Document:

ex10_58.htm

    
      

    

    Exhibit
10.58

    

    Execution
Copy

    
 

    AMENDING
AGREEMENT

     

    THIS AMENDING AGREEMENT is
made as of the 3rd day of March, 2008 by and between Stephen Parks (the “Employee”), a resident of the
State of Mississippi, 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 a termination agreement dated as of January 4, 2008 (the
“Termination Agreement”)
pursuant to which the Employee’s employment with the Employer, as its Vice
President, Sales, was terminated;

     

    AND WHEREAS, capitalized terms
used in this Amending Agreement, but not otherwise defined, shall have the
respective meanings attributed to such terms in the Termination
Agreement;

     

    AND WHEREAS, the Employer and
the Employee mutually have agreed that it would be in the best interests of each
of them to permit the Employer to pay up to 50% of the Severance Balance in a
non-cash form of consideration;

     

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

     

    
      	
              1.

            	
              AMENDMENT

            

    

     

    1.1           Sections
3.3, 3.4 and 3.5 of the Termination Agreement are hereby deleted in their
entirety and replaced with the following Sections 3.3, 3.4, 3.5 and
3.6:

     

    
      	
               
      

            	
              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, which shall not exceed 50%,
      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 Stock
Exchange).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              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.

            

    

     

    
      	
               
      

            	
              3.5

            	
              The
      Employer hereby agrees that, in the event that any of Elias Vamvakas, Tom
      Reeves, Nozhat Choudry, John Cornish, Bill Dumencu, Julie Fotheringham,
      David Eldridge, Stephen Kilmer, Suh Kim 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.

            

    

     

    1.2           Section
4.2 of the Termination Agreement is hereby deleted in its entirety and replaced
with the following Section 4.2:

     

    
      	
               
      

            	
              4.2

            	
              For
      greater certainty, all cash amounts due and payable by the Employer to the
      Employee pursuant to Article 3 and this Article 4 shall be paid, net of
      applicable deductions and
withholdings.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    1.3           The
Termination Agreement remains in full force and effect, unamended, other than as
specifically amended by this Amending Agreement.

     

    
      	
              2.

            	
              ACKNOWLEDGEMENT

            

    

     

    
      	
              2.1

            	
              The
      Employee hereby acknowledges that:

            

    

     

    
      	
              (a)

            	
              He
      has had sufficient time to review and consider this Amending Agreement
      thoroughly;

            

    

     

    
      	
              (b)

            	
              He
      has read and understands the terms of this Amending 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 Amending Agreement; and

            

    

     

    
      	
              (d)

            	
              He
      is entering this Amending Agreement voluntarily and without any pressure
      from the Employer.

            

    

     

    
      	
              3.

            	
              MISCELLANEOUS

            

    

     

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

     

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

     

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

     

    3.4           This
Amending Agreement and the Termination Agreement constitute the entire agreement
between the parties hereto pertaining to the subject matter of the termination
of the Employee’s employment with the Employer.  This Amending
Agreement, together with the Termination Agreement, supersede and replace 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
Amending Agreement, except as specifically set forth herein.  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 Amending Agreement or the Termination
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.

     

    3.5           Each
of the provisions contained in this Amending 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.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    3.6           This
Amending Agreement shall be governed by, and construed in accordance with, the
laws of the State of Mississippi, without regard to its conflicts of laws rules
which shall be deemed inapplicable to this Amending Agreement.

     

    3.7           This
Amending 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]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties have executed this Amending Agreement as of the date set forth
above.

     

    
      	 	
              OCCULOGIX,
      INC.

            
	 	 
	 	 
	 	
              By:

            	
              “Suh
      Kim”

            
	 	 
      	
              Suh
      Kim

            
	 	 
      	
              General
      Counsel

            

    

    

     

    
      	 
      	 
      	
              “Stephen
      Parks”

            
	
              Signature
      of Witness

            	 
      	
              Stephen
      Parks

            
	 	 	 
	 
      	 
      	 
      
	
              Name
      of Witness (please
      print)

            	 
      	 
      

    

    
 

    5ex10_t.htm

    
      

    

    
       

      Exhibit
10(t)

      

      Executive
Agreement

      

      Agreement
as of  January 1, 2008 between Clean Diesel Technologies,
Inc. ("the Company"), a Delaware corporation of Suite 702, 300 Atlantic
Street, Stamford Connecticut, 06901 USA, and Bernhard Steiner (the
"Executive"), an individual of Am Rosenwald 14, D-65779 Kelkheim-Ruppertshain,
Germany.

      

      1.  
   Employment
Capacity.  The Executive is engaged by the Company to act in
the capacity of President and Chief Executive Officer of the Company and its
subsidiaries.  The Executive shall report to the Board of Directors of
the Company. The executive shall be officially employed by Clean Diesel Europe,
a Channel Islands partnership, established by the Company to provide payroll
services for individuals in jurisdictions where the Company does not have a
presence.

      

      2.  
   Duties.  The
Executive shall devote his full time and efforts to such employment principally
based at his home in Germany, with such travel as from time to time shall be
incidental to his duties, and shall at all times faithfully, industriously and
to the best of his, skill, ability, experience and talent, perform all of the
duties that may be required of him pursuant to the express and implied terms of
this Agreement. The Executive may during the term of this Agreement continue as
a non-executive director of Wayfinder Systems Ab.

      

      3.    
 Term.  The
term of this Agreement shall commence on the date first written above and shall
terminate, except as otherwise expressly provided herein, on September 13,
2010.

      

      4.      Compensation.  The
Company shall compensate the Executive for services to be rendered, as
follows:

       

      
        	
                 
      

              	
                a.

              	
                Base
      Salary.  The Company shall pay to the Executive a Base
      Salary at the rate of Euros Two Hundred and  Forty One Thousand
      Five Hundred (€241,500) per annum, effective January 1, 2008, payable not
      less often than monthly, or in such other periodic installments as is
      mutually agreed.

              

      

      
        	
                 
      

              	
                b.

              	
                Annual Bonus.
      The Executive shall be entitled to participate in the Annual Bonus Program
      agreed by the Board on an annual or longer basis.  This Program
      shall fix minimum and maximum goals with a bonus amount of fifty percent
      (50%) of the Executive’s base salary as a “Target” bonus, attainable if
      performance shall be at the midpoint between the minimum and maximum
      goals.

              

      

      
        	
                 
      

              	
                c.

              	
                Benefits. The
      Company shall annually contribute, or pay to or for the benefit of the
      Executive up to the amount of Euros Sixty Thousand (€60,000) for pension,
      life insurance and health benefits with such specific allocation as may be
      agreed from time to time.

              

      

      
        	
                 
      

              	
                d.

              	
                Expenses.  The
      Executive shall be reimbursed for all ordinary and necessary expenses
      incidental to his services to the Company as he shall from time to time
      claim accompanied by proper documentation. This shall include the costs of
      his home office including telephone, mobile phone and computer and
      peripherals and shall be reimbursed the amount of Euros Three Hundred and
      Fifty (€350) monthly which is the agreed allowance for the rent, heat,
      light, maintenance and cleaning of the Executive’s home office and is an
      allocation of ten percent (10%) of such costs incurred for the Executive’s
      home generally.

              

      

      
        	
                 
      

              	
                e.

              	
                Car expenses
      will be reimbursed on a mileage basis. Currently the rate in UK is £0.40
      per mile for 10,000 miles per year and £0.25 per mile
      thereafter.  Alternative charging basis can be agreed with the
      compensation committee’s approval.

              

      

      
        	
                 
      

              	
                f.

              	
                Stock.  The
      Executive shall be eligible to receive non-qualified stock option awards
      under the Company’s Incentive Plan from time to time in the discretion of
      the Board of the Company and on such terms and conditions as may be fixed
      by the Board.

              

      

      

      5.      Holidays. The
Executive shall be entitled to 25 days holiday per annum in addition to
statutory holidays.

      

      6.      Discoveries and
Inventions. All patentable and unpatentable inventions, discoveries and
ideas which are made or conceived by Executive during the term of his employment
with the Company and which are based on or arise out of his employment with the
Company ("Developments") are or shall be the Company's property. Executive
agrees at any time whether during his period of employment or otherwise to
disclose promptly to the Company each such Development and, on the Company's
request and at its expense, Executive will assist the Company, or its designee,
in making application for Letters Patent in any country in the world. Executive
further agrees also at any time to execute all papers and do all things which
may be necessary or advisable to prosecute such applications, and to transfer to
and vest in the Company, or its designee, all the right, title and interest in
and to such Developments, and all applications for patents and Letters Patent
issued thereon. If for any reason Executive is unable to effectuate a full
assignment of any such Development, Executive agrees to transfer to the Company,
or its designee, Executive's transferable rights, whether they be exclusive or
non-exclusive, or as a joint inventor or partial owner of the Development. No
action or inaction by the Company shall in any event be construed as a waiver or
abandonment or ifs rights to any such Development which may only be effected by
an instrument in writing assigned by the authorized official of the Company by
which it specifically states it intends to be bound in such
respect.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      7.      Proprietary
Information. Executive will not at any time, either during the term of
this Agreement or thereafter, disclose to others, or use for his own benefit or
the benefit of others, any of the Developments or any confidential, proprietary
or secret information owned, possessed or used by the Company or any of its
subsidiaries (collectively "Proprietary Information"), which by way of
illustration, but not limitation, includes devices, processes, structures,
machines, data, know-how, business opportunities, marketing plans, forecasts,
unpublished financial statements, budgets, licenses and information concerning
prices, costs, employees, customers and suppliers. Executive's undertakings in
this respect shall not apply to Proprietary Information which (a) is or becomes
generally known to the public through no action on the part of Executive or (b)
is generally disclosed to third parties by the Company or any of its
subsidiaries without restriction on such third parties. Upon termination of this
Agreement or at any time on request, Executive shall return to the Company all
media in which any Proprietary Information shall be contained which Executive
agrees is the property of the Company or a subsidiary of the
Company.

      

      8.      Non-Competition.  Following
the termination of the Executive's employment with the Company or any of its
subsidiaries and for 2 years thereafter, the Executive shall not, individually
or on behalf of or in conjunction with any other person or entity, recruit,
entice, induce or encourage any of the Company's other employees or consultants
to engage in any activity which, were it done by Executive, would violate any
provision of this Agreement; accept employment or provide consulting services or
engage in business activities where such employment, services or activities
reasonably will involve the use of the Company's Proprietary Information for the
benefit of others or for the Executive or will result in the divulging of
Proprietary Information. During such two-year period, and before performing
services for others as employee or consultant or before engaging in business
activities, in the actual lines of business in which the Company was engaged
during the Executive's period of service, the Executive will inform the Company
of the general nature of the services or activities to be performed and the
party for whom they will be performed and the Executive prior to performing such
services will inform the other party of the existence of this covenant in this
Agreement. Executive agrees that breach of his covenants hereunder regarding the
Company's Proprietary Information is likely to cause serious economic injury to
the Company.

      
9.      Equitable
Relief.  The parties agree that in the event the Executive
breaches, or threatens to breach, any of the covenants expressed in Sections 6,7
or 8 hereunder, the damages would be great, incapable of calculation and
inadequate to make the Company whole, and,  therefore, in addition to
any other remedies which may be available to the Company including damages, the
Company may apply to a court of competent jurisdiction for equitable relief in
the form of injunctions or restraining orders or the like, and the Executive
waives any requirement that the Company post bond in connection with such
proceeding or in any appeal therefrom.

      

      10.  
 Termination.

      a.      Termination for Reasonable
Cause by the Company.   Just Cause. The
Company has the right to terminate this Agreement for Just Cause at any time; in
which event, all unaccrued rights and benefits of the Executive hereunder shall
terminate and be of no further force and effect. "Just Cause" shall mean
conviction of the Executive under, or a plea of guilty by the Executive to, any
charge which would be a felony under the laws of the Company's home office; any
instance of willful fraud, embezzlement, self-dealing or insider trading,
regardless of amount, with respect to the Company;  any substance
abuse which, in the sole opinion of the Board of Directors, limits Executive's
performance of his duties under this Agreement;  willful refusal or
failure of the Executive to obey the lawful directions of the Board of Directors
of the Company (or of any successor to the interest of the Company);
or  gross, willful misfeasance or gross nonfeasance of the duties and
responsibilities assigned to the Executive pursuant to this Agreement, the
nature of which shall be set forth in the notice of termination for reasonable
cause.

       

      b.      Incapacity.  In
the event the Executive suffers illness or incapacity of such character as to
substantially disable him from performing his duties for more than 90
consecutive days or for more than 120 days in any one agreement year, the
Company may terminate this Agreement by giving notice.  In such event,
the Executive will receive his Basic Salary for six months after termination for
incapacity.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      c.      At
Will.  Either party may terminate this Agreement at will and
without cause.  If the Agreement is terminated by the Company without
cause, the Executive shall receive his Basic Salary for the greater of the
remaining term of the Agreement or six (6) months, but not after the Executive
accepts a comparable position with equivalent compensation. During such period
of Basic Salary continuation by the Company, such Basic Salary shall be reduced
by any salary the Executive earns from other employment. If this Agreement is
terminated by the Executive, he will, at any time, give six (6) months advance
notice and shall not be entitled to any further compensation after such six (6)
month notice period.

      

      11.  
 Assignment.  This
Agreement is not assignable by the Executive. The Company may assign or transfer
this Agreement or any rights or obligations hereunder in the event of a merger,
consolidation, reorganization or other combination, or sale or other transfer of
all or substantially all of the assets of the Company.

      

      12.    Notices.  Any
notices hereunder shall be properly given if by personal delivery or registered
or certified mail, return receipt requested, as follows:

       

      If to
Executive:

      Dr.
Bernhard Steiner

      Am
Rosenwald 14

      D-65779
Kelkheim-Ruppertshain

      

      If to the
Company:

      Corporate
Secretary

      Clean
Diesel Technologies, Inc.

      300
Atlantic Street, Suite 702

      Stamford
CT 06901 USA

      

      or to
such other addresses as the parties may designate in writing.

      

      13.    Integration;
Modification.  This Agreement shall supercede all previous
negotiations, commitments, agreements and writings with respect to the
employment of the Executive.  This Agreement may not be released,
discharged, abandoned, changed or modified in any manner, except by an
instrument in writing signed by the Executive and by duly authorized officers or
representatives of the Company.  The failure of any party hereto to
enforce at any time any of the provisions of this Agreement shall in no way be
construed to be a waiver of any such provisions, nor in any way to affect the
validity of this Agreement or any part thereof or the right of any party
thereafter to enforce each and every provision.  No waiver of any
breach of this Agreement shall be held to be a waiver of any other or subsequent
breach.

      

      14.    Survival of Certain
Obligations.  The rights and obligations of the parties
pursuant to Sections 6, 7 and 8 above shall survive the termination of this
Agreement.

      

      15.    Provisions
Void.  If any term or provision of this Agreement is declared
invalid by a court of competent jurisdiction, the remaining terms and provisions
of this Agreement shall remain unimpaired.

      

      16.    Governing
Law.  This Agreement shall be construed and the rights of the
parties hereunder shall be governed by the laws of the State of Delaware, USA
relating to contracts to be entirely performed within such State without
reference to any rules relating to conflicts of laws.

      
17.    Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on
the dates indicated below with effect from January 1, 2008.

      

      Clean
Diesel Technologies, Inc.

      

      
        	
                /s/  Derek R.
Gray

              	 
      	
                /s/  Bernhard
    Steiner

              
	
                By:  Derek
      R. Gray

              	 
      	
                By:  Bernhard
      Steiner

              
	
                Chairman

              	 
      	
                CEO

              
	
                Date:

              	
                March
      11, 2008

              	 
      	
                Date:

              	
                March
      11, 2008

              
	 
      	 
      	 
      	 
      	 
      
	
                /s/  Ann B. Ruple

              	 
      	 
      	 
      
	
                Ann
      B. Ruple

              	 
      	 
      	 
      
	
                CFO

              	 
      	 
      	 
      
	
                Date:

              	
                March
      11, 2008

              	 
      	 
      	 
      

      

    

     

     

    4

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