**RELEASE
      AGREEMENT**




**THIS
      AGREEMENT** is made
      as of the 13th day of April, 2006 by and between John Caloz (the **“Employee”** ),
      a
      resident of the State of California, and OccuLogix, Inc. (the **“Employer”** ),
      a
      corporation incorporated under the laws of the State of Delaware, and having
      its
      executive offices at 2600 Skymark Avenue, Building 9, Suite 201, Mississauga,
      Ontario, L4W 5B2.




**WHEREAS** the
      Employer and the Employee entered into an employment agreement dated as of
      May
      18, 2005 (the **“Employment
      Agreement”** );




**AND
      WHEREAS** the
      Employee’s employment with the Employer shall be terminated pursuant to Section
      8.1.2 of the Employment Agreement, effective at the close of business on the
      date hereof (the **“Termination
      Date”** );




**NOW,
      THEREFORE,** in
      consideration of the mutual promises and covenants contained in this Agreement
      (the receipt and sufficiency of which are hereby acknowledged by the parties
      hereto), the parties hereto agree as follows:




**1.**
            **TERMINATION**




1.1  The
      Employee’s employment with the Employer shall be terminated pursuant to Section
      8.1.2 of the Employment Agreement, effective at the close of business on the
      Termination Date.




**2.**
            **RETURN
                OF PROPERTY**




2.1  The
      Employee hereby certifies that he has returned to the Employer all property
      of
      the Employer in the Employee’s possession, including, without limitation, all
      keys, business cards, computer hardware, including, without limitation,
      Blackberry units, printers, mice and other hardware accessories, and computer
      software. The Employee hereby further certifies that he has returned to the
      Employer, or destroyed, all tangible material embodying Confidential Information
      (defined below) in any form whatsoever, including, without limitation, all
      paper
      copy copies, summaries and excerpts of Confidential Information and all
      electronic media or records containing or derived from Confidential Information. **“Confidential
      Information”** means
      all
      information of, or relating to, the Employer that is not generally known to
      the
      public, whether of a technical, clinical, business, financial or other nature,
      including, without limitation, trade secrets, know-how and information relating
      to the technology, customers, business plans, sales plans, promotional or
      marketing activities, finances and other affairs of the Employer.




**3.**
            **SEVERANCE**




3.1  Pursuant
      to Section 9 of the Employment Agreement, upon the execution and delivery of
      this Agreement by the Employee, the Employer shall pay to the Employee, in
      a
      lump sum, the amount of Cdn.$240,000, representing twelve months’ Basic Salary
      (as such term is defined in the Employment Agreement) plus 2.5% of Basic Salary
      in respect of the Employee’s entitlement to Benefits (as such term is defined in
      the Employment Agreement), less applicable withholdings and deductions.




3.2  Upon
      the
      execution and delivery of this Agreement by the Employee, the Employer shall
      pay
      to the Employee, in a lump sum, the amount of Cdn.$8,076.92 in respect of his
      accrued but unused vacation entitlement.




**4.**
            **RELEASE
                AND TERMINATION**




4.1  In
      consideration of the payment provided for in Section 3.1, the Employee hereby
      agrees, on behalf of himself and his administrators, heirs, assigns and anyone
      claiming through him, to release completely and forever discharge the Employer
      and its affiliates and subsidiaries, and their respective officers, directors,
      shareholders, agents, servants, representatives, underwriters, successors,
      heirs
      and assigns, from any and all claims, demands, obligations and causes of action,
      of any nature whatsoever, whether known or unknown, which the Employee ever
      had,
      now has or might have in the future as a result of the Employee’s employment
      with the Employer or the termination thereof, including, without limitation,
      any
      claim relating to the Employment Agreement or the termination thereof pursuant
      to Section 4.2 of this Agreement or any claim relating to any violation of
      any
      Canadian federal or provincial statute or regulation, any U.S. federal or state
      statute or regulation, any claim for wrongful discharge or breach of contract,
      any claim relating to Canadian federal or provincial laws (including, without
      limitation, the *Employment
      Standards Act* (Ontario)
      and the Ontario *Human
      Rights Code* )
      or any
      claim relating to U.S. state or federal laws (including, without limitation,
      Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
      Act of 1968, the Employment Retirement Income and Security Act, the Fair Labor
      Standards Act, the Americans with Disabilities Act and the Rehabilitation Act).
      Notwithstanding the foregoing, nothing herein shall be construed as depriving
      the Employee of any indemnification rights to which he is entitled under the
      Amended and Restated By-laws of the Employer on or prior to the Termination
      Date
      or of any protection to which he may be entitled, on, prior to or after the
      Termination Date, under the Employer’s directors’ and officers’ liability
      insurance policy from time to time.




4.2  The
      Employment Agreement is hereby terminated and rendered null and void, save
      and
      except for those provisions thereof that are expressly stated to survive the
      termination thereof, including, without limitation, Sections 12
      (Non-competition), 13 (No Solicitation of Customers or Patients), 14 (No
      Solicitation of Employees), 15 (Confidentiality) and 16 (Remedies) of the
      Employment Agreement. The Employee hereby agrees to abide by such
      provisions.




4.3  The
      Employee hereby acknowledges and agrees that none of the options granted to
      him
      under the Employer’s 2002 Stock Option Plan are exercisable on the Termination
      Date and that, by their terms and conditions, will never be exercisable.




**5.**
            **NO
                FUTURE ACTIONS**




5.1  The
      Employee represents, warrants and covenants that he will not file any, and,
      if
      applicable, will withdraw all, complaints, charges, suits or grievances against
      the Employer or its affiliates or subsidiaries, or any of their respective
      officers, directors, shareholders, agents, servants, representatives,
      underwriters, successors, heirs and assigns, with any governmental agency or
      court, and the Employee further agrees that neither he nor any person,
      organization or any other entity acting on his behalf will file, or cause or
      permit to be filed, any other complaint, charge, suit or grievance against
      the
      Employer at any time hereafter involving any matter occurring or arising in
      the
      past up to the date of this Agreement. In the event of breach of this
      representation, warranty and covenant by the Employee, he will return
      immediately, in full, all payments made to him pursuant to Section 3.1 hereof
      and Section 3.2 hereof. Furthermore, in the event of such breach, the Employee
      will pay the Employer’s reasonable attorneys’ fees incurred in connection with
      defending or otherwise responding to such a complaint, charge, suit or
      grievance.




**6.**
            **THIRD
                PARTY COMMUNICATIONS**




6.1  In
      consideration of the mutual promises and covenants contained herein, each of
      the
      parties hereto hereby agrees that he and it will not make any statements to,
      or
      initiate or participate in any discussions with, any other person, including,
      without limitation, the Employer’s customers, which are derogatory, disparaging
      or injurious to the reputation of the Employee or the Employer. This Section
      6.1, in no way, shall be construed as prohibiting either party hereto from
      responding truthfully to any question or interrogatory to which such party
      is
      requested to respond.




**7.**
            **ACKNOWLEDGEMENT**




7.1  The
      Employee hereby acknowledges that:




(a)
            He
                has had sufficient time to review and consider this Agreement
                thoroughly;




(b)
            He
                has read and understands the terms of this Agreement and his obligations
                hereunder;




(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 Agreement; and




(d)
            He
                is entering this Agreement voluntarily and without any pressure from
                the
                Employer.




**8.**
            **MISCELLANEOUS**




8.1  The
      headings in this Agreement are included solely for convenience of reference
      and
      shall not affect the construction or interpretation hereof.




8.2  The
      parties hereto expressly agree that nothing in this Agreement shall be construed
      as an admission of liability.




8.3  This
      Agreement shall be binding upon, and inure to the benefit of, the parties hereto
      and their respective heirs, trustees, administrators, successors and
      assigns.




8.4  This
      Agreement constitutes the entire agreement between the parties hereto pertaining
      to the subject matter of the termination of the Employee’s employment with the
      Employer. This Agreement supersedes and replaces all prior agreements, if any,
      written or oral, with respect to such subject matter and any rights which the
      Employee may have by reason of any such prior agreements or by reason of the
      Employee’s employment with the Corporation. There are no representations,
      warranties or agreements between the parties hereto in connection with the
      subject matter of this Agreement, except as specifically set forth in this
      Agreement. No reliance is placed on any representation, opinion, advice or
      assertion of fact made by the Employer or any of its officers, directors, agents
      or employees to the Employee, except to the extent that the same has been
      reduced to writing and included as a term of this Agreement. Accordingly, there
      shall be no liability, either in tort or in contract, assessed in relation
      to
      any such representation, opinion, advice or assertion of fact, except to the
      extent aforesaid.




8.5  Each
      of
      the provisions contained in this Agreement is distinct and severable, and a
      declaration of invalidity or unenforceability of any provision or part thereof
      by a court of competent jurisdiction shall not affect the validity or
      enforceability of any other provision hereof.




8.6  This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the Province of Ontario and the federal laws of Canada applicable
      therein.




8.7  This
      Agreement may be signed in counterparts and delivered by facsimile transmission
      or other electronic means, and each of such counterparts shall constitute an
      original document, and such counterparts, taken together, shall constitute
      one
      and the same instrument.









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      REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]




5


**IN
      WITNESS WHEREOF** the
      parties hereto have executed this Agreement.




**OCCULOGIX,
                INC.**By:
            /s/
                Elias VamvakasElias
                VamvakasChairman
                and Chief Executive Officer







/s/
                John CalozSignature
                of Witness
            
            John
                CalozName
                of Witness (*please
                print*)