EXHIBIT 10.101

THIS DEED is made the 5th day of May, 2004.

     
BETWEEN:
  STAAR SURGICAL COMPANY of 1911 Walker Avenue, Monrovia, California in the
United States of America (hereinafter called “Staar US”) of the First Part  
AND:
  PHILIP BUTLER STONEY of 8 Yarrandi Place, Northwood in the State of New South
Wales (hereinafter called “Stoney”) of the Second Part  
AND:
  ROBERT WILLIAM MITCHELL of 1b Lucas Street, Brighton East in the State of
Victoria (hereinafter called “Mitchell”) of the Third Part  
AND:
  CONCEPTVISION AUSTRALIA PTY LIMITED ACN 006 391 928 a company duly
incorporated and having its registered office at Ground Floor, 18-20 Orion Road,
Lane Cove in the State of New South Wales (hereinafter called the “Company”) of
the Fourth Part

RECITALS

A.   By deed made 1st day of July 1999 (“the Principal Deed”) the parties hereto
entered into an agreement in respect of, inter alia, the regulation of the
relationship of the Shareholders as shareholders of the Company and of the
management and control of the Company, its business and affairs.   B.   Clause
13 of the Principal Deed provides as follows:       “Stoney and Mitchell agree
that in the event their employment is terminated or their employment contract is
complete that they will transfer their shares in the Company to Staar US. The
sale price of their shares will be calculated to be the greater of:

         
A
  (i)   Net sales revenue for the previous twelve (12) months equals value of
Company (“Value”).

         
(ii)
  Stoney and Mitchell’s shares x value =

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  Sale price for
Stoney & Mitchell’s

  All issued shares   shares

         
OR
       

 

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B
  (i)   The Company’s (“Value”) will be determined by multiplying 7 times net
profit after tax for the previous twelve (12) months.

For the calculation of net profit cost of product will be:
 

      (a) standard cost plus 35% mark up on all products manufactured by STAAR
Surgical Company or its affiliates.;

       

      (b) delivered cost on any product not produced by the STAAR Surgical
Company or its affiliates.

         
(ii)
  Stoney and Mitchell’s shares x value =

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  Sale price for
Stoney & Mitchell’s

  All shares issued   shares”

C.   The parties wish to vary the Principal Deed in respect of the transfer of
the shares of Stoney and Mitchell and the consideration to be paid for such
transfers as set out in the Operative Part.

OPERATIVE PART

1.   Clause 13 of the Principal Deed is deleted.   2.   Stoney and Mitchell
agree to transfer to Staar US and Staar US agrees to purchase the shares of
Stoney and Mitchell in the Company on the following terms and conditions:

2.1   On the date of this deed –

(a)   Stoney shall transfer to Staar US 10 ordinary shares in the Company and
Staar US shall pay to Stoney as consideration the sum of AUD $525,820.00.   (b)
  Mitchell shall transfer to Staar US 10 ordinary shares in the Company and
Staar US shall pay to Mitchell as consideration the sum of AUD $525,820.00.

2.2   On the first to occur of –

(a)   the 30th day after any change in the ownership of Staar US so that a
different person or group of persons will control the composition of the board
of directors or more than 50% of the shares giving a right to vote at general
meetings,   (b)   the 30th day after the termination of Stoney’s contract of
employment by Staar US

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(c)   1st November 2007

Stoney shall transfer to Staar US his remaining 10 ordinary shares in the
Company and Staar US shall pay to Stoney as consideration the greater of –

(d)   AUD $525,820.00 and

(e)   5% of the increased value of the Company over the base year valuation as
defined in section 2.6.

2.3   Notwithstanding clause 2.2 (b) Staar US shall not be obliged to purchase
Stoney’s shares pursuant to clause 2.2 if on or before the date for payment
determined in accordance with clause 2.2 Stoney’s contract of employment with
the Company has been terminated by Stoney or by Staar US by reason of Stoney’s
serious and wilful misconduct.   2.4   On the first to occur of –

(a)   the 30th day after any change in the ownership of Staar US so that a
different person or group of persons will control the composition of the board
of directors or more than 50% of the shares giving a right to vote at general
meetings,   (b)   the 30th day after the termination of Mitchell’s contract of
employment by Staar US   (c)   1st November 2007

Mitchell shall transfer to Staar US his remaining 10 ordinary shares in the
Company and Staar US shall pay to Mitchell as consideration the greater of –

(d)   AUD $525,820.00 and   (e)   5% of the increased value of the Company over
the base year valuation as defined in section 2.6.

2.5   Notwithstanding clause 2.4 (b) Staar US shall not be obliged to purchase
Mitchell’s shares pursuant to clause 2.4 if on or before the date for payment
determined in accordance with clause 2.4 Mitchell’s contract of employment with
the Company has been terminated by Mitchell or by Staar US by reason of
Mitchell’s serious and wilful misconduct.

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2.6   For the purposes of clauses 2.2 (e) and 2.4 (e) the increased value of the
Company will be determined by multiplying 7 times the average annual net profit
after tax over a maximum four year period from November 1, 2003 to November 1,
2007 subtracting the base period valuation per Schedule A attached. The
difference in these two valuations will determine the increased value. Mitchell
and Stoney will each be paid 5% of that incremental valuation. For the
calculation of net profit costs of product will be –

(a)   Standard costs plus 35% mark up on Staar US products.   (b)   Delivered
cost on any product not produced by STAAR Surgical Company.   (c)   Financial
Statements will be measured according to US GAAP and subject to audit either by
STAAR employees or independent auditors agreed to by both parties.

3.   In all other respects the parties confirm the provisions of the Principal
Deed provided that in the event of any inconsistency between this deed and the
Principal Deed the provisions of this deed shall prevail to the extent of the
inconsistency.   4.   For the avoidance of doubt the Company acknowledges that
this deed is executed pursuant to a unanimous resolution passed with the
approval of its directors.

EXECUTED AS A DEED

     
   
  /s/ PHILIP BUTLER STONEY

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  Concept Vision Australia

  Managing Director
 
   

  /s/ ROBERT WILLIAM MITCHELL

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  Concept Vision Australia

  Director
 
   

  /s/ JOHN BILY

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  STAAR Surgical Company

  Chief Financial Officer

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