Document:

Exhibit 10.1

 

 

EXCLUSIVE SALES AND DISTRIBUTION AGREEMENT

 

This Exclusive Sales and Distribution Agreement (the “Agreement”)
is made and entered into as of the latest date set forth on the signature lines below (the “Effective Date”)
by and between Oculus Innovative Sciences, Inc., a Delaware corporation having a place of business at 1129 North McDowell Boulevard,
Petaluma, California, USA 94954 (“Oculus”); and Manna Pro Products, LLC, a Missouri limited liability company
having a place of business at 707 Spirit 40 Park Dr. Suite 150, Chesterfield, MO 63005 (“Manna Pro”).

 

WHEREAS Oculus has developed proprietary
technology and know-how (“Oculus Technology”) which Oculus uses in certain products that it distributes in the
animal health market through various distribution channels; and

 

WHEREAS, Manna Pro has a robust sales
force and distribution network focused on sales of animal products in the Distribution Channels (as hereinafter defined).

 

NOW THEREFORE in consideration of the
mutual promises and undertakings of the parties hereto, and for other valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

 

1.          Definitions.

 

1.1          “Animal Health Care” means the promotion of wellness in equine and farm animals.

 

1.2          “Animal Health Care Products” means products, not including livestock feed or pet food, that are labeled
for use solely for non-human animals, which promote health in equine and farm animals, and are not required to be prescribed or
dispensed by a veterinarian or other animal health professional.

 

1.3          “Applicable Law” means any present or future national, provincial, federal, state, local or similar law
(whether under statute, rule, regulation or otherwise), permit requirement, order, decree, judgment or directive, or regulation
or other requirement applicable to the manufacture, marketing, distribution, and sale of Products in the Field.

 

1.4          “Bonus Trigger” means the amount specified as a Bonus Trigger for each Contract Year on Exhibit B.

 

1.5          “Calendar Year” means each twelve (12) month period beginning on January 1st and ending on
December 31st.

 

1.6          “Certificate of Analysis” means the set of criteria set forth in a document certifying the contents and
quality of each batch of Product delivered to Manna Pro, as reasonably established by Oculus, and which may include measurements
for viscosity, clarity, pH, and assays of active ingredients.

 

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1.7          “Channel Partners” means, (a) with respect to the Exclusive Distribution Channel, (i) Farm Animal Specialty
Stores and Distributors to Farm Animal Specialty Stores, and (ii) Farm Animal Veterinarians and Distributors to Farm Animal Veterinarians,
and (b) with respect to the Non-Exclusive Distribution Channel: (i) Mass Retailers and Distributors to such retailers, and (ii)
Food Specialty Stores and Distributors to such retailers.

 

1.8          “Companion Animal Veterinarian Channel” means the distribution channel for the sale and distribution
of Products, directly or through Distributors, to Companion Animal Veterinarians. For the avoidance of doubt, the Companion Animal
Veterinarian Channel does not include the Farm Animal Veterinarian Channel or Farm Animal Specialty Stores.

 

1.9          “Companion Animal Veterinarian” means a licensed companion animal professional whose practice
is focused on companion animals, such as dogs, cats, and other animals kept as home pets, and who does not solicit or routinely
provide services to farm and ranch animals.

 

1.10        “Confidential Information” means information of a party, which information is conspicuously marked with
“Confidential”, or “Proprietary” or other similar legend, or information that a reasonable person would
consider to be proprietary or confidential under the circumstances, in each case whether in written or digital medium, orally disclosed
or observed. The Microcyn Technology, the Product, Manna Pro products, quantities, schedules and pricing, projections, business
plans and terms of this Agreement, shall be considered Confidential Information hereunder whether disclosed orally or in writing,
or whether or not marked “Confidential” or “Proprietary”.

 

1.11        “Contract Year” means each twelve (12) month period following and having as its anniversary on the one-year
anniversary of the Effective Date.

 

1.12        “Corporate Event” means either (i) the acquisition of Manna Pro by another Entity, or the acquisition
of another Entity by Manna Pro, in either case by means of any transaction or series of related transactions (including any reorganization,
merger or consolidation or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the
domicile of Manna Pro), unless Manna Pro’s stockholders of record immediately prior to such transaction or series of related
transactions hold, immediately after such transaction or series of related transactions continue to hold at least 50% of the voting
power of the surviving or acquiring Entity (provided that the sale by Manna Pro of its securities for the purposes of raising
additional funds shall not constitute a Corporate Event hereunder), or (ii) the acquisition by Manna Pro of substantially all of
the assets of another Entity or the purchase of substantially all of the assets of Manna Pro, or the division of Manna Pro responsible
for distribution of the Products, by another Entity, in any case by means of a single or series of related transactions.

 

1.13        “Distribution Channels” means the Exclusive Distribution Channel and the Non-Exclusive Distribution Channel.

 

1.14        “Distributor” means a distributor whose predominant product offerings are Animal Health Care Products
that are distributed from and through such distributor’s own brick-and-mortar premises, online sites or catalogs.

 

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1.15        “Drug Channel” means the distribution channel, for the sale and distribution of Animal Health Care Products,
directly or through Distributors, to Drug Specialty Stores. For the avoidance of doubt, the Drug Channel does not include Farm
Animal Specialty Stores or the Farm Animal Veterinarian Channel.

 

1.16        “Drug Specialty Store” means a retail store whose predominant merchandise is non-consumable human health
care products (such as Walgreen’s and CVS drug stores), sold through such store’s own brick and mortar stores, online
site and catalogues. For the avoidance of doubt, the Drug Channel does not include Farm Animal Specialty Stores.

 

1.17        “Effective Date” has the meaning set forth in the preamble hereof.

 

1.18        “Entity” means an organization, company, or other legal person that manufactures, sells or distributes
hypochlorous acid technology-based products that are reasonable substitutes for Products, including an Oculus Competitor.

 

1.19        “Exclusive Distribution Channel” means all Farm Animal Specialty Stores, Farm Animal Veterinarians, and
Distributors to Farm Animal Specialty Stores and Farm Animal Veterinarians.

 

1.20        “Farm Animal Specialty Store” means a retail store whose primary merchandise (at least 51%) is farm and
ranch animal (including equine) and livestock consumables and non-consumables, including Veterinary Service, Inc., Bradley Caldwell,
Inc. and Durvet Animal Health Products, Inc., whose product offerings are sold through such store’s own brick and mortar
stores, online site and catalogues.

 

1.21        “Farm Animal Veterinarian Channel” means the distribution channel for the sale and distribution of Animal
Health Care Products, directly or indirectly through Distributors, to Farm Animal Veterinarians. For the avoidance of doubt, the
Farm Animal Veterinarian Channel does not include Farm Animal Specialty Stores.

 

1.22        “Farm Animal Veterinarian” means a licensed farm and ranch animal professional whose practice
is expressly primarily focused on large farm and ranch animals, such as horses, cows and livestock, and who does not solicit or
routinely provide services to companion animals.

 

1.23        “Field” means the non-prescription and non-professionally dispensed animal health care field.

 

1.24        “FDA” means the United States Food and Drug Administration or any successor agency, and any agency having
similar function and authority in any jurisdiction outside the United Sates that comprise a part of the Territory.

 

1.25        “Food Channel” means the distribution channel for the sale and distribution of Animal Health Care Products,
directly and indirectly through Distributors, to Food Specialty Stores. For the avoidance of doubt, the Food Channel does not include
Farm Animal Specialty Stores or the Farm Animal Veterinary Channel.

 

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1.26        “Food Specialty Store” means a store whose predominant merchandise is human-consumable products (such
as Albertson’s and Kroger), sold through such store’s own brick and mortar stores, online site and catalogue.

 

1.27        “Intellectual Property Rights” means all intellectual property rights worldwide arising under statutory
or common law or by contract and whether or not perfected, now existing or hereafter filed, issued, or acquired, including all
(a) patent rights; (b) rights associated with works of authorship including copyrights and mask work rights; (c) trademarks, service
marks, trade dress and trade names; (d) rights relating to the protection of trade secrets; and (e) any right analogous to those
set forth herein and any other proprietary rights relating to intangible property.

 

1.28        “Label,” “Labeled” or “Labeling” shall mean all labels and other
written, printed or graphic matter upon (i) the Product or any container or wrapper utilized with the Product, and/or (ii) any
written material accompanying the Product, including, without limitation, package inserts.

 

1.29        “Mass Channel” means the distribution channel, for the sale and distribution of Animal Health Care Products,
directly and through Distributors, to Mass Retailers. For the avoidance of doubt, the Mass Channel does not include Farm Animal
Specialty Stores or the Farm Animal Veterinarian Channel.

 

1.30        “Mass Retailer” means a large store that carries a diverse mix of general merchandise, and human and
non-human consumables and non-consumables (including Animal Health Care Products), but whose primary offering is not Animal Health
Care Products (such as Walmart and Target), whose product offerings are sold through such store’s own brick and mortar stores,
online site and catalogues.

 

1.31        “Marketing Authorization” means the permit, authorization and/or license for the Products issued by the
relevant health authorities in the Territory, the underlying applications thereto, and any supplements and amendments to such government
authorizations that authorize the holder of such license to market and sell the Products in the Territory.

 

1.32        “Marketing Expenses” means the costs and expenses incurred and paid by Manna Pro that are directly and
exclusively related to the marketing and promotion of the Products in the Field in the Territory, including costs and expenses
related to: (i) general marketing, including journal advertising, on-line / social media expenses, photography, video, and direct
mail; Packaging design; and Packaging plates; (ii) consumer marketing expenses, including coupons (e.g., discounts, buy-one-get-one-free),
point of sale coupons, rebates; samples; sponsorships (to extent amount and percentage allocation approved prior to Manna Pro’s
execution of sponsorship agreement if not exclusively related to the marketing and promotion of the Products); design, printing,
and mailing of direct mail); (iii) trade expenditures, including discounts, customer rebates/ customer funds; dealer promotions;
trade shows; Product data sheets, point of sale material; and (iv) Manna Pro programs, including monetary “spiffs”
(promotion incentives that are in addition to, and not a substitute for, commissions or salaries) for direct sales representatives
and/or Manna Pro direct sales personnel; provided, however, that Marketing Expenses may include marketing expenses incurred
by Manna Pro that are not exclusively for Products if such expenses, use and percentage allocation is approved by Oculus in writing,
in advance, and at its sole discretion. Any amounts paid by Oculus in the form of vendor support to the marketing expenditures
shall reduce the Market Expenses on a dollar-for-dollar basis. For the avoidance of doubt, Marketing Expense shall not include
any salaries or commission paid or payable to any person (whether in a capacity as employee, sales representative, or other).

 

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1.33         “Microcyn Technology” means Oculus’ patented hypochlorous-acid and hypochlorite based formulations,
whether in liquids, solids, gels or other formulation, generated through the use of Oculus’ patented processes.

 

1.34        “Minimum Marketing Spend” means the minimum Marketing Expenditures that Manna Pro must pay each Contract
Year, as specified in Exhibit B. The Minimum Marketing Spend for each Renewal Term after the Initial Term, if any, shall
be ten percent (10%) of the Bonus Trigger.

 

1.35        “Minimum Purchases” means the Product Purchase Amounts that Oculus must receive from Manna Pro each Contract
Year as specified in Exhibit B, as amended from time to time as provided in Section 4.1(b) of this Agreement.

 

1.36        “Non-Exclusive Distribution Channel” means the Food Channel and the Mass Channel , and in each case,
Distributors to each such channel.

 

1.37        “Oculus Competitor” means a person who derives twenty percent (20%) or more of its revenues from hypochlorous
acid technology-based products that are a reasonable substitute for the Products.

 

1.38        “Oculus Marks” means the trade names, trademarks and service marks owned or used by Oculus, including,
without limitation “Oculus” and “Microcyn”.

 

1.39        “Packaging” means all primary containers, including tubes, cartons, shipping cases or any other like
matter used in packaging or accompanying the Product.

 

1.40        “Permitted
Use” means use in accordance with the applicable label claims consistent with Applicable Law and applicable Regulatory
Approvals.

 

1.41        “Pet Specialty Channel” means the distribution channel for the sale and distribution of products, directly
to Pet Specialty Stores, and indirectly through distributors whose primary offering is products offered for sale by Pet Specialty
Stores.

 

1.42        “Pet Specialty Store” means a store whose primary merchandise (at least 51%) consists of grooming supplies,
toys, treats and food for companion animals, sold through such store’s own brick and mortar stores, online site and catalogues.

 

1.43        “Products” means the Animal Health Care Products formulated using the Microcyn Technology, as described
on Exhibit A, as amended from time to time by agreement of the parties, and which are labeled under the MicrocynAH/Manna
Pro co-brand.

 

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1.44        “Product Purchase Amount” means the aggregate payments actually received by Oculus Manna Pro for Product
purchases (net of packing, freight, tax, insurance, duties and all other charges, and net of refunds).

 

1.45        “Regulatory Approvals” means any and all approvals, applications, registrations, licenses, certifications
and other requirements imposed by any governmental agency or other entity exercising any regulatory or other governmental or quasi-governmental
authority.

 

1.46        “Sales Bonus” has the meaning ascribed thereto in Section 2.5.

 

1.47         “Specifications” means the criteria set forth in the Certificate of Analysis for each applicable Product.

 

1.48        “Territory” shall mean the United States of America and Canada.

 

2.          Distribution Rights; Exclusivity; Minimum Purchases.

 

2.1          General. This Agreement establishes the terms and conditions on which Oculus will sell to Manna Pro the Products,
and the terms and conditions on which Manna Pro shall have the right to sell the Products. This Agreement shall not be modified,
supplemented or interpreted by any trade usage or prior course of dealing not made a part of this Agreement by its express terms
and agreed to by the parties in writing. Notwithstanding the preprinted terms and provisions of any purchase orders, other sales
documentation or other communications exchanged or used by Manna Pro or Oculus, all purchases and sales of Products shall be subject
to the terms and provision of this Agreement, and, unless otherwise expressly agreed in a written agreement referencing this Agreement
and signed by both parties, neither party will be bound by any term or provision which is inconsistent with or differs from any
of the terms and provisions of this Agreement.

 

2.2          Distribution Rights.

 

a)          Exclusive Distribution Rights. Subject to all the terms and conditions of this Agreement, Oculus hereby appoints
Manna Pro throughout the Term as the exclusive distributor of the Products (which shall be labeled, branded and packaged as provided
in Section 2.11) through the Exclusive Distribution Channel for the Permitted Use, in the Field, in the Territory.

 

b)          Non-Exclusive Distribution Rights. Subject to all the terms and conditions of this Agreement, Oculus hereby appoints
Manna Pro throughout the Term as the non-exclusive distributor of the Products (which shall be labeled, branded and packaged as
provided in Section 2.11) directly through the Non-Exclusive Distribution Channel for the Permitted Use, in the Field, in the Territory.

 

c)          Mutually Exclusive Channels. Each of Oculus and Manna Pro agree that, notwithstanding anything set forth above in
this Section 2.2(a) and (b) above, but subject to the provisions of this subsection (c), it will not solicit or accept from, or
fulfill orders for Products placed by, any customer operating in the Non-Exclusive Distribution Channel (the “Mutually
Exclusive Channels”) if such prospective customer is a current customer of the other party. For purposes of this subsection
(c), a “current customer” shall mean a customer with respect to which the ordering or fulfillment of, or the payment
for, any Animal Health Care Product sold by either party to such customer has occurred within six (6) months of the date of measurement
and inquiry. Each of Oculus and Manna Pro acknowledges and agrees that, as of the Effective Date, neither Oculus nor Manna Pro
has any “current customer”. Each party agrees that during the six-month period commencing on the Effective Date, it
will notify the other party in writing when it receives an order for Products from a customer in a Mutually Exclusive Channel,
and each party will provide the other party on a bi-annual basis throughout the Term with a list of its then-current customers
in the Mutually Exclusive Channels, and will notify the other prior to first accepting a purchase order for Products from such
a customer not otherwise prohibited pursuant to the terms hereof.

 

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d)          If it comes to the attention of Manna Pro or Oculus that the use, sale or distribution of Products by either such party
or any of its Channel Partners in any Distribution Channel is not compliant with the terms of this Agreement, Manna Pro or Oculus,
as the case may be, shall promptly notify the other party in writing and provide such party with such information that has come
to its attention. Each party shall use commercially reasonable efforts to promptly rectify any non-compliance.

 

e)          For the avoidance of doubt, the parties agree that Manna Pro has the right to sell the Products solely to Channel Partners
for ultimate sale solely to end-user retail customers for the Permitted Use in the Field in the Territory. Manna Pro may distribute
the Products only to Channel Partners located and taking delivery within the Territory. Manna Pro shall be responsible for acts
or omissions of any Channel Partner not in conformity with the terms of this Agreement or any agreement between Manna Pro and any
Channel Partner. Manna Pro may not distribute, sell or dispose of Products except pursuant to the Labeling, branding and Packaging
requirements specified herein.

 

f)           Any rights not expressly granted to Manna Pro under this Section 2.2 are reserved to Oculus, and Oculus reserves the worldwide
right to, and to authorize third parties to, make, have made, use, sell, offer to sell, have sold, import (collectively, “Use”)
and to authorize third parties to Use the Products through all channels, in all fields, and territories other than as provided
in this Section 2.2.

 

g)          Without limiting the foregoing, and without expanding the license granted to Manna Pro in this Section 2.2, Manna Pro expressly
agrees that it shall not, throughout the Term, sell any Products in the Pet Specialty Channel or the Companion Animal Veterinarian
Channel.

 

2.3          Forecasts.

 

a)          Within thirty (30) days after the Effective Date, and at least ten (10) days prior to the end of each calendar quarter during
the Term, Manna Pro shall deliver to Oculus a non-binding, rolling forecast of purchases of Products for the next two (2) calendar
quarters.

 

b)          Manna Pro's forecasts and orders shall reflect its good-faith expectations of customer demand and Manna Pro shall act in
a commercially reasonable manner to schedule orders to avoid creating production capacity problems for Oculus and decreasing shelf
life. Manna Pro acknowledges that it may take up to twelve (12) weeks to procure components for current Products.

 

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2.4          Minimum
Purchases. During the Term, Manna Pro shall meet the level of effort required of it set forth in Section 5.1(a) to make the
Minimum Purchases from Oculus as set forth on Exhibit B; provided, however, that Manna Pro’s failure in and
of itself to meet the Minimum Purchase obligations hereunder shall not constitute a claim for damages under this Agreement, so
long as Manna Pro has met its obligations and exercised the requisite level of effort to market and sell Products required by
this Agreement; and provided further, that Oculus may avail itself of the remedies provided in Section 11.2 as a result
of Manna Pro’s failure to meet its Minimum Purchases obligation.

 

2.5          Sales Bonus. As an inducement to Manna Pro to maximize sales of Products hereunder, for any Contract Year beginning
in Contract Year 2 for which Product Purchase Amounts in such Contract Year exceed the Bonus Trigger for such year, Oculus shall
pay to Manna Pro within sixty (60) days after the end of such Contract Year (but in no event later than 2 1⁄2 months after
the end of the Contract Year in which the Bonus is earned) an amount equal to [ ]† percent ([ ]† %) of the amount by which the
Product Purchase Amounts for such Contract Year exceed the Bonus Trigger for such Contract Year (the “Sales Bonus”).
By way of example only, if:

 

Bonus Trigger in Contract Year X were
$[ ]†; and

 

Product Purchase Amount in Contract Year
X is $[ ]†;

 

The Sales Bonus payable to Manna Pro
for Contract Year X would be $[ ]†.

 

2.6          Purchase Orders. All purchase orders to be fulfilled by Oculus shall contain pricing consistent with the terms of
this Agreement, requested shipment schedule, delivery address, requested carrier and quantity terms. Manna Pro shall forward all
purchase orders to Oculus’ Petaluma, California facility (or other facility specified by Oculus in writing), and Oculus shall
fulfill and ship orders from such facility. All purchase orders shall be subject to Oculus’ acceptance, which shall not be
unreasonably withheld. Oculus shall use commercially reasonable efforts to fill Manna Pro’s purchase orders, subject to the
provisions of Section 4.4 below. In the event of shortages in the supply of Products, Oculus reserves the right to allocate the
supply of Products among its customers in such a manner as Oculus may determine in its sole discretion. When acknowledgement of
receipt and acceptance of a purchase order or a requested delivery schedule is made by Oculus (either by written notice or by shipment
of the ordered Product), the purchase order or delivery schedule shall be deemed a commitment to purchase and sell the Products
pursuant to the terms of this Agreement.

 

2.7          Prices. Unless otherwise agreed by the parties in writing, pricing for Products shall be as set forth in Exhibit
A, which prices shall be firm for a period of one (1) year from the Effective Date.

 

2.8          Price Increases. Oculus shall have the right to increase the prices on an annual basis after the first (1st) anniversary
of the Effective Date. Each such price increase shall be calculated by applying the [ ]† - All items, calculated as set forth below:

 

a)          The price adjustment rate per year (“[ ]†”) will be determined by comparing the [ ]† between the [ ]† to the
[ ]† to that; provided that if the [ ]† (“[ ]†”) [ ]† (“[ ]†”) and then the [ ]† (“[ ]†”)
[ ]† than that for [ ]† and [ ]†, then the applicable [ ]† used to calculate the percentage increase in the fees shall be determined
by comparison of the [ ]† for [ ]† to the [ ]†.

 

†
Confidential material redacted and separately filed with the Commission.

 

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b)          Oculus shall notify Manna Pro of any changes in the prices ninety (90) days prior to any such change taking effect, and
the prices on Exhibit A shall be deemed to be changed as of the end of such ninety (90) day notice period. The parties acknowledge
and agree that the pricing set forth on Exhibit A is for standard Products, Labeling and Packaging. Any non-standard, special
order Products (whether non-standard quantities, bottling, Packaging, Labeling, or otherwise) will be subject to modified pricing
which the parties will negotiate in good faith. Manna Pro shall not be required to, and shall not be responsible for payment of
any fees not set forth in Exhibit A, unless it agrees to such different pricing in writing.

 

2.9          Product
Availability. The parties agree that Oculus may remove any Product from Exhibit A at any time upon sixty (60) days’
notice to Manna Pro, if Oculus ceases to sell such removed Product to all its customers, or immediately in the event of any occurrence
specified in Section 5.5 hereof. 

 

2.10        Manufacturing.

 

a)          Oculus will manufacture the Products and provide such Products and samples in sufficient quantities and on the agreed upon
timelines, in accordance with current Good Manufacturing Practices (“cGMP”), and in compliance with all Applicable
Laws. All Product supplied by Oculus to Manna Pro under this Agreement shall conform to its applicable Specifications.

 

b)          All Products that Oculus delivers to Manna Pro shall be accompanied by a Certificate of Analysis.

 

c)          If the parties approve in writing any non-standard manufacturing, or Labeling and Packaging, the cost (and responsibility
for the cost) for any such non-standard manufacturing, Packaging and Labeling, and a determination for adjustment of the Product
price for any special order Product, and/or Labeling and Packaging, shall be agreed in writing by the parties, and once agreed,
Oculus shall manufacture all such non-standard Product Packaging and Labeling for the applicable Products.

 

2.11          Packaging
and Labeling. Oculus and Manna Pro shall jointly work in good faith to develop the Labeling for each Product in the following
manner:

 

a)          Manna Pro shall provide to Oculus Manna Pro’s desired written, printed or graphic matter to be used in the applicable
Product Label and Packaging, which shall conform in all respects to all Applicable Laws and the Regulatory Approvals for the Products.

 

b)          Oculus shall, within a reasonable period of time after receipt, review and approve Manna Pro’s proposed Product Labeling
and Packaging (such approval not to be unreasonably withheld), or propose any reasonable modifications to same.

 

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c)          Manna Pro shall not be required to pay any additional fees other than those set forth in Exhibit A for any Labeling
or Packaging materials or for their manufacture or application to the Products unless agreed to in writing.

 

d)          Oculus will not be required to implement any Packaging or Labeling that requires material modifications to its processes
or machinery. If any material modification to Oculus’ processes or manufacturing equipment is necessary to manufacture or
prepare the desired modified/special Manna Pro Labeling or Packaging, the parties will negotiate in good faith to reach agreement
on adjustment to Packaging and Labeling and any additional fees or increased pricing that are required for Oculus to provide such
“non-standard” Packaging or Labeling. The parties agree that Oculus shall not be responsible for any costs or fees
that it does not agree to in writing.

 

e)          The parties shall work together in good faith to ensure the accuracy of all information contained on all artwork for Labels,
Labeling and advertising and promotional material (the “Materials”) for each Product and the compliance of all
Materials with all Applicable Laws and the Regulatory Approvals.

 

f)           All Labeling shall include Manna Pro as the distributor of Product and shall include the words “Microcyn Technology®”
or “MicrocynAH®” conspicuously displayed and placed on the front of the Product with size and placement determined
jointly by Oculus and Manna Pro. The parties acknowledge and agree that the Microcyn component of any Labeling is and shall remain
exclusively owned by Oculus.

 

g)          On the terms and subject to the provisions of this Agreement, Oculus hereby grants to Manna Pro throughout the Term a non-exclusive
license and right to use the Oculus Marks on Labeling and Packaging of delivered Products as required for Manna Pro to exercise
its rights and perform its obligations hereunder. Manna Pro's use of the Oculus Marks and the goodwill associated therewith shall
inure solely to Oculus's benefit.

 

h)          Should Manna Pro desire or be required to make any change in any Label or Packaging, Manna Pro shall submit the revisions
to Oculus, and the parties will process such modification as a new Label as set forth in this Section 2.11, at Manna Pro’s
expense.

 

i)           Manna Pro shall not, without the prior written consent of Oculus, remove, alter or obscure any trade names, trademarks,
notices, patent numbers, serial numbers, labels, tags, dates or other identifying marks, symbols, or legends affixed to any Products
or to the packages in which the Products are placed after the Labels and Packaging have been approved by the parties in writing.

 

j)           Manna Pro shall not re-bottle or change the Product containers. 

 

k)          Once approval of Packaging or Labeling are given by Oculus, such approval cannot be rescinded unless a change is required
by Applicable Law. If such a change in Packaging or Labeling is required, Oculus shall immediately notify Manna Pro, and the parties
shall work together in good faith to review and approve in a timely manner new Packaging and/or Labeling that meet all Applicable
Law. 

 

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l)           Oculus shall not be required to supply any Product with any non-standard Packaging or Labeling or to bear any costs for
non-standard Product Packaging or Labeling unless it agrees in writing in advance.

 

3.          Manufacturing Facilities Audit. Manna Pro shall have the right, upon reasonable advance notice to Oculus, to inspect
manufacturing facilities used to manufacture or package Products hereunder for the purpose of confirming Oculus’ or its designees’
compliance with the terms of this Agreement; provided that such visit and inspections shall be during normal business hours,
shall be subject to the confidentiality provisions of this Agreement, shall not be materially disruptive to Oculus, and at Oculus’
option, Manna Pro or its representative shall be accompanied by an Oculus employee at all times while at or in the facility; and
provided further, that Manna Pro shall be allowed to use a third party auditor to perform such inspections.

 

4.           Shipment, Delivery and Acceptance.

 

4.1          Shipping and Inventory. Oculus will ship Products to Manna Pro.

 

4.2          Shipment of Product. All freight charges from Oculus’ premises in Petaluma, California, including special handling
charges of carrier, to Manna Pro’s designated warehouses, shall be paid by Manna Pro. The method of shipment shall be as
instructed by Manna Pro to Oculus in writing, or, if no such instructions are given by Manna Pro, by such method as Oculus may
reasonably determine.

 

4.3          Packaging. Oculus shall package the Products for shipment to Manna Pro in the Packaging sizes specified on Exhibit
A. Any additional or different Packaging shall be addressed pursuant to the provisions of Section 2.11.

 

4.4          Delivery. All orders are given and accepted with the understanding that they are subject to Oculus’ ability
to obtain materials from suppliers and are subject to manufacturing schedules and government regulations that may be in effect
from time to time; provided, however, that notwithstanding the foregoing, the parties agree that Oculus must exercise commercially
reasonable efforts to deliver in a timely manner all Product for which a purchase order has been accepted. Failure to meet a delivery
date for the reasons set forth in this paragraph shall not constitute cause for cancellation of the order unless delivery is materially
delayed such that Manna Pro can no longer sell the applicable Product. Oculus may elect to make partial shipments.

 

4.5          Risk of Loss or Damage. Risk of loss shall pass to Manna Pro upon shipment from Oculus’ facility.

 

4.6          Cancellation; Rescheduling. Manna Pro may not cancel any shipment under a purchase order once the purchase order
is accepted by Oculus. Manna Pro may reschedule such shipment as long as notice is provided fifteen (15) days prior to the scheduled
manufacturing of the batch. Such rescheduling shall be for no longer than sixty (60) days.

 

4.7          Oculus Invoices. Invoices will be dated as of the date of shipment except if Products are stored at Manna Pro’s
request for more than thirty (30) days beyond completion of their manufacture, in which case invoices will be dated as of the date
of completion of post-manufacturing testing (i.e., after all QA and testing have been performed and Oculus has confirmed that the
applicable Product conforms with its applicable Specifications and all other requirements herein).

 

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4.8          Payment. Manna Pro shall pay all invoiced amounts contained in invoices submitted to Manna Pro for Products delivered
during the invoice period; provided, however, that if Manna Pro believes in good faith that any portion of an invoice is
inaccurate, Manna Pro shall notify Oculus promptly of any amount Manna Pro believes in good faith does not correctly correspond
to the corresponding purchase order(s), Manna Pro will pay such portion of the invoice that is not disputed, the parties agree
to work together promptly to rectify any inaccuracy, and Manna Pro agrees to any all remaining portions of any invoice promptly
after resolution of any disputed amounts. Payment shall be due thirty (30) days after receipt of such invoices by Manna Pro; and
provided further, that should Manna Pro pay such invoices within ten (10) days after receipt, a [ ]† percent ([ ]†%) discount
shall apply, and Manna Pro shall pay only [ ]† percent ([ ]†%) of the invoiced amount, which shall be considered payment in full
of such invoice.

 

4.9          Force Majeure. Neither party shall be liable for nonperformance or delay in performance (other than of obligations
regarding payment of money or confidentiality) caused by any event reasonably beyond the control of such party including, but not
limited to, wars, hostilities, revolutions, riots, civil commotion, national emergency, strikes, lockouts, epidemics, fire, flood,
earthquake, force of nature, explosion, embargo, or any other Act of God, or any law, proclamation, regulation, ordinance, or other
act or order of any court, government or governmental agency. Notwithstanding the foregoing, if such event causes a delay in performance
of more than thirty (30) days, the unaffected party shall have the right to terminate this Agreement without penalty upon written
notice at any time prior to the affected party’s resumption of performance.

 

5.          Certain Obligations.

 

5.1          Manna Pro Obligations.

 

a)          Manna Pro shall be responsible for all sales and marketing activity associated with the Products, including trade efforts
(Distribution Channels), marketing support, sales activity, etc. Manna Pro shall use commercially reasonable efforts consistent
with the exclusive rights granted hereunder to market the Products to Channel Partners through the Distribution Channels for the
Permitted Use in the Field in the Territory. In no event will the scope, degree, or quality of its efforts be less than Manna Pro
applies to the launch, marketing and selling of its own products through the same Distribution Channels. Manna Pro shall expend
from its own resources at least the amount equal to the Minimum Market Spend on marketing and promotion each Contract Year in a
manner reasonably designed to effectively promote the sale of Products in the Field in the Territory. Manna Pro shall provide Oculus
with a report on an annual basis showing: (i) the Marketing Expenses actually paid by Manna Pro, (ii) the person or entity to whom
the Marketing Expenses were paid, (iii) the purpose for such expenditure, (iv) an indication of any expenses that did not relate
directly and exclusively to the Products and evidence of Oculus’ consent thereto; and attaching underlying evidence of payment
for such Marketing Expenses.

 

 

 

 

†
Confidential material redacted and separately filed with the Commission.

 

    	 	12	 

     

    

 

b)          Manna Pro will develop a sales and marketing plan, which will minimally contain a forecast for a period of five (5) years.
Manna Pro and Oculus shall negotiate in good faith to agree on the Minimum Purchases and Bonus Triggers for those years during
the Term of this Agreement not specified on Exhibit B, if any, which shall be determined within three (3) months prior to
the end of the Initial Term (or any applicable Renewal Term, as applicable), and such Minimum Purchases and Bonus Triggers will
be added to Exhibit B, subject to the same terms and conditions herein. In the event that this Agreement is automatically
extended without agreement between the parties on the Minimum Purchase and/or Bonus Trigger applicable to such Renewal Term, the
Minimum Purchases for the Renewal Term shall be [ ]† % of the Minimum Purchases for the preceding year, and the Bonus Trigger for
the Renewal Term shall be [ ]† % of the Bonus Trigger for the preceding year.

 

c)          All sales, promotion and advertising materials, whether written, recorded, or memorialized in another medium, relating to
a Product shall be approved in advance by Oculus. All such marketing materials shall be subject to the copy clearance procedures
established by Oculus from time to time which are applicable to all of Oculus’ customers.

 

d)          Manna Pro will keep Oculus informed as to any problems of which it becomes aware with respect to the Products. Manna Pro
will promptly notify Oculus of any adverse event or unexpected reaction or results, and of any action or potential government action
relevant to a Product promptly upon becoming aware of such event, reaction, result, or action, and the parties will discuss measures
to be undertaken to resolve same.

 

e)          Manna Pro shall be solely responsible for, and shall use diligent efforts in connection with filing, communicating with,
and seeking Marketing Authorization(s), approvals, registrations, notifications and the like from the appropriate government authorities
in the Territory. Manna Pro shall not file any such application or document without Oculus’ prior written consent, which
shall not be unreasonably withheld, conditioned or delayed. Manna Pro will provide Oculus with any information regarding the foregoing
that Manna Pro may reasonably request; Oculus may use all such reports, documentation and information in seeking approvals, registration,
notifications or filing applications for approvals from government authorities, or otherwise at its discretion, outside the Territory;
provided, that no Confidential Information of Manna Pro is disclosed to third parties as a result of such use. Manna Pro
shall identify Oculus as the manufacturer on the Marketing Authorization. Manna Pro shall regularly report to Oculus on these efforts,
and Oculus will reasonably cooperate with Manna Pro’s efforts. All costs incurred in connection with the preparation and
filing of the Marketing Authorization(s) shall be the sole responsibility of Manna Pro.

 

f)           Manna Pro shall maintain complete and accurate books and records in sufficient detail, in accordance with GAAP and all Applicable
Laws, to enable verification of the Minimum Marketing Spend. Such records shall be maintained for a period of twenty-four (24)
months after the end of the Term or longer if required by Applicable Law. Oculus may demand once during any calendar year until
two years following the end of the Term an audit of the relevant books and records of Manna Pro for any year during the Initial
Term for which Manna Pro did not meet its Minimum Purchases, in order to verify Manna Pro’s reports on the matters addressed
in this Agreement. If as a result of any audit of the books and records of Manna Pro, it is shown that Manna Pro’s Marketing
Expenses were less than the amount reported, then Manna Pro shall reimburse Oculus for its documented out-of-pocket costs and expenses
incurred in connection with the audit.

 

 

 

†
Confidential material redacted and separately filed with the Commission.

 

    	 	13	 

     

    

 

g)          Manna Pro will comply with all export laws and restrictions and regulations of the Department of Commerce or other United
States or foreign agency or authority, and will not export, or allow the export or re-export, of any proprietary information, Products,
or any direct product thereof in violation of any such restrictions, laws or regulations. Manna Pro shall obtain at its own expense
any necessary licenses and/or exemptions with respect to the export from the United States of all material or items deliverable
by Manna Pro to any location and shall demonstrate to Oculus compliance with all Applicable Laws and any other export requirements
prior to the delivery thereof.

 

h)          Manna Pro shall use the same methods to protect the parties’ rights with respect to the Products and Confidential
Information as it uses to protect its own or any third party’s confidential information or Intellectual Property Rights,
but in no event less than reasonable care.

 

i)           Manna Pro shall not make any claims, representations or warranties directly or indirectly to any third party about any Product
that is inconsistent with a Product’s Specification.

 

j)           Manna Pro will market and sell the Products on their own merits and shall not promote or encourage the purchase or use of
any other product or service similar to or competitive with the Products.

 

k)          Except to the extent Manna Pro is permitted to manufacture, distribute or sell hypochlorous acid technology-based products
that are reasonable substitutes for Products by reason of a Corporate Event, Manna Pro shall satisfy all of its and its affiliates’
requirements for the Products or for other hypochlorous acid technology-based products that are reasonable substitutes for Products,
and shall fill all purchase orders it receives from its Channel Partners for such products, in the Field in the Territory solely
through purchases of Product from Oculus under this Agreement. For the avoidance of doubt, Manna Pro’s manufacture, distribution
and/or sale after a Corporate Event of hypochlorous acid technology-based products that are reasonable substitutes for Products
acquired through a Corporate Event shall not constitute a breach of its obligations of this Section 5.1(k).

 

l)           Except to the extent Manna Pro is permitted to manufacture, distribute or sell hypochlorous acid technology-based products
that are reasonable substitutes for Products by reason of a Corporate Event, neither Manna Pro nor any of its affiliates will develop,
manufacture, purchase, distribute or market (or have or enter into any agreement or arrangement with respect to) any hypochlorous
acid technology-based product that is a reasonable substitute for the Products in the Field in the Territory. For the avoidance
of doubt, Manna Pro’s development, manufacture, purchase, distribution and/or marketing after a Corporate Event of hypochlorous
acid technology-based products that are reasonable substitutes for Products acquired through a Corporate Event shall not constitute
a breach of its obligations of this Section 5.1(l).

 

    	 	14	 

     

    

 

5.2          Oculus’
Obligations. Oculus shall: (a) maintain all appropriate regulatory filings (other than Marketing Authorizations or other filings
for which Manna Pro is responsible) to support the marketing and distribution of the Products, (b) conduct initial Product training
with the Manna Pro marketing and sales training teams consistent with Oculus’s quality system manual, (c) provide all current
Products sales materials and marketing literature for use by Manna Pro in developing promotional material, (d) provide final approval
on any and all new promotional Materials or portions of materials specific to the Products developed by Manna Pro if reasonably
acceptable to Oculus, (e) manufacture or ensure the manufacture of the Products in compliance and accordance with cGMP, the Specifications
and all Applicable Laws, and (f) notify Manna Pro and/or provide any information promptly, but in no event later than three (3)
business days after discovering such information, including but not limited to any instances where the Products are or become
out of Specification (OOS), fail to comply with cGMP, when any Products may be affected by regulatory action, or any other conditions
or circumstances that may impact, impair, or have a material effect on Manna Pro’s ability to sell the Products.

 

5.3          Management and Governance. Each party shall appoint one representative as its manager for the relationship (each
such person, an “Alliance Manager”). The Alliance Managers shall oversee commercialization activities and facilitate
resolution of disputes. The initial Alliance Manager for Oculus shall be Dan McFadden, and the initial Alliance Manager for Manna
Pro shall be Roger Cagle.

 

5.4          Compliance with Laws. Both parties shall conduct their respective businesses in accordance with all Applicable Law
and in compliance with all Regulatory Approvals.

 

5.5          Product Recalls.

 

a)          Oculus shall have the right and authority to order a recall of the Products in response to FDA action or other event or
incident.

 

b)          Each party agrees to notify the other immediately of any pending or threatened event or condition which may lead to or require
a recall or other removal or withdrawal of any Products or any of its components from the Field in the Territory, including: (a)
actual or threatened regulatory action by the FDA or any other governmental entity; or (b) safety concerns relating to the Products
or components.

 

c)          If the Product recall is threatened or required as a result of nonconformity with Specifications, or because the Product
was in any way defective or suspected to be dangerous for its intended purpose and use, then all out of pocket expenses, including
those of Manna Pro, associated with the recall shall be borne by Oculus. Oculus will replace, at its own expense (including any
shipping costs) any recalled Products with conforming Products under these circumstances. However, if the Product is threatened
or required to be recalled due to a failure of Manna Pro to maintain the Product after its receipt by Manna Pro in conditions substantially
as required in the applicable Specifications or documentation accompanying the Products when delivered, or due to Manna Pro’s
off-label market or sales, or failure of Manna Pro to comply with Applicable Law, Regulatory Approvals, or Marketing Authorization,
then all out of pocket costs associated with the recall shall be borne by Manna Pro. Each party shall bear the cost of its own
administrative and internal overhead and other expenses incurred in the event of a recall, regardless of the reason necessitating
such recall.

 

    	 	15	 

     

    

 

6.          IP Ownership.

 

6.1          Intellectual Property.

 

a)          Oculus shall be the sole and exclusive owner of all Intellectual Property Rights in the Products (including, without limitation,
the Microcyn Technology) or used on Product Packaging or Labels (including, without limitation, the Oculus Marks). Oculus shall
also own all right, title and interest in and to the Oculus Marks, including as used on Product Packaging or Labels. Manna Pro
acknowledges Oculus’ ownership of the Oculus Marks and agrees that it will do nothing inconsistent with such ownership.

 

b)          Oculus hereby grants to Manna Pro a limited right and license throughout the Term to use the Oculus Marks on marketing materials
which have been pre-approved by Oculus, and which are used by Manna Pro solely to promote, advertise, sell and distribute the Products,
and on the Product Packaging and Labeling, as applied by Oculus to such Products.

 

c)          Manna Pro shall own all right, title and interest in and to any Manna Pro trademarks, logos or other words or symbols identifying
or making reference to Manna Pro, including as used on such Packaging. Manna Pro hereby grants to Oculus a limited right and license
throughout the Term to use any Manna Pro materials provided to Oculus for Packaging and Labeling, solely as required for Oculus
to provide the Products to Manna Pro as contemplated by this Agreement.

 

6.2          Restrictions.

 

a)          Manna Pro shall not, and shall not seek to, alter, modify or reverse engineer the Microcyn Technology.

 

b)          All use of the Oculus Marks shall inure to the benefit of Oculus. Manna Pro agrees: (a) not to contest at any time, whether
during the Term of this Agreement or thereafter, the rights of Oculus in or to, or the validity of, the Oculus Marks, (b) not to
register or apply to register or cause to be registered with any trademark or domain name registration organization any trademark
containing the Oculus Marks, or any trademark, trade name, service mark, word, phrase or symbol or domain name which is identical
or similar to the Oculus Marks, or which contains part of the Oculus Marks, whether during the Term or thereafter, (c) to promptly
assign to Oculus any registrations or applications for registrations with any trademark or domain name registration organization
of the Oculus Mark, trade name, service mark, word, phrase or symbol or domain name which is identical or similar to the Oculus
Mark or which contains part of the Oculus Mark, whether during the Term or thereafter, and (d) not to use any trademark, trade
name, service mark, word, phrase or symbol or domain name which is identical to or similar to the Oculus Mark or which contains
part of the Oculus Mark, whether during the Term or thereafter, except for use of the Oculus Mark expressly permitted in this Agreement.
Manna Pro acknowledges Oculus’ ownership of the Oculus Mark and agrees that it will do nothing inconsistent with such ownership.

 

    	 	16	 

     

    

 

6.3          Enforcement. Oculus shall, at its own costs and expense, use commercially reasonable efforts to enforce Manna Pro’s
rights as set forth in this Agreement.

 

7.          Representation and Warranties.

 

7.1          Oculus’ Representations and Warranties. Oculus hereby represents and warrants the following to Manna Pro:

 

a)          Oculus is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its
formation;

 

b)          Oculus has the legal power and authority to enter into and be bound by the terms and conditions of this Agreement and to
perform its obligations under this Agreement;

 

c)          Oculus has taken all necessary action on its part to authorize the execution and delivery of this Agreement. This Agreement
has been duly executed and delivered on behalf of Oculus and constitutes a legal, valid, binding obligation, enforceable against
Oculus in accordance with its terms.

 

d)          Oculus is not subject to any legal, contractual or other restrictions, limitations or conditions which conflict with its
rights and obligations under this Agreement or which might affect adversely its ability to perform under this Agreement;

 

e)          Oculus, as of the Effective Date, has the manufacturing capacity to provide Manna Pro with up to $5 million of Product(s)
in the initial twelve (12) month period;

 

f)           To the best of Oculus’ knowledge, there are no investigations, adverse third party allegations, claims or actions
against Oculus, including any proceedings or any pending or threatened action against Oculus by or before any governmental authority,
relating to (i) the Products or (ii) Oculus’ Intellectual Property to the extent that is necessary for the manufacture of
the Products;

 

g)          To its knowledge, Oculus has obtained all necessary approvals, licenses, permits or other authorizations (other than the
Marketing Authorizations or other clearance or authorizations required to be obtained by a distributor) required, including all
applicable Regulatory Approvals, to allow Manna Pro to sell Products as contemplated herein, consistent with existing industry
practice as of the Effective Date;

 

h)          All Product manufacturing, Packaging and Labeling will be performed in accordance with all Applicable Law, and cGMP;

 

i)           All Products shall comply with their applicable Specifications;

 

j)           To the best of Oculus’ knowledge, Oculus has not and will not use, in any capacity associated with or related to the
manufacture of the Products, the services of any persons who have been, or are in the process of being, debarred under the Generic
Drug Enforcement Act of 1992, amending the food, Drug and Cosmetic Act at 21 U.S.C. §335(a) or any comparable Law. Neither
Oculus nor any of its officers, employees, or consultants has been convicted of an offense under (a) either a federal or state
law that is cited in 21 U.S.C. §335(a) as a ground for debarment, denial of approval, or suspension, or (b) any other law
cited in any comparable regulatory act as a ground for debarment, denial of approval, or suspension.

 

    	 	17	 

     

    

 

7.2          Manna Pro Representations and Warranties. Manna Pro hereby represents and warrants the following to Oculus:

 

a)          Manna Pro is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its
formation;

 

b)          Manna Pro has the legal power and authority to enter into and be bound by the terms and conditions of this Agreement and
to perform its obligations under this Agreement;

 

c)          Manna Pro has taken all necessary action on its part to authorize the execution and delivery of this Agreement. This Agreement
has been duly executed and delivered on behalf of Manna Pro and constitutes a legal, valid, binding obligation, enforceable against
Manna Pro in accordance with its terms;

 

d)          Manna Pro is not subject to any legal, contractual or other restrictions, limitations or conditions which conflict with
its rights and obligations under this Agreement or which might affect adversely its ability to perform under this Agreement;

 

e)          To its knowledge, Manna Pro has obtained all Marketing Authorizations and other clearance or authorizations required to
be obtained by a like distributor, including all applicable Regulatory Approvals, to allow Manna Pro to sell Products as contemplated
herein consistent with existing industry practice as of the Effective Date;

 

f)           Manna
Pro shall at all times comply with the restrictions on distribution and sale of Products through the Distribution Channels in
the Field in the Territory solely as permitted under Section 2 hereof;

 

g)           Manna Pro shall all times comply with all Applicable
Laws which are applicable to Manna Pro as a distributor of the Products;

 

h)          Manna Pro has the right to use its trademarks and to allow Oculus the right to manufacture applicable Packaging and Labeling
containing such trademarks to the extent necessary for such manufacture; and

 

i)            To the best of Manna Pro’s knowledge, Manna Pro has not and will not use, in any capacity associated with or related
to the marketing and sale of the Products, the services of any persons who have been, or are in the process of being, debarred
under the Generic Drug Enforcement Act of 1992, amending the Food, Drug and Cosmetic Act at 21 U.S.C. §335(a) or any comparable
Law. Neither Manna Pro nor any of its officers, employees, or consultants has been convicted of an offense under (a) either a federal
or state law that is cited in 21 U.S.C. §335(a) as a ground for debarment, denial of approval, or suspension, or (b) any other
law cited in any comparable regulatory act as a ground for debarment, denial of approval, or suspension.

 

    	 	18	 

     

    

 

j)           The Parties understand and agree
to comply with the U.S. Foreign Corrupt Practices Act, as revised, which prohibits the promise, payment or giving of anything of
value, either directly or indirectly, to any government official for the purpose of obtaining or retaining business or any improper
advantage. For purposes of this Section, “government official” means (i) any official, officer, representative, or
employee of, including any doctor employed by, any non-U.S. government department, agency or instrumentality (including any government-owned
or controlled commercial enterprise), or (ii) any official of a public international organization or political party or candidate
for political office.

 

8.           Oculus’s Limited Warranty; Limitation of Liability.

 

8.1          Oculus warrants that each of the Products delivered will, under normal use and conditions,
substantially: (i) conform to the various product label claims regarding shelf-life, and (ii) that all Products have been and shall
be manufactured in accordance and in compliance with cGMP, the Specifications, and all Applicable Laws. This limited warranty does
not cover the results of abuse, storage not in conformity with Specifications, misapplication, vandalism, acts of God, use contrary
to Specifications, or modification to the formula or dispensing mechanism by anyone other than Oculus.

 

8.2          Oculus is not and shall not be required to deal directly with any Channel Partner with respect to the warranty stated herein.
Manna Pro shall coordinate any warranty claims with the applicable Channel Partners and end users who acquire the Products sold
to Manna Pro under this Agreement.

 

8.3          If Manna Pro makes a warranty to Channel Partners or others who acquire the Products sold under this Agreement in excess
of the warranty granted by Oculus hereunder, then Oculus shall have no obligations to such Channel Partners or others for such
excess claims.

 

8.4          Manna Pro may reject and return non-conforming Product for modification or replacement by Oculus provided that Manna Pro
must first obtain a return material authorization (“RMA”) from Oculus (which Oculus shall not be unreasonably
withhold). Oculus shall issue an RMA no later than two (2) business days after Manna Pro’s request. Manna Pro shall include
the RMA number with all returns. Manna Pro shall return all non-conforming Product to Oculus within thirty (30) days of Manna Pro’s
discovery of non-conformance but in no event more than 60 days after receipt/delivery.

 

8.5          Oculus is liable for all transit costs associated with replacement of non-conforming Product. If Oculus intends to destroy
any non-conforming Product, such costs are the responsibility of Oculus.

 

8.6          If replacement is not reasonably possible, which shall be determined within fifteen (15) days of the discovery and communication
of Product non-conformance, then Oculus may elect to refund to Manna Pro an amount equal to the purchase price plus shipping costs
for the non-conforming Product. Oculus shall not be responsible for any labor costs or other costs Manna Pro incurs incident to
the replacement of any non-conforming Product.

 

8.7          If Oculus determines that any returned Product conformed to the warranty, Oculus will return the Product to Manna Pro at
Manna Pro’s expense, freight collect, along with a written statement setting forth Oculus’s conclusion that the returned
Product was not defective, and Manna Pro agrees to pay Oculus’s reasonable cost of handling and testing the returned Product.

 

    	 	19	 

     

    

 

8.8          EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PRODUCT IS PROVIDED “AS-IS” WITHOUT WARRANTIES, EITHER
EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, NON-INFRINGEMENT, OR THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR
A PARTICULAR PURPOSE; PROVIDED, HOWEVER, THAT THE PARTIES AGREE THAT NOTHING STATED IN THIS PARAGRAPH SHALL LIMIT OCULUS’
LIABILITY OR OBLIGATIONS WITH RESPECT TO ITS INDEMNITY OBLIGATIONS RELATING TO INFRINGEMENT CLAIMS AS SET FORTH IN SECTION 9.2
HERETO.

 

8.9          TO THE EXTENT PERMISSIBLE UNDER APPLICABLE LAW, EXCEPT WITH RESPECT TO EITHER PARTY’S INDEMNITY OBLIGATIONS CONTAINED
HEREIN, OR CLAIMS ARISING OUT OF BREACH OF SECTIONS 5.1(k), 5.1(l), 2.2, 6, AND 10 OF THIS AGREEMENT:

 

a)          IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER OR ANY OTHER PERSON FOR ANY INCIDENTAL, CONSEQUENTIAL, INDIRECT, SPECIAL,
OR PUNITIVE DAMAGES (INCLUDING WITHOUT LIMITATION LOST PROFITS) ARISING OUT OF THIS AGREEMENT (WHETHER FOR BREACH OF CONTRACT,
TORT, NEGLIGENCE OR OTHER FORM OF ACTION) OR ITS TERMINATION, AND IRRESPECTIVE OF WHETHER SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF ANY SUCH LOSS; AND

 

b)          IN NO EVENT WILL EITHER PARTY’S TOTAL CUMULATIVE LIABILITY FOR DIRECT DAMAGES UNDER THIS AGREEMENT EXCEED THE AMOUNTS
PAID BY MANNA PRO TO OCULUS HEREUNDER.

 

9.          Indemnification.

 

9.1          Manna Pro’s Indemnity. Manna Pro agrees that it will, at its own expense, defend all third party suits or proceedings
instituted against Oculus, and hold Oculus harmless against any claims arising out of (a) any off label marketing, sale or use
of the Products by Manna Pro or members of the Distribution Channels to whom Manna Pro sells or transfers Products, (b) any third
party suits for breach of a third party’s Intellectual Property Rights in connection with the use by Oculus of Manna Pro
trademarks on Labeling and Packaging, and/or (c) any breach of any representation or warranty of Manna Pro contained herein. For
purposes of clarity, Manna Pro is not liable under this Section 9.1 to the extent that such claims are attributable to acts or
omissions of Oculus in breach of its representations, warranties and covenants hereunder.

 

9.2          Oculus’s Indemnity. Oculus agrees that it will, at its own expense, defend, indemnify and hold harmless Manna
Pro and its affiliates, and their respective officers, directors, employees, shareholders, members, agents and representatives
from and against all third party suits or proceedings, damages, losses, and other expenses (including attorneys fees) arising as
a result of (a) any infringement or misappropriation of a third party’s Intellectual Property Rights pertaining to the Products,
the Microcyn Technology or the Oculus Marks, and/or (b) personal injury or property damage as a result of use of the Products,
including products liability, and/or (c) any breach of any representation or warranty of Oculus contained herein. For purposes
of clarity, Oculus is not liable under this Section 9.2 to the extent that such claims are attributable to acts or omissions of
Manna Pro in breach of its representations, warranties and covenants hereunder.

 

    	 	20	 

     

    

 

9.3          Procedure. A party seeking indemnification under this Section 8 shall provide the indemnifying party with prompt
written notice of any such claim. The indemnifying party shall have sole control and authority with respect to the defense and
settlement of any such claim. The indemnified party shall cooperate with the indemnifying party, at the indemnifying party’s
sole cost and expense, in the defense of any such claim. The indemnifying party shall not agree to any settlement of any such claim
that does not include a complete release of the indemnified party from all liability with respect thereto or that imposes any liability,
obligation or restriction on the indemnified party with the prior written consent of the indemnified party. The indemnified party
may participate in the defense of any claim through its own counsel, and at its own expense.

 

9.4          Insurance.

 

a)            Manna Pro agrees to maintain (i) workers’ compensation insurance for all of its employees, the limits of which shall
be in statutory compliance with the applicable compensation laws, and employer’s liability of not less than $1,000,000 per
accident, (ii) commercial general liability, including product liability, with limits of not less than $1,000,000 per occurrence;
(iii) automobile insurance with limits in an amount of at least $1,000,000; and (iv) umbrella coverage in an amount of at least
$10,000,000. If Manna Pro terminates its product liability insurance policy during the term of this Agreement, it shall obtain
and maintain the maximum available extended discovery period insurance, if applicable.

 

b)            Oculus agrees to maintain (i) workers’
compensation insurance for all of its employees, the limits of which shall be in statutory compliance with the applicable compensation
laws and employer’s liability in an amount of at least $1,000,000 per occurrence, (ii) commercial general liability insurance
in an amount of at least $1,000,000 per occurrence, (iii) automobile insurance with limits in an amount of at least $1,000,000
per occurrence for bodily injury and property damage, and (iv) products liability in an amount of at least $5,000,000 per occurrence.
If Oculus terminates its product liability insurance policy during the term of this Agreement, it shall obtain and maintain the
maximum available extended discovery period insurance, if applicable.

 

10.          Confidential Information.

 

10.1          Ownership of Confidential Information. Each party is and shall remain the owner of its Confidential Information.
Nothing contained in this Agreement shall be construed as granting any rights by license or otherwise to such Confidential Information.

 

10.2          Agreement to Maintain Confidentiality. Both parties shall take all reasonable steps to ensure that it and its agents
maintain the confidentiality of the Confidential Information of the other party.

 

10.3          Agreement
Not to Use or Disclose. Except as provided in this Agreement or the NDA, neither party shall disclose to any other person
or entity Confidential Information of the disclosing party or use such Confidential Information for any purpose other than the
purposes expressly authorized under this Agreement.

 

    	 	21	 

     

    

 

11.          Term
and Termination.

 

11.1          Term. Unless sooner terminated in accordance with the provisions hereof, the initial term of this Agreement will
be for a period of five (5) years (the “Initial Term”) and shall automatically renew for successive one (1)
year terms (each a “Renewal Term” and together with the Initial Term, the “Term”) unless
terminated by either party pursuant to Section 11.2.

 

11.2          Termination.

 

a)          For Cause. Either party will have the right to terminate this Agreement for cause upon sixty (60) days’ (if
capable of cure) (the “Cure Period”) prior written notice to the other party (i) as a result of a material breach
of this Agreement by the other party that remains uncured during the Cure Period, (ii) upon the institution by or against either
party of insolvency, receivership or bankruptcy proceedings or any other proceedings for the settlement of either party's
debts which are not resolved or terminated within the Cure Period, (iii) upon either party making an assignment for the benefit
of creditors, or (iv) upon either party's dissolution or ceasing to do business.

 

b)          Termination for Failure to Meet Minimums during Initial Term. If Manna Pro fails to make Minimum Purchases in any
two (2) consecutive Contract Years of the Initial Term and Manna Pro fails to meet Minimum Marketing Spend for the same such period,
Oculus shall, after providing to Manna Pro written notice, have the right, at its option, to: (i) (A) convert Manna Pro’s
distribution rights under Section 2.2 to non-exclusive distribution rights effective as of the date of such notice and (B) terminate
this Agreement effective two hundred seventy (270) days after the date of such notice to Manna Pro; provided, however, that
Manna Pro shall have no right to purchase, and Oculus shall no obligation to sell, any Products after the date that is one hundred
eighty (180) days after the date of such notice to Manna Pro; or (ii) convert Manna Pro’s exclusive distribution rights under
Section 2.2 to non-exclusive distribution rights effective as of the date of such notice and continue the Term on the terms and
conditions of this Agreement.

 

c)          Termination for Failure to Meet Minimums after Initial Term. If this Agreement is extended after the Initial Term,
and if Manna Pro fails to make Minimum Purchases for any Renewal Period, Oculus shall, after providing to Manna Pro thirty (30)
days’ written notice, have the right, at its option, to: (i) (A) convert Manna Pro’s distribution rights under Section
2.2 to non-exclusive distribution rights effective as of the date of such notice, and (B) terminate this Agreement effective two
hundred seventy (270) days after the date of such notice to Manna Pro; provided, however, that Manna Pro shall have no right
to purchase, and Oculus shall no obligation to sell, any Products after the date that is one hundred eighty (180) days after the
date of such notice to Manna Pro; or (ii) convert Manna Pro’s exclusive distribution rights under Section 2.2 to non-exclusive
distribution rights effective as of the date of such notice and continue the Term on the terms and conditions of this Agreement.

 

    	 	22	 

     

    

 

d)          By Oculus upon Corporate Event. In the event that Manna Pro is involved in a Corporate Event with an Oculus Competitor,
or a Corporate Event that results in Manna Pro owning, merging with or being acquired by an Entity that generates $[ ]† or more
in revenue from hypochlorous acid technology-based products that are reasonable substitutes for Products (the “Threshold”),
then Oculus may, at its election: (i) convert Manna Pro’s distribution rights under Section 2.2 to non-exclusive distribution
rights effective as of the date of such notice and terminate this Agreement effective two hundred seventy (270) days after the
date of such notice to Manna Pro; provided, however, that Manna Pro shall have no right to purchase, and Oculus shall no
obligation to sell, any Products after the date that is one hundred eighty (180) days after the date of such notice to Manna Pro;
or (ii) convert Manna Pro’s exclusive distribution rights under Section 2.2 to non-exclusive distribution rights effective
as of the date of such notice and continue the Term on the terms and conditions of this Agreement. For the avoidance of doubt,
Manna Pro’s manufacture, purchase, distribution and sale after a Corporate Event of hypochlorous acid technology-based products
that are reasonable substitutes for Products acquired through such Corporate Event shall not constitute a breach of its obligations
of this Section, or of Sections 5.1(k) or Section 5.1(l).

 

e)          Termination for Convenience after
Conversion to Non-Exclusive Rights. At any time after Oculus elects to convert Manna Pro’s rights under Section 2.2
of this Agreement to non-exclusive rights pursuant to Sections 11.2(b)(ii), 11.2(c)(ii), or 11.2(d)(ii), Oculus may terminate
this Agreement for convenience upon two hundred seventy (270) days’ written notice to Manna Pro; provided, however, that
Manna Pro shall have no right to purchase, and Oculus shall have no obligation to sell, any Products after the date that is one
hundred eighty (180) days after the date of such notice to Manna Pro.

 

11.3          Effect
of Termination. Upon termination or expiration of this Agreement for any reason:

 

a)          each party shall retain ownership of its respective Confidential Information, and shall, if requested, return to the other
party all of the Confidential Information received from the other party up to the effective date of termination;

 

b)          all licenses and rights granted by one party to another hereunder shall be immediately terminated;

 

c)          Manna Pro shall pay to Oculus any amounts due under this Agreement;

 

d)          Manna Pro shall, to Oculus’ option, either return or destroy all marketing Materials in Manna Pro’s possession
or under its control (including all Materials in the possession of any of Manna Pro’s employees, sales representatives, agents
and/or or other representatives); and

 

e)          Manna Pro shall take such measures as are reasonably necessary to transfer or assign the Marketing Authorizations to Oculus
or Oculus’ designee.

 

 

 

†
Confidential material redacted and separately filed with the Commission.

 

    	 	23	 

     

    

 

12.          Miscellaneous.

 

12.1          Survival. Sections 1 (Definitions), 5.1(f) (Audit), 5.5 (Product Recalls), 6 (IP Ownership), 7 (Representations and
Warranties), 8 (Oculus Limited Warranty; Limitation on Liability), 9 (Indemnification), 10 (Confidential Information), 11.2(b),
(c), (d) (Termination), 11.3 (Effect of Termination), and 12 (Miscellaneous) shall survive any expiration or termination of the
Agreement.

 

12.2          Specific Performance; Injunctive Relief. The parties recognize and agree that any breach by the receiving party of
its obligations contained in Section 9 and Section 5 would cause irreparable harm to the disclosing party such that the disclosing
party could not be compensated for the harm by money damages alone. Therefore, the parties agree that the provisions of Section
10 and Section 6 shall be enforceable by specific performance, including injunctive relief, without the necessity of a bond.

 

12.3          Notices. All notices shall be deemed given by prepaid reputable overnight courier, and addressed as set forth at
the signature line below or to such other address as the party to receive the notice or request so designates by written notice
to the other.

 

12.4          Assignment.

 

a)          This Agreement and all rights and obligations hereunder are personal to the parties.

 

b)          Neither party may assign any of its rights or obligations under this Agreement without the prior written consent of the
other party; provided, however, that either party may assign its rights and/or obligations to any affiliate, and to any
person or entity into which the party merges (regardless of the identity of the surviving entity) or which has otherwise succeeded
to all or substantially all of the business or assets to which this Agreement pertains, whether by merger, consolidation, reorganization,
asset or securities sale, by operation of law, or otherwise.

 

c)          In the event that Manna Pro is involved in a Corporate Event involving an [ ]†, Manna Pro shall provide written notice of
such Corporate Event to Oculus promptly after the closing of such Corporate Event.

 

i.          In the event that Manna Pro is involved in a Corporate Event involving an [ ]†, then Oculus may exercise the rights set
forth in Section 11.2(d) hereunder.

 

ii.         In the event that Manna Pro is involved in a Corporate Event involving an [ ]†, then Manna Pro shall report in writing
to Oculus the [ ]†, and shall continue to report quarterly in writing to Oculus the [ ]†. If at any time throughout the Term the
[ ]† by such [ ]† meet the [ ]†, then Oculus may exercise the rights set forth in Section 11.2(d) hereunder.

 

d)          This Agreement shall benefit and be binding upon the parties to this Agreement and their respective permitted successors
and assigns.

 

 

 

 

†
Confidential material redacted and separately filed with the Commission.

 

    	 	24	 

     

    

 

12.5          Waiver. No term or condition of this Agreement shall be deemed waived unless such waiver is in a writing executed
by the party against whom the waiver is sought to be enforced. Failure or delay in the exercise of any right, power or privilege
hereunder shall not operate as a waiver thereof or of any subsequent failure or delay.

 

12.6          Governing
Law, Jurisdiction, Venue. The Agreement will be governed by and construed under the laws of the State of Delaware without
regard to conflicts of laws principles. The parties hereby irrevocably submit to the exclusive jurisdiction of, and waive any
venue or jurisdictional objections against, the state or federal courts located in Delaware, in any disputes arising hereunder.

 

12.7          Attorney’s Fees. The prevailing party shall be awarded its reasonable attorneys’ fees and costs incurred
in any dispute arising out of or related to this Agreement, whether or not suit be commenced.

 

12.8          Severability. If any of the provisions of this Agreement in any way violate or contravene any laws applicable to
this Agreement, such provision shall be deemed not to be a part of this Agreement and the remainder of this Agreement shall remain
in full force and effect. In such event, the parties agree to negotiate in good faith to substitute legal and enforceable provisions
that most nearly effect the original intent of the severed provision.

 

12.9          Subject
Headings. The captions and headings used herein are intended for convenience only, and shall not affect the construction or
interpretation of any section or provision of this Agreement.

 

12.10         Entire
Agreement. This Agreement, including the exhibits referenced herein and/or attached hereto, and that certain Confidentiality
and Non-Disclosure Agreement by and between Oculus and Manna Pro dated May 1, 2015 (the “NDA”), constitute
the entire understanding and agreement of the parties related to the subject matter hereof, and supersede any and all prior or
contemporaneous offers, negotiations, agreements and/or understandings, written or oral, as to such subject matter.

 

12.11         Amendments. Except as provided herein, no amendment, revision or modification of this Agreement shall be effective
or binding unless made in writing and signed by each of the parties.

 

12.12         Conflicts. In the event the provisions of this Agreement conflict with the terms of the NDA, the terms of the NDA
shall control. If any provisions of this Agreement conflict with the provisions set forth in the exhibits, then the exhibits shall
control.

 

12.13         Counterparts.
The parties may execute this Agreement in any number of counterparts, which all taken together shall constitute a single agreement.
Counterparts may be shared electronically, each such shared counterpart to have the same effect and validity as any original.

 

    	 	25	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed and delivered as of the last date of execution set forth below.

 

	
        OCULUS INNOVATIVE SCIENCES, INC.

         

        BY: /s/ Robert Miller                                   

        
 TITLE: Robert Miller, CFO
 
 DATE:         11/6/2015                

         
	
        MANNA PRO PRODUCTS, LLC

         

        BY: /s/ John Howe                                

        

        TITLE: John Howe, CEO

        

        DATE:         11/6/2015                     

         

	
        ADDRESS:

         

        1129 No. McDowell Boulevard

        Petaluma, CA 94954

        

        PHONE: (707) 283-0550

        FAX: (707) 283-0551
	
        ADDRESS:

         

        707 Spirit 40 Park Dr., Suite 150

        Chesterfield, MO 63005

         

        PHONE: (636) 681-1745

        FAX: (636) 681-1799

        

        

        

 

 

    	 	26	 

     

    

 

Exhibit A

 

Products and Prices*

 

	Product	Size (oz)	Size (ml)	Liquid/Gel	Application	Price
	Microcyn AH Wound & Skin Care	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	Microcyn AH Wound & Skin Care	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	Microcyn AH Wound & Skin Care	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	Microcyn AH Wound & Skin Care 	[ ]† oz	[ ]† ml	Hydrogel	Spray	$[ ]†
	Microcyn AH Wound & Skin Care 	[ ]† oz	[ ]† ml	Hydrogel	Spray	$[ ]†
	 	 	 	 	 	 
	Microcyn AH Farm & Ranch Spray 	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	Microcyn AH Farm & Ranch Hydrogel	[ ]† oz	[ ]† ml	Hydrogel	Spray	$[ ]†
	 	 	 	 	 	 
	EYE & EAR CARE	 	 	 	 	 
	Microcyn AH Ear & Eye Wash	[ ]† oz	[ ]† ml	Liquid	Dropper	$[ ]†
	Microcyn AH Opthalmic Gel	[ ]† oz	[ ]† ml	Hydrogel	Dropper	$[ ]†
	Microcyn AH Pink Eye Spray 	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	 	 	 	 	 	 
	SAMPLES	 	 	 	 	 
	Microcyn AH Wound & Skin Care	[ ]† oz	[ ]† ml	Liquid	Spray	$[ ]†
	 	 	 	 	 	 
	DERMATOLOGY/ DIMETHICONE	 	 	 	 	 
	MicrocynAH Anti-Itch Spray Gel	[ ]† oz.	[ ]† ml	Hydrogel	Spray	$[ ]†
	MicrocynAH Hot Spot Spray Gel	[ ]† oz. 	[ ]† ml	Hydrogel	Spray	$[ ]†

 

*Pricing includes standard bottles,
labels, packaging and formulations meeting the applicable label claims. Pricing does not include the cost of trays.

  

†
Confidential material redacted and separately filed with the Commission.

 

    	 	27	 

     

    

 

Exhibit B

 

Minimum Purchases, Minimum Marketing
Spend and Bonus Triggers

 

Minimum Annual Purchases

 

	Contract Year	Minimum Annual Purchases
	Contract Year 1	$[ ]†
	Contract
Year 2	$[ ]†
	Contract Year 3 	$[ ]†
	Contract Year 4 	$[ ]†
	Contract Year 5	$[ ]†

 

The parties agree that if Manna Pro exceeds its Minimum Purchases
by at least [ ]†% in any Contract Year, the amount by which Manna Pro’s Product Purchase Amounts exceed the Minimum Purchase
for such Contract Year (the “Carryover Amount”) may be carried over to the following Contract Year (the “Carryover
Year”) solely for purposes of determining whether Manna Pro meets its Minimum Purchases for the Carryover Year only.
For the avoidance of doubt, any Product Purchase Amount paid to Oculus in a Contract Year may only be carried over to the immediately
following Calendar Year, and the Product Purchase Amounts in any Carryover Year shall be reduced by the Carryover Amount carried
over from the prior Contract Year. Carryover Amounts shall not be used in determining eligibility for, or for calculating, any
bonus payment pursuant to Section 2.5 for any Contract Year.

 

 

 

 

†
Confidential material redacted and separately filed with the Commission.

 

 

    	 	28	 

     

    

 

Minimum Marketing Spend

 

	Contract Year	Minimum Marketing Spend
	Contract Year 1	$[ ]†
	Contract Year 2	$[ ]†
	Contract Year 3 	$[ ]†
	Contract Year 4 	$[ ]†
	Contract Year 5	$[ ]†

 

Microcyn Sales to trigger Manna Pro Bonuses

 

	Contract Year	Bonus Trigger
	Contract Year 1	$[ ]†
	Contract
Year 2	$[ ]†
	Contract Year 3 	$[ ]†
	Contract Year 4 	$[ ]†
	Contract Year 5	$[ ]†

 

 

 

 

†
Confidential material redacted and separately filed with the Commission.

    	 	29Exhibit

THIRD AMENDMENT TO CREDIT AGREEMENT

Dated as of March 18, 2016

among

INTL FCSTONE INC.,
as Borrower,

THE SUBSIDIARIES OF INTL FCSTONE INC. IDENTIFIED HEREIN,
as the Guarantors,

BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer,

CAPITAL ONE, NATIONAL ASSOCIATION,
as Syndication Agent,

THE NEW LENDERS PARTY HERETO,

and

THE OTHER LENDERS PARTY HERETO

Merrill Lynch, Pierce, Fenner & Smith Incorporated,
as Sole Lead Arranger and Sole Bookrunner

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of March 18, 2016 (the “Third Amendment Effective Date”), is entered into among INTL FCSTONE INC., a Delaware corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto, the New Lenders (as defined below), and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, are parties to that certain Credit Agreement, dated as of September 20, 2013 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below, subject to the terms and conditions specified in this Agreement; and

WHEREAS, the Lenders are willing to amend the Credit Agreement, subject to the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

AGREEMENT

1.    Amendments.

(a)    The definition of “Aggregate Revolving Commitments” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders.  The initial amount of the Aggregate Revolving Commitments in effect on the Third Amendment Effective Date is $205,000,000.

(b)    The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Applicable Rate” means a percentage per annum equal to, with respect to (a) Eurodollar Rate Loans and Daily Floating Eurodollar Rate Swing Line Loans, 3.00%, (b) Base Rate Loans, 2.00% and (c) Letter of Credit Fees (i) for commercial Letters of Credit, 1.00% and (ii) for standby Letters of Credit, 3.00%.

(c)    The definition of “Business Day” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and if such day relates to any Eurodollar Rate Loan, any Base Rate Loan bearing interest at a rate based on the Eurodollar Base Rate or any Daily Floating Eurodollar Rate Swing Line Loan, means any such day that is also a London Banking Day.

(d)    The references to “Closing Date” in the definition of “Cash Management Bank” in Section 1.01 of the Credit Agreement are hereby replaced with “Third Amendment Effective Date”.

(e)    Clause (a) in the definition of “Consolidated Funded Indebtedness” in Section 1.01 of Credit Agreement is hereby amended to read as follows:

(a) the outstanding principal amount of all obligations for borrowed money, whether current or long-term (including the Credit Extensions and the principal amount of any convertible notes) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments;  

(f)    Clause (d) of the definition of “Defaulting Lender” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

(g)    The definition of “Excluded Subsidiaries” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Excluded Subsidiaries” means (a) the Subsidiaries identified on Schedule 6.13 as “Excluded Subsidiaries”, (b) any other Subsidiary that is released from its obligation to provide a Guaranty by the Administrative Agent pursuant to Section 10.10 because such Subsidiary has become subject to regulation by a Governmental Authority which prohibits such Subsidiary from being a Guarantor or which imposes a minimum net capital requirement on such Subsidiary that would be materially and adversely affected by the continuation of such Guaranty, (c) any Subsidiary that is prohibited by applicable Law from becoming a Guarantor under this Agreement as established by the Borrower to the satisfaction of the Administrative Agent and (d) each of RMI Consulting, Inc., an Illinois corporation and Coffee Network, LLC, a Florida limited liability company, in each case, so long as such Subsidiary is dormant. 

(h)    The definition of “FCStone Merchant Facility” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“FCStone Merchant Facility” means that certain Credit Agreement dated as of March 15, 2016, by and among FCStone Merchant, as the borrower, the guarantors party thereto, the lenders party thereto and Bank of Montreal, as administrative agent, as amended on or before the Third Amendment Effective Date, or as amended, modified, restated or supplemented from time to time after the Third Amendment Effective Date Date in accordance with the terms of this Agreement. 

(i)    The references to “Closing Date” in the definition of “Hedge Bank” in Section 1.01 of the Credit Agreement are hereby replaced with “Third Amendment Effective Date”.

(j)    The definition of “Maturity Date” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Maturity Date” means March 18, 2019; provided, however, that, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

(k)    Clause (f) in the definition of “Permitted Acquisition” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

(f) (i) the aggregate cash and non-cash consideration (including any assumption of Indebtedness, deferred purchase price, any earn-out payments and Equity Interests issued (but excluding consideration financed with the proceeds of the issuance of common Equity Interests of the Borrower)) paid by the Borrower and its Subsidiaries for all such Acquisitions occurring during any fiscal year shall not exceed $40,000,000 and (ii) the aggregate amount of consideration financed with the proceeds of the issuance of common Equity Interests of the Borrower for all such Acquisitions occurring during any fiscal year shall not exceed $20,000,000.

(l)    The definition of “Permitted Facilities” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Permitted Facilities” means, collectively, (a) Permitted Margin Facilities (other than the INTL FCStone Financial Margin Facility), (b) credit facilities entered into by the Borrower or any of its Subsidiaries to finance purchases of metal warrants or trading assets in the ordinary course of business, (c) Permitted Repos, (d) the INTL FCStone Financial Margin Facility and (e) the FCStone Merchant Facility.

(m)    The definition of “Permitted Repos” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
    
“Permitted Repos” means repurchase transactions with respect to trading assets entered into by the Borrower or any of its Subsidiaries in the ordinary course of business with non-Affiliates so long as the obligations of the counterparty are valid, enforceable and in full force and effect.
(n)    Clause (i)(ii) of the definition of “Permitted Transfers” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

(ii) the aggregate net book value of all of the assets sold or otherwise disposed of pursuant to such Dispositions in any fiscal year shall be less than $7,500,000,

(o)    The definition of “Swing Line Sublimit” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Swing Line Sublimit” means an amount equal to the lesser of (a) $30,000,000 and (b) the Aggregate Revolving Commitments.  The Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

(p)    The definition of “Threshold Amount” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Threshold Amount” means $10,000,000.

(q)    The definition of “Type” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Type” means, with respect to any Loan, its character as a Base Rate Loan, Daily Floating Eurodollar Rate Swing Line Loan or a Eurodollar Rate Loan.

(r)    The following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“Daily Floating Eurodollar Rate” means, with respect to any Swing Line Loan, for each day that it is a Daily Floating Eurodollar Rate Swing Line Loan, the rate per annum equal to LIBOR, or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (London time) two (2) Business Days prior to such date for Dollar deposits with a term equivalent to one (1) month; provided that, (a) to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent and (b) if the Daily Floating Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

“Daily Floating Eurodollar Rate Swing Line Loan” means a Swing Line Loan that bears interest at a rate based on the Daily Floating Eurodollar Rate.

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“INTL FCStone Financial” means INTL FCStone Financial Inc., a Florida corporation.

“INTL FCStone Financial Margin Facility” means that certain Amended and Restated Credit Agreement dated as of June 21, 2010, by and among INTL FCStone Financial, as the borrower, the guarantors party thereto, the lenders party thereto, and Bank of Montreal, as administrative agent, as amended on or before the Closing Date or as amended, modified, restated or supplemented from time to time after the Closing Date in accordance with the terms of this Agreement.

“Third Amendment Effective Date” means March 18, 2016.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under 

the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(s)    The definitions of “FCStone” and “FCStone Margin Facility” in Section 1.01 of the Credit Agreement are hereby deleted in their entirety.

(t)    The lead in to Section 2.01(b) of the Credit Agreement is hereby amended to read as follows:

(b)    Increases of the Aggregate Revolving Commitments.  The Borrower shall have the right, upon at least five Business Days’ prior written notice to the Administrative Agent, to increase the Aggregate Revolving Commitments (but not the Letter of Credit Sublimit or Swing Line Sublimit) by up to $50,000,000 in the aggregate in one or more increases, at any time prior to the date that is six months prior to the Maturity Date, subject, however, in any such case, to satisfaction of the following conditions precedent:

(u)    Section 2.01(b)(i) of the Credit Agreement is hereby amended to read as follows:

(i)    the Aggregate Revolving Commitments shall not exceed $255,000,000 without the consent of the Required Lenders;

(v)    Section 2.01(b)(vii) of the Credit Agreement is hereby amended to read as follows:

(vii)    [reserved]; and

(w)    The second to last sentence of Section 2.04(a) of the Credit Agreement is hereby amended to read as follows:

Each Swing Line Loan shall bear interest at a rate based on the Daily Floating Eurodollar Rate or, at the option of the Borrower, the Base Rate.  

(x)    Section 2.04(b) of the Credit Agreement is hereby amended to read as follows:

(b)    Borrowing Procedures.  Each Borrowing of Swing Line Loans shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone or a Swing Line Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.  Each such Swing Line Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof, (ii) the requested borrowing date, which shall be a Business Day, and (iii) the Type of Swing Line Loans to be borrowed.  Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 3:30 p.m. on the date of the proposed Borrowing of Swing Line Loans (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article V is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 4:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower.

(y)    The second to last sentence of Section 2.05(a)(ii) of the Credit Agreement is hereby amended to read as follows:

Each such notice shall specify the date and amount of such prepayment and the Type(s) of Swing Line Loans to be prepaid.

(z)    The second to last sentence of Section 2.05(b) of the Credit Agreement is hereby amended to read as follows:

Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and Daily Floating Eurodollar Rate Swing Line Loans, on a pro rata basis, and then to Eurodollar Rate Loans in direct order of Interest Period maturities.  

(aa)    Section 2.08(a)(iii) of the Credit Agreement is hereby amended to read as follows:

(iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of the Daily Floating Eurodollar Rate plus the Applicable Rate or, at the option of the Borrower, the sum of the Base Rate plus the Applicable Rate.

(bb)    The first parenthetical in Section 2.12(b)(i) of the Credit Agreement is hereby amended to read as follows:

(or, in the case of any Borrowing of Base Rate Loans or Daily Floating Eurodollar Rate Swing Line Loans, prior to 12:00 noon on the date of such Borrowing)

(cc)    The second sentence of Section 2.15(b) of the Credit Agreement is hereby amended to read as follows:

Subject to Section 11.21, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

(dd)    Section 3.02 of the Credit Agreement is hereby amended to read as follows:

3.02    Illegality.

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Base Rate, or to determine or charge interest rates based upon the Eurodollar Base Rate or the Daily Floating Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Base Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Base Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all of such Lender’s 

Eurodollar Rate Loans to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Base Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and prepay all Daily Floating Eurodollar Rate Swing Line Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Base Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Base Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Base Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

(ee)    Section 3.03(a) of the Credit Agreement is hereby amended to read as follows:

(a)    If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, or in connection with any request for a Daily Floating Eurodollar Rate Swing Line Loan, (i) the Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan or Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount of such Daily Floating Eurodollar Rate Swing Line Loan, or (B) adequate and reasonable means do not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or for determining the Daily Floating Eurodollar Rate for any proposed Daily Floating Eurodollar Rate Swing Line Loan, or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or the Daily Floating Eurodollar Rate with respect to a proposed Daily Floating Eurodollar Rate Swing Line Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans or Daily Floating Eurodollar Rate Swing Line Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods or to the extent of the affected Daily Floating Eurodollar Rate Swing Line Loans) and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Base Rate component of the Base Rate, the utilization of the Eurodollar Base Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or Daily Floating Eurodollar Rate Swing Line Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods or to the extent of the affected Daily Floating Eurodollar Rate Swing Line Loans) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

(ff)    Section 3.04(a)(iii) of the Credit Agreement is hereby amended to read as follows:

(iii)    impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans or Daily Floating Eurodollar Rate Swing Line Loans made by such Lender or any Letter of Credit or participation therein;

(gg)    Section 6.05(d) of the Credit Agreement is hereby amended to read as follows:

(d)    Since September 30, 2015, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

(hh)    A new Section 6.23 is hereby added to the Credit Agreement to read as follows:

6.23    EEA Financial Institution.

No Loan Party is an EEA Financial Institution.

(ii)    The reference to “FCStone Margin Facility” in Section 7.12 of the Credit Agreement is hereby replaced with “INTL FCStone Financial Margin Facility”.

(jj)    Section 7.13(b) of the Credit Agreement is hereby amended to read as follows:

(b)    if such Subsidiary is a Domestic Subsidiary and such Subsidiary is not an Excluded Subsidiary, cause such Person to (i) become a Guarantor by executing and delivering to the Administrative Agent a Joinder Agreement or such other documents as the Administrative Agent shall deem appropriate for such purpose, and (ii) upon the request of the Administrative Agent in its sole discretion, deliver to the Administrative Agent such Organization Documents, resolutions and favorable opinions of counsel, all in form, content and scope reasonably satisfactory to the Administrative Agent.

(kk)    Section 8.01(r) of the Credit Agreement is hereby amended to read as follows:

(r)    Liens securing Indebtedness permitted by Section 8.03(f) (other than Permitted Margin Facilities); provided that such Liens do not at any time encumber any property other than the underlying trading assets (including assets ancillary to such trading assets and proceeds thereof) being purchased with the proceeds of such Indebtedness, except for Liens securing Indebtedness under the INTL FCStone Financial Margin Facility, which Liens may encumber all of the assets of INTL FCStone Financial;

(ll)    Section 8.01(s) of the Credit Agreement is hereby amended to read as follows:

(s)    other Liens securing obligations the aggregate amount of which does not exceed $5,000,000;

(mm)    Section 8.01 of the Credit Agreement is hereby amended by (i) deleting the “.” at the end of clause (t) thereof and replacing it with “; and”, and (ii) inserting the following new clause (u) to read as follows:

(u)    Liens of Bank of America or its Affiliate on cash collateral posted by INTL Asia Ptd. Ltd., a company formed under the laws of Singapore, in an amount not to exceed $15,000,000, to support its obligations to Bank of America or its Affiliate under the letter of credit facility provided by Bank of America or its Affiliate.

(nn)    Section 8.02(h) of the Credit Agreement is hereby amended to read as follows:

(h)    Investments after the Closing Date by the Borrower or any Domestic Subsidiary in any Foreign Subsidiary in an amount not to exceed $100,000,000 in the aggregate at any time outstanding;

(oo)    Section 8.02(i) of the Credit Agreement is hereby amended to read as follows:

(i)    Investments by any Loan Party made in Domestic Subsidiaries that are not Loan Parties (i) made after the Closing Date and prior to the Third Amendment Effective Date in an aggregate amount not to exceed $25,000,000 and (ii) made after the Third Amendment Effective Date in an amount not to exceed $30,000,000 in the aggregate at any time outstanding;

(pp)    Section 8.03(d) of the Credit Agreement is hereby amended to read as follows:

(d)    obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of increasing yields on treasuries owned by the Borrower and its Subsidiaries or directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;”

(qq)    Section 8.03(e) of the Credit Agreement is hereby amended to read as follows:

(e)    purchase money Indebtedness (including obligations in respect of Capital Leases or Synthetic Leases) hereafter incurred to finance the purchase of fixed assets, and renewals, refinancings and extensions thereof, provided that (i) the aggregate outstanding principal amount of all such Indebtedness shall not exceed $10,000,000 at any one time outstanding; and (ii) such Indebtedness when incurred shall not exceed the purchase price of the asset(s) financed and Permitted Refinancings of such Indebtedness;

(rr)    The “.” at the end of Section 8.03(m) of the Credit Agreement is hereby replaced with “; and” and the following new clauses (n) and (o) are hereby added to Section 8.03 of the Credit Agreement to read as follows:

(n)    short-term commodities financings of INTL FCStone Financial in an aggregate amount not to exceed $50,000,000 at any time outstanding; and

(o)    intraday financings of INTL FCStone Financial with respect to Permitted Repos in an aggregate amount not to exceed $25,000,000.

(ss)    Section 8.06(c) of the Credit Agreement is hereby amended to read as follows:

(c)    so long as no Default exists or would result therefrom, the Borrower may make other Restricted Payments in an aggregate amount not to exceed (i) during the period from the Third Amendment Effective Date through September 30, 2016, $30,000,000 and (ii) commencing with the fiscal year ending September 30, 2017, during any fiscal year of the Borrower, the greater of (i) $30,000,000 and (ii) an amount equal to one third of Consolidated Net Income determined as of the last day of the most recently ended fiscal year of the Borrower; provided, that, after giving effect to any such Restricted Payment on a Pro Forma Basis, the Loan Parties would be in compliance with the financial covenants set forth in Section 8.11;

(tt)    Section 8.06(f) is hereby amended to replace the “.” at the end of clause (f) with “; and” and to add a new clause (g) immediately following clause (f) to read as follows:

(g)    so long as no Default shall have occurred and be continuing before or after giving effect thereto, the Borrower may make regularly scheduled payments of interest in cash on convertible notes permitted by Section 8.03(k).

(uu)    Section 8.11(a) of the Credit Agreement is hereby amended to read as follows:

(a)    Consolidated Tangible Net Worth.  Permit Consolidated Tangible Net Worth as of the end of any fiscal quarter of the Borrower to be less than the sum of $258,500,000, increased on a cumulative basis as of the end of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending December 31, 2015, by an amount equal to 50% of Consolidated Net Income (to the extent positive) for the fiscal quarter then ended plus 50% of amount of all proceeds from any Equity Issuances after the Closing Date. 

(vv)    Section 8.11(d) of the Credit Agreement is hereby amended to read as follows:

(d)    Consolidated Net Unencumbered Liquid Assets.  Permit the Consolidated Net Unencumbered Liquid Assets at any time to be less than $150,000,000.

(ww)    The reference to “FCStone Margin Facility” in Section 8.12 of the Credit Agreement is hereby replaced with “INTL FCStone Financial Margin Facility”.

(xx)    Section 8.15 of the Credit Agreement is hereby amended to read as follows:

8.15    Capital Expenditures.

Permit Consolidated Capital Expenditures for any fiscal year to exceed $15,000,000.

(yy)    The last sentence of Section 10.06(c) of the Credit Agreement is hereby amended to read as follows:

After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring or removed Administrative Agent was acting as Administrative Agent and (B) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (x) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (y) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

(zz)    A new Section 11.21 is hereby added to the Credit Agreement to read as follows:

		
	11.21
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable, (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

(aaa)    Schedule 2.01 to the Credit Agreement is hereby amended in its entirety to read in the form of Schedule 2.01 attached hereto.

(bbb)    Exhibit 2.04 to the Credit Agreement is hereby amended in its entirety to read in the form of Exhibit 2.04 attached hereto.

2.    Effectiveness; Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent:

(a)    receipt by the Administrative Agent of copies of this Agreement duly executed by the Borrower, the Guarantors, the New Lenders and the Lenders (or, in the case of any Lender that will not have any Commitments or outstanding Loans after giving effect to this Agreement, an exiting lender consent substantially in the form of Annex A attached hereto);

(b)    receipt by the Administrative Agent of favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, dated as of the Third Amendment Effective Date, and in form and substance satisfactory to the Administrative Agent;

(c)    receipt by the Administrative Agent of the following, in form and substance satisfactory to the Administrative Agent: (i) copies of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a secretary or assistant secretary of such Loan Party to be true and correct as of the Third Amendment Effective Date; (ii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement; and (iii) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation;

(d)    receipt by the Administrative Agent of a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Section 8 have been satisfied; and

 (e)    the Borrower shall have paid all fees required to be paid to the Administrative Agent, the Lead Arrangers and the Lenders on the Third Amendment Effective Date in connection with the closing of this Agreement.

3.    Release of RMI Consulting, Inc. and Coffee Network, LLC.  

(a)    The Required Lenders hereby authorize the Administrative Agent to (i) release each of RMI Consulting, Inc., an Illinois corporation, and Coffee Network, LLC, a Florida limited liability company, as Guarantors under the Credit Agreement and (ii) release any Liens granted by such entities on their property (such collateral, collectively, the “Released Collateral”) in favor of the Administrative Agent pursuant to the Credit Agreement.

(b)    The Administrative Agent, on behalf of itself and the Lenders and in accordance with the foregoing clause (a), hereby (i) releases each of RMI Consulting, Inc., an Illinois corporation and Coffee Network, LLC, a Florida limited liability company, as Guarantors under the Credit Agreement, (ii) releases the Liens in favor of the Administrative Agent in or on the Released Collateral arising or created under the Loan Documents and (iii) agrees to execute and deliver to the Borrower, at the sole expense of the Borrower, all documents or instruments reasonably requested by the Borrower in connection therewith.

(c)    The Borrower hereby acknowledges that the releases in clause (b) above are being made without recourse to, or any representation or warranty by, the Administrative Agent.

4.    New Lenders.

(a)    On the Third Amendment Effective Date, each of BankUnited, N.A. and Barclays Bank PLC (each, a “New Lender” and collectively, the “New Lenders”) hereby agrees to provide a Revolving Commitment 

in the amount set forth on Schedule 2.01 attached hereto and the initial Applicable Percentage of each New Lender shall be as set forth therein. 

(b)    Each New Lender (i) represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (B) it meets the requirements to be an assignee under Section 11.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of the Credit Agreement), (C) from and after the Third Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, (D) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement, (E) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement, and (F) if it is a Foreign Lender, it has delivered any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the New Lender; and (ii) agrees that (A) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (B) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

(c)    The Borrower agrees that, as of the Third Amendment Effective Date, each New Lender shall (i) be a party to the Credit Agreement and the other Loan Documents, (ii) be a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, and (iii) have the rights and obligations of a Lender under the Credit Agreement and the other Loan Documents.

(d)    The applicable address, facsimile number and electronic mail address of each New Lender for purposes of Section 11.02 of the Credit Agreement are as set forth in each New Lender’s Administrative Questionnaire delivered by each New Lender to the Administrative Agent on or before the date hereof or to such other address, facsimile number and electronic mail address as shall be designated by each New Lender in a notice to the Administrative Agent.

5.    Expenses.  The Loan Parties agree to reimburse the Administrative Agent for all reasonable documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Agreement, including without limitation the reasonable documented fees and expenses of Moore & Van Allen, PLLC.

6.    Ratification of Credit Agreement.  Each Loan Party acknowledges and consents to the terms set forth herein and agrees that this Agreement does not impair, reduce or limit any of its obligations under the Loan Documents, as amended hereby.  This Agreement is a Loan Document.

7.    Authority/Enforceability.  Each Loan Party represents and warrants as follows:

(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(b)    This Agreement has been duly executed and delivered by such Loan Party and constitutes its legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) applicable Debtor Relief Laws and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(c)    No material consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by such Loan Party of this Agreement.

(d)    The execution and delivery of this Agreement does not (i) violate, contravene or conflict with any provision of its Organization Documents or (ii) materially violate, contravene or conflict with any Laws applicable to it.

8.    Representations and Warranties of the Loan Parties.  Each Loan Party represents and warrants to the Lenders that after giving effect to this Agreement (a) the representations and warranties set forth in Article VI of the Credit Agreement are true and correct as of the date hereof unless they specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (b) no event has occurred and is continuing which constitutes a Default.

9.    FATCA Grandfathering.  For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Agreement, the Loan Parties and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

10.    Waiver of Compensation for Losses.  Each Lender hereby waives any right to compensation under Section 3.05 of the Credit Agreement in connection with any reallocation of the Revolving Commitments and/or Revolving Loans as contemplated by this Agreement.

11.    Counterparts/Telecopy.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts of this Agreement by telecopy or other secure electronic forma (.pdf) shall be effective as an original.

12.    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

13.    Successors and Assigns.   This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

14.    Headings.  The headings of the sections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.

15.    Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[remainder of page intentionally left blank]

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:            INTL FCSTONE INC.,
a Delaware corporation

By:    /s/  William J. Dunaway                    
Name:    William J. Dunaway
Title:    Chief Financial Officer    

By:      /s/  Bruce Fields                    
Name:    Bruce Fields
Title:    Group Treasurer

GUARANTORS:        INTL FCSTONE ASSETS, INC.,
a Florida corporation

By:    /s/ Sean O'Connor                    
Name:    Sean O'Connor    
Title:    Chief Executive Officer    

INTL COMMODITIES, INC.,
a Delaware corporation

By:    /s/  William J. Dunaway
Name:    William J. Dunaway
Title:    Senior Vice President    

FCSTONE GROUP, INC.,
a Delaware corporation

By:    /s/  William J. Dunaway                    
Name:    William J. Dunaway
Title:    Chief Financial Officer    

INTL FCSTONE MARKETS, LLC, 
an Iowa limited liability company

By:    /s/  William J. Dunaway                    
Name:    William J. Dunaway
Title:    Chief Financial Officer    

                
FCSTONE MERCHANT SERVICES, LLC,
a Delaware limited liability company

By:    /s/  William J. Dunaway                    
Name:    William J. Dunaway
Title:    Chief Financial Officer    

ADMINISTRATIVE
AGENT:            BANK OF AMERICA, N.A.,
as Administrative Agent

By:    /s/  Patrick Devitt                    
Name:    Patrick Devitt
Title:    Vice President

LENDERS:            BANK OF AMERICA, N.A.,
as a Lender, L/C Issuer and Swing Line Lender

		
	By:
	/s/  Michael D. Brannan                    

		
	Name:
	Michael D. Brannan    

		
	Title:
	Sr. Vice President    

CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

		
	By:
	/s/  Bryan Pynchon                    

		
	Name:
	Bryan Pynchon    

		
	Title:
	SVP    

BANK HAPOALIM B.M.,
as a Lender

		
	By:
	/s/  John Grieco                    

		
	Name:
	John Grieco    

		
	Title:
	Senior Vice President    

		
	By:
	/s/  Carlos Lunardini                    

		
	Name:
	Carlos Lunardini    

		
	Title:
	First Vice President    

BMO HARRIS BANK N.A.,
as a Lender

		
	By:
	/s/  Daniel Ryan                    

		
	Name:
	Daniel Ryan    

		
	Title:
	Vice President    

NEW LENDERS:        BANKUNITED, N.A.,
as a Lender

		
	By:
	/s/  John S. Wamboldt                    

		
	Name:
	John S. Wamboldt    

		
	Title:
	SVP    

BARCLAYS BANK PLC,
as a Lender

		
	By:
	/s/  Simon Coward                    

		
	Name:
	Simon Coward    

		
	Title:
	VP

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