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| 1. | AMENDMENT |
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|   | 3.3 | At      the sole discretion of the Employer, and subject to the provisions of this      Section 3.3 and Section 3.4, and subject further to the Employer obtaining      all requisite corporate approval therefor (including, without limitation,      the approval of the Employer’s stockholders, if required), the Employer      may satisfy and discharge in full its obligation under Section 3.2 to pay      the Severance Balance by:  (i) issuing to the Employee stock      options under the Stock Option Plan in a number equal to the quotient of      (a) some percentage of the Severance Balance, up to 100%, divided by (b)      the per stock option value of such stock options, which shall be      determined by the Employer using the Black-Scholes valuation method      (collectively, the “Severance Stock      Options”); and (ii) paying the balance of the Severance Balance to      the Employee in cash.  The Severance Stock Options shall have a      term of ten years commencing on the date of their grant and, other than as      may be agreed to by the Employer within its sole discretion, will not      become exercisable prior to the 180th      day following the date of their grant.  The exercise price of      the Severance Stock Options shall be determined by the Employer’s board of      directors in accordance with the provisions of the Stock Option Plan and      all applicable laws, regulations and rules (including, without limitation,      the rules of the Toronto StockExchange). |
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|   | 3.4 | If,  prior      to the end of the Salary Continuance Period, any petition should be filed      by or against the Employer for liquidation or reorganization, or should      the Employer become insolvent or make an assignment for the benefit of any      creditor or creditors, or should a receiver or trustee be appointed for      all or any significant part of the Employer’s assets, or should the      Employer consent to the winding-up, liquidation or dissolution of itself      or its affairs (each, a “Bankruptcy Event”),      then an amount equal to (i) the Employee’s Severance minus (ii) the      aggregate net amount paid by the Employer to the Employee to the date of      the Bankruptcy Event, together with the aggregate amount of deductions and      withholdings withheld by the Employer, pursuant to Section 3.1, shall      become due and payable, in cash, immediately to the      Employee.  If a Bankruptcy Event occurs on or after March 31,      2008, then the Severance Balance shall become due and payable, in cash,      immediately to the Employee. |
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|   | 3.5 | The      Employer hereby agrees that, in the event that any of Elias Vamvakas, Tom      Reeves, Nozhat Choudry, Bill Dumencu, David Eldridge, Julie Fotheringham,      Stephen Kilmer, Suh Kim, Stephen Parks or Stephen Westing (each, an “OLT Member”) should      become entitled to receive severance pursuant to his or her executive      employment agreement at any time before the Employer has paid, in full,      the amount due and payable to him pursuant to Section 3.2 or 3.4, as the      case may be, the Employer shall not pay any OLT Member a percentage of his      or her severance entitlement (without regard to applicable deductions and      withholdings) that exceeds the percentage that (i) the Salary Continuance      Amount plus the      aggregate amount paid to the Employee pursuant to Sections 3.2 and 3.4,      together with the aggregate amount of deductions and withholdings withheld      by the Employer, represents of (ii) the amount of the Employee’s      Severance.  For greater certainty, for purposes of calculating      such percentage in a circumstance in which the Employer has exercised its      discretion pursuant to Section 3.3 and has issued Severance Stock Options,      then the aggregate amount paid to the Employee pursuant to Section 3.2      shall be the sum of (i) the value of such Severance Stock Options, as      determined by the Employer using the Black-Scholes valuation method, and      (ii) the amount of the Severance Balance paid in  cash. |
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|   | 3.6 | For      greater certainty, all cash amounts due and payable by the Employer to the      Employee pursuant to this Article 3 shall be paid, net of applicable      deductions and withholdings. |
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| 2. | ACKNOWLEDGEMENT |
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| 2.1 | The      Employee hereby acknowledges that: |
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| (a) | He      has had sufficient time to review and consider this Amending Agreement      thoroughly; |
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| (b) | He      has read and understands the terms of this Amending Agreement and his      obligations hereunder; |
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| (c) | He      has been given an opportunity to obtain independent legal advice, or such      other advice as he may desire, concerning the interpretation and effect of      this Amending Agreement; and |
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| (d) | He      is entering this Amending Agreement voluntarily and without any pressure      from the Employer. |
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| 3. | MISCELLANEOUS |
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|   | OCCULOGIX,      INC. |
|--------|----------------------|
|   |                 |
|   |                 |
|   | By:                  | “Suh      Kim” |
|   |                 | Suh      Kim |
|   |                 | General      Counsel |

|                                     |   | “John      Cornish” |
|------------------------------------------|--------|---------------------------------|
| Signature      of Witness                |   | John      Cornish               |
|                                     |   |                            |
|                                     |   |                            |
| Name      of Witness (please      print) |   |                            |

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