Document:

Exhibit
10.24

 

OCUHUB
LLC

 

2015
EQUITY INCENTIVE PLAN

 

NOTICE
OF PROFITS INTEREST GRANT

 

You
have been granted Units (as defined in the LLC Agreement) intended to be treated as Profits Interests of OcuHub LLC (the “Company”)
as consideration for the provision of services to or for the benefit of the Company pursuant to the terms of the attached Profits
Interest Grant Agreement. The principal terms of the grant are as follows:

 

	Name
    of Participant:	Elias
    Vamvakas
	 	 
	Total
    Number of Profits Interests:	333
	 	 
	Profits
    Interest Threshold applicable to Profits Interests:	$1,850,000
	 	 
	Date
    of Grant:	October
    1, 2015
	 	 
	Vesting
    Commencement Date:	Fully
    Vested
	 	 
	Vesting
    Schedule:	The
    Profits Interests are fully vested as of the date of grant.

 

By
your signature and the signature of the Company’s representative on the Profits Interest Grant Agreement, you and the Company
agree that the Profits Interests are granted under and governed by the terms and conditions of your particular Profits Interest
Grant Agreement, the OcuHub LLC 2015 Equity Incentive Plan and the Company’s limited liability company agreement, as amended,
modified and/or restated from time to time (the “LLC Agreement”), each of which are attached to and
made a part of this document.

 

    	 	 	 

    	 

    

 

THE
PROFITS INTERESTS GRANTED PURSUANT TO THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. THE PARTICIPANT HEREBY AGREES THAT ALL PROFITS
INTERESTS GRANTED PURSUANT TO THIS AGREEMENT SHALL BE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE LIMITED
LIABILITY COMPANY AGREEMENT.

 

OCUHUB
LLC

 

2015
EQUITY INCENTIVE PLAN:

 

PROFITS
INTEREST GRANT AGREEMENT

 

THIS
PROFITS INTEREST GRANT AGREEMENT (the “Agreement”) is entered into as of October 1, 2015, by OcuHub
LLC, a Delaware limited liability company (the “Company”) and Elias Vamvakas (the “Participant”).

 

SECTION
1. Grant of Profits Interests.

 

(a)Profits
Interests. On the terms and conditions set forth in the Notice of Profits Interest Grant and this Agreement, the Company grants
to the Participant on the Date of Grant the number of Common Units as Profits Interests (the “Profits Interests”)
set forth in the Notice of Profits Interest Grant. The Profits Interests granted under this Agreement are intended to meet the
definition of a “profits interest” in I.R.S. Revenue Procedure 93-27 and with I.R.S. Revenue Procedure 2001-43. Accordingly,
at the time the Profits Interests are granted, such Profits Interests will not give the Participant a share of the proceeds if
the Company’s assets were sold at fair market value and the proceeds of such disposition were distributed in complete liquidation
of the Company, but give the holder a right to share in the appreciation in the value of the Company from the date of receipt
forward.

 

(b)Profits
Interest Threshold. The Profits Interest Threshold applicable to the Profits Interests shall be the amount set forth in the
Notice of Profits Interest Grant.

 

(c)Member
of the Company. Upon the Date of Grant set forth in the Notice of Profits Interest Grant, to the extent that the Participant
is not already a Member of the Company, the Participant shall be admitted as a Member of the Company, subject to the terms of
the LLC Agreement. Participant will execute and deliver a counterpart signature page to the LLC Agreement in connection herewith.

 

(d)Plan
and LLC Agreement. The Profits Interests are granted pursuant to the Plan and pursuant to the LLC Agreement, a copy of each
of which the Participant acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this
reference. In the event of any conflict between the terms of the Plan and this Agreement, the Plan shall prevail. As a condition
of grant of the Profits Interests and upon signing this Agreement, the Participant shall become a party to the LLC Agreement for
all purposes. The Participant acknowledges that he or she (i) has read the LLC Agreement, the Plan and this Agreement, (ii) accepts
and agrees to be bound by the terms of the LLC Agreement, the Plan and this Agreement, and (iii) assumes all of the rights
and obligations of a Member of the Company. Schedule A of the LLC Agreement shall be amended to reflect (i) the grant of
Profits Interests to the Participant under this Agreement and (ii) any forfeiture of Profits Interests by the Participant.

 

    	 	 	 

    	 

    

 

(e)Withholding
Taxes. The Participant shall make such arrangements as the Company may require for the satisfaction of any federal, state,
local or foreign withholding tax obligations that may arise in connection with the grant of Profits Interests under this Agreement
or distributions with respect to such Profits Interests. The Participant also shall make such arrangements as the Company may
require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection
with the disposition of the Profits Interests.

 

(f)Form
W-9. If requested by the Company, the Participant shall deliver to the Company a completed Substitute Form W-9. A Substitute
Form W-9 is attached to this Agreement as Exhibit I.

 

(g)Defined
Terms. Unless otherwise defined herein (including in Section 13 of this Agreement), the terms defined in the Plan shall have
the same defined meanings in this Agreement.

 

SECTION
2. Forfeiture of Profits Interests.

 

(a)Surrender.
Until the Profits Interests vest in accordance with Subsection (b) below, all non-vested Profits Interests shall be “Restricted
Interests.” Upon the termination of Service of the Participant, the Participant’s Restricted Interests shall
be surrendered to the Company without payment or consideration therefor. The Company, however, may elect, in its sole and absolute
discretion (and without any obligation whatsoever) to allow the Participant to retain all or a portion of the Restricted Interests.

 

(b)Vesting.
The Profits Interests shall vest and shall become “Vested Interests” as provided in the Vesting Schedule of the
Notice of Profits Interest Grant.

 

(c)Escrow.
Upon issuance, the certificate(s) (if any) for Restricted Units shall be deposited in escrow with the Company to be held in accordance
with the provisions of this Agreement. Any additional or exchanged securities or other property described in Subsection (f)
below shall immediately be delivered to the Company to be held in escrow. All ordinary cash distributions on Restricted Interests
(or on other securities held in escrow) shall be paid directly to the Participant and shall not be held in escrow. Restricted
Interests, together with any other assets held in escrow under this Agreement, shall be (i) surrendered to the Company upon
forfeiture of such Restricted Interests or (ii) released to the Participant upon his or her request to the extent that the
Profits Interests have become Vested Interests (but not more frequently than once every six months). In any event, all Vested
Interests, together with any other vested assets held in escrow under this Agreement, shall be released within ninety (90) days
after the earlier of (i) the termination of the Participant’s Service or (ii) the Vesting of all of the Profits
Interests.

 

(d)Distributions.
The Participant will receive distributions (i.e., payments from the Company) in respect of the Profits Interests at such times
and in such amounts as will be determined by the Company in its sole and absolute discretion and in accordance with the LLC Agreement.

 

(e)Termination
of Rights as to Forfeited Restricted Interests. The Participant shall have no rights with respect to any Restricted Interests
that are forfeited to the Company. Such Restricted Interests shall be deemed to have been forfeited pursuant to this Section 2,
whether or not the certificate(s) (if any) for such Restricted Interests have been delivered to the Company and whether or not
the Company takes any action.

 

(f)Additional
or Exchanged Securities and Property. In the event that any recapitalization, reorganization, merger, split-up, spin-off,
subdivision or combination of Units, repurchase, or exchange of Units or other securities of the Company, or other change in the
capital structure of the Company affecting the Units occurs, appropriate adjustments to reflect the exchange or distribution of
such securities or property shall be made to the number and/or class of the Restricted Interests. Any Restricted Interests shall
immediately be subject to the same vesting provisions that were applicable to such Restricted Interests prior to the adjustment
described in this Subsection (f).

 

    	 	-2-	 

    	 

    

 

SECTION
3. No Registration Rights. The Company may, but shall not be obligated to, register or qualify the sale of Profits
Interests under the Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action
in order to cause the sale of Profits Interests under this Agreement to comply with any law.

 

SECTION
4. Restrictions On Transfer.

 

(a)Transfer
of Profits Interests. The Participant shall not sell, pledge, assign, hypothecate, or otherwise transfer any Profits Interests
without the Company’s written consent.

 

(b)LLC
Agreement. Profits Interests granted under this Agreement shall be subject to the further transfer provisions of the LLC Agreement.

 

(c)Market
Stand-Off.

 

(i)Neither
the Participant nor any holder of the Profits Interests acquired under this Agreement (either, a “Holder”)
shall sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, of any Profits Interests acquired under this Agreement (or other equity securities
of the Successor Entity) held by such Holder (other than those included in the registration) during the one hundred eighty (180)
day period following the effective date of the registration statement for the Company’s Initial Public Offering filed under
the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions
on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including,
but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions
or amendments thereto). The obligations described in this Section 4(c) shall not apply to a registration relating solely to employee
benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions
and may stamp each such certificate with appropriate legends with respect to the Company Securities (or other securities) subject
to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder agrees to execute
a market standoff agreement with such underwriters in customary form consistent with the provisions of this Section 4(c).

 

(ii)The
Participant agrees to execute and deliver such other agreements as may be reasonably requested by the Company, the Successor Entity
or the underwriter which are consistent with Subsection (c)(i) or which are necessary to give further effect thereto. In addition,
if requested by the Company, the Successor Entity or the representative of the underwriters of Profits Interests (or other securities)
of the Company or the Successor Entity, the Participant shall provide, within ten (10) days of such request, such information
as may be required by the Company, the Successor Entity or such representative in connection with the completion of any public
offering of the Company’s or the Successor Entity’s securities pursuant to a registration statement filed under the
Securities Act. The obligations described in this Subsection (c) shall not apply to a registration relating solely to employee
benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future.

 

    	 	-3-	 

    	 

    

 

(d)Securities
Law Restrictions. Regardless of whether the offering and issuance of Profits Interests under this Agreement have been registered
under the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion
may impose restrictions upon the sale, pledge or other transfer of the Profits Interests (including the placement of appropriate
legends on Profit Interests certificates or the imposition of stop transfer instructions) if, in the judgment of the Company,
such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any
state or any other law.

 

(e)Participant
Representations. In connection with the issuance and acquisition of the under this Agreement, the Participant represents and
warrants to the Company as follows:

 

(i)The
Participant is acquiring and will hold the Profits Interests for investment for his or her account only and not with a view to,
or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.

 

(ii)The
Participant understands that the Profits Interests have not been registered under the Securities Act by reason of a specific exemption
therefrom and that the Profits Interests must be held indefinitely, unless they are subsequently registered under the Securities
Act or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that
such registration is not required. The Participant further acknowledges and understands that the Company is under no obligation
to register the Profits Interests.

 

(iii)The
Participant is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which
permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions,
including (without limitation) the availability of certain current public information about the issuer, the resale occurring only
after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s
transaction,” and the amount of securities being sold during any three month period not exceeding specified limitations.
The Participant acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied
and that the Company has no plans to satisfy these conditions in the foreseeable future.

 

(iv)The
Participant will not sell, transfer or otherwise dispose of the Profits Interests in violation of the Securities Act, the Securities
Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. The Participant agrees
that he or she will not dispose of the Profits Interests unless and until he or she has complied with all requirements of this
Agreement applicable to the disposition of Profits Interests and he or she has provided the Company with written assurances, in
substance and form satisfactory to the Company, that (A) the proposed disposition does not require registration of the Profits
Interests under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the
Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken
and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Profits
Interests under the securities laws or regulations of any State.

 

(v)The
Participant has been furnished with, and has had access to, such information as he or she considers necessary or appropriate for
deciding whether to invest in the Profits Interests, and the Participant has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the issuance of the Profits Interests.

 

(vi)The
Participant is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject
to the risk of complete loss. The Participant is able, without impairing his or her financial condition, to hold the Profits Interests
for an indefinite period and to suffer a complete loss of his or her investment in the Profits Interests.

 

    	 	-4-	 

    	 

    

 

(f)Rights
of the Company. The Company shall not be required to (i) transfer on its books any Profits Interests that have been sold
or transferred in contravention of this Agreement or the LLC Agreement or (ii) treat as a Member of the Company or as the
owner of Profits Interests, or otherwise to accord voting, distribution or liquidation rights to, any transferee to whom Profits
Interests have been transferred in contravention of this Agreement or the LLC Agreement.

 

(g)Administration.
Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 4 shall
be conclusive and binding on the Participant and all other persons.

 

SECTION
5. Adjustment of Profits Interests. In the event of any transaction described in Section 13(a) of the Plan, the
number and class of Units granted as Profits Interests under this Agreement shall be adjusted as set forth in Section 13(a)
of the Plan. In the event of a Dissolution, this Profits Interest Award shall be subject to the agreement governing the Dissolution
(subject to Section 13(b) of the Plan) and the LLC Agreement.

 

SECTION
6. Successors And Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Participant
and the Participant’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law,
whether or not any such person has become a party to this Agreement or the LLC Agreement or has agreed in writing to join herein
and to be bound by the terms, conditions and restrictions hereof or of the LLC Agreement.

 

SECTION
7. No Retention Rights. Nothing in this Agreement shall confer upon the Participant any right to continue in Service
for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent
or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each,
to terminate his or her Service at any time and for any reason, with or without cause.

 

SECTION
8. Tax Election. The acquisition of the Profits Interests may result in adverse tax consequences that may be avoided
or mitigated by filing an election under Code Section 83(b). Such election may be filed only within thirty (30) days after
the date of grant. The form for making the Code Section 83(b) election is attached to this Agreement as Exhibit II.
The Participant should consult with his or her tax advisor to determine the tax consequences of acquiring the Profits Interests
and the advantages and disadvantages of filing the Code Section 83(b) election. The Participant acknowledges that it is his
or her sole responsibility, and not the Company’s, to file a timely election under Code Section 83(b), even if the
Participant requests the Company or its representatives to make this filing on his or her behalf.

 

SECTION
9. Legends. All certificates (if any) evidencing Profits Interests shall bear the following legends:

 

“THE
INTERESTS EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE. SUCH INTERESTS HAVE BEEN ACQUIRED FOR INVESTMENT, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, HYPOTHECATED IN THE ABSENCE OF EFFECTIVE REGISTRATION STATEMENTS COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND
ANY APPLICABLE STATE SECURITIES LAWS, UNLESS SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO ONE OR MORE EXEMPTIONS UNDER THE SECURITIES
ACT AND/OR STATE LAW.

 

THE
INTERESTS REPRESENTED HEREBY ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS AND OTHER OBLIGATIONS CONTAINED IN A LIMITED LIABILITY
COMPANY AGREEMENT AND A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE INTERESTS (OR THE PREDECESSOR IN
INTEREST TO THE INTERESTS), A COPY OF WHICH IS ON FILE WITH THE COMPANY AND WILL BE FURNISHED WITHOUT COST TO THE HOLDER HEREOF
UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

    	 	-5-	 

    	 

    

 

If
required by the authorities of any state in connection with the issuance of the Profits Interests, the legend or legends required
by such state authorities shall also be endorsed on all such certificates.

 

SECTION
10. Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective
upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with
postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice shall be
addressed to the Company at its principal executive office and to the Participant at the address that he or she most recently
provided to the Company in accordance with this Section 10.

 

SECTION
11. Entire Agreement. The Notice of Profits Interest Grant, this Agreement, the Plan, and the LLC Agreement constitute
the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements,
representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter
hereof.

 

SECTION
12. Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware, as such laws are applied to contracts entered into and performed in such State.

 

SECTION
13. Definitions. Capitalized terms used in this Agreement without definition shall have the meanings given to them
in the LLC Agreement. As used in this Agreement:

 

(a)“Date
of Grant” shall mean the date specified in the Notice of Profits Interest Grant, which date shall be the later of
(i) the date on which the Board resolved to grant the Profits Interests or (ii) the first day of the Participant’s
Service.

 

(b)“Notice
of Profits Interest Grant” shall mean the document so entitled to which this Agreement is attached.

 

(c)“Restricted
Interests” shall mean Profits Interests granted under this Agreement that are not Vested Interests.

 

(d)“Service”
shall mean service as an Employee, Director, Member or Consultant.

 

(e)“Successor
Entity” means the Company’s successor in a Conversion or otherwise.

 

(f)“Vest”
shall mean the times when Profits Interests cease to be subject to forfeiture to the Company in accordance with Section 2
of this Agreement and the Vesting Schedule of the Notice of Profits Interest Grant.

 

(g)“Vested
Interests” shall mean Profits Interests granted under this Agreement that have vested in accordance with Section 2
of this Agreement and the Vesting Schedule of the Notice of Profits Interest Grant.

 

[Remainder
of Page Intentionally Left Blank]

 

    	 	-6-	 

    	 

    

 

IN
WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as
of the day and year first above written.

 

	PARTICIPANT:	 	OCUHUB LLC:
	 	 	 	 	 
	By:	/s/
    Elias Vamvakas	 	By:
    	/s/
    Barry Barresi
	Name:
    	Elias
    Vamvakas	 	Name:	Barry
    Barresi
	 	 	 	Title:	Chief
    Executive Officer

 

OcuHub LLC

(Signature Page to Profits Interest Grant
Agreement)

 

    	 	 	 

    	 

    

 

Exhibit I

 

 

    	 	 	 

    	 

    

 

Under penalties of perjury, I certify that:

 

	1.	The
    number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me),
    
	 	 
	2.	I
    am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been
    notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report
    all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and
	 	 
	3.	I
    am a U.S. person (including a U.S. resident alien).

 

	

        Certification
        Instructions. — You must cross out item 2 above if you have been notified by the IRS that you are currently
        subject to backup withholding because you have failed to report all interest and dividends on your tax return.

         

        The
        Internal Revenue Service does not require your consent to any provisions of this document other than the certifications
        required to avoid backup withholding.

         

	Sign
    Here	Signature

    of

    U.S.

 person►	 	Date	 

  

    	 	-2-	 

    	 

    

 

Exhibit
II

 

SECTION
83(b) ELECTION

 

This
statement is made under Section 83(b) of the Internal Revenue Code of 1986, as amended, pursuant to Treasury Regulations
Section 1.83-2.

 

	(1)	The
                                         taxpayer who performed the services is:
	 	 
	 	Name:
                                         Elias Vamvakas
	 	 
	 	Address:3
                                         Bridgewater Dr., Richmond Hills, ON Canada L4E 3N4
	 	 
	 	Social
                                         Security No.: __________________________________

  

	(2)	The
                                         property with respect to which the election is made is 333 Units of OcuHub LLC
                                         (the “Company”).

 

	(3)	The
                                         property was transferred on ____________, 2015.

 

	(4)	The
                                         taxable year for which the election is made is the calendar year 2015.

 

The
property is subject to forfeiture under the terms of an agreement between the taxpayer and the Company. The forfeiture restrictions
lapse upon the satisfaction of certain conditions contained in such agreement.

 

	(5)	The
                                         fair market value of such property at the time of transfer (determined without regard
                                         to any restriction other than a restriction that, by its terms, will never lapse) is
                                         $_____ per Unit.

 

	(6)	The
                                         amount paid for such property is $_____ per Unit.

 

	(7)	A
                                         copy of this statement was furnished to the person for whom taxpayer rendered the services
                                         underlying the transfer of such property.

 

	(8)	This
                                         statement is executed on _________, 2015.

 

 

 

Signature
of Taxpayer

 

The
deadline for filing this election with the Internal Revenue Service is 30 days after the date of purchase. The election must be
filed with the Internal Revenue Service Center where the Participant files his or her federal income tax returns. The filing should
be made by registered or certified mail, return receipt requested. The Participant must (a) file a copy of the completed
form with his or her federal tax return for the current tax year and (b) deliver an additional copy to the Company.Exhibit 10.25

  

AMENDMENT 3
TO TERM LOAN AGREEMENT

 

THIS AMENDMENT 3, dated as of December 29, 2015
(this “Amendment”) is made among TearLab Corporation, a Delaware corporation (“Borrower”),
the subsidiary guarantors listed on the signature pages hereof under the heading “SUBSIDIARY GUARANTORS” (each a “Subsidiary
Guarantor” and, collectively, the “Subsidiary Guarantors”) and the lenders listed on the
signature pages hereof under the heading “LENDERS” (each a “Lender” and, collectively, the
“Lenders”), with respect to the Loan Agreement referred to below.

 

RECITALS

 

WHEREAS, the Borrower and the Lenders are parties
to a Term Loan Agreement, dated as of March 4, 2015, as amended by the Omnibus Amendment Agreement, dated as of April 2, 2015,
and by Amendment 2, dated as of August 6, 2015 (the “Loan Agreement”), with the Subsidiary Guarantors
from time to time party thereto.

 

WHEREAS, the parties hereto desire to amend the
Loan Agreement on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties agree as follows:

 

SECTION 1.Definitions; Interpretation.

 

(a)Terms Defined in Loan Agreement.
All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the
meanings assigned to them in the Loan Agreement.

 

(b)Interpretation. The rules of interpretation
set forth in Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are incorporated herein by this
reference.

 

SECTION 2.Amendment. Subject to Section
3, the Loan Agreement is hereby amended as follows:

 

(a)Section 10.02(b) of the Loan Agreement
is amended and restated in its entirety as follows:

 

“(b) during the twelve month period beginning
on January 1, 2016, of at least $30,000,000;”

 

SECTION 3.Conditions of Effectiveness.
The effectiveness of Section 2 shall be subject to the following conditions precedent:

 

(a)The Borrower shall have paid or reimbursed
Lenders for Lenders’ reasonable out of pocket costs and expenses incurred in connection with this Amendment, including Lenders’
reasonable and documented out of pocket legal fees and costs, pursuant to Section 12.03(a)(i)(z) of the Loan Agreement.

 

    	 	 	 

    	 

    

 

(b)The representations and warranties in Section
4 shall be true in all material respects on the date hereof and on the first date on which the condition set forth in Section
3(a) shall have been satisfied.

 

SECTION 4.Representations and Warranties;
Reaffirmation.

 

(a)The Borrower hereby represents and warrants
to each Lender as follows:

 

(i)The Borrower has full power, authority
and legal right to make and perform this Amendment. This Amendment is within the Borrower’s corporate powers and has been
duly authorized by all necessary corporate and, if required, by all necessary shareholder action. This Amendment has been duly
executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against
the Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization,
moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application
of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
This Amendment (x) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority or any third party, except for such as have been obtained or made and are in full force and effect, (y) will not violate
any applicable law or regulation or the charter, bylaws or other organizational documents of the Borrower and its Subsidiaries
or any order of any Governmental Authority, other than any such violations that, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect, (z) will not violate or result in an event of default under any material indenture,
agreement or other instrument binding upon the Borrower and its Subsidiaries or assets, or give rise to a right thereunder to require
any payment to be made by any such Person.

 

(ii)No Default has occurred or is continuing
or will result after giving effect to this Amendment.

 

(iii)The representations and warranties made
by or with respect to the Borrower in Section 7 of the Loan Agreement are true in all material respects (taking into account
any changes made to schedules updated in accordance with Section 7.21 of the Loan Agreement or attached hereto), except
that such representations and warranties that refer to a specific earlier date were true in all material respects on such earlier
date.

 

(iv)There has been no Material Adverse Effect
since the date of the Loan Agreement.

 

(b)The Borrower hereby ratifies, confirms,
reaffirms, and acknowledges its obligations under the Loan Documents to which it is a party and agrees that the Loan Documents
remain in full force and effect, undiminished by this Amendment, except as expressly provided herein. By executing this Amendment,
the Borrower acknowledges that it has read, consulted with its attorneys regarding, and understands, this Amendment.

 

    	 	2	 

    	 

    

 

SECTION 5.Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)Governing Law. This Amendment and
the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State
of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction;
provided that Section 5-1401 of the New York General Obligations Law shall apply.

 

(b)Submission to Jurisdiction. The
Borrower agrees that any suit, action or proceeding with respect to this Amendment or any other Loan Document to which it is a
party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston,
Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court
for the purpose of any such suit, action, proceeding or judgment. This Section 5 is for the benefit of the Lenders only
and, as a result, no Lender shall be prevented from taking proceedings in any other courts with jurisdiction. To the extent allowed
by applicable Laws, the Lenders may take concurrent proceedings in any number of jurisdictions.

 

(c)Waiver of Jury Trial. The
Borrower and each Lender hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any suit, action or proceeding arising out of or relating to this Amendment, the other Loan Documents or the transactions
contemplated hereby or thereby.

 

SECTION 6.Miscellaneous.

 

(a)No Waiver. Nothing contained herein
shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other
Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Lenders reserve
all rights, privileges and remedies under the Loan Documents. Except as amended hereby, the Loan Agreement and other Loan Documents
remain unmodified and in full force and effect. All references in the Loan Documents to the Loan Agreement shall be deemed to be
references to the Loan Agreement as amended hereby.

 

(b)Severability. In case any provision
of or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

 

(c)Headings. Headings and captions
used in this Amendment (including the Exhibits, Schedules and Annexes hereto, if any) are included for convenience of reference
only and shall not be given any substantive effect.

 

(d)Integration. This Amendment constitutes
a Loan Document and, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to
the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 

(e)Counterparts. This Amendment may
be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of
the parties hereto may execute this Amendment by signing any such counterpart.

 

(f)Controlling Provisions. In the event
of any inconsistencies between the provisions of this Amendment and the provisions of any other Loan Document, the provisions of
this Amendment shall govern and prevail. Except as expressly modified by this Amendment, the Loan Documents shall not be modified
and shall remain in full force and effect.

 

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left blank]

 

    	 	3	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have duly
executed this Amendment, as of the date first above written.

 

	 	BORROWER:
	 	 
	 	TEARLAB CORPORATION
	 	 
	 	By:	/s/ Wes Brazell
	 	Name:	Wes Brazell
	 	Title:	Chief Financial Officer
	 	 
	 	SUBSIDIARY GUARANTORS:
	 	 	 
	 	TEARLAB RESEARCH, INC.
	 	 	 
	 	By: 	/s/ Elias Vamvakas
	 	Name: 	Elias Vamvakas
	 	Title:	CEO/Chairman
	 	 
	 	OCUHUB HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Elias Vamvakas
	 	Name: 	Elias Vamvakas
	 	Title:	CEO/Chairman
	 	 	 
	 	OCUHUB LLC
	 	 	 
	 	By:	/s/ Elias Vamvakas
	 	Name: 	Elias Vamvakas
	 	Title:	CEO/Chairman
	 	 	 
	 	OCCULOGIX CANADA CORP.
	 	 	 
	 	By: 	/s/ Elias Vamvakas
	 	Name: 	Elias Vamvakas
	 	Title:	CEO/Chairman

 

    	 	 	 

    	 

    

 

	LENDERS:	 	 
	 	 	 	 
	CAPITAL ROYALTY PARTNERS II L.P.	 
	 	 	 	 
	By: CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner
	 	 	 	 
	 	By: CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner

 

	 	By:	/s/ Nathan Hukill	 
	 	Name:	Nathan Hukill	 
	 	Title:	Authorized Signatory	 

 

	CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” L.P.	 
	 	 	 	 
	By: CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” GP L.P., its General Partner	 
	 	 	 	 
	 	By CAPITAL ROYALTY PARTNERS
    II – PARALLEL FUND “A” GP LLC, its General Partner	 

  

	 	By:	/s/ Nathan Hukill	 
	 	Name:	Nathan Hukill	 
	 	Title:	Authorized Signatory	 

 

	PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P.	 
	 	 	 
	By: PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner	 
	 	 	 
	By: PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC, its General Partner	 

 

	 	By:	/s/ Nathan Hukill	 
	 	Name:	Nathan Hukill	 
	 	Title:	Authorized Signatory	 

  

    	 	 	 

    	 

    

 

	CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “B” (CAYMAN) L.P. 	 
	 
	By: CAPITAL ROYALTY PARTNERS II (CAYMAN) GP L.P., its General Partner	 
	 	 
	By: CAPITAL ROYALTY PARTNERS II (CAYMAN) GP LLC, its General Partner	 

 

	 	By:	/s/ Nathan Hukill	 
	 	Name:	Nathan Hukill	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	WITNESS:	/s/ Zain Shekhani	 
	 	Name: 	Zain Shekhani

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