**$8,000,000        STANDBY COMMITMENT**

**SUMMARY        OF TERMS AND CONDITIONS**

***This        Summary of Terms and Conditions (this “Summary”) is for convenience of reference        only and shall not be considered to be exhaustive as to the final terms and        conditions that shall govern any potential financing arrangements between        the        parties. In the event of a conflict between the provisions of this Summary        and        any relevant definitive agreement, the latter shall prevail. This Summary        and        all matters related hereto are confidential, and the parties agree to maintain        the confidentiality of this Summary and the related matters unless written        authorization to the contrary is provided in advance of any non-authorized        disclosure or unless disclosure is otherwise required by applicable law.        The        parties agree that each of them may disclose this Summary and the related        matters to his or its respective financial and legal advisors. All amounts        in        this Summary are expressed in U.S. dollars.***

| ***Background                  and Objective:***                                                     | OccuLogix,                  Inc. (**“OccuLogix”**)                  proposes to make an investment in shares of Series A Preferred                  Stock of                  OcuSense, Inc. (**“OcuSense”**),                  that will be convertible into 50.1% of the issued and outstanding                  equity                  of OcuSense on a fully diluted basis, at an aggregate purchase                  price of up                  to $8,000,000. To assure adequate funds to make such proposed investment                  and for general corporate purposes, the Purchaser (defined below)                  has                  agreed to provide OccuLogix with a standby commitment to purchase                  convertible debentures of OccuLogix in an aggregate maximum principal                  amount of up to $8,000,000 (**“Convertible                  Debentures”**).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Issuer:***                                                                                        | OccuLogix                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Purchaser:***                                                                                     | Elias                  Vamvakas (the **“Purchaser”**)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Total                  Commitment Amount:***                                                      | $8,000,000                  (the **“Total                  Commitment Amount”**),                  subject to downward adjustment, as provided below                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Term                  of Commitment:***                                                           | The                  12-month period commencing on the Effective Date (defined below)                  (the                  **“Commitment                  Term”**),                  subject to early termination by OccuLogix, as provided                  below                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Drawdowns                  on Commitment:***                                                      | From                  time to time during the Commitment Term, upon no less than 45 days’                  written notice by OccuLogix to the Purchaser, the Purchaser shall                  purchase                  Convertible Debentures in the aggregate amount specified in such                  written                  notice. The closings of such purchases shall occur on or prior                  to the                  45th** **day                  following the dates of such written notices or on such other dates                  as                  OccuLogix and the Purchaser may agree from time to time. For greater                  certainty, the Purchaser will not be obligated to purchase any                  additional                  Convertible Debentures once OccuLogix has issued Convertible Debentures                  in                  an aggregate amount of $8,000,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Commitment                  Fee:***                                                               | 200                  bps on the undrawn portion of the Total Commitment Amount (the                  **“Commitment                  Fee”**),                  to be calculated on an annual basis and to be paid quarterly during                  the                  Commitment Term (within the 15-day period following the end of                  each                  calendar quarter during the Commitment Term) and within the 15-day                  period                  following the expiry or early termination of the Commitment Term,                  as the                  case may be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Use                  of Proceeds:***                                                              | No                  restrictions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Early                  Termination of Commitment:***                                              | At                  any time during the Commitment Term, OccuLogix may terminate the                  Purchaser’s obligation to purchase Convertible Debentures by providing the                  Purchaser with a written notice of its intention to terminate such                  obligation and paying the Purchaser, in full, the amount of the                  Commitment                  Fee then outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Maturity                  Date of Convertible Debentures:***                                      | The                  third anniversary of issuance (the **“Maturity                  Date”**),                  subject to early redemption, as provided below                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Interest                  on Convertible Debentures:***                                           | 10%                  per annum, accruing and compounding monthly and payable in cash                  within the                  15-day period following each calendar quarter, on the Maturity                  Date and on                  the date of redemption (if any)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Conversion                  Feature of Convertible Debentures:***                                 | At                  any time and from time to time prior to the Maturity Date and prior                  to                  redemption (if any), upon no less than 15 days’ written notice by the                  Purchaser to OccuLogix, all or a portion of the principal amount                  of                  outstanding Convertible Debentures may be converted into shares                  of                  OccuLogix’s common stock (**“Conversion                  Shares”**)                  at a rate of $2.70 per share (the **“Conversion                  Rate”**).                  In calculating the number of Conversion Shares to be issued to                  the                  Purchaser, such number shall be rounded down to the nearest whole                  number.                  OccuLogix shall not issue any fractional Conversion Shares under                  any                  circumstances, nor shall OccuLogix be required to pay any cash                  amounts in                  respect of the value of any fractional Conversion Shares that may                  have                  been issuable in the absence of the aforementioned                  prohibition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Redemption                  Feature of Convertible Debentures:***                                 | At                  any time and from time to time prior to the Maturity Date, upon                  no less                  than 30 days’ written notice by OccuLogix to the Purchaser (the                  **“Redemption                  Notice”**),                  all or a portion of the then outstanding Convertible Debentures                  may be                  redeemed by payment of the principal amount thereof and the accrued                  and                  unpaid interest thereon at the end of such 30-day notice period.                  At any                  time during such 30-day notice period, the Purchaser may exercise                  the                  conversion feature of the Convertible Debentures that are the subject                  of                  the Redemption Notice, by providing written notice to OccuLogix                  of his                  intention to exercise such conversion feature. The Conversion Shares                  underlying such Convertible Debentures shall be issued by OccuLogix                  on or                  prior to the 15th                  day following the date of the Purchaser’s notice of his intention to                  exercise such conversion feature.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Anti-dilution:***                                                                                 | If,                  while any Convertible Debentures are outstanding, OccuLogix should                  effect                  a split or a consolidation of its common stock, or should pay to                  its                  stockholders a dividend or distribution in additional shares of                  its common                  stock without payment of any consideration therefor, then the Conversion                  Rate shall be increased or decreased appropriately such that the                  number of                  Conversion Shares issuable upon conversion of Convertible Debentures                  shall                  be increased or decreased in proportion to the increase or decrease                  in the                  aggregate number of issued and outstanding shares of OccuLogix’s common                  stock as a result of such split, consolidation, dividend or                  distribution.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Security:***                                                                                      | ·  General                  security on all of OccuLogix’s assets, undertaking and                  property·  Specific                  pledge of shares of OcuSense’s stock held by OccuLogix from time to                  time                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Third                  Party Financing:***                                                        | If,                  while there are any Convertible Debentures outstanding, OccuLogix                  closes a                  financing with a third party (a **“Financing”**),                  whether by way of debt, equity or otherwise, then, in accordance                  with the                  provisions appearing beside the heading “Redemption Feature of Convertible                  Debentures” above, OccuLogix shall deliver a written notice to the                  Purchaser of OccuLogix’s intention to redeem the maximum number of the                  then outstanding Convertible Debentures of which the net proceeds                  to                  OccuLogix of such Financing (the **“Net                  Proceeds”)**would                  be sufficient to repay the aggregate principal amount and accrued                  and                  unpaid interest thereon. Unless the Purchaser elects to exercise                  the                  conversion feature of such Convertible Debentures in accordance                  with the                  provisions appearing beside the heading “Redemption Feature of Convertible                  Debentures” above, OccuLogix shall use the Net Proceeds to redeem such                  Convertible Debentures in accordance with such provisions. In addition,                  to                  the extent that the Net Proceeds are more than sufficient to redeem                  all of                  the then outstanding Convertible Debentures (and the Financing                  occurs                  during the Commitment Term), the then-undrawn portion of the Total                  Commitment Amount shall be reduced automatically upon the closing                  of the                  Financing by the lesser of: (i) the then-undrawn portion of the                  Total                  Commitment Amount; and (ii) an amount equivalent to the difference                  between                  (y) the total amount of the Net Proceeds and (z) the amount required                  to                  redeem the Convertible Debentures subject to the above-mentioned                  redemption notice. If a Financing occurs during the Commitment                  Term while                  there are no Convertible Debentures outstanding, the Total Commitment                  Amount shall be reduced automatically upon the closing of the Financing                  by                  the lesser of: (i) the Total Commitment Amount; and (ii) the Net                  Proceeds. |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Covenant                  to Negotiate and Enter into a Definitive                  Agreement:*** | OccuLogix                  and the Purchaser will negotiate in good faith, and enter into,                  as soon as                  practicable, a definitive agreement with respect to the proposed                  transactions contemplated in this Summary (the **“Definitive                  Agreement”**).                  The provisions of the Definitive Agreement will be consistent with                  the                  provisions of this Summary and will contain other terms and conditions                  customary and reasonable for transactions of the nature contemplated                  in                  this Summary, including, without limitation, the form of the Convertible                  Debentures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Conditions                  Precedent to Drawdowns on Commitment:***                              | ·  Execution                  and delivery of the Definitive Agreement and all ancillary agreements                  contemplated thereby·  Execution                  and delivery of Convertible Debentures·  Execution                  and delivery of security agreements and, where necessary, filing                  of                  financing statements·  Absence                  of default under the provisions of this Summary or any relevant                  definitive                  agreement·  Absence                  of any material adverse change in the business, affairs or financial                  condition of OccuLogix and its subsidiaries on a consolidated                  basis·  Absence                  of any default under any material agreement, order, approval or                  consent·  Absence                  of any material regulatory prohibition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Syndication                  and Assignment:***                                                   | Subject                  to applicable securities laws, the Convertible Debentures may be                  syndicated, sold and assigned by the Purchaser to one or more third                  parties, and rights of the Purchaser under this Summary, the Definitive                  Agreement, the Convertible Debentures and any other relevant definitive                  agreement may be assigned by the Purchaser to such third party                  or parties.                  OccuLogix shall co-operate with the Purchaser in connection with                  any such                  syndication, sale or assignment and, among other things, shall                  execute and                  deliver documents reasonably necessary to facilitate the                  same.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Independent                  Advice:***                                                           | The                  Purchaser represents and warrants to OccuLogix that he has read                  this                  Summary and understands his obligations under it. The Purchaser                  further                  represents and warrants to OccuLogix that he has had an adequate                  opportunity to seek and obtain independent legal and financial                  advice in                  connection with this Summary and such other professional advice                  that he                  considered necessary or appropriate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Binding                  Nature:***                                                               | This                  Summary is legally binding. Each of OccuLogix and the Purchaser,                  on its                  and his own behalf, respectively, represents and warrants that                  this                  Summary is a valid and legally binding obligation of it or him,                  respectively, enforceable in accordance with the terms of this                  Summary.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| ***Governing                  Law:***                                                                | Delaware                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

**IN        WITNESS WHEREOF, **
**“Effective        Date”**

| **                                                                OCCULOGIX,                    INC.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                 By:                    /s/                    Jay Holmes                                                                                     _____________________________                                                                                          Name: Jay Holmes                                                                                          Title: Director |
|  **                                                                 THE                    PURCHASER**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                 /s/Elias                    Vamvakas                                                                  _____________________________                                                                Elias                    Vamvakas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |