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**SETTLEMENT      AGREEMENT**

**THIS      SETTLEMENT AGREEMENT**

**A      M O N G:**

**OCCULOGIX,      INC., **

**“Corporation”**

**DAVID      CRAIG ELDRIDGE, O.D., **

**“Dr.      Eldridge”**

**DAVID      C. ELDRIDGE O.D., P.C.,**

**“Eldridge      PC”**

**WHEREAS,      **
**“Options”**

**AND      WHEREAS **
**“Consulting      Agreement”**

**AND      WHEREAS **
**“Option      Agreement”**

**AND      WHEREAS **

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**AND      WHEREAS **

**AND      WHEREAS, **

**AND      WHEREAS **

**NOW      THEREFORE**

| 1. | In                  full and complete settlement of the disagreement that has arisen                  between                  Dr. Eldridge and the Corporation regarding the equity portion of                  the                  consideration payable to him under the Consulting Agreement, the                  Corporation hereby agrees to pay Eldridge PC U.S.$48,000 in cash                  (the                  **“Settlement                  Amount”**)                  on the date hereof. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Dr.                      Eldridge and Eldridge PC hereby direct the Corporation to send                      the                      Settlement Amount, by wire transfer, to the bank account of                      Eldridge PC,                      the relevant particulars of which have been provided to the                      Corporation                      previously. |
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| 3. | Each                    of the parties hereto hereby acknowledges and agrees that the                    Option                    Agreement remains in full force and effect in its entirety, unamended,                    and                    is enforceable against the parties thereto in accordance with                    its terms.                    Without limiting the generality of the immediately foregoing                    sentence, Dr.                    Eldridge and Eldridge PC hereby acknowledge and agree that the                    Options are                    currently exercisable but unexercised and that each of them has                    a per                    share exercise price of                    U.S.$1.30. |
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| 4. | Each                of Dr. Eldridge and Eldridge PC hereby acknowledges and agrees that                the                Corporation has performed, fulfilled and discharged fully and completely                all of its obligations under the Consulting Agreement and hereby                remises,                releases and forever discharges the Corporation and its present and                former                directors, officers, agents, servants and employees (collectively,                the                **“Releasees”**)                of and from any and all actions, causes of action, suits, debts,                claims,                covenants and demands, whatsoever, known or unknown, suspected or                unsuspected, which any of Dr. Eldridge or Eldridge PC ever had, now                has or                may hereafter have against the Releasees, or any of them, (i) for                or by                reason of the Consulting Agreement, (ii) in any way arising out of                any                cause, matter or thing existing up to the date hereof relating to                the                Consulting Agreement or (iii) arising directly or indirectly by reason                of,                or as a consequence of, the Consulting                Agreement. |
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| 5. | Each                of the parties hereto hereby agrees to do, execute, acknowledge and                deliver, or to cause to be done, executed, acknowledged and delivered,                such further acts, documents and instruments as may be reasonably                necessary to accomplish the intent of this Settlement                Agreement. |
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| 6. | This                Settlement Agreement shall be governed by, and construed in accordance                with, the laws of the State of Delaware without regard to the conflicts                of                law principles applicable under such                laws. |
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| 7. | This                Settlement Agreement may be signed by facsimile and in counterpart,                and                each such counterpart will constitute an original document, and such                counterparts, taken together, will constitute one and the same                instrument. |
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**IN      WITNESS WHEREOF**

|         |                                                   |                                                         |
|--------------|--------------------------------------------------------|--------------------------------------------------------------|
|         | **OCCULOGIX,                  INC.**                   |
|    |                                              |                                                    |
|         | By:                                          | /s/                 William                  G. Dumencu |
|         |                                                        |
|         | William                  G. Dumencu                    |
|         | Chief                  Financial Officer and Treasurer |

|                                                                     |                                             |                                         |
|--------------------------------------------------------------------------|--------------------------------------------------|----------------------------------------------|
| **Witness:**                                                             | ** **                                       |
|                                                                |                                        |                                    |
| /s/                John A Walsh                                          |          | /s/ David                Craig Eldridge |
|                                                                          |                                                  |
| Signature                of witness:                                     | David                Craig Eldridge              |
|                                                                     |                                             |
| John A Walsh                                                             |                                             |
|                                                                          |                                             |
| Name                  of witness:*(Please                  print name.)* |                                             |
|                                                                     |                                             |

|         |                                               |                                         |
|--------------|----------------------------------------------------|----------------------------------------------|
|         | **DAVID                  C. ELDRIDGE, O.D., P.C.** |
|    |                                          |                                    |
|         | By:                                      | /s/ David                Craig Eldridge |
|         |                                                    |
|         | David                  Craig Eldridge              |
|         | President                                          |

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