal, interest (including, without
        limitation, all interest that accrues after the commencement of any insolvency
        proceeding with respect to Parent, whether or not a claim for post-filing
        interest is allowed in such proceeding), fees, commissions, expense
        reimbursements, indemnifications or otherwise, and whether accruing before
        or
        subsequent to the commencement of any insolvency proceeding with respect
        to
        Parent (notwithstanding the operation of the automatic stay under Section
        362(a)
        of the US Bankruptcy Code), and the due performance and observance by Parent
        of
        its other Obligations now or hereafter existing in respect of the Debentures
        or
        any transaction documents executed in connection with the first closing or
        the
        second closing of the Securities Purchase Agreement, including, without
        limitation, the accrued but unpaid Liquidated Damages (as defined in the
        Amended
        and Restated Investor Registration Rights Agreement) specified in Section
        2(e)
        of the Amended and Restated Investor Registration Rights Agreement (the
“Guaranteed
        Obligations”), 

       

      (b) The
        Guarantor does hereby agrees to pay any and all expenses (including counsel
        fees
        and expenses) incurred by the Buyer in enforcing any rights under this Amended
        and Restated Guaranty. Without limiting the generality of the foregoing,
        the
        Guarantor’s liability shall extend to all amounts that constitute part of the
        Guaranteed Obligations and would be owed by Parent to the Buyer under the
        Debentures but for the fact that they are unenforceable or not allowable
        due to
        the existence of a bankruptcy, reorganization or similar proceeding involving
        Parent or any Guarantor. 

       

      Section
        3. Guaranty
        Absolute; Continuing Guaranty; Assignments.
        

       

      (a) The
        Guarantor hereby guarantees that the Guaranteed Obligations will be paid
        strictly in accordance with the terms of the Debentures, regardless of any
        law,
        regulation or order now or hereafter in effect in any jurisdiction affecting
        any
        of such terms or the rights of the Buyer with respect thereto. The Guarantor
        agrees that its guarantee constitutes a guaranty of payment of the Obligations
        and not of collection and waives any right to require that any resort be
        made by
        the Buyer to any collateral. The Obligation of the Guarantor under this Amended
        and Restated Guaranty are independent of the Obligation under the Debentures,
        and a separate action or actions may be brought and prosecuted against the
        Guarantor to enforce this Amended and Restated Guaranty, irrespective of
        whether
        any action is brought against Parent or the Guarantor or whether Parent or
        the
        Guarantor is joined in any such action or actions. The liability of the
        Guarantor under this Amended and Restated Guaranty shall be irrevocable,
        absolute and unconditional irrespective of, and the Guarantor hereby irrevocably
        waives any defenses it may now or hereafter have in any way relating to,
        any or
        all of the following: 

       

      (i) any
        lack
        of validity or enforceability of the Debentures or any agreement or instrument
        relating thereto; 

       

      (ii) any
        change in the time, manner or place of payment of, or in any other term in
        respect of, all or any of the Guaranteed Obligation, or any other amendment
        or
        waiver of or any consent to departure from the Debentures, provided, however,
        the Guarantor shall not be liable under this Guarantee as a result of any
        increase in the Guaranteed Obligations resulting from the extension of
        additional credit to Parent or the Guarantor or otherwise; 

       

      (iii) any
        taking, exchange, release or non-perfection of any collateral, or any taking,
        release or amendment or waiver of or consent to departure from any other
        guaranty, for all or any of the Guaranteed Obligations; 

       

      (iv) the
        existence of any claim, set-off, defense or other right that the Guarantor
        may
        have against any Person, including, without limitation, the Buyer; 

       

      (v) any
        change, restructuring or termination of the corporate, limited liability
        company
        or partnership structure or existence of the Buyer; or 

       

      (vi) any
        other
        circumstance (including any statute of limitations) or any existence of or
        reliance on any representation by the Buyer that might otherwise constitute
        a
        defense available to, or a discharge of, Parent or the Guarantor or surety.
        

       

      (b) This
        Amended and Restated Guaranty shall continue to be effective or be reinstated,
        as the ease may be, if at any time any payment of any of the Guaranteed
        Obligation is rescinded or must otherwise be returned by the Buyer or any
        other
        Person upon the insolvency, bankruptcy or reorganization of Parent or otherwise,
        all as though such payment had not been made. 

       

      (c) This
        Amended and Restated Guaranty is a continuing guaranty and shall (i) remain
        in
        full force and effect until the payment in full, whether in cash or securities,
        as the case may be, of the Guaranteed Obligation and all other amounts payable
        under this Amended and Restated Guaranty, shall (ii) be binding upon the
        Guarantor, its successors and assigns and (iii) inure to the benefit of and
        be
        enforceable by the Buyer and its successors, pledgees, transferees and assigns.
        Without limiting the generality of the foregoing clause (iii), the Buyer
        may
        pledge, assign or otherwise transfer all or any portion of its rights under
        the
        Debentures to any other Person, and such other Person shall thereupon become
        vested with all the benefits in respect thereof granted to such the Buyer
        herein
        or otherwise, in each ease as provided in the Debentures.

       

      Section
        4. Waivers.
        The
        Guarantor hereby waives, to the full extent permitted by applicable law,
        (i)
        promptness and diligence; (ii) notice of acceptance and notice of the incurrence
        of any Obligation by Parent or the Guarantor; (iii) notice of any actions
        taken
        by the Buyer under the Debentures or any other agreement or instrument related
        thereto; (iv) all other notices, demands and protests, and all other formalities
        of every kind in connection with the enforcement of the Obligation or of
        the
        Obligation of the Guarantor hereunder, the omission of or delay in which,
        but
        for the provisions of this Section 4, might constitute grounds for relieving
        the
        Guarantor of its Obligation hereunder; (v) any right to compel or direct
        the
        Buyer to seek payment or recovery of any amounts owed under this Amended
        and
        Restated Guaranty from any one particular fund or source; (vi) any requirement
        that the Buyer protect, secure, perfect or insure any security interest or
        security interest or any property subject thereto or exhaust any right or take
        any action against Parent, any other Guarantor or any other Person or any
        collateral; and (vii) any other defense available to the Guarantor. The
        Guarantor acknowledges that it will receive direct and indirect benefits
        from
        the financing arrangements contemplated herein and that the waiver set forth
        in
        this Section 4 is knowingly made in contemplation of such benefits. The
        Guarantor hereby waives any right to revoke this Amended and Restated Guaranty,
        and acknowledges that this Amended and Restated Guaranty is continuing in
        nature
        and applies to all Guaranteed Obligations, whether existing now or in the
        future. 

       

      Section
        5.  Subrogation.
        

       

      (a) Until
        the
        final payment in cash and securities pursuant to the terms of the Debentures
        and
        performance in full of all of the Obligations, the Guarantor shall not exercise
        any rights against Parent arising as a result of payment by Parent by way
        of
        subrogation, reimbursement, restitution, contribution or otherwise, and will
        not
        prove any claim in competition with the Buyer in respect of any payment
        hereunder in any insolvency proceedings; the Guarantor will not claim any
        set-off, recoupment or counterclaim against Parent in respect of any liability
        of the Guarantor to Parent; and the Guarantor and Parent waive any benefit
        of
        and any right to participate in any collateral security which may be held
        by the
        Buyer. 

       

      (b) The
        payment of any amounts due with respect to any indebtedness of Parent or
        the
        Guarantor for money borrowed or credit received now or hereafter owed to
        the
        Guarantor is hereby subordinated to the prior payment in full of all of the
        Obligations. The Guarantor agrees that, after the occurrence of any default
        in
        the payment or performance of any of the Obligations, the Guarantor will
        not
        demand, sue for or otherwise attempt to collect any such indebtedness of
        Parent
        to the Guarantor until all of the Obligations shall have been paid in full.
        If,
        notwithstanding the foregoing sentence, the Guarantor shall collect, enforce
        or
        receive any amounts in respect of such indebtedness while any Obligations
        are
        still outstanding, such amounts shall be collected, enforced and received
        by the
        Guarantor as trustee for the Buyer and be paid over to the Buyer, on account
        of
        the Obligations without affecting in any manner the liability of the Guarantor
        under the other provisions of this Amended and Restated Guaranty. 

       

      Section
        6. Representatives,
        Warranties and Covenants. The
        Guarantor hereby represents and warrants as follows: 

       

      (a) The
        Guarantor (i) is a corporation or other entity, duly organized, validly existing
        and in good standing under the laws of the state or other applicable
        jurisdiction of its organization as set forth on the first page hereof, (ii)
        has
        all requisite power and authority to conduct its business as now conducted
        and
        as presently contemplated and to execute and deliver this Amended and Restated
        Guaranty and each other related document to which the Guarantor is a party,
        and
        to consummate the transactions contemplated hereby and thereby and (iii)
        is duly
        qualified to do business and is in good standing in each jurisdiction in
        which
        the character of the properties owned or leased by it or in which the
        transaction of its business makes such qualification necessary and where
        the
        failure to be so qualified could reasonably be expected to have a material
        adverse effect. 

       

      (b) The
        execution, delivery and performance by the Guarantor of this Amended and
        Restated Guaranty and each other related document to which the Guarantor
        is a
        party (i) have been duly authorized by all necessary action, (ii) do not
        and
        will not contravene its charter or bylaws, or any applicable law or regulation
        or any contractual restriction binding on or otherwise affecting the Guarantor
        or its properties, (iii) do not and will not result in or require the creation
        of any lien (other than pursuant to the Debentures) upon or with respect
        to any
        of its properties, and (iv) do not and will not result in any default,
        noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal
        of
        any permit, license, authorization or approval applicable to it or its
        operations or any of its properties. 

       

      (c) No
        authorization or approval or other action by, and no notice to or filing
        with,
        any governmental agency is required in connection with the due execution,
        delivery and performance by the Guarantor of this Amended and Restated Guaranty
        or any of the other related document to which the Guarantor is a party, except
        for the filing of any UCC financing statement or such other registrations,
        filings or recordings as may be necessary to perfect any lien purported to
        be
        created by the Debentures or any related document to which the Guarantor
        is a
        party, and any public filings with the Securities and Exchange Commission.
        

       

      (d) Each
        of
        this Amended and Restated Guaranty and the Debentures and related documents
        to
        which the Guarantor is or will be a party, when delivered, will be, a legal,
        valid and binding obligation of the Guarantor, enforceable against the Guarantor
        in accordance with its terms, except as may be limited by applicable bankruptcy,
        insolvency, reorganization, moratorium or other similar laws. 

       

      (e) There
        are
        no pending or written notices threatening any action, suit or proceeding
        affecting the Guarantor before any court or other governmental agency or
        any
        arbitrator that (x) if adversely determined could reasonably be expected
        to have
        a material adverse effect, except as disclosed in public filings with the
        Securities and Exchange Commission, or (y) relates to this Amended and Restated
        Guaranty, the Debentures or any of the related documents to which the Guarantor
        is a party or any transaction contemplated hereby or thereby and, as of the
        date
        hereof, the Guarantor does not hold any commercial tort claims in respect
        of
        which a claim has been filed in a court of law or a written notice by an
        attorney has been given to a potential defendant. 

       

      (f) The
        Guarantor (i) has read and understands the terms and conditions of the
        Debentures and the other related documents to which it is a party, and (ii)
        now
        has and will continue to have independent means of obtaining information
        concerning the affairs, financial condition and business of Parent, and has
        no
        need of, or right to obtain from the Buyer, any credit or other information
        concerning the affairs, financial condition or business of Parent that may
        come
        under the control of the Buyer. 

       

      Section
        7. Right
        of Set-off.
        Upon
        the occurrence and during the continuance of any Event of Default, the Buyer
        may, and is hereby authorized to, at any time and from time to time, without
        notice to the Guarantor (any such notice being expressly waived by the
        Guarantor) and to the fullest extent permitted by law, set-off and apply
        any and
        all deposits (general or special, time or demand, provisional or final) at
        any
        time held and other indebtedness at any time owing by the Buyer to or for
        the
        credit or the account of the Guarantor against any and all Obligations of
        the
        Guarantor now or hereafter existing under this Amended and Restated Guaranty
        or
        any other related document, irrespective of whether or not the Buyer shall
        have
        made any demand under this Amended and Restated Guaranty or any other related
        document and although such Obligation may be contingent or unmatured, the
        Buyer
        agrees to notify the Guarantor promptly after any such set-off and application
        made by the Buyer, provided
        that the
        failure to give such notice shall not affect the validity of such set-off
        and
        application. The rights of the Buyer under this Section 7 are in addition
        to
        other rights and remedies (including, without limitation, other rights of
        set-off) which the Buyer may have under this Amended and Restated Guaranty
        or
        any other related document in law or otherwise. 

       

      Section
        8. Event
        of Default.
        “Event
        of Default”
shall
        mean: (a) any failure by the Guarantor to pay any of the Guaranteed Obligations
        when due, (b) a material breach by the Guarantor under this Agreement, (c)
        the
        Guarantor shall (1) fail to, be unable to or otherwise does not generally
        pay
        its debts as they become due, (2) conceal, remove or transfer any of its
        assets
        and properties in violation or evasion of any bankruptcy, fraudulent conveyance
        or similar applicable law, (3) make an assignment for the benefit of its
        creditors, (4) petition or apply for or consent to the appointment of a
        receiver, trustee, assignee, custodian, sequestrator, liquidator or similar
        official for itself or any of its assets and properties, (5) commence
        a voluntary case for relief as a debtor under the United States Bankruptcy
        Code,
        (6) file with or otherwise submit to any governmental authority any petition,
        answer or other document seeking (A) reorganization, (B) an arrangement with
        creditors or (C) to take advantage of any other present or future applicable
        law
        respecting bankruptcy, reorganization, insolvency, readjustment of debts,
        relief
        of debtors, dissolution or liquidation, (7) be adjudicated bankrupt or
        insolvent, or (8) take any action for the purpose of effectuating, approving
        or
        consenting to any of the other actions or events described in this subsection;
        (d) any cease, proceeding or other action shall be commenced against the
        Guarantor for the purpose of effecting, or an order, judgment or decree shall
        be
        entered by any court of competent jurisdiction approving (whether in whole
        or in
        part), anything specified in subsection (d) of this Section, or any receiver,
        trustee, assignee, custodian, sequestrator, liquidator or other official
        shall
        be appointed with respect to the Guarantor or all or a substantial part of
        the
        assets amid properties of the Guarantor or any of its respective principals
        or
        other affiliates; and (e) one or more final judgments for the payment of
        money
        in excess of $100,000 shall be rendered against the Guarantor and the same
        shall
        remain undischarged for a period of 30 days during which levy and execution
        shall not be effectively stayed or contested in good faith. 

       

      Section
        9. Notices,
        Etc.
        All
        notices and other communications provided for hereunder shall be in writing
        and
        shall be mailed (by certified mail, postage prepaid and return receipt
        requested), telecopied or delivered, if to the Guarantor, to it at the address
        below its name on the signature page hereto, or if to the Buyer, to it at
        its
        addresses set forth in the Debentures; or as to either such Person at such
        other
        address as shall be designated by such Person in a written notice to such
        other
        Person complying as to delivery with the terms of this Section 8. All such
        notices and other communications shall be effective (i) if mailed, when received
        or three days after deposited in the mail, whichever occurs first, (ii) if
        telecopied, when transmitted and confirmation is received, or (iii) if
        delivered, upon delivery. 

       

      Section
        10. Secured
        Nature of Guaranty.
        This
        Amended and Restated Guaranty is secured by the Security Agreement between
        the
        Guaranty and the Buyer dated the date hereof 

       

      Section
        11. THIS
        AMENDED AND RESTATED GUARANTY SHALL BE DEEMED TO BE MADE UNDER AND SHALL
        BE
        CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
        EFFECT TO THE PRINCIPALS OF CONFLICT OF LAWS THEREOF. EACH OF THE PARTIES
        CONSENTS TO THE JURISDICTION OF THE U.S. DISTRICT COURT SITTING IN THE
SOUTHERN
        DISTRICT OF THE STATE OF NEW YORK OR THE STATE COURTS OF THE STATE OF NEW
        YORK
        SITTING IN NEW YORK COUNTY, NEW YORK IN CONNECTION WITH ANY DISPUTE ARISING
        UNDER THIS DEBENTURE AND HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY
        LAW,
        ANY OBJECTION, INCLUDING ANY OBJECTION BASED ON FORUM
        NON CON VENIENS
        TO THE
        BRINGING OF ANY SUCH PROCEEDING IN SUCH JURISDICTIONS. 

       

      Section
        12. WAIVER
        OF JURY TRIAL, ETC.
        THE
        GUARANTOR HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
        OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AMENDED AND RESTATED GUARANTY
        OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT
        DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION HEREWITH
        OR
        THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION
        WITH THIS AMENDED AND RESTATED GUARANTY, AND AGREES THAT ANY SUCH ACTION,
        PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A
        JURY.
        THE GUARANTOR CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY
        OF
        THE BUYER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BUYER WOULD NOT,
        IN
        THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE
        FOREGOING WAIVERS. THE GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION
        IS A
        MATERIAL INDUCEMENT FOR THE BUYER ENTERING INTO THIS AGREEMENT. 

       

      Section
        13. Taxes.
        

       

      (a) All
        payments made by the Guarantor hereunder will be made without setoff,
        counterclaim or other defense. All such payments will be made free and clear
        of,
        and without deduction or withholding for, any present or future taxes, levies,
        imposts, duties, fees, assessments or other charges of whatever nature now
        or
        hereafter imposed by any jurisdiction or by any political subdivision or
        taxing
        authority (collectively, ‘Taxes”) thereof or therein with respect to such
        payments (but excluding any Tax imposed on or measured by the net income
        or net
        profits the Buyer imposed on it pursuant to the laws of the jurisdiction
        in
        which it is organized or the jurisdiction in which the principal office or
        applicable lending office of the Buyer is located). If the Guarantor shall
        be
        required to deduct or to withhold any Taxes from or in respect of any amount
        payable hereunder or under any related document, (i) the Guarantor shall
        make
        such deduction or withholding, (ii) the Guarantor shall pay the full amount
        deducted or withheld to the relevant taxation authority in accordance with
        applicable law, and (iii) as promptly as possible thereafter, the Guarantor
        shall send the Buyer an official receipt (or, if an official receipt is not
        available, such other documentation as shall be satisfactory to the Buyer,
        as
        the ease may be) evidencing payment of the amount or amounts so deducted
        or
        withheld. 

       

      (b) In
        addition, the Guarantor agrees to pay any present or future taxes, charges
        or
        similar levies which arise from any payment made hereunder or from the
        execution, delivery, performance, recordation or filing of, or otherwise
        with
        respect to, this Agreement or any related document, 

       

      Section
        14. Miscellaneous.
        

       

      (a) The
        Guarantor will make each payment hereunder in lawful money of the United
        States
        of America and in immediately available funds to the Buyer, at such address
        specified by the Buyer from time to time by notice to the
        Guarantor.

       

        (b) No
        amendment of any provision of this Amended and Restated Guaranty shall he
        effective unless it is in writing and signed by the Guarantor and the Buyer,
        amid no waiver of any provision of this Amended and Restated Guaranty, and
        no
        consent to any departure by the Guarantor therefrom, shall in any event be
        effective unless the same shall be in writing and signed by the Guarantor
        and
        the Buyer, and then such waiver or consent shall be effective only in the
        specific instance and for the specific purpose for which given. 

       

      (c) No
        failure on the part of the Buyer to exercise, and no delay in exercising,
        any
        right hereunder, under the Debentures, or under any related document shall
        operate as a waiver thereof, nor shall any single or partial exercise of
        any
        right hereunder, under the Debentures, or under any other related document
        preclude any other or further exercise thereof or the exercise of any other
        right. The rights and remedies of the Buyer provided herein, in the Debentures,
        and in the other related document are cumulative and are in addition to,
        and not
        exclusive of, any rights or remedies provided by law. The rights of the Buyer
        under the Debentures against any party thereto are not conditional or contingent
        on any attempt by the Buyer to exercise any of their rights under the Debentures
        or any other related document against such party or against any other
        Person.

       

      (d) Any
        provision of this Amended and Restated Guaranty which is prohibited or
        unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining portions hereof or thereof or affecting the validity or enforceability
        of such provision in any other jurisdiction. .

       

      (e) This
        Amended and Restated Guaranty shall (i) be binding on the Guarantor and its
        successors and assigns, and (ii) inure, together with all rights and remedies
        of
        the Buyer hereunder, to the benefit of the Buyer and their respective
        successors, transferees and assigns. Without limiting the generality of clause
        (ii) of the immediately preceding sentence, the Buyer may assign or otherwise
        transfer its rights under the Debentures to any other Person, and such other
        Person shall thereupon become vested with all of the benefits in respect
        thereof
        granted to the Buyer herein or otherwise. None of the rights or Obligations
        of
        the Guarantor hereunder may be assigned or otherwise transferred without
        the
        prior written consent of the Buyer. 

       

      (f) This
        Amended and Restated Guaranty reflects the entire understanding of the
        transactions contemplated hereby shall not be contradicted or qualified by
        any
        other agreement, oral or written, before the date hereof. 

       

      (g) Section
        headings herein are included for convenience of reference only and shall
        not
        constitute a part of this Agreement for any other purpose.

       

      Section
        15. Effect
        of Restatement.
        This
        Amended and Restated Guaranty amends, restates and supersedes the Original
        Guaranty and does not extinguish any Obligations for the payment of money
        under
        the Original Guaranty, which Obligations shall remain in full force and effect
        except as modified by this Guaranty.

       

       

      [SIGNATURE
        PAGE TO FOLLOW]

       

      
        
           

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, the
        parties hereto have caused this Amended and Restated Guaranty Agreement to
        be
        executed by an officer thereunto duly authorized, as of the date first above
        written. 

       

       

      ULURU
        DELAWARE INC., a
        Delaware Corporation

       

      By:
        /s/
        Kerry P. Gray  

      Name:
        Kerry
        P. Gray  

      Title:
        President
        & CEO 

      
        
           

          

           

        

        
           

          
            

          

        

        
           

        

      

       

      SCHEDULE
        I

       

       

       

      SCHEDULE
        OF BUYERS

       

      
        	
                Name

              	 	
                Signature

              	 	
                Address/Facsimile

                Number
                  of Investors

              
	 	 	 	 	 
	
                Cornell
                  Capital Partners, LP 

              	 	
                By:
                  Yorkville Advisors, its General Partner

                Name:
                  Mark Angelo 

                Its:
                  Portfolio Manager

              	 	
                101
                  Hudson Street, 

                Suite
                  3700 Jersey City, NJ 07302

                (201)
                  985-8266

              
	 	 	 	 	 
	 	 	 	 	 
	
                With
                  a copy to:

              	 	
                Troy
                  Rillo, Esq.

              	 	
                101
                  Hudson Street, 

                Suite
                  3700 Jersey City, NJ 07302

                (201)
                  985-8266

              
	 	 	 	 	 
	 	 	 	 	 
	
                Prenox,
                  LLC.

              	 	
                By:
                  Prentice Capital Management LP, its Manager

                Name:
                  Mathew B. Hoffman 

                Its:
                  General Counsel

              	 	
                623
                  Fifth Avenue, 32nd
                  Floor New York, NY 10022

                Telephone:
                  (212) 756-8051 

                Facsimile:
                  (212) 756-1471

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