Document:

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                                                                     Exhibit 4.1

                                 OCCULOGIX, INC.

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                           SECOND AMENDED AND RESTATED

                           INVESTORS' RIGHTS AGREEMENT

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                                NOVEMBER 1, 2004

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                                 OCCULOGIX, INC.

                           SECOND AMENDED AND RESTATED

                           INVESTORS' RIGHTS AGREEMENT

            This Second Amended and Restated Investors' Rights Agreement (this
"AGREEMENT") is made as of the 1st day of November, 2004, by and among
OccuLogix, Inc. (formerly Vascular Sciences Corporation), a Delaware corporation
(the "COMPANY"), the individuals and entities listed on Schedule A attached
hereto (each an "INVESTOR," and collectively, the "INVESTORS") and the entities
listed on Schedule B attached hereto (the "DEBENTUREHOLDERS").

RECITALS

A.    WHEREAS, the Company, has filed a registration statement with the SEC and
      a preliminary prospectus with Canadian securities regulatory authorities
      in connection with the initial public offering of its Common Stock, and as
      part of this offering, current holders of securities in the Company are
      being offered an opportunity to sell securities in the offering;

B.    AND WHEREAS, in connection with the initial public offering of its Common
      Stock the Company is undergoing a reorganization whereby all Series A
      Preferred Stock, Series B Preferred Stock and Convertible Debentures will
      be converted into Common Stock;

C.    AND WHEREAS, certain of the Investors hold shares of Common Stock of the
      Company and certain of the Investors hold shares of Series A Preferred
      Stock (the "SERIES A PREFERRED STOCK") of the Company and certain of the
      Investors hold shares of Series B Preferred Stock (the "SERIES B PREFERRED
      STOCK") of the Company and the Debentureholders hold secured convertible
      grid debentures (the "CONVERTIBLE DEBENTURES") of the Company;

D.    AND WHEREAS, the Company and others are parties to an Investors' Rights
      Agreement dated as of July 25, 2002 ( the "ORIGINAL INVESTORS' RIGHTS
      AGREEMENT") which was amended and restated as of June 25, 2003 (the
      "AMENDED INVESTORS' RIGHTS AGREEMENT") both providing for certain
      registration rights, rights of first refusal, board representation rights,
      rights to financial information and certain other rights;

E.    AND WHEREAS, as a condition of offering the current holders of securities
      in the Company the opportunity to sell securities in the offering, the
      Company has requested that the Amended Investors' Rights Agreement be
      amended and restated on the terms set out herein.

      NOW, THEREFORE, in consideration of the mutual promises and covenants and
agreements set forth herein, the Company, the Investors, the Prior Holders and
the Debentureholders hereby agree as follows:

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                                    AGREEMENT

1.    INTERPRETATION

      1.1   DEFINITIONS

            "AGREEMENT" has the meaning attributed to it in the first paragraph
            of this second amended and restated investors' rights agreement.

            "AMENDED INVESTORS' RIGHTS AGREEMENT" has the meaning attributed to
            it in the recitals to this Agreement.

            "CERTIFICATE OF INCORPORATION" means the amended and restated
            certificate of incorporation of the Company dated July 25, 2002, as
            amended on each of August 29, 2003 and July 26, 2004, as may be
            further amended and restated from time to time.

            "COMPANY" has the meaning attributed to it in the first paragraph of
            this Agreement.

            "CONVERTIBLE DEBENTURES" has the meaning attributed to it in the
            recitals to this Agreement.

            "CONVERTIBLE SECURITIES" means securities convertible into,
            exchangeable for or otherwise carrying the right or obligation to
            acquire Common Stock, including the Convertible Debentures, the
            Series A Preferred Stock, the Series B Preferred Stock and any other
            rights, options or warrants to acquire Common Stock.

            "COMMON STOCK" means the Company's common stock as set forth in its
            Certificate of Incorporation and includes any shares of stock or
            securities into which Common Stock may be converted or changed or
            which result from a consolidation, subdivision, reclassification or
            redesignation of Common Stock.

            "DEBENTUREHOLDERS" has the meaning attributed to it in the first
            paragraph of this Agreement.

            "DEBENTURE REGISTRABLE SECURITIES" means (i) the Common Stock
            issuable or issued upon conversion of the Convertible Debentures and
            (ii) the Common Stock issued as (or issuable upon the conversion or
            exercise of any warrant, right or other security which is issued as)
            a dividend or other distribution with respect to, or in exchange for
            or in replacement of the shares referenced in (i) above, excluding
            in all cases, however, any Debenture Registrable Securities sold or
            transferred by a Person in a transaction in which such Person's
            rights under Section 2 are not assigned or sold pursuant to Rule 144
            promulgated under the Securities Act.

            "DEBENTURE REGISTRABLE SECURITIES THEN OUTSTANDING" means the sum of
            (i) the number of shares of Common Stock outstanding which are
            Debenture Registrable

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            Securities and (ii) the number of shares of Common Stock which are
            issuable pursuant to then convertible or exercisable securities
            (including Convertible Debentures) and which are Debenture
            Registrable Securities.

            "EXCHANGE ACT" has the meaning attributed to it in Section 2.6(a).

            "HOLDER" or "HOLDERS" means, for purposes of Section 2 of this
            Agreement, any Investor owning of record Registrable Securities that
            have not been sold to the public or pursuant to Rule 144 promulgated
            under the Securities Act or any assignee of record of such
            Registrable Securities to whom rights under Section 2 have been duly
            assigned in accordance with this Agreement; provided, however, that
            for purposes of this Agreement, a record holder of Series A
            Preferred Stock, Series B Preferred Stock or Convertible Debentures
            convertible into or exercisable for, as the case may be, such
            Registrable Securities shall be deemed to be the Holder of such
            Registrable Securities.

            "INITIAL PUBLIC OFFERING" has the meaning attributed to it in
            Section 2.7.

            "INVESTOR" or "INVESTORS" has the meaning attributed to it in the
            first paragraph of this Agreement.

            "ORIGINAL INVESTORS' RIGHTS AGREEMENT" has the meaning attributed to
            it in the recitals to this Agreement.

            "PERSON" means any individual, corporation, partnership, limited
            liability company, limited liability partnership, firm, joint
            venture, association, joint-stock company, unincorporated
            organization, trust, trustee, executor, administrator or other legal
            personal representative, regulatory body or agency, government or
            governmental agency, authority or other entity howsoever designated
            or constituted.

            "REGISTER", "REGISTERED" and "REGISTRATION" refer to a registration
            effected by preparing and filing a registration statement or similar
            document in compliance with the Securities Act and the declaration
            or ordering of effectiveness of such registration statement or
            document.

            "REGISTRABLE SECURITIES" means the Series A Registrable Securities,
            the Series B Registrable Securities and the Debenture Registrable
            Securities.

            "REGISTRABLE SECURITIES THEN OUTSTANDING" shall mean the sum of (i)
            the number of Series A Registrable Securities then outstanding; (ii)
            the number of Series B Registrable Securities then outstanding; and
            (iii) the number of Debenture Registrable Securities then
            outstanding.

            "SEC" means the United States Securities and Exchange Commission.

            "SECURITIES ACT" means the Securities Act of 1933, as amended.

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            "SERIES A PREFERRED STOCK" has the meaning attributed to it in the
            recitals to this Agreement.

            "SERIES A REGISTRABLE SECURITIES" means (i) the Common Stock
            issuable or issued upon conversion of the Series A Preferred Stock
            and (ii) any Common Stock issued as (or issuable upon the conversion
            or exercise of any warrant, right or other security which is issued
            as) a dividend or other distribution with respect to, or in exchange
            for or in replacement of the shares referenced in (i) above,
            excluding in all cases, however, any Series A Registrable Securities
            sold or transferred by a Person in a transaction in which such
            Person's rights under Section 2 are not assigned or sold pursuant to
            Rule 144 promulgated under the Securities Act.

            "SERIES A REGISTRABLE SECURITIES THEN OUTSTANDING" means the sum of
            (i) the number of shares of Common Stock outstanding which are
            Series A Registrable Securities and (ii) the number of shares of
            Common Stock which are issuable pursuant to then convertible or
            exercisable securities (including Class A Preferred Stock) and which
            are Series A Registrable Securities.

            "SERIES B PREFERRED STOCK" has the meaning attributed to it in the
            recitals to this Agreement.

            "SERIES B REGISTRABLE SECURITIES" means (i) the Common Stock
            issuable or issued upon conversion of the Series B Preferred Stock
            and (ii) any Common Stock issued as (or issuable upon the conversion
            or exercise of any warrant, right or other security which is issued
            as) a dividend or other distribution with respect to, or in exchange
            for or in replacement of the shares referenced in (i) above,
            excluding in all cases, however, any Series B Registrable Securities
            sold or transferred by a Person in a transaction in which such
            Person's rights under Section 2 are not assigned or sold pursuant to
            Rule 144 promulgated under the Securities Act.

            "SERIES B REGISTRABLE SECURITIES THEN OUTSTANDING" means the sum of
            (i) the number of shares of Common Stock outstanding which are
            Series B Registrable Securities and (ii) the number of shares of
            Common Stock which are issuable pursuant to then convertible or
            exercisable securities (including Series B Preferred Stock) and
            which are Series B Registrable Securities.

            "VIOLATION" has the meaning attributed to it in Section 2.6(a).

      1.2   AMENDMENT AND RESTATEMENT OF PRIOR REGISTRATION AND STOCKHOLDERS'
            RIGHTS

            Pursuant to Section 3.2 of the Amended Investors' Rights Agreement,
the Company, the Debentureholders, the Holders of at least two-thirds of Series
B Registrable Securities currently outstanding, and the Holders of at least a
majority of the Series A Registrable Securities currently outstanding agree and
acknowledge that this Agreement hereby amends, restates, supercedes and replaces
any prior agreements, including, without limitation, the Original Investors'
Rights Agreement and the Amended Investors' Rights Agreement among

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the Investors, Debentureholders and the Company (or any predecessor corporation
of the Company) and the Prior Holders (as defined in those agreements) relating
to registration rights, rights of first refusal, board representation rights,
rights to financial information or any other rights described in those
agreements, and that this Agreement shall be binding upon each of the Investors
and Debentureholders whether they have executed this Agreement or not.

      1.3   CHANGE TO COMMON STOCK

            The   provisions of this Agreement relating to Common Stock shall
apply, mutatis mutandis, to any securities into which such Common Stock may be
converted, reclassified, redesignated, subdivided, consolidated or otherwise
changed from time to time and to any securities of any successor or continuing
corporation to the Company that may be received in respect of any Common Stock
on a reorganization, amalgamation, consolidation or merger, statutory or
otherwise.

      1.4   FULLY-DILUTED

            For the purposes of this Agreement, wherever a calculation is to be
made on a "fully-diluted basis", the relevant calculation shall be made on a pro
forma basis after giving effect to or assuming the prior conversion or exchange
of, or the prior exercise of any right, option or obligation to purchase or
acquire any Common Stock attaching to, any Convertible Securities then
outstanding by each holder of such Convertible Securities, regardless of whether
such conversion, exchange or exercise has in fact occurred.

      1.5   EFFECTIVENESS

            For greater clarity, this Agreement shall also govern all aspects of
the piggyback registration rights for the Company's Initial Public Offering
pursuant to which the Company initially filed a registration statement on Form
S-1 on August 13, 2004 and shall supercede the Amended Investors' Rights
Agreement in respect of such matters.

2.    REGISTRATION RIGHTS.  The Company covenants and agrees as follows:

      2.1   PIGGYBACK REGISTRATIONS

            (a)   The Company shall promptly notify all Holders of Registrable
                  Securities in writing at least thirty (30) calendar days prior
                  to any registration statement under the Securities Act
                  becoming effective for purposes of effecting a public offering
                  of securities of the Company (including, but not limited to,
                  registration statements relating to secondary offerings of
                  securities of the Company, but excluding registration
                  statements on Forms S-4 and S-8 and any similar successor
                  forms and will afford each such Holder an opportunity to
                  include in such registration statement all or any part of the
                  Registrable Securities then held by such Holder. Each Holder
                  desiring to include in any such registration statement all or
                  any part of the Registrable Securities held by such Holder
                  shall, within twenty (20) calendar days after receipt of the
                  above-described notice from the Company, so notify the Company
                  in writing, and in such notice shall inform the Company of the
                  number of Registrable Securities such Holder wishes to include
                  in such

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                  registration statement. If a Holder decides not to include all
                  of its Registrable Securities in any registration statement
                  thereafter filed by the Company, such Holder shall
                  nevertheless continue to have the right to include any
                  Registrable Securities in any subsequent registration
                  statement or registration statements as may be filed by the
                  Company with respect to offerings of its securities, all upon
                  the terms and conditions set forth herein.

            (b)   If a registration statement under which the Company gives
                  notice under this Section 2.1 is for an underwritten offering,
                  then the Company shall so advise the Holders of Registrable
                  Securities. In such event, the right of any such Holder's
                  Registrable Securities to be included in a registration
                  pursuant to this Section 2.1 shall be conditioned upon such
                  Holder's participation in such underwriting and the inclusion
                  of such Holder's Registrable Securities in the underwriting to
                  the extent provided herein. All Holders proposing to
                  distribute their Registrable Securities through such
                  underwriting shall enter into an underwriting agreement in
                  customary form with the managing underwriter or underwriter(s)
                  selected for such underwriting. Notwithstanding any other
                  provision of this Agreement, if the managing underwriter(s)
                  determine(s) in good faith that marketing factors require a
                  limitation of the number of shares to be underwritten, then
                  the managing underwriter(s) may exclude shares (including
                  Registrable Securities) from the registration and the
                  underwriting, and the number of shares that may be included in
                  the registration and the underwriting shall be allocated,

                  (i)   first, to the Company,

                  (ii)  second, to each of the Holders of Debenture Registrable
                        Securities requesting inclusion of their Debenture
                        Registrable Securities in such registration statement on
                        a pro rata basis based on the total number of Debenture
                        Registrable Securities then held by each such Holder on
                        a fully-diluted basis,

                  (iii) third, to each of the Holders of Series B Registrable
                        Securities requesting inclusion of their Series B
                        Registrable Securities in such registration statement on
                        a pro rata basis based on the total number of Series B
                        Registrable Securities then held by each such Holder on
                        a fully-diluted basis,

                  (iv)  fourth, to each of the Holders of Series A Registrable
                        Securities requesting inclusion of their Series A
                        Registrable Securities in such registration statement on
                        a pro rata basis based on the total number of Series A
                        Registrable Securities then held by each such Holder on
                        a fully-diluted basis, and

                  (v)   fifth, to any stockholder (other than a Holder) invoking
                        contractual rights to have their securities registered,
                        if any, on a pro rata basis,

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            If any Holder disapproves of the terms of any such underwriting,
            such Holder may elect to withdraw therefrom by written notice to the
            Company and the underwriter. Any Registrable Securities excluded or
            withdrawn from such underwriting shall be excluded and withdrawn
            from the registration and those Registrable Securities will continue
            to be subject to the terms of this Agreement. For any Holder which
            is a partnership or corporation, the partners, retired partners and
            shareholders of such Holder, or the estates and family members of
            any such partners and retired partners and any trusts for the
            benefit of any of the foregoing persons shall be deemed to be a
            single "HOLDER," and any pro rata reduction with respect to such
            "Holder" shall be based upon the aggregate amount of shares carrying
            registration rights owned by all entities and individuals included
            in such "HOLDER," as defined in this sentence.

      2.2   OBLIGATIONS OF THE COMPANY

            Whenever required to effect the registration of any Registrable
Securities under this Agreement, the Company shall, as expeditiously as
reasonably possible:

            (a)   prior to declaring a registration statement effective with the
                  SEC, provide each selling Holder with a draft of the
                  registration statement for its review and comment;

            (b)   prepare and file with the SEC a registration statement with
                  respect to such Registrable Securities and use its best
                  efforts to cause such registration statement to become
                  effective, and keep such registration statement effective
                  until the completion of the distribution contemplated thereby;
                  provided, however, that the Company shall not be required to
                  keep such registration statement effective for more than 180
                  days (or such shorter period which will terminate when all
                  Registrable Securities covered by such registration statement
                  have been sold, but not prior to the expiration of the
                  applicable period referred to in Section 4(3) of the
                  Securities Act and Rule 174 thereunder, if applicable);

            (c)   prepare and file with the SEC such amendments and supplements
                  to such registration statement and the prospectus used in
                  connection with such registration statement as may be
                  necessary to comply with the provisions of the Securities Act
                  with respect to the disposition of all securities covered by
                  such registration statement;

            (d)   furnish to the Holders such number of copies of a prospectus,
                  including a preliminary prospectus, in conformity with the
                  requirements of the Securities Act, and such other documents
                  as they may reasonably request in order to facilitate the
                  disposition of the Registrable Securities owned by them that
                  are included in such registration;

            (e)   use its best efforts to (i) register and qualify the
                  securities covered by such registration statement under such
                  other securities or "blue sky" laws of such jurisdictions as
                  shall be reasonably requested by the Holders, (ii) prepare and
                  file

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                  in those jurisdictions such amendments (including
                  post-effective amendments) and supplements, and take such
                  other actions, as may be necessary to maintain such
                  registration and qualification in effect at all times for the
                  period of distribution contemplated thereby and (iii) take
                  such further action as may be necessary or advisable to enable
                  the disposition of the Registrable Securities in such
                  jurisdictions provided that the Company shall not be required
                  in connection therewith or as a condition thereto to qualify
                  generally to do business where it is not so qualified or to
                  file a general consent to service of process in any such
                  states or jurisdictions;

            (f)   in the event of any underwritten public offering, enter into
                  and perform its obligations under an underwriting agreement,
                  in usual and customary form, with the managing underwriter(s)
                  of such offering (it being understood and agreed that, as a
                  condition to the Company's obligations under this clause (f),
                  each Holder participating in such underwriting shall also
                  enter into and perform its obligations under such an
                  agreement);

            (g)   immediately notify each Holder of Registrable Securities
                  covered by such registration statement at any time when a
                  prospectus relating thereto is required to be delivered under
                  the Securities Act of the happening of any event as a result
                  of which the prospectus included in such registration
                  statement, as then in effect, includes an untrue statement of
                  a material fact or omits to state a material fact required to
                  be stated therein or necessary to make the statements therein
                  not misleading in the light of the circumstances then existing
                  and promptly file such amendments and supplements which may be
                  required on account of such event and use its best efforts to
                  cause each such amendment and supplement to become effective;

            (h)   immediately notify each seller of Registrable Securities of
                  the issuance by the SEC of any stop order suspending the
                  effectiveness of the registration statement or the initiation
                  of any proceedings for that purpose and make every reasonable
                  effort to prevent the issuance of any stop order and, if any
                  stop order is issued, to obtain the lifting thereof at the
                  earliest possible time;

            (i)   furnish, at the request of any Holder requesting registration
                  of Registrable Securities, on the date that such Registrable
                  Securities are delivered to the underwriters for sale, if such
                  securities are being sold through underwriters, or, if such
                  securities are not being sold through underwriters, on the
                  date that the registration statement with respect to such
                  securities becomes effective, (i) an opinion, dated as of such
                  date, of the counsel representing the Company for the purposes
                  of such registration, in form and substance as is customarily
                  given to underwriters in an underwritten public offering and
                  reasonably satisfactory to a majority in interest, on a
                  fully-diluted basis, of the Holders requesting registration,
                  addressed to the underwriters, if any, and to the Holders
                  requesting registration of Registrable Securities and (ii) a
                  "comfort" letter dated as of such date, from the independent
                  certified public accountants of the Company, in form and
                  substance as is customarily given by independent certified
                  public accountants to

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                  underwriters in an underwritten public offering and reasonably
                  satisfactory to a majority in interest of the Holders, on a
                  fully-diluted basis, requesting registration, addressed to the
                  underwriters, if any, and to the Holders requesting
                  registration of Registrable Securities;

            (j)   apply for listing and list the Registrable Securities being
                  registered on any national securities exchange on which a
                  class of the Company's equity securities is listed or, if the
                  Company does not have a class of equity securities listed on a
                  national securities exchange, apply for qualification and use
                  its best efforts to qualify the Registrable Securities being
                  registered for inclusion on the automated quotation system of
                  the National Association of Securities Dealers, Inc.;

            (k)   make available for inspection by each seller of Registrable
                  Securities, any underwriter participating in any distribution
                  pursuant to such registration statement, and any attorney,
                  accountant or other agent retained by such seller or
                  underwriter, all financial and other records, pertinent
                  corporate documents and properties of the Company, and cause
                  the Company's officers, directors and employees to supply all
                  information reasonably requested by any such seller,
                  underwriter, attorney, accountant or agent in connection with
                  such registration statement;

            (l)   take all actions reasonably necessary to facilitate the timely
                  preparation and delivery of certificates (not bearing any
                  legend restricting the sale or transfer of such securities)
                  representing the Registrable Securities to be sold pursuant to
                  the Registration Statement and to enable such certificates to
                  be in such denominations and registered in such names as the
                  Investors, Prior Holders or Debentureholders or any
                  underwriters may reasonably request; and

            (m)   take all other reasonable actions necessary to expedite and
                  facilitate the registration of the Registrable Securities
                  pursuant to the Registration Statement.

      2.3   EXPENSES

            All expenses incurred in connection with registrations, filings or
qualifications pursuant to Section 2.1 (excluding underwriters' and brokers'
discounts and commissions), including, without limitation all registration,
filing and qualification fees, printers' and accounting fees, fees and
disbursements of counsel for the Company and the reasonable fees and
disbursements of one (1) counsel for the selling Holder or Holders shall be
borne by the Company.

      2.4   FURNISH INFORMATION

            It shall be a condition precedent to the obligations of the
Company to take any action pursuant to Section 2.1 of this Agreement that the
selling Holders shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them and the intended method of
disposition of such securities as shall be required to timely effect the
registration of their Registrable Securities.

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      2.5   DELAY OF REGISTRATION

            No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any
controversy that might arise with respect to the interpretation or
implementation of this Section 2.

      2.6   INDEMNIFICATION

            In the event any Registrable Securities are included in a
registration statement under Section 2.1 of this Agreement:

            (a)   BY THE COMPANY. To the extent permitted by law, the Company
                  will indemnify and hold harmless each Holder, the partners,
                  officers, members, employees, agents and directors of each
                  Holder, any underwriter (as defined in the Securities Act) for
                  such Holder and each Person, if any, who controls such Holder
                  or underwriter within the meaning of the Securities Act or the
                  Securities Exchange Act of 1934, as amended, (the "EXCHANGE
                  ACT"), against any losses, claims, damages, or liabilities
                  (joint or several) to which they may become subject under the
                  Securities Act, the Exchange Act or other federal or state
                  law, insofar as such losses, claims, damages, or liabilities
                  (or actions in respect thereof) arise out of or are based upon
                  any of the following statements, omissions or violations
                  (collectively a "VIOLATION"):

                  (i)   any untrue statement or alleged untrue statement of a
                        material fact contained in such registration statement,
                        including any preliminary prospectus or final prospectus
                        contained therein or any amendments or supplements
                        thereto;

                  (ii)  the omission or alleged omission to state therein a
                        material fact required to be stated therein, or
                        necessary to make the statements therein not misleading;
                        or

                  (iii) any violation or alleged violation by the Company of the
                        Securities Act, the Exchange Act, any federal or state
                        securities law or any rule or regulation promulgated
                        under the Securities Act, the Exchange Act or any
                        federal or state securities law in connection with the
                        offering covered by such registration statement;

                  and the Company will reimburse each such Holder, partner,
                  officer, member, employee, agent or director, underwriter or
                  controlling person for any legal or other expenses reasonably
                  incurred by them, as incurred, in connection with
                  investigating or defending any such loss, claim, damage,
                  liability or action; provided, however, that if the Company is
                  found not to be liable for a Violation and such Holder (or a
                  partner, officer, member, employee, agent or director or
                  controlling person of such Holder) is found to be liable for
                  such Violation, such Holder shall pay the Company's legal or
                  other expenses reasonably incurred in defending any such loss,
                  claim, damage, liability or action; provided further that the
                  indemnity agreement contained in this Section 2.6(a) shall not
                  apply to

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                  amounts paid in settlement of any such loss, claim, damage,
                  liability or action if such settlement is effected without the
                  consent of the Company (which consent shall not be
                  unreasonably withheld), nor shall the Company be liable in any
                  such case for any such loss, claim, damage, liability or
                  action to the extent that it arises out of or is based upon a
                  Violation which occurs in reliance upon and in conformity with
                  written information furnished expressly for use in connection
                  with such registration by such Holder, partner, officer,
                  member, employee, agent or director, underwriter or
                  controlling person of such Holder.

            (b)   BY SELLING HOLDERS. To the extent permitted by law, each
                  selling Holder, severally and not jointly with any other
                  Holder, will indemnify and hold harmless the Company, each of
                  its directors, each of its officers who have signed the
                  registration statement, each Person, if any, who controls the
                  Company within the meaning of the Securities Act, any
                  underwriter and any other Holder selling securities under such
                  registration statement or any of such other Holder's partners,
                  directors or officers or any Person who controls such Holder
                  within the meaning of the Securities Act or the Exchange Act,
                  against any losses, claims, damages or liabilities (joint or
                  several) to which the Company or any such director, officer,
                  controlling person, underwriter or other such Holder, partner,
                  officer, director, member, employee or agent or controlling
                  person of such other Holder may become subject under the
                  Securities Act, the Exchange Act or other federal or state
                  law, insofar as such losses, claims, damages or liabilities
                  (or actions in respect thereto) arise out of or are based upon
                  any Violation, in each case to the extent (and only to the
                  extent) that such Violation occurs in reliance upon and in
                  conformity with written information furnished by such Holder
                  expressly for use in connection with such registration; and
                  each such Holder will reimburse any legal or other expenses
                  reasonably incurred by the Company or any such partner,
                  director, officer, member, employee, agent or controlling
                  person, underwriter or other Holder, partner, officer,
                  director, member, employee, agent or controlling person of
                  such other Holder in connection with investigating or
                  defending any such loss, claim, damage, liability or action;
                  provided, however, that if the Holder is found not to be
                  liable for a Violation, the Company shall pay the Holder's
                  legal or other expenses reasonably incurred in defending any
                  such loss, claim, damage, liability or action; provided
                  further that the indemnity agreement contained in this Section
                  2.6(b) shall not apply to amounts paid in settlement of any
                  such loss, claim, damage, liability or action if such
                  settlement is effected without the consent of the Holder,
                  (which consent shall not be unreasonably withheld), nor shall
                  the selling Holder be liable in any such case for any such
                  loss, claim, damage, liability or action to the extent that it
                  arises out of or is based upon a Violation which occurs in
                  reliance upon and in conformity with written information
                  furnished expressly for use in connection with such
                  registration by the Company, and provided further, that the
                  total amounts payable in indemnity by a Holder under this
                  Section 2.6(b) in respect of any Violation shall not exceed
                  the net proceeds (after deduction of all underwriters'
                  discounts and commissions paid by such Holder in connection
                  with the registration in question) received by such Holder in
                  the registered offering out of which such Violation arises.

                                       11

<PAGE>

            (c)   NOTICE. Promptly after receipt by an indemnified party under
                  this Section 2.6 of notice of the commencement of any action
                  (including any governmental action), such indemnified party
                  will, if a claim in respect thereof is to be made against any
                  indemnifying party under this Section 2.6, deliver to the
                  indemnifying party a written notice of the commencement
                  thereof and the indemnifying party shall have the right to
                  participate in, and, to the extent the indemnifying party so
                  desires, jointly with any other indemnifying party similarly
                  noticed, to assume the defense thereof with counsel mutually
                  satisfactory to the parties; provided, however, that an
                  indemnified party shall have the right to retain its own
                  counsel, with the fees and expenses to be paid by the
                  indemnifying party, if representation of such indemnified
                  party by the counsel retained by the indemnifying party would
                  be inappropriate due to actual or potential conflict of
                  interests between such indemnified party and any other party
                  represented by such counsel in such proceeding. The failure to
                  deliver written notice to the indemnifying party within a
                  reasonable time of the commencement of any such action, if
                  prejudicial to its ability to defend such action, shall
                  relieve such indemnifying party of any liability to the
                  indemnified party under this Section 2.6, but the omission so
                  to deliver written notice to the indemnifying party will not
                  relieve it of any liability that it may have to any
                  indemnified party otherwise than under this Section 2.6.

            (d)   CONTRIBUTION. In order to provide for just and equitable
                  contribution to joint liability under the Securities Act in
                  any case in which either (i) any Holder exercising rights
                  under this Agreement, or any controlling person of any such
                  Holder, makes a claim for indemnification pursuant to this
                  Section 2.6 but it is judicially determined (by the entry of a
                  final judgment or decree by a court of competent jurisdiction
                  and the expiration of time to appeal or the denial of the last
                  right of appeal) that such indemnification may not be enforced
                  in such case notwithstanding the fact that this Section 2.6
                  provides for indemnification in such case, or (ii)
                  contribution under the Securities Act may be required on the
                  part of any such selling Holder or any such controlling person
                  in circumstances for which indemnification is provided under
                  this Section 2.6; then, and in each such case, the Company and
                  such Holder will contribute to the aggregate losses, claims,
                  damages or liabilities to which they may be subject (after
                  contribution from others) in such proportion so that such
                  Holder is responsible for the portion represented by the
                  percentage that the public offering price of its Registrable
                  Securities offered by and sold under the registration
                  statement bears to the public offering price of all securities
                  offered by and sold under such registration statement, and the
                  Company and other selling Holders are responsible for the
                  remaining portion; provided, however, that, in any such case,
                  (A) no such Holder will be required to contribute any amount
                  in excess of the public offering price of all such Registrable
                  Securities offered and sold by such Holder pursuant to such
                  registration statement and (B) no Person or entity guilty of
                  fraudulent misrepresentation (within the meaning of Section
                  11(f) of the Securities Act) will be entitled to contribution
                  from any Person or entity who was not guilty of such
                  fraudulent misrepresentation.

                                       12

<PAGE>

            (e)   SURVIVAL. The obligations of the Company and Holders under
                  this Section 2.6 shall survive the completion of any offering
                  of Registrable Securities in a registration statement, and
                  otherwise.

      2.7   "MARKET STAND-OFF" AGREEMENT

            Each Holder hereby agrees that it shall not, to the extent requested
by the Company or an underwriter of securities of the Company, offer, sell or
otherwise transfer or dispose of or engage in any other transaction regarding
any Registrable Securities or other shares of stock of the Company then owned by
such Holder (other than to donees, affiliates or partners of the Holder who
agree to be similarly bound and except for securities sold pursuant to such
Registration Statement) for up to one hundred eighty (180) calendar days
following the effective date of the first firmly underwritten public offering of
Common Stock pursuant to a Registration Statement filed with, and declared
effective by, the SEC under the Securities Act, on the terms and conditions
approved by the Board of Directors (an "INITIAL PUBLIC OFFERING"), and for up to
ninety (90) calendar days following the effective date in the case of subsequent
public offerings; provided, however, that the holders of more than 5% of the
Company's capital stock, and executive officers and directors of the Company
then holding Common Stock of the Company enter into similar agreements.

            In order to enforce the foregoing covenant, the Company shall have
the right to place restrictive legends on the certificates representing the
shares subject to this Section 2.7 and to impose stop transfer instructions with
respect to the Registrable Securities and such other shares of stock of each
Holder (and the shares or securities of every other Person subject to the
foregoing restriction) until the end of such period.

      2.8   RULE 144 REPORTING

            With a view to making available the benefits of certain rules and
regulations of the SEC which may at any time permit the sale of the Registrable
Securities to the public without registration, after such time as a public
market exists for the Common Stock, the Company agrees to:

      (a)   make and keep public information available, as those terms are
            understood and defined in Rule 144 under the Securities Act, at all
            times after the effective date that the Company becomes subject to
            the reporting requirements of the Securities Act or the Exchange
            Act;

      (b)   use its best efforts to file with the SEC in a timely manner all
            reports and other documents required of the Company under the
            Securities Act and the Exchange Act (at any time after it has become
            subject to such reporting requirements); and

      (c)   furnish to any Holder forthwith upon request a written statement by
            the Company as to its compliance with the reporting requirements of
            Rule 144 (at any time after ninety (90) calendar days after the
            effective date of the first registration statement filed by the
            Company for an offering of its securities to the general public),
            and of the Securities Act and the Exchange Act (at any time after it
            has become subject to such reporting requirements), a copy of the
            most recent annual or quarterly

                                       13

<PAGE>

            report of the Company and such other reports, documents of the
            Company or other information in the possession of or reasonably
            obtainable by the Company as a Holder may reasonably request in
            availing itself of any rule or regulation of the SEC allowing a
            Holder to sell any such securities without registration.

      2.9   TERMINATION OF THE COMPANY'S OBLIGATIONS

            The Company shall have no obligations pursuant to Section 2 with
respect to: (i) any request or requests for registration made by any Holder on a
date more than five (5) years after the closing date of the Company's Initial
Public Offering, or (ii) any Registrable Securities proposed to be sold by a
Holder in a registration pursuant to Section 2 if in the opinion of counsel to
the Company, all such Registrable Securities proposed to be sold by a Holder may
be sold in a ninety (90) day period without registration under the Securities
Act pursuant to Rule 144 under the Securities Act. Notwithstanding the
foregoing, in no event shall a Holder's registration rights terminate prior to
the end of the end of the lock up period provided for in Section 2.7.

3.    REPRESENTATIONS AND WARRANTIES

      3.1   INVESTORS AND DEBENTUREHOLDER

            Each Investor and Debentureholder represents and warrants:

      (a)   that, subject to any transfers permitted hereunder, such Investor
            and Debentureholder owns beneficially and of record the number of
            shares of Common Stock (or any securities convertible or
            exchangeable or exercisable into shares of Common Stock) which are
            expressed to be owned by him, her or it in Schedule A and/or
            Schedule B, as applicable, to this Agreement, that such shares or
            securities are not subject to any mortgage, lien, charge, pledge,
            encumbrance, security interest or adverse claim and that no Person
            has any rights to become a holder or possessor of any of such shares
            or of the certificates representing the same;

      (b)   that if such Investor or Debentureholder is an individual that he or
            she has the capacity to enter into and give full effect to this
            Agreement;

      (c)   that if such Investor or Debentureholder is a corporation, that it
            is duly incorporated and validly existing under the laws of its
            jurisdiction of incorporation and that it has the corporate power
            and capacity to own its assets and to enter into and perform its
            obligations under this Agreement;

      (d)   if such Investor or Debentureholder is a trust, partnership or joint
            venture, that it is duly constituted under the laws which govern it
            and that it has the power to own its assets and to enter into and
            perform its obligations under this Agreement;

      (e)   that this Agreement has been duly authorized by it, and duly
            executed and delivered by him, her or it, as the case may be, and
            constitutes a valid and binding

                                       14

<PAGE>

            obligation enforceable in accordance with its terms, subject to the
            usual exceptions as to bankruptcy and the availability of equitable
            remedies;

      (f)   that the execution, delivery and performance of this Agreement does
            not and will not contravene the provisions of its articles, bylaws,
            constating documents or other organizational documents or the
            documents by which it was created or established or the provisions
            of any indenture, agreement or other instrument to which he or it is
            a party or by which he or it may be bound; and

      (g)   that all of the foregoing representations and warranties will
            continue to be true and correct during the continuance of this
            Agreement.

      3.2   THE COMPANY

            The Company, to the best of its knowledge, information and belief
confirms the representations and warranties set out in Section 3.1 and further
represents and warrants that the securities set forth in Schedule A are the only
outstanding securities of the Company.

4.    MISCELLANEOUS

      4.1   AMENDMENT

            Any provision of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of: (i) the
Company and (ii) the Holders (and/or any of their permitted successors or
assigns) of at least 50% of the Registrable Securities then outstanding. Any
amendment or waiver effected in accordance with this Section 4.1 shall be
binding upon each Investor and Holder and each permitted successor or assignee
of such Investor or Holder and the Company; provided, however, that no waiver
which adversely affects the rights of any Investor or Holder disproportionately
relative to the other Investors or Holders shall be effective against such party
unless such party has given its consent to such waiver.

      4.2   SUCCESSORS AND ASSIGNS

            Except as otherwise provided in this Agreement, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors and assigns of the parties (including transferees of
any Registrable Securities). Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties to this Agreement or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

      4.3   GOVERNING LAW

            This Agreement shall be governed by and construed exclusively in
accordance with the internal laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provisions.

                                       15

<PAGE>

      4.4   COUNTERPARTS

            This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which taken together shall
be deemed to constitute one and the same instrument. Counterparts may be
executed either in original or faxed form and the parties adopt any signatures
received by a receiving fax machine as original signatures of the parties.

      4.5   TITLES AND SUBTITLES

            The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this
Agreement.

      4.6   NOTICES

            Unless otherwise provided, any notice required or permitted under
this Agreement shall be given in writing and shall be deemed effectively given
(i) upon personal delivery to the party to be notified; (ii) upon transmission,
when sent by facsimile if sent during normal business hours of the recipient, if
not, then on the next business day; (iii) five calendar days after having been
sent by registered or certified mail, return receipt requested, postage prepaid;
(iv) one day after a deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All
communications shall be sent to the address indicated for such party on the
signature page hereof, or at such other address as such party may designate by
ten (10) calendar days advance written notice to the other parties.

      4.7   SEVERABILITY

            If one or more provisions of this Agreement are held to be
unenforceable under applicable law, then such provision(s) shall be excluded
from this Agreement and the balance of this Agreement shall be interpreted as if
such provision(s) were so excluded and shall be enforceable in accordance with
its terms.

      4.8   THIRD PARTIES

            Nothing in this Agreement, express or implied, is intended to confer
upon any Person, other than the parties hereto and their successors and assigns,
any rights or remedies under or by reason of this Agreement.

      4.9   ENTIRE AGREEMENT

            This Agreement, together with all the schedules hereto, constitutes
and contains the entire agreement and understanding of the parties with respect
to the subject matter of this Agreement and supersedes any and all prior
negotiations, correspondence, agreements, understandings, duties or obligations
between the parties respecting the subject matter of this Agreement.

                                       16

<PAGE>

      4.10  COSTS AND ATTORNEYS' FEES

            In the event that any action, suit or other proceeding is instituted
concerning or arising out of this Agreement or any transaction contemplated
hereunder, the prevailing party shall recover all of such party's costs and
attorneys' fees incurred in each such action, suit or other proceeding,
including any and all appeals or petitions therefrom.

      4.11  ADJUSTMENTS FOR STOCK SPLITS AND CERTAIN OTHER CHANGES

            Wherever in this Agreement there is a reference to a specific number
of shares of Common Stock or Preferred Stock of the Company of any class or
series, then, upon the occurrence of any subdivision, combination or stock
dividend of such class or series of stock, the specific number of shares so
referenced in this Agreement shall automatically be proportionally adjusted to
reflect the effect on the outstanding shares of such class or series of stock by
such subdivision, combination or stock dividend.

      4.12  AGGREGATION OF STOCK

            All shares held or acquired by affiliated entities or persons shall
be aggregated together for the purpose of determining the availability of any
rights under this Agreement.

      4.13  COOPERATION

            The parties shall cooperate fully in good faith with each other and
their respective legal advisers, accountants and other representatives in
connection with any steps required to be taken as part of their respective
obligations under this Agreement.

      4.14  REMEDIES CUMULATIVE

            The rights and remedies of the parties under this Agreement are
cumulative and in addition to and not in substitution for any of the rights or
remedies provided by law. Any single or partial exercise by any party hereto of
any right or remedy for default or breach of any term, covenant or condition of
this Agreement does not waive, alter, affect or prejudice any other right or
remedy to which such party may be lawfully entitled for the same default or
breach.

      4.15  TIME OF ESSENCE

            Time shall be of the essence of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                       17

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Second
Amended and Restated Investors' Rights Agreement as of the date first set forth
above.

                                        OCCULOGIX, INC.

                                        By: /s/ Elias Vamvakas
                                            ------------------------------------
                                            Elias Vamvakas
                                            Chairman and Chief Executive Officer

                                       18

<PAGE>

                          COUNTERPART SIGNATURE PAGE TO
                                 OCCULOGIX, INC.
             SECOND AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT
                               "SERIES A HOLDERS"

                                        Diamed Medizintechnik GMBH

                                        By: /s/ Hans K. Stock
                                            ------------------------------------
                                            Name:
                                            Title:

                                        TLC Vision Corporation

                                        By: /s/  Elias Vamvakas
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>

                                        By: /s/ Alan B. Aker
                                            ------------------------------------
                                            Alan B. Aker

                                        By: /s/ Richard C. Davis, Jr.
                                            ------------------------------------
                                            Richard C. Davis, Jr.

                                        By: /s/ Hans K. Stock
                                            ------------------------------------
                                            Hans K. Stock

                                        By: /s/ R. Gale Martin
                                            ------------------------------------
                                            R. Gale Martin

                                        By: /s/ Donald R. Sanders
                                            ------------------------------------
                                            Donald R. Sanders

                                       ii

<PAGE>

                          COUNTERPART SIGNATURE PAGE TO

                                 OCCULOGIX, INC.

             SECOND AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

          "SERIES B HOLDERS, DEBENTUREHOLDERS AND COMMON STOCKHOLDERS":

                                        DIAMED MEDIZINTECHNIK GMBH

                                        By: /s/ Hans Stock
                                            ------------------------------------
                                            Name:
                                            Title:

                                        TLC VISION CORPORATION

                                        By: /s/ Elias Vamvakas
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>

                                   SCHEDULE A

                              SCHEDULE OF INVESTORS

Diamed Medizintechnik GMBH

TLC Vision Corporation

Howell, Howard

Rehab Associates of West Florida, P.A.

Hart, Charles Edgar

Hart, Edgar Hart Jr.

Hart, Nancy E.

Sheppard, Patrick J.

Weinstock, Stephen M.

Hooks, David

Barkley Family Partnership, Ltd.

Golomb, Roger, S. Lorraine C.

Whitehead, Gene DMD, Brenda

Schwartz, Jeffrey S. Maribeth Turner-

Richards, William J. Jr. MD, Kris

Hairston, Richard J.

Najar, Gary M.

Northlea Partners

Abdoney, Michael O. and Rebecca L.

Aker, Alan B.

The Thomas D. Arthur Revocable Trust

Beard, Richard, III

Bertoch, Daniel A., D.D.S.

Brandt, Tom E.

Brown, David C.

Capital Paradigms, Inc.

Cornish, Margaret A.

Davis, Richard C., Jr.

Dieters, David W.

<PAGE>

Drehsen, Raphael Andre

Drone, Dan and Lockye

Dubin, Richard J.

Dubow, Burt W.

Fielder, Richard and Brigitte, JT TEN

First Trust Corporation TTEE FBO
David H. Shapiro Acct # 031038028709

Gills, James P. Gills Flint Trust Dated 12/20/99

Geller, David E.

Gunti, Willy E.

Harrell, Cecil S.

JTB VisionQuest Corporation

Jacobson, William S.

Jenkins, Charles S. and Edeltrout

Johnson, Dan R. Revocable Trust

Kahn, Harvey

Katz, Ralph

Meeks, Greta

Mikolon, Lorraine K.

Mincey, Gregory

Pizzo, Anthony P. Family Trust

Powell, Richard

RD Irrevocable Trust, Reichle, Nancie, Trustee

Retzlaff, Dr. John A.

Rodriguez, A.H.

Rodriguez, A.H. Family Trust

Rodriguez, A.H. or Christopher

Rodriguez, Donna Family Trust

Rodriguez, Jennifer or Donna

Rubin, Eric F.

Rubin, Leslie A.

Rubin, Tracie B.

Safe Harbor Fund I, L.P.

                                       ii

<PAGE>

Safe Harbor Managed Account 101-A, Ltd.

Sanders, Donald, Custodian for Kendra Sanders

Sanders, Donald, Custodian for Monica Sanders

Sanders, Donald, IRA CIBC
Oppenheimer as Custodian

Santaromita, Joseph

The Schoenbaum Revocable Trust dtd 10/29/99

Spieldenner, Chris

Stern, Mark and Ellen Kaplan Stern, ATBE

Stern, Mark and Ellen Kaplan Stern,
Irrevocable Trust for Elliott Benjamin Stern

Stern, Mark and Ellen Kaplan Stern,
Irrevocable Trust for Lennie Beth Stern

Stern, Mark and Ellen Kaplan Stern,
Irrevocable Trust for Zachary Adam Stern

Stock, Hans

Strapp, Elizabeth

Szucs, Alan

Wise, David E.

Wolbe Ellis

Wolf, Thomas G.

                                      iii

<PAGE>

                                   SCHEDULE B

                                DEBENTUREHOLDERS

TLC Vision

Diamed Medizintechnik GMBH

                                       iv<PAGE>

                                                                   EXHIBIT 10.22

                                 OCCULOGIX, INC.
                     (FORMERLY VASCULAR SCIENCES CORPORATION
                             2002 STOCK OPTION PLAN

     1. ESTABLISHMENT, PURPOSE AND TERM OF PLAN.

          1.1 ESTABLISHMENT. The OccuLogix, Inc. 2002 Stock Option Plan (the
"PLAN") was established effective as of the effective date of the Delaware
reincorporation of OccuLogix Corporation (the predecessor corporation to the
Company) (the "EFFECTIVE DATE") and amended effective as of the closing of the
Company's initial public offering.

          1.2 PURPOSE. The purpose of the Plan is to advance the interests of
the Participating Company Group and its stockholders by providing an incentive
to attract, retain and reward persons performing services for the Participating
Company Group and by motivating such persons to contribute to the growth and
profitability of the Participating Company Group.

          1.3 TERM OF PLAN. The Plan shall continue in effect until the earlier
of its termination by the Board or the date on which all of the shares of Stock
available for issuance under the Plan have been issued and all restrictions on
such shares under the terms of the Plan and the agreements evidencing Options
granted under the Plan have lapsed. However, all Options shall be granted, if at
all, within ten (10) years from the earlier of the date the Plan is adopted by
the Board or the date the Plan is duly approved by the stockholders of the
Company.

     2. DEFINITIONS AND CONSTRUCTION.

          2.1 DEFINITIONS. Whenever used herein, the following terms shall have
their respective meanings set forth below:

               (a) "BOARD" means the Board of Directors of the Company. If one
or more Committees have been appointed by the Board to administer the Plan,
"BOARD" also means such Committee(s).

               (b) "CODE" means the Internal Revenue Code of 1986, as amended,
and any applicable regulations promulgated thereunder.

               (c) "COMMITTEE" means the Compensation Committee or other
committee of the Board duly appointed to administer the Plan and having such
powers as shall be specified by the Board. Unless the powers of the Committee
have been specifically limited, the Committee shall have all of the powers of
the Board granted herein, including, without limitation, the power to amend or
terminate the Plan at any time, subject to the terms of the Plan and any
applicable limitations imposed by law.

               (d) "COMPANY" means OccuLogix, Inc., a Delaware corporation, or
any successor corporation thereto.

<PAGE>

               (e) "CONSULTANT" means a person engaged to provide consulting or
advisory services (other than as an Employee or a Director) to a Participating
Company, provided that the identity of such person, the nature of such services
or the entity to which such services are provided would not preclude the Company
from offering or selling securities to such person pursuant to the Plan in
reliance on either the exemption from registration provided by Rule 701 under
the Securities Act or, if the Company is required to file reports pursuant to
Section 13 or 15(d) of the Exchange Act, registration on a Form S-8 Registration
Statement under the Securities Act.

               (f) "DIRECTOR" means a member of the Board or of the board of
directors of any other Participating Company.

               (g) "DISABILITY" means the inability of the Optionee, in the
opinion of a qualified physician acceptable to the Company, to perform the major
duties of the Optionee's position with the Participating Company Group because
of the sickness or injury of the Optionee.

               (h) "EMPLOYEE" means any person treated as an employee (including
an Officer or a Director who is also treated as an employee) in the records of a
Participating Company and, with respect to any Incentive Stock Option granted to
such person, who is an employee for purposes of Section 422 of the Code;
provided, however, that neither service as a Director nor payment of a
director's fee shall be sufficient to constitute employment for purposes of the
Plan. The Company shall determine in good faith and in the exercise of its
discretion whether an individual has become or has ceased to be an Employee and
the effective date of such individual's employment or termination of employment,
as the case may be. For purposes of an individual's rights, if any, under the
Plan as of the time of the Company's determination, all such determinations by
the Company shall be final, binding and conclusive, notwithstanding that the
Company or any court of law or governmental agency subsequently makes a contrary
determination.

               (i) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

               (j) "FAIR MARKET VALUE" means, as of any date, the value of a
share of Stock or other property as determined by the Board, in its discretion,
or by the Company, in its discretion, if such determination is expressly
allocated to the Company herein, subject to the following:

                    (i) If, on such date, the Stock is listed on a national or
regional securities exchange or market system, the Fair Market Value of a share
of Stock shall be the closing price of a share of Stock (or the mean of the
closing bid and asked prices of a share of Stock if the Stock is so quoted
instead) as quoted on the Nasdaq National Market, The Nasdaq SmallCap Market or
such other national or regional securities exchange or market system
constituting the primary market for the Stock, as reported in The Wall Street
Journal or such other source as the Company deems reliable. If the relevant date
does not fall on a day on which

<PAGE>

the Stock has traded on such securities exchange or market system, the date on
which the Fair Market Value shall be established shall be the last day on which
the Stock was so traded prior to the relevant date, or such other appropriate
day as shall be determined by the Board, in its discretion.

                    (ii) If, on such date, the Stock is not listed on a national
or regional securities exchange or market system, the Fair Market Value of a
share of Stock shall be as determined by the Board in good faith without regard
to any restriction other than a restriction which, by its terms, will never
lapse.

               (k) "INCENTIVE STOCK OPTION" means an Option intended to be (as
set forth in the Option Agreement) and which qualifies as an incentive stock
option within the meaning of Section 422(b) of the Code.

               (l) "INSIDER" means an Officer, a Director of the Company or
other person whose transactions in Stock are subject to Section 16 of the
Exchange Act.

               (m) "NONSTATUTORY STOCK OPTION" means an Option not intended to
be (as set forth in the Option Agreement) or which does not qualify as an
Incentive Stock Option.

               (n) "OFFICER" means any person designated by the Board as an
officer of the Company.

               (o) "OPTION" means a right to purchase Stock pursuant to the
terms and conditions of the Plan. An Option may be either an Incentive Stock
Option or a Nonstatutory Stock Option.

               (p) "OPTION AGREEMENT" means a written agreement between the
Company and an Optionee setting forth the terms, conditions and restrictions of
the Option and Stock Appreciation Right granted to the Optionee and any shares
acquired upon the exercise thereof. An Option Agreement may consist of a form of
"Notice of Grant of Stock Option" and a form of "Stock Option Agreement"
incorporated therein by reference, or such other form or forms as the Board may
approve from time to time.

               (q) "OPTIONEE" means a person who has been granted one or more
Options and Stock Appreciation Rights.

               (r) "PARENT CORPORATION" means any present or future "parent
corporation" of the Company, as defined in Section 424(e) of the Code.

               (s) "PARTICIPATING COMPANY" means the Company or any Parent
Corporation or Subsidiary Corporation.

               (t) "PARTICIPATING COMPANY GROUP" means, at any point in time,
all corporations collectively which are then Participating Companies.

<PAGE>

               (u) "PRIOR PLAN OPTIONS" means, any option granted pursuant to
the OccuLogix Corporation 1997 Stock Option Plan which is outstanding on or
after the date on which the Board adopts the Plan or which is granted thereafter
and prior to the Effective Date.

               (v) "RULE 16B-3" means Rule 16b-3 under the Exchange Act, as
amended from time to time, or any successor rule or regulation.

               (w) "SECURITIES ACT" means the Securities Act of 1933, as
amended.

               (x) "SERVICE" means an Optionee's employment or service with the
Participating Company Group, whether in the capacity of an Employee, a Director
or a Consultant. An Optionee's Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Optionee renders Service
to the Participating Company Group or a change in the Participating Company for
which the Optionee renders such Service, provided that there is no interruption
or termination of the Optionee's Service. Furthermore, an Optionee's Service
with the Participating Company Group shall not be deemed to have terminated if
the Optionee takes any military leave, sick leave, or other bona fide leave of
absence approved by the Company; provided, however, that if any such leave
exceeds ninety (90) days, on the ninety-first (91st) day of such leave the
Optionee's Service shall be deemed to have terminated unless the Optionee's
right to return to Service with the Participating Company Group is guaranteed by
statute or contract. Notwithstanding the foregoing, unless otherwise designated
by the Company or required by law, a leave of absence shall not be treated as
Service for purposes of determining vesting under the Optionee's Option
Agreement. The Optionee's Service shall be deemed to have terminated either upon
an actual termination of Service or upon the corporation for which the Optionee
performs Service ceasing to be a Participating Company. Subject to the
foregoing, the Company, in its discretion, shall determine whether the
Optionee's Service has terminated and the effective date of such termination.

               (y) "STOCK" means the common stock of the Company, as adjusted
from time to time in accordance with Section 4.2.

               (z) "STOCK APPRECIATION RIGHT" means a right to surrender to the
Company all or a portion of an Option in exchange for an amount equal to the
excess, if any, of: (i) the Fair Market Value as of the date such Option or
portion thereof is surrendered of the Stock issuable on exercise of such Option
or portion thereof over (ii) the exercise price of such Option or portion
thereof relating to such stock.

               (aa) "SUBSIDIARY CORPORATION" means any present or future
"subsidiary corporation" of the Company, as defined in Section 424(f) of the
Code.

               (bb) "TEN PERCENT OWNER OPTIONEE" means an Optionee who, at the
time an Option is granted to the Optionee, owns stock possessing more than ten
percent (10%) of the total combined voting power of all classes of stock of a
Participating Company within the meaning of Section 422(b)(6) of the Code.

<PAGE>

          2.2 CONSTRUCTION. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any
provision of the Plan. Except when otherwise indicated by the context, the
singular shall include the plural and the plural shall include the singular. Use
of the term "or" is not intended to be exclusive, unless the context clearly
requires otherwise. Where a Stock Appreciation Right has been granted in
conjunction with an Option, the term "Option" shall include the related Stock
Appreciation Right where the context permits.

     3. ADMINISTRATION.

          3.1 ADMINISTRATION BY THE BOARD. The Plan shall be administered by the
Board. All questions of interpretation of the Plan or of any Option shall be
determined by the Board, and such determinations shall be final and binding upon
all persons having an interest in the Plan or such Option.

          3.2 AUTHORITY OF OFFICERS. Any Officer shall have the authority to act
on behalf of the Company with respect to any matter, right, obligation,
determination or election which is the responsibility of or which is allocated
to the Company herein, provided the Officer has apparent authority with respect
to such matter, right, obligation, determination or election.

          3.3 POWERS OF THE BOARD. In addition to any other powers set forth in
the Plan and subject to the provisions of the Plan, the Board shall have the
full and final power and authority, in its discretion:

               (a) to determine the persons to whom, and the time or times at
which, Options and Stock Appreciation Rights shall be granted and the number of
shares of Stock to be subject to each Option and Stock Appreciation Right;

               (b) to designate Options as Incentive Stock Options or
Nonstatutory Stock Options;

               (c) to determine the Fair Market Value of shares of Stock or
other property;

               (d) to determine the terms, conditions and restrictions
applicable to each Option and Stock Appreciation Right (which need not be
identical) and any shares acquired upon the exercise thereof, including, without
limitation, (i) the exercise price of the Option, (ii) the method of payment for
shares purchased upon the exercise of the Option, (iii) the method for
satisfaction of any tax withholding obligation arising in connection with the
Option and Stock Appreciation Right or such shares, including by the withholding
or delivery of shares of stock, (iv) the timing, terms and conditions of the
exercisability of the Option and Stock Appreciation Right or the vesting of any
shares acquired upon the exercise thereof, (v) the time of the expiration of the
Option and Stock Appreciation Right, (vi) the effect of the Optionee's
termination of Service with the Participating Company Group on any of the
foregoing, and (vii) all other terms, conditions and restrictions applicable to
the Option or such shares not inconsistent with the terms of the Plan;

<PAGE>

               (e) to approve one or more forms of Option Agreement;

               (f) to amend, modify, extend, cancel, renew, reduce the exercise
price of or in any other manner re-price any outstanding Option and Stock
Appreciation Right or to waive any restrictions or conditions applicable to any
outstanding Option and Stock Appreciation Right or any shares acquired upon the
exercise thereof;

               (g) to accelerate, continue, extend or defer the exercisability
of any Option and Stock Appreciation Right or the vesting of any shares acquired
upon the exercise thereof, including with respect to the period following an
Optionee's termination of Service with the Participating Company Group;

               (h) to prescribe, amend or rescind rules, guidelines and policies
relating to the Plan, or to adopt supplements to, or alternative versions of,
the Plan, including, without limitation, as the Board deems necessary or
desirable to comply with the laws of, or to accommodate the tax policy or custom
of, foreign jurisdictions whose citizens may be granted Options and Stock
Appreciation Rights; and

               (i) to correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Option Agreement and to make all other
determinations and take such other actions with respect to the Plan or any
Option and Stock Appreciation Right as the Board may deem advisable to the
extent not inconsistent with the provisions of the Plan or applicable law.

          3.4 ADMINISTRATION WITH RESPECT TO INSIDERS. With respect to
participation by Insiders in the Plan, at any time that any class of equity
security of the Company is registered pursuant to Section 12 of the Exchange
Act, the Plan shall be administered in compliance with the requirements, if any,
of Rule 16b-3.

          3.5 INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Board or officers or
employees of the Participating Company Group, members of the Board and any
officers or employees of the Participating Company Group to whom authority to
act for the Board or the Company is delegated shall be indemnified by the
Company against all reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in
connection with the Plan, or any right granted hereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or
proceeding that such person is liable for gross negligence, bad faith or
intentional misconduct in duties; provided, however, that within sixty (60) days
after the institution of such action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at its own expense to handle
and defend the same.

<PAGE>

     4. SHARES SUBJECT TO PLAN.

          4.1 MAXIMUM NUMBER OF SHARES ISSUABLE. Subject to adjustment as
provided in Section 4.2, the maximum aggregate number of shares of Stock that
may be issued under the Plan shall be 4,456,000. This share reserve shall
consist of authorized but unissued or reacquired shares of Stock or any
combination thereof. However, the share reserve, determined at any time, shall
be reduced by the number of shares subject to Prior Plan Options. If an
outstanding Option, including any Prior Plan Option, for any reason expires or
is terminated or canceled or if shares of Stock are acquired upon the exercise
of an Option, including any Prior Plan Option, subject to a Company repurchase
option and are repurchased by the Company at the Optionee's exercise price, the
shares of Stock allocable to the unexercised portion of such Option or Prior
Plan Option or such repurchased shares of Stock shall again be available for
issuance under the Plan. However, except as adjusted pursuant to Section 4.2, in
no event shall more than 4,456,000 shares of Stock be available for issuance
pursuant to the exercise of Incentive Stock Options (the "ISO SHARE ISSUANCE
LIMIT"). Notwithstanding the foregoing, at any such time as the offer and sale
of securities pursuant to the Plan is subject to compliance with Section
260.140.45 of Title 10 of the California Code of Regulations ("SECTION
260.140.45"), the total number of shares of Stock issuable upon the exercise of
all outstanding Options (together with options outstanding under any other stock
option plan of the Company) and the total number of shares provided for under
any stock bonus or similar plan of the Company shall not exceed thirty percent
(30%) (or such other higher percentage limitation as may be approved by the
stockholders of the Company pursuant to Section 260.140.45) of the then
outstanding shares of the Company as calculated in accordance with the
conditions and exclusions of Section 260.140.45.

          4.2 ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. In the event of any
stock dividend, stock split, reverse stock split, recapitalization, combination,
reclassification or similar change in the capital structure of the Company,
appropriate adjustments shall be made in the number and class of shares subject
to the Plan and to any outstanding Options, in the ISO Share Issuance Limit set
forth in Section 4.1, and in the exercise price per share of any outstanding
Options. If a majority of the shares which are of the same class as the shares
that are subject to outstanding Options are exchanged for, converted into, or
otherwise become (whether or not pursuant to an Ownership Change Event, as
defined in Section 8.1) shares of another corporation (the "NEW SHARES"), the
Board may unilaterally amend the outstanding Options to provide that such
Options are exercisable for New Shares. In the event of any such amendment, the
number of shares subject to, and the exercise price per share of, the
outstanding Options shall be adjusted in a fair and equitable manner as
determined by the Board, in its discretion. Notwithstanding the foregoing, any
fractional share resulting from an adjustment pursuant to this Section 4.2 shall
be rounded down to the nearest whole number, and in no event may the exercise
price of any Option be decreased to an amount less than the par value, if any,
of the stock subject to the Option. The adjustments determined by the Board
pursuant to this Section 4.2 shall be final, binding and conclusive.

<PAGE>

     5. ELIGIBILITY AND OPTION LIMITATIONS.

          5.1 PERSONS ELIGIBLE FOR OPTIONS. Options may be granted only to
Employees, Consultants, and Directors. For purposes of the foregoing sentence,
"Employees," "Consultants" and "Directors" shall include prospective Employees,
prospective Consultants and prospective Directors to whom Options are granted in
connection with written offers of an employment or other service relationship
with the Participating Company Group. Eligible persons may be granted more than
one (1) Option. However, eligibility in accordance with this Section shall not
entitle any person to be granted an Option, or, having been granted an Option,
to be granted an additional Option.

          5.2 OPTION GRANT RESTRICTIONS. Any person who is not an Employee on
the effective date of the grant of an Option to such person may be granted only
a Nonstatutory Stock Option. An Incentive Stock Option granted to a prospective
Employee upon the condition that such person become an Employee shall be deemed
granted effective on the date such person commences Service with a Participating
Company, with an exercise price determined as of such date in accordance with
Section 6.1.

          5.3 FAIR MARKET VALUE LIMITATION. To the extent that options
designated as Incentive Stock Options (granted under all stock option plans of
the Participating Company Group, including the Plan) become exercisable by an
Optionee for the first time during any calendar year for stock having a Fair
Market Value greater than One Hundred Thousand Dollars ($100,000), the portions
of such options which exceed such amount shall be treated as Nonstatutory Stock
Options. For purposes of this Section 5.3, options designated as Incentive Stock
Options shall be taken into account in the order in which they were granted, and
the Fair Market Value of stock shall be determined as of the time the option
with respect to such stock is granted. If the Code is amended to provide for a
different limitation from that set forth in this Section 5.3, such different
limitation shall be deemed incorporated herein effective as of the date and with
respect to such Options as required or permitted by such amendment to the Code.
If an Option is treated as an Incentive Stock Option in part and as a
Nonstatutory Stock Option in part by reason of the limitation set forth in this
Section 5.3, the Optionee may designate which portion of such Option the
Optionee is exercising. In the absence of such designation, the Optionee shall
be deemed to have exercised the Incentive Stock Option portion of the Option
first. Separate certificates representing each such portion shall be issued upon
the exercise of the Option.

     6. TERMS AND CONDITIONS OF OPTIONS.

          Options shall be evidenced by Option Agreements specifying the number
of shares of Stock covered thereby, in such form as the Board shall from time to
time establish. No Option or purported Option shall be a valid and binding
obligation of the Company unless evidenced by a fully executed Option Agreement.
Option Agreements may incorporate all or any of the terms of the Plan by
reference and shall comply with and be subject to the following terms and
conditions:

<PAGE>

          6.1 EXERCISE PRICE. The exercise price for each Option shall be
established in the discretion of the Board; provided, however, that (a) the
exercise price per share for an Incentive Stock Option shall be not less than
the Fair Market Value of a share of Stock on the effective date of grant of the
Option, (b) the exercise price per share for a Nonstatutory Stock Option shall
be not less than eighty-five percent (85%) of the Fair Market Value of a share
of Stock on the effective date of grant of the Option, and (c) no Option granted
to a Ten Percent Owner Optionee shall have an exercise price per share less than
one hundred ten percent (110%) of the Fair Market Value of a share of Stock on
the effective date of grant of the Option. Notwithstanding the foregoing, an
Option (whether an Incentive Stock Option or a Nonstatutory Stock Option) may be
granted with an exercise price lower than the minimum exercise price set forth
above if such Option is granted pursuant to an assumption or substitution for
another option in a manner qualifying under the provisions of Section 424(a) of
the Code.

          6.2 EXERCISABILITY AND TERM OF OPTIONS. Options shall be exercisable
at such time or times, or upon such event or events, and subject to such terms,
conditions, performance criteria and restrictions as shall be determined by the
Board and set forth in the Option Agreement evidencing such Option; provided,
however, that (a) no Option shall be exercisable after the expiration of ten
(10) years after the effective date of grant of such Option, (b) no Incentive
Stock Option granted to a Ten Percent Owner Optionee shall be exercisable after
the expiration of five (5) years after the effective date of grant of such
Option, (c) no Option granted to a prospective Employee, prospective Consultant
or prospective Director may become exercisable prior to the date on which such
person commences Service with a Participating Company, and (d) with the
exception of an Option granted to an Officer, a Director or a Consultant, no
Option shall become exercisable at a rate less than twenty percent (20%) per
year over a period of five (5) years from the effective date of grant of such
Option, subject to the Optionee's continued Service. Subject to the foregoing,
unless otherwise specified by the Board in the grant of an Option, any Option
granted hereunder shall terminate ten (10) years after the effective date of
grant of the Option, unless earlier terminated in accordance with its
provisions.

          6.3 Payment of Exercise Price.

               (a) FORMS OF CONSIDERATION AUTHORIZED. Except as otherwise
provided below, payment of the exercise price for the number of shares of Stock
being purchased pursuant to any Option shall be made (i) in cash, by check or
cash equivalent, (ii) by tender to the Company, or attestation to the ownership,
of shares of Stock owned by the Optionee having a Fair Market Value not less
than the exercise price, (iii) by delivery of a properly executed notice
together with irrevocable instructions to a broker providing for the assignment
to the Company of the proceeds of a sale or loan with respect to some or all of
the shares being acquired upon the exercise of the Option (including, without
limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve
System) (a "CASHLESS EXERCISE"), (iv) by such other consideration as may be
approved by the Board from time to time to the extent permitted by applicable
law, or (v) by any combination thereof. The Board may at any time or from time
to time, by approval of or by amendment to the standard forms of Option
Agreement described in Section 7, or by other means, grant Options which do not
permit all of the foregoing forms of consideration to be used in payment of the
exercise price or which otherwise restrict one or more forms of consideration.

<PAGE>

               (b) Limitations on Forms of Consideration.

                    (i) TENDER OF STOCK. Notwithstanding the foregoing, an
Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock to the extent such tender or attestation would
constitute a violation of the provisions of any law, regulation or agreement
restricting the redemption of the Company's stock. Unless otherwise provided by
the Board, an Option may not be exercised by tender to the Company, or
attestation to the ownership, of shares of Stock unless such shares either have
been owned by the Optionee for more than six (6) months (and not used for
another Option exercise by attestation during such period) or were not acquired,
directly or indirectly, from the Company.

                    (ii) CASHLESS EXERCISE. The Company reserves, at any and all
times, the right, in the Company's sole and absolute discretion, to establish,
decline to approve or terminate any program or procedures for the exercise of
Options by means of a Cashless Exercise.

                    (iii) PAYMENT BY PROMISSORY NOTE. No promissory note shall
be permitted if the exercise of an Option using a promissory note would be a
violation of any law. Any permitted promissory note shall be on such terms as
the Board shall determine. The Board shall have the authority to permit or
require the Optionee to secure any promissory note used to exercise an Option
with the shares of Stock acquired upon the exercise of the Option or with other
collateral acceptable to the Company. Unless otherwise provided by the Board, if
the Company at any time is subject to the regulations promulgated by the Board
of Governors of the Federal Reserve System or any other governmental entity
affecting the extension of credit in connection with the Company's securities,
any promissory note shall comply with such applicable regulations, and the
Optionee shall pay the unpaid principal and accrued interest, if any, to the
extent necessary to comply with such applicable regulations.

          6.4 TAX WITHHOLDING. The Company shall have the right, but not the
obligation, to deduct from the shares of Stock issuable upon the exercise of an
Option, or to accept from the Optionee the tender of, a number of whole shares
of Stock having a Fair Market Value, as determined by the Company, equal to all
or any part of the federal, state, local and foreign taxes, if any, required by
law to be withheld by the Participating Company Group with respect to such
Option or the shares acquired upon the exercise thereof. Alternatively or in
addition, in its discretion, the Company shall have the right to require the
Optionee, through payroll withholding, cash payment or otherwise, including by
means of a Cashless Exercise, to make adequate provision for any such tax
withholding obligations of the Participating Company Group arising in connection
with the Option or the shares acquired upon the exercise thereof. The Fair
Market Value of any shares of Stock withheld or tendered to satisfy any such tax
withholding obligations shall not exceed the amount determined by the applicable
minimum statutory withholding rates. The Company shall have no obligation to
deliver shares of Stock or to release shares of Stock from an escrow established
pursuant to the Option Agreement until the Participating Company Group's tax
withholding obligations have been satisfied by the Optionee.

<PAGE>

          6.5 REPURCHASE RIGHTS. Shares issued under the Plan may be subject to
a right of first refusal, one or more repurchase options, or other conditions
and restrictions as determined by the Board in its discretion at the time the
Option is granted. The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then exercisable, to
one or more persons as may be selected by the Company. Upon request by the
Company, each Optionee shall execute any agreement evidencing such transfer
restrictions prior to the receipt of shares of Stock hereunder and shall
promptly present to the Company any and all certificates representing shares of
Stock acquired hereunder for the placement on such certificates of appropriate
legends evidencing any such transfer restrictions.

          6.6 EFFECT OF TERMINATION OF SERVICE.

               (a) OPTION EXERCISABILITY. Subject to earlier termination of the
Option as otherwise provided herein and unless otherwise provided by the Board
in the grant of an Option and set forth in the Option Agreement, an Option shall
be exercisable after an Optionee's termination of Service only during the
applicable time period determined in accordance with this Section 6.6 and
thereafter shall terminate:

                    (i) DISABILITY. If the Optionee's Service terminates because
of the Disability of the Optionee, the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee (or the Optionee's guardian or legal representative)
at any time prior to the expiration of twelve (12) months (or such longer period
of time as determined by the Board, in its discretion) after the date on which
the Optionee's Service terminated, but in any event no later than the date of
expiration of the Option's term as set forth in the Option Agreement evidencing
such Option (the "OPTION EXPIRATION DATE").

                    (ii) DEATH. If the Optionee's Service terminates because of
the death of the Optionee, the Option, to the extent unexercised and exercisable
on the date on which the Optionee's Service terminated, may be exercised by the
Optionee's legal representative or other person who acquired the right to
exercise the Option by reason of the Optionee's death at any time prior to the
expiration of twelve (12) months (or such longer period of time as determined by
the Board, in its discretion) after the date on which the Optionee's Service
terminated, but in any event no later than the Option Expiration Date. The
Optionee's Service shall be deemed to have terminated on account of death if the
Optionee dies within three (3) months (or such longer period of time as
determined by the Board, in its discretion) after the Optionee's termination of
Service.

                    (iii) OTHER TERMINATION OF SERVICE. If the Optionee's
Service terminates for any reason, except Disability or death, the Option, to
the extent unexercised and exercisable by the Optionee on the date on which the
Optionee's Service terminated, may be exercised by the Optionee at any time
prior to the expiration of three (3) months (or such longer period of time as
determined by the Board, in its discretion) after the date on which the
Optionee's Service terminated, but in any event no later than the Option
Expiration Date.

<PAGE>

               (b) EXTENSION IF EXERCISE PREVENTED BY LAW. Notwithstanding the
foregoing, if the exercise of an Option within the applicable time periods set
forth in Section 6.6(a) is prevented by the provisions of Section 10 below, the
Option shall remain exercisable until three (3) months (or such longer period of
time as determined by the Board, in its discretion) after the date the Optionee
is notified by the Company that the Option is exercisable, but in any event no
later than the Option Expiration Date.

               (c) EXTENSION IF OPTIONEE SUBJECT TO SECTION 16(B).
Notwithstanding the foregoing, if a sale within the applicable time periods set
forth in Section 6.6(a) of shares acquired upon the exercise of the Option would
subject the Optionee to suit under Section 16(b) of the Exchange Act, the Option
shall remain exercisable until the earliest to occur of (i) the tenth (10th) day
following the date on which a sale of such shares by the Optionee would no
longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day
after the Optionee's termination of Service, or (iii) the Option Expiration
Date.

          6.7 TRANSFERABILITY OF OPTIONS. During the lifetime of the Optionee,
an Option shall be exercisable only by the Optionee or the Optionee's guardian
or legal representative. No Option shall be assignable or transferable by the
Optionee, except by will or by the laws of descent and distribution.
Notwithstanding the foregoing, to the extent permitted by the Board, in its
discretion, and set forth in the Option Agreement evidencing such Option, a
Nonstatutory Stock Option shall be assignable or transferable subject to the
applicable limitations, if any, described in Section 260.140.41 of Title 10 of
the California Code of Regulations, Rule 701 under the Securities Act, and the
General Instructions to Form S-8 Registration Statement under the Securities
Act.

     7. TERMS AND CONDITIONS OF STOCK APPRECIATE RIGHTS.

          7.1 The Committee may, from time to time, grant Stock Appreciation
Rights to any Employee, Consultant or Director in connection with the grant of
any Option. Any such grant of Stock Appreciation Rights shall be included in the
Option Agreement.

          7.2 Stock Appreciation Rights shall be exerciseable only at the same
time, by the same person and to the same extent, that the Option related thereto
is exerciseable. Upon exercise of any Stock Appreciation Right, the
corresponding portion of the related Option shall be surrendered to the Company.

          7.3 The Company has the absolute right, at any time and from time to
time, to require an Optionee to exercise an Option in lieu of the related Stock
Appreciation Right.

     8. STANDARD FORMS OF OPTION AGREEMENT.

          8.1 OPTION AGREEMENT. Unless otherwise provided by the Board at the
time the Option is granted, an Option shall comply with and be subject to the
terms and conditions set forth in the form of Option Agreement approved by the
Board concurrently with its adoption of the Plan and as amended from time to
time.

<PAGE>

          8.2 AUTHORITY TO VARY TERMS. The Board shall have the authority from
time to time to vary the terms of any standard form of Option Agreement
described in this Section 7 either in connection with the grant or amendment of
an individual Option or in connection with the authorization of a new standard
form or forms; provided, however, that the terms and conditions of any such new,
revised or amended standard form or forms of Option Agreement are not
inconsistent with the terms of the Plan.

     9. CHANGE IN CONTROL.

          9.1 DEFINITIONS.

               (a) An "OWNERSHIP CHANGE EVENT" shall be deemed to have occurred
if any of the following occurs with respect to the Company: (i) the direct or
indirect sale or exchange in a single or series of related transactions by the
stockholders of the Company of more than fifty percent (50%) of the voting stock
of the Company; (ii) a merger or consolidation in which the Company is a party;
(iii) the sale, exchange, or transfer of all or substantially all of the assets
of the Company; or (iv) a liquidation or dissolution of the Company.

               (b) A "CHANGE IN CONTROL" shall mean an Ownership Change Event or
a series of related Ownership Change Events (collectively, a "TRANSACTION")
wherein the stockholders of the Company immediately before the Transaction do
not retain immediately after the Transaction, in substantially the same
proportions as their ownership of shares of the Company's voting stock
immediately before the Transaction, direct or indirect beneficial ownership of
more than fifty percent (50%) of the total combined voting power of the
outstanding voting securities of the Company or, in the case of a Transaction
described in Section 8.1(a)(iii), the corporation or other business entity to
which the assets of the Company were transferred (the "TRANSFEREE"), as the case
may be. For purposes of the preceding sentence, indirect beneficial ownership
shall include, without limitation, an interest resulting from ownership of the
voting securities of one or more corporations or other business entities which
own the Company or the Transferee, as the case may be, either directly or
through one or more subsidiary corporations or other business entities. The
Board shall have the right to determine whether multiple sales or exchanges of
the voting securities of the Company or multiple Ownership Change Events are
related, and its determination shall be final, binding and conclusive.

          9.2 EFFECT OF CHANGE IN CONTROL ON OPTIONS. In the event of a Change
in Control, the surviving, continuing, successor, or purchasing corporation or
other business entity or parent thereof, as the case may be (the "ACQUIRING
CORPORATION"), may, without the consent of the Optionee, either assume the
Company's rights and obligations under outstanding Options or substitute for
outstanding Options substantially equivalent options for the Acquiring
Corporation's stock. Any Options which are neither assumed or substituted for by
the Acquiring Corporation in connection with the Change in Control nor exercised
as of the date of the Change in Control shall terminate and cease to be
outstanding effective as of the date of the Change in Control. Notwithstanding
the foregoing, shares acquired upon exercise of an Option prior to the Change in
Control and any consideration received pursuant to the Change in Control with
respect to such shares shall continue to be subject to all applicable provisions
of the Option Agreement

<PAGE>

evidencing such Option except as otherwise provided in such Option Agreement.
Furthermore, notwithstanding the foregoing, if the corporation the stock of
which is subject to the outstanding Options immediately prior to an Ownership
Change Event described in Section 8.1(a)(i) constituting a Change in Control is
the surviving or continuing corporation and immediately after such Ownership
Change Event less than fifty percent (50%) of the total combined voting power of
its voting stock is held by another corporation or by other corporations that
are members of an affiliated group within the meaning of Section 1504(a) of the
Code without regard to the provisions of Section 1504(b) of the Code, the
outstanding Options shall not terminate unless the Board otherwise provides in
its discretion.

     10. PROVISION OF INFORMATION.

          At least annually, copies of the Company's balance sheet and income
statement for the just completed fiscal year shall be made available to each
Optionee and purchaser of shares of Stock upon the exercise of an Option. The
Company shall not be required to provide such information to key employees whose
duties in connection with the Company assure them access to equivalent
information. Furthermore, the Company shall deliver to each Optionee such
disclosures as are required in accordance with Rule 701 under the Securities
Act.

<PAGE>

     11. COMPLIANCE WITH SECURITIES LAW.

          The grant of Options and the issuance of shares of Stock upon exercise
of Options shall be subject to compliance with all applicable requirements of
federal, state and foreign law with respect to such securities. Options may not
be exercised if the issuance of shares of Stock upon exercise would constitute a
violation of any applicable federal, state or foreign securities laws or other
law or regulations or the requirements of any stock exchange or market system
upon which the Stock may then be listed. In addition, no Option may be exercised
unless (a) a registration statement under the Securities Act shall at the time
of exercise of the Option be in effect with respect to the shares issuable upon
exercise of the Option or (b) in the opinion of legal counsel to the Company,
the shares issuable upon exercise of the Option may be issued in accordance with
the terms of an applicable exemption from the registration requirements of the
Securities Act. The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the Company's legal counsel
to be necessary to the lawful issuance and sale of any shares hereunder shall
relieve the Company of any liability in respect of the failure to issue or sell
such shares as to which such requisite authority shall not have been obtained.
As a condition to the exercise of any Option, the Company may require the
Optionee to satisfy any qualifications that may be necessary or appropriate, to
evidence compliance with any applicable law or regulation and to make any
representation or warranty with respect thereto as may be requested by the
Company.

     12. TERMINATION OR AMENDMENT OF PLAN.

          The Board may terminate or amend the Plan at any time. However,
subject to changes in applicable law, regulations or rules that would permit
otherwise, without the approval of the Company's stockholders, there shall be
(a) no increase in the maximum aggregate number of shares of Stock that may be
issued under the Plan (except by operation of the provisions of Section 4.2),
(b) no change in the class of persons eligible to receive Incentive Stock
Options, and (c) no other amendment of the Plan that would require approval of
the Company's stockholders under any applicable law, regulation or rule. No
termination or amendment of the Plan shall adversely affect any then outstanding
Option unless expressly agreed to by the affected Participant or required by
applicable law, legislation or rule. In any event, no termination or amendment
of the Plan may adversely affect any then outstanding Option without the consent
of the Optionee, unless such termination or amendment is required to enable an
Option designated as an Incentive Stock Option to qualify as an Incentive Stock
Option or is necessary to comply with any applicable law, regulation or rule.

<PAGE>

     13. STOCKHOLDER APPROVAL.

          The Plan or any increase in the maximum aggregate number of shares of
Stock issuable thereunder as provided in Section 4.1 (the "AUTHORIZED SHARES")
shall be approved by the stockholders of the Company within twelve (12) months
of the date of adoption thereof by the Board. Options granted prior to
stockholder approval of the Plan or in excess of the Authorized Shares
previously approved by the stockholders shall become exercisable no earlier than
the date of stockholder approval of the Plan or such increase in the Authorized
Shares, as the case may be.

                                  PLAN HISTORY

June 2002           Board of Directors of OccuLogix Corporation, a Florida
                    corporation ("OccuLogix") adopts Plan, with an initial
                    reserve of Two Million Six Hundred Seventy-Eight Thousand
                    Nine Hundred and Ninety-Seven (2,678,997) shares. This share
                    reserve includes the number of shares of stock underlying
                    outstanding options and the number of shares available for
                    grant as options under the OccuLogix Corporation 1997 Stock
                    Option Plan. However, this share reserve, at any time, shall
                    be reduced by the number of shares subject to Prior Plan
                    Options.

June 2002           Stockholders of OccuLogix approve Plan, with an initial
                    reserve of Two Million Six Hundred Seventy-Eight Thousand
                    Nine Hundred and Ninety-Seven (2,678,997) shares. This share
                    reserve includes the number of shares of stock underlying
                    outstanding options and the number of shares available for
                    grant as options under the OccuLogix Corporation 1997 Stock
                    Option Plan. However, this share reserve, at any time, shall
                    be reduced by the number of shares subject to Prior Plan
                    Options.

June 2002           Effective date of Delaware reincorporation of OccuLogix.

November 2004       Board of Directors of OccuLogix, Inc. amends Plan to
                    increase the share reserve to 4,456,000.

<PAGE>

                                 OCCULOGIX, INC.
                    (formerly VASCULAR SCIENCES CORPORATION)
                             STOCK OPTION AGREEMENT

         Occulogix, Inc. has granted to the individual (the "Optionee") named in
the Notice of Grant of Stock Option (the "Notice") to which this Stock Option
Agreement (the "Option Agreement") is attached an option (the "Option") to
purchase certain shares of Stock and a related stock appreciation right (the
"Stock Appreciation Right") upon the terms and conditions set forth in the
Notice and this Option Agreement. The Option and Stock Appreciation Right has
been granted pursuant to and shall in all respects be subject to the terms and
conditions of the Occulogix, Inc. (formerly Vascular Sciences Corporation) 2002
Stock Option Plan (the "Plan"), as amended to the Date of Option Grant, the
provisions of which are incorporated herein by reference. By signing the Notice,
the Optionee: (a) represents that the Optionee has received copies of, and has
read and is familiar with the terms and conditions of, the Notice, the Plan and
this Option Agreement, (b) accepts the Option and Stock Appreciation Right
subject to all of the terms and conditions of the Notice, the Plan and this
Option Agreement, and (c) agrees to accept as binding, conclusive and final all
decisions or interpretations of the Board upon any questions arising under the
Notice, the Plan or this Option Agreement.

         1.       DEFINITIONS AND CONSTRUCTION.

                  1.1      Definitions.  Unless otherwise defined herein,
capitalized terms shall have the meanings assigned to such terms in the Notice
or the Plan.

                  1.2      Construction. Captions and titles contained herein
are for convenience only and shall not affect the meaning or interpretation of
any provision of this Option Agreement. Except when otherwise indicated by the
context, the singular shall include the plural and the plural shall include the
singular. Use of the term "or" is not intended to be exclusive, unless the
context clearly requires otherwise. References to "Option" shall include the
related Stock Appreciation Right.

         2.       TAX CONSEQUENCES.

                  2.1      Tax Status of Option. This Option is intended to have
the tax status designated in the Notice.

                           (a)      Incentive Stock Option.  If the Notice so
designates, this Option is intended to be an Incentive Stock Option within the
meaning of Section 422(b) of the Code, but the Company does not represent or
warrant that this Option qualifies as such. The Optionee should consult with the
Optionee's own tax advisor regarding the tax effects of this Option and the
requirements necessary to obtain favorable income tax treatment under Section
422 of the Code, including, but not limited to, holding period requirements.
(NOTE TO OPTIONEE: If the Option is exercised more than three (3) months

<PAGE>

after the date on which you cease to be an Employee (other than by reason of
your death or permanent and total disability as defined in Section 22(e)(3) of
the Code), the Option will be treated as a Nonstatutory Stock Option and not as
an Incentive Stock Option to the extent required by Section 422 of the Code.)

                           (b)      Nonstatutory Stock Option. If the Notice so
designates, this Option is intended to be a Nonstatutory Stock Option and shall
not be treated as an incentive Stock Option within the meaning of Section 422(b)
of the Code.

                  2.2      ISO Fair Market Value Limitation. If the Notice
designates this Option as an Incentive Stock Option, then to the extent that the
Option (together with all Incentive Stock Options granted to the Optionee under
all stock option plans of the Participating Company Group, including the Plan)
becomes exercisable for the first time during any calendar year for shares
having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000),
the portion of such options which exceeds such amount will be treated as
Nonstatutory Stock Options. For purposes of this Section 2.2, options designated
as Incentive Stock Options are taken into account in the order in which they
were granted, and the Fair Market Value of stock is determined as of the time
the option with respect to such stock is granted. If the Code is amended to
provide for a different limitation from that set forth in this Section 2.2, such
different limitation shall be deemed incorporated herein effective as of the
date required or permitted by such amendment to the Code. If the Option is
treated as an Incentive Stock Option in part and as a Nonstatutory Stock Option
in part by reason of the limitation set forth in this Section 2.2, the Optionee
may designate which portion of such Option the Optionee is exercising. In the
absence of such designation, the Optionee shall be deemed to have exercised the
Incentive Stock Option portion of the Option first. Separate certificates
representing each such portion shall be issued upon the exercise of the Option.
(NOTE TO OPTIONEE: If the aggregate Exercise Price of the Option (that is, the
Exercise Price multiplied by the Number of Option Shares) plus the aggregate
exercise price of any other Incentive Stock Options you hold (whether granted
pursuant to the Plan or any other stock option plan of the Participating Company
Group) is greater than $100,000, you should contact the Chief Financial Officer
of the Company to ascertain whether the entire Option qualifies as an Incentive
Stock Option.)

         3.       ADMINISTRATION. All questions of interpretation concerning
this Option Agreement shall be determined by the Board. All determinations by
the Board shall be final and binding upon all persons having an interest in the
Option. Any Officer shall have the authority to act on behalf of the Company
with respect to any matter, right, obligation, or election which is the
responsibility of or which is allocated to the Company herein, provided the
Officer has apparent authority with respect to such matter, right, obligation,
or election.

         4.       EXERCISE OF THE OPTION.

                  4.1      Right to Exercise. Except as otherwise provided
herein, the Option shall be exercisable on and after the Initial Vesting Date
and prior to the termination of the

                                       2

<PAGE>

Option (as provided in Section 6) in an amount not to exceed the number of
Vested Shares less the number of shares previously acquired upon exercise of the
Option, subject to the Company's repurchase rights set forth in Section 11. In
no event shall the Option be exercisable for more shares than the Number of
Option Shares.

                  4.2      Method of Exercise. Exercise of the Option shall be
by written notice to the Company which must state the election to exercise the
Option, the number of whole shares of Stock for which the Option is being
exercised and such other representations and agreements as to the Optionee's
investment intent with respect to such shares as may be required pursuant to the
provisions of this Option Agreement. The written notice must be signed by the
Optionee and must be delivered in person, by certified or registered mail,
return receipt requested, by confirmed facsimile transmission, or by such other
means as the Company may permit, to the Chief Financial Officer of the Company,
or other authorized representative of the Participating Company Group, prior to
the termination of the Option as set forth in Section 6, accompanied by full
payment of the aggregate Exercise Price for the number of shares of Stock being
purchased. The Option shall be deemed to be exercised upon receipt by the
Company of such written notice and the aggregate Exercise Price.

                  4.3      Payment of Exercise Price.

                           (a)      Forms of Consideration Authorized.  Except
as otherwise provided below, payment of the aggregate Exercise Price for the
number of shares of Stock for which the Option is being exercised shall be made
(i) in cash, by check, or cash equivalent, (ii) by tender to the Company, or
attestation to the ownership, of whole shares of Stock owned by the Optionee
having a Fair Market Value not less than the aggregate Exercise Price, (iii) by
means of a Cashless Exercise, as defined in Section 4.3(b), or (iv) by any
combination of the foregoing.

                           (b)      Limitations on Forms of Consideration.

                                    (i)     Tender of Stock.  Notwithstanding
the foregoing, the Option may not be exercised by tender to the Company, or
attestation to the ownership, of shares of Stock to the extent such tender or
attestation would constitute a violation of the provisions of any law,
regulation or agreement restricting the redemption of the Company's stock. The
Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock unless such shares either have been owned by the
Optionee for more than six (6) months (and not used for another option exercise
by attestation during such period) or were not acquired, directly or indirectly,
from the Company.

                                    (ii)    Cashless Exercise.  A "Cashless
Exercise" means the delivery of a properly executed notice together with
irrevocable instructions to a broker in a form acceptable to the Company
providing for the assignment to the Company of the

                                       3

<PAGE>

proceeds of a sale or loan with respect to some or all of the shares of Stock
acquired upon the exercise of the Option pursuant to a program or procedure
approved by the Company (including, without limitation, through an exercise
complying with the provisions of Regulation T as promulgated from time to time
by the Board of Governors of the Federal Reserve System). The Company reserves,
at any and all times, the right, in the Company's sole and absolute discretion,
to decline to approve or terminate any such program or procedure.

                  4.4      Tax Withholding. At the time the Option is exercised,
in whole or in part, or at any time thereafter as requested by the Company, the
Optionee hereby authorizes withholding from payroll and any other amounts
payable to the Optionee, and otherwise agrees to make adequate provision for
(including by means of a Cashless Exercise to the extent permitted by the
Company), any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Participating Company Group, if any, which arise
in connection with the Option, including, without limitation, obligations
arising upon (i) the exercise, in whole or in part, of the Option, (ii) the
transfer, in whole or in part, of any shares acquired upon exercise of the
Option, (iii) the operation of any law or regulation providing for the
imputation of interest, or (iv) the lapsing of any restriction with respect to
any shares acquired upon exercise of the Option. The Option is not exercisable
unless the tax withholding obligations of the Participating Company Group are
satisfied. Accordingly, the Company shall have no obligation to deliver shares
of Stock until the tax withholding obligations of the Participating Company
Group have been satisfied by the Optionee.

                  4.5     Certificate Registration. Except in the event the
Exercise Price is paid by means of a Cashless Exercise, the certificate for the
shares as to which the Option is exercised shall be registered in the name of
the Optionee, or, if applicable, in the names of the heirs of the Optionee.

                  4.6     Restrictions on Grant and Issuance. The grant of the
Option and the issuance of shares of Stock upon exercise of the Option shall be
subject to compliance with all applicable requirements of federal, state or
foreign law with respect to such securities. The Option may not be exercised if
the issuance of shares of Stock upon exercise would constitute a violation of
any applicable federal, state or foreign securities laws or other law or
regulations or the requirements of any stock exchange or market system upon
which the Stock may then be listed. In addition, the Option may not be exercised
unless (i) a registration statement under the Securities Act shall at the time
of exercise of the Option be in effect with respect to the shares issuable upon
exercise of the Option or (ii) in the opinion of legal counsel to the Company,
the shares issuable upon exercise of the Option may be issued in accordance with
the terms of an applicable exemption from the registration requirements of the
Securities Act. THE OPTIONEE IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED
UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE OPTIONEE MAY NOT
BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED.

                                       4

<PAGE>

The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company's legal counsel to be
necessary to the lawful issuance and sale of any shares subject to the Option
shall relieve the Company of any liability in respect of the failure to issue or
sell such shares as to which such requisite authority shall not have been
obtained. As a condition to the exercise of the Option, the Company may require
the Optionee to satisfy any qualifications that may be necessary or appropriate,
to evidence compliance with any applicable law or regulation and to make any
representation or warranty with respect thereto as may be requested by the
Company.

                  4.7      Fractional Shares.  The Company shall not be required
to issue fractional shares upon the exercise of the Option.

         5.       NONTRANSFERABILITY OF THE OPTION. The Option may be exercised
during the lifetime of the Optionee only by the Optionee or the Optionee's
guardian or legal representative and may not be assigned or transferred in any
manner except by will or by the laws of descent and distribution. Following the
death of the Optionee, the Option, to the extent provided in Section 7, may be
exercised by the Optionee's legal representative or by any person empowered to
do so under the deceased Optionee's will or under the then applicable laws of
descent and distribution.

         6.       TERMINATION OF THE OPTION.  The Option shall terminate and may
no longer be exercised after the first to occur of (a) the Option Expiration
Date, or (b) a Change in Control to the extent provided in Section 8.

         7.       EFFECT OF TERMINATION OF SERVICE.

                  7.1       Option Exercisability.

                           (a)      Disability. If the Optionee's Service
terminates because of the Disability of the Optionee, the Option, to the extent
unexercised and exercisable on the date on which the Optionee's Service
terminated, may be exercised by the Optionee (or the Optionee's guardian or
legal representative) at any time prior to the expiration of twelve (12) months
after the date on which the Optionee's Service terminated, but in any event no
later than the Option Expiration Date.

                           (b)      Death. If the Optionee's Service terminates
because of the death of the Optionee, the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee's legal representative or other person who acquired
the right to exercise the Option by reason of the Optionee's death at any time
prior to the expiration of twelve (12) months after the date on which the
Optionee's Service terminated, but in any event no later than the Option
Expiration Date. The Optionee's Service shall be deemed to have terminated on

                                       5

<PAGE>

account of death if the Optionee dies within three (3) months after the
Optionee's termination of Service.

                           (c)      Other Termination of Service. If the
Optionee's Service terminates for any reason, except Disability or death, the
Option, to the extent unexercised and exercisable by the Optionee on the date on
which the Optionee's Service terminated, may be exercised by the Optionee at any
time, but in any event no later than the Option Expiration Date.

                  7.2      Extension if Exercise Prevented by Law.
Notwithstanding the foregoing, if the exercise of the Option within the
applicable time periods set forth in Section 7.1 is prevented by the provisions
of Section 4.6, the Option shall remain exercisable until three (3) months after
the date the Optionee is notified by the Company that the Option is exercisable,
but in any event no later than the Option Expiration Date.

                  7.3      Extension if Optionee Subject to Section 16(b).
Notwithstanding the foregoing, if a sale within the applicable time periods set
forth in Section 7.1 of shares acquired upon the exercise of the Option would
subject the Optionee to suit under Section 16(b) of the Exchange Act, the Option
shall remain exercisable until the earliest to occur of (i) the tenth (10th) day
following the date on which a sale of such shares by the Optionee would no
longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day
after the Optionee's termination of Service, or (iii) the Option Expiration
Date.

                  7.4      Stock Appreciation Rights shall be exerciseable only
at the same time, by the same person and to the same extent, that the Option
related thereto is exerciseable. Upon exercise of any Stock Appreciation Right,
the corresponding portion of the related Option shall be surrendered to the
Company.

                  7.5      The Company has the absolute right, at any time and
from time to time, to require an Optionee to exercise an Option in lieu of the
related Stock Appreciation Right.

          8.      CHANGE IN CONTROL.

                  8.1      Definitions.

                           (a)      An "Ownership Change Event" shall be deemed
to have occurred if any of the following occurs with respect to the Company: (i)
the direct or indirect sale or exchange in a single or series of related
transactions by the stockholders of the Company of more than fifty percent (50%)
of the voting stock of the Company; (ii) a merger or consolidation in which the
Company is a party; (iii) the sale, exchange, or transfer of all or
substantially all of the assets of the Company; or (iv) a liquidation or
dissolution of the Company.

                                       6

<PAGE>

                           (b)      A "Change in Control" shall mean an
Ownership Change Event or a series of related Ownership Change Events
(collectively, a "Transaction") wherein the stockholders of the Company
immediately before the Transaction do not retain immediately after the
Transaction, in substantially the same proportions as their ownership of shares
of the Company's voting stock immediately before the Transaction, direct or
indirect beneficial ownership of more than fifty percent (50%) of the total
combined voting power of the outstanding voting securities of the Company or, in
the case of a Transaction described in Section 8.1(a)(iii), the corporation or
other business entity to which the assets of the Company were transferred (the
"Transferee"), as the case may be. For purposes of the preceding sentence,
indirect beneficial ownership shall include, without limitation, an interest
resulting from ownership of the voting securities of one or more corporations or
other business entities which own the Company or the Transferee, as the case may
be, either directly or through one or more subsidiary corporations or other
business entities. The Board shall have the right to determine whether multiple
sales or exchanges of the voting securities of the Company or multiple Ownership
Change Events are related, and its determination shall be final, binding and
conclusive.

                  8.2      Effect of Change in Control on Option. In the event
of a Change in Control, the surviving, continuing, successor, or purchasing
corporation or other business entity or parent thereof, as the case may be (the
"Acquiring Corporation"), may, without the consent of the Optionee, either
assume the Company's rights and obligations under the Option or substitute for
the Option a substantially equivalent option for the Acquiring Corporation's
stock. The Option shall terminate and cease to be outstanding effective as of
the date of the Change in Control to the extent that the Option is neither
assumed or substituted for by the Acquiring Corporation in connection with the
Change in Control nor exercised as of the date of the Change in Control.
Notwithstanding the foregoing, shares acquired upon exercise of the Option prior
to the Change in Control and any consideration received pursuant to the Change
in Control with respect to such shares shall continue to be subject to all
applicable provisions of this Option Agreement except as otherwise provided
herein. Furthermore, notwithstanding the foregoing, if the corporation the stock
of which is subject to the Option immediately prior to an Ownership Change Event
described in Section 8.1(a)(i) constituting a Change in Control is the surviving
or continuing corporation and immediately after such Ownership Change Event less
than fifty percent (50%) of the total combined voting power of its voting stock
is held by another corporation or by other corporations that are members of an
affiliated group within the meaning of Section 1504(a) of the Code without
regard to the provisions of Section 1504(b) of the Code, the Option shall not
terminate unless the Board otherwise provides in its discretion.

         9.       ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. In the event of
any stock dividend, stock split, reverse stock split, recapitalization,
combination, reclassification, or similar change in the capital structure of the
Company, appropriate adjustments shall be made in the number, Exercise Price and
class of shares of stock subject to the Option. If a majority of the shares
which are of the same class as the shares that are subject to the Option are
exchanged for, converted into, or otherwise become (whether or

                                       7

<PAGE>

not pursuant to an Ownership Change Event) shares of another corporation (the
"New Shares"), the Board may unilaterally amend the Option to provide that the
Option is exercisable for New Shares. In the event of any such amendment, the
Number of Option Shares and the Exercise Price shall be adjusted in a fair and
equitable manner, as determined by the Board, in its discretion. Notwithstanding
the foregoing, any fractional share resulting from an adjustment pursuant to
this Section 9 shall be rounded down to the nearest whole number, and in no
event may the Exercise Price be decreased to an amount less than the par value,
if any, of the stock subject to the Option. The adjustments determined by the
Board pursuant to this Section 9 shall be final, binding and conclusive.

         10.      RIGHTS AS A STOCKHOLDER OR CONSULTANT. The Optionee shall have
no rights as a stockholder with respect to any shares covered by the Option
until the date of the issuance of a certificate for the shares for which the
Option has been exercised (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company). No
adjustment shall be made for dividends, distributions or other rights for which
the record date is prior to the date such certificate is issued, except as
provided in Section 9. If the Optionee is an Employee, the Optionee understands
and acknowledges that, except as otherwise provided in a separate, written
employment agreement between a Participating Company and the Optionee, the
Optionee's employment is "at will" and is for no specified term. Nothing in this
Option Agreement shall confer upon the Optionee any right to continue in the
Service of a Participating Company or interfere in any way with any right of the
Participating Company Group to terminate the Optionee's Service as an Employee
or Consultant, as the case may be, at any time.

         11.      RIGHT OF FIRST REFUSAL.

                  11.1     Grant of Right of First Refusal. Except as provided
in Section 11.7 below, in the event the Optionee, the Optionee's legal
representative, or other holder of shares acquired upon exercise of the Option
proposes to sell, exchange, transfer, pledge, or otherwise dispose of any shares
acquired upon exercise of the Option (the "Transfer Shares") to any person or
entity, including, without limitation, any stockholder of a Participating
Company, the Company shall have the right to repurchase the Transfer Shares
under the terms and subject to the conditions set forth in this Section 11 (the
"Right of First Refusal").

                  11.2     Notice of Proposed Transfer. Prior to any proposed
transfer of the Transfer Shares, the Optionee shall deliver written notice (the
"Transfer Notice") to the Company describing fully the proposed transfer,
including the number of Transfer Shares, the name and address of the proposed
transferee (the "Proposed Transferee") and, if the transfer is voluntary, the
proposed transfer price, and containing such information necessary to show the
bona fide nature of the proposed transfer. In the event of a bona fide gift or
involuntary transfer, the proposed transfer price shall be deemed to be the Fair
Market Value of the Transfer Shares, as determined by the Board in good faith.
If the Optionee

                                       8
<PAGE>

proposes to transfer any Transfer Shares to more than one Proposed Transferee,
the Optionee shall provide a separate Transfer Notice for the proposed transfer
to each Proposed Transferee. The Transfer Notice shall be signed by both the
Optionee and the Proposed Transferee and must constitute a binding commitment of
the Optionee and the Proposed Transferee for the transfer of the Transfer Shares
to the Proposed Transferee subject only to the Right of First Refusal.

                  11.3     Bona Fide Transfer. If the Company determines that
the information provided by the Optionee in the Transfer Notice is insufficient
to establish the bona fide nature of a proposed voluntary transfer, the Company
shall give the Optionee written notice of the Optionee's failure to comply with
the procedure described in this Section 11, and the Optionee shall have no right
to transfer the Transfer Shares without first complying with the procedure
described in this Section 11. The Optionee shall not be permitted to transfer
the Transfer Shares if the proposed transfer is not bona fide.

                  11.4     Exercise of Right of First Refusal. If the Company
determines the proposed transfer to be bona fide, the Company shall have the
right to purchase all, but not less than all, of the Transfer Shares (except as
the Company and the Optionee otherwise agree) at the purchase price and on the
terms set forth in the Transfer Notice by delivery to the Optionee of a notice
of exercise of the Right of First Refusal within thirty (30) days after the date
the Transfer Notice is delivered to the Company. The Company's exercise or
failure to exercise the Right of First Refusal with respect to any proposed
transfer described in a Transfer Notice shall not affect the Company's right to
exercise the Right of First Refusal with respect to any proposed transfer
described in any other Transfer Notice, whether or not such other Transfer
Notice is issued by the Optionee or issued by a person other than the Optionee
with respect to a proposed transfer to the same Proposed Transferee. If the
Company exercises the Right of First Refusal, the Company and the Optionee shall
thereupon consummate the sale of the Transfer Shares to the Company on the terms
set forth in the Transfer Notice within sixty (60) days after the date the
Transfer Notice is delivered to the Company (unless a longer period is offered
by the Proposed Transferee); provided, however, that in the event the Transfer
Notice provides for the payment for the Transfer Shares other than in cash, the
Company shall have the option of paying for the Transfer Shares by the present
value cash equivalent of the consideration described in the Transfer Notice as
reasonably determined by the Company. For purposes of the foregoing,
cancellation of any indebtedness of the Optionee to any Participating Company
shall be treated as payment to the Optionee in cash to the extent of the unpaid
principal and any accrued interest canceled.

                  11.5     Failure to Exercise. If the Company fails to exercise
the Right of First Refusal in full (or to such lesser extent as the Company and
the Optionee otherwise agree) within the period specified in Section 11.4 above,
the Optionee may conclude a transfer to the Proposed Transferee of the Transfer
Shares on the terms and conditions described in the Transfer Notice, provided
such transfer occurs not later than ninety (90) days following delivery to the
Company of the Transfer Notice. The Company shall have

                                       9

<PAGE>

the right to demand further assurances from the Optionee and the Proposed
Transferee (in a form satisfactory to the Company) that the transfer of the
Transfer Shares was actually carried out on the terms and conditions described
in the Transfer Notice. No Transfer Shares shall be transferred on the books of
the Company until the Company has received such assurances, if so demanded, and
has approved the proposed transfer as bona fide. Any proposed transfer on terms
and conditions different from those described in the Transfer Notice, as well as
any subsequent proposed transfer by the Optionee, shall again be subject to the
Right of First Refusal and shall require compliance by the Optionee with the
procedure described in this Section 11.

                  11.6     Transferees of Transfer Shares. All transferees of
the Transfer Shares or any interest therein, other than the Company, shall be
required as a condition of such transfer to agree in writing (in a form
satisfactory to the Company) that such transferee shall receive and hold such
Transfer Shares or interest therein subject to all of the terms and conditions
of this Option Agreement, including this Section 11 providing for the Right of
First Refusal with respect to any subsequent transfer. Any sale or transfer of
any shares acquired upon exercise of the Option shall be void unless the
provisions of this Section 11 are met.

                  11.7     Transfers Not Subject to Right of First Refusal. The
Right of First Refusal shall not apply to any transfer or exchange of the shares
acquired upon exercise of the Option if such transfer or exchange is in
connection with an Ownership Change Event. If the consideration received
pursuant to such transfer or exchange consists of stock of a Participating
Company, such consideration shall remain subject to the Right of First Refusal
unless the provisions of Section 11.9 below result in a termination of the Right
of First Refusal.

                  11.8     Assignment of Right of First Refusal. The Company
shall have the right to assign the Right of First Refusal at any time, whether
or not there has been an attempted transfer, to one or more persons as may be
selected by the Company.

                  11.9     Early Termination. The other provisions of this
Option Agreement notwithstanding, the Right of First Refusal shall terminate and
be of no further force and effect upon (a) the occurrence of a Change in
Control, unless the Acquiring Corporation assumes the Company's rights and
obligations under the Option or substitutes a substantially equivalent option
for the Acquiring Corporation's stock for the Option, or (b) the existence of a
public market for the class of shares subject to the Right of First Refusal. A
"public market" shall be deemed to exist if (i) such stock is listed on a
national securities exchange (as that term is used in the Exchange Act) or (ii)
such stock is traded on the over-the-counter market and prices therefor are
published daily on business days in a recognized financial journal.

         12.      STOCK DISTRIBUTIONS. If, from time to time, there is any stock
dividend, stock split or other change, as described in Section 9, in the
character or amount of any of

                                       10

<PAGE>

the outstanding stock of the corporation the stock of which is subject to the
provisions of this Option Agreement, then in such event any and all new,
substituted or additional securities to which the Optionee is entitled by reason
of the Optionee's ownership of the shares acquired upon exercise of the Option
shall be immediately subject to the Right of First Refusal with the same force
and effect as the shares subject to the Right of First Refusal immediately
before such event.

         13.      NOTICE OF SALES UPON DISQUALIFYING DISPOSITION. The Optionee
shall dispose of the shares acquired pursuant to the Option only in accordance
with the provisions of this Option Agreement. In addition, if the Notice
designates this Option as an Incentive Stock Option, the Optionee shall (a)
promptly notify the Chief Financial Officer of the Company if the Optionee
disposes of any of the shares acquired pursuant to the Option within one (1)
year after the date the Optionee exercises all or part of the Option or within
two (2) years after the Date of Option Grant and (b) provide the Company with a
description of the circumstances of such disposition. Until such time as the
Optionee disposes of such shares in a manner consistent with the provisions of
this Option Agreement, unless otherwise expressly authorized by the Company, the
Optionee shall hold all shares acquired pursuant to the Option in the Optionee's
name (and not in the name of any nominee) for the one-year period immediately
after the exercise of the Option and the two-year period immediately after Date
of Option Grant. At any time during the one-year or two-year periods set forth
above, the Company may place a legend on any certificate representing shares
acquired pursuant to the Option requesting the transfer agent for the Company's
stock to notify the Company of any such transfers. The obligation of the
Optionee to notify the Company of any such transfer shall continue
notwithstanding that a legend has been placed on the certificate pursuant to the
preceding sentence.

         14.      LEGENDS. The Company may at any time place legends referencing
the Right of First Refusal and any applicable federal, state or foreign
securities law restrictions on all certificates representing shares of stock
subject to the provisions of this Option Agreement. The Optionee shall, at the
request of the Company, promptly present to the Company any and all certificates
representing shares acquired pursuant to the Option in the possession of the
Optionee in order to carry out the provisions of this Section. Unless otherwise
specified by the Company, legends placed on such certificates may include, but
shall not be limited to, the following:

                  14.1     "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE
IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH
SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM

                                       11

<PAGE>

THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

                  14.2     "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE CORPORATION OR ITS
ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED
HOLDER, OR SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT
THE PRINCIPAL OFFICE OF THIS CORPORATION."

                  14.3     "THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED
BY THE CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK
OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED ("ISO "). IN ORDER TO OBTAIN THE PREFERENTIAL TAX TREATMENT AFFORDED TO
IS Os, THE SHARES SHOULD NOT BE TRANSFERRED PRIOR TO [INSERT DISQUALIFYING
DISPOSITION DATE HERE]. SHOULD THE REGISTERED HOLDER ELECT TO TRANSFER ANY OF
THE SHARES PRIOR TO THIS DATE AND FOREGO ISO TAX TREATMENT, THE TRANSFER AGENT
FOR THE SHARES SHALL NOTIFY THE CORPORATION IMMEDIATELY. THE REGISTERED HOLDER
SHALL HOLD ALL SHARES PURCHASED UNDER THE INCENTIVE STOCK OPTION IN THE
REGISTERED HOLDER'S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR TO THIS DATE
OR UNTIL TRANSFERRED AS DESCRIBED ABOVE."

         15.      LOCK-UP AGREEMENT. The Optionee hereby agrees that in the
event of any underwritten public offering of stock, including an initial public
offering of stock, made by the Company pursuant to an effective registration
statement filed under the Securities Act, the Optionee shall not offer, sell,
contract to sell, pledge, hypothecate, grant any option to purchase or make any
short sale of, or otherwise dispose of any shares of stock of the Company or any
rights to acquire stock of the Company for such period of time from and after
the effective date of such registration statement as may be established by the
underwriter for such public offering; provided, however, that such period of
time shall not exceed one hundred eighty (180) days from the effective date of
the registration statement to be filed in connection with such public offering.
The foregoing limitation shall not apply to shares registered in the public
offering under the Securities Act.

         16.      RESTRICTIONS ON TRANSFER OF SHARES. No shares acquired upon
exercise of the Option may be sold, exchanged, transferred (including, without
limitation, any transfer to a nominee or agent of the Optionee), assigned,
pledged, hypothecated or otherwise disposed of, including by operation of law,
in any manner which violates any of the provisions of this Option Agreement and
any such attempted disposition shall be void. The Company shall not be required
(a) to transfer on its books any shares which will have been transferred in
violation of any of the provisions set forth in this Option Agreement or

                                       12

<PAGE>

(b) to treat as owner of such shares or to accord the right to vote as such
owner or to pay dividends to any transferee to whom such shares will have been
so transferred.

          17.     MISCELLANEOUS PROVISIONS.

                  17.1     Binding Effect. Subject to the restrictions on
transfer set forth herein, this Option Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, successors and assigns.

                  17.2     Termination or Amendment. The Board may terminate or
amend the Plan or the Option at any time; provided, however, that except as
provided in Section 8.2 in connection with a Change in Control, no such
termination or amendment may adversely affect the Option or any unexercised
portion hereof without the consent of the Optionee unless such termination or
amendment is necessary to comply with any applicable law or government
regulation or is required to enable the Option, if designated an Incentive Stock
Option in the Notice, to qualify as an Incentive Stock Option. No amendment or
addition to this Option Agreement shall be effective unless in writing.

                  17.3     Notices. Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given (except to the
extent that this Option Agreement provides for effectiveness only upon actual
receipt of such notice) upon personal delivery or upon deposit in the United
States Post Office, by registered or certified mail, with postage and fees
prepaid, addressed to the other party at the address shown below that party's
signature or at such other address as such party may designate in writing from
time to time to the other party.

                  17.4     Integrated Agreement. The Notice, this Option
Agreement and the Plan constitute the entire understanding and agreement of the
Optionee and the Participating Company Group with respect to the subject matter
contained herein or therein and supersedes any prior agreements, understandings,
restrictions, representations, or warranties among the Optionee and the
Participating Company Group with respect to such subject matter other than those
as set forth or provided for herein or therein. To the extent contemplated
herein or therein, the provisions of the Notice and the Option Agreement shall
survive any exercise of the Option and shall remain in full force and effect.

                  17.5      Applicable Law. This Option Agreement shall be
governed by the laws of the State of Delaware as such laws are applied to
agreements between Delaware residents entered into and to be performed entirely
within the State of Delaware.

                  17.6      Counterparts. The Notice may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                       13

<PAGE>

                  17.7     Voting Trust. The Optionee hereby agrees that any and
all shares of the Company's stock acquired by the Optionee upon exercise of the
Option shall immediately be transferred to the voting trustee of the VSC
Optionholders Trust, created under the terms of the Voting Trust Agreement dated
December 31, 2003, among the Company, the voting trustee and certain of its
stockholders.

Optionee:
         -----------------------------------------------------

Date:
     ---------------------------------------------------------

                                       14

<PAGE>

                          STOCK OPTION EXERCISE NOTICE

Vascular Sciences Corporation
Attention: Chief Financial Officer

Ladies and Gentlemen:

         1.    Option. I was granted an option (the "Option") to purchase
shares of the common stock (the "Shares") of Vascular Sciences Corporation (the
"Company") pursuant to the Company's 2002 Stock Option Plan (the "Plan"), my
Notice of Grant of Stock Option (the "Notice") and my Stock Option Agreement
(the "Option Agreement") as follows:

<TABLE>
               <S>                                    <C>
               Grant Number:

               Date of Option Grant:

               Number of Option Shares:

               Exercise Price per Share:              $
</TABLE>

         2.    Exercise of Option. I hereby elect to exercise the Option to
purchase the following number of Shares, all of which are Vested Shares in
accordance with the Notice and the Option Agreement:

<TABLE>
               <S>                                    <C>
               Total Shares Purchased:

               Total Exercise Price
                 (Total Shares X Price per Share)     $
                                                       -------------------------
</TABLE>

         3.    Payments. I enclose payment in full of the total exercise price
for the Shares in the following form(s), as authorized by my Option Agreement:

<TABLE>
               <S>                                    <C>
               o  Cash:                               $
                                                       -------------------------

               o  Check:                              $
                                                       -------------------------

               o  Tender of Company Stock:            Contact Plan Administrator
</TABLE>

         4.    Exercise of Stock Appreciation Right.  I hereby elect to
exercise the Stock Appreciation Right in respect of the following number of
shares, all of which are Vested Shares in accordance with the Notice and the
Option Agreement:

                                       15

<PAGE>

<TABLE>
               <S>                                    <C>
               Total Shares:

               Total Exercise Price
                 (Total Shares X Price per Share)     $
                                                       -------------------------
</TABLE>

         5.    Tax Withholding. I authorize payroll withholding and otherwise
will make adequate provision for the federal, state, local and foreign tax
withholding obligations of the Company, if any, in connection with the Option.
If I am exercising a Nonstatutory Stock Option, I enclose payment in full of my
withholding taxes, if any, as follows:

         6.    Optionee Information.

               My address is:
                              --------------------------------------------------

               My Social Security Number is:
                                             -----------------------------------

         7.    Notice of Disqualifying Disposition. If the Option is an
Incentive Stock Option, I agree that I will promptly notify the Chief Financial
Officer of the Company if I transfer any of the Shares within one (1) year from
the date I exercise all or part of the Option or within two (2) years of the
Date of Option Grant.

         8.    Binding Effect. I agree that the Shares are being acquired in
accordance with and subject to the terms, provisions and conditions of the
Option Agreement, including the Right of First Refusal set forth therein, to all
of which I hereby expressly assent. This Agreement shall inure to the benefit of
and be binding upon my. heirs, executors, administrators, successors and
assigns.

         9.    Transfer. I understand and acknowledge that the Shares have
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), and that consequently the Shares must be held indefinitely
unless they are subsequently registered under the Securities Act, an exemption
from such registration is available, or they are sold in accordance with Rule
144 or Rule 701 under the Securities Act. I further understand and acknowledge
that the Company is under no obligation to register the Shares. I understand
that the certificate or certificates evidencing the Shares will be imprinted
with legends which prohibit the transfer of the Shares unless they are
registered or such registration is not required in the opinion of legal counsel
satisfactory to the Company.

         I am aware that Rule 144 under the Securities Act, which permits
limited public resale of securities acquired in a nonpublic offering, is not
currently available with respect to the Shares and, in any event, is available
only if certain conditions are satisfied. I understand that any sale of the
Shares that might be made in reliance upon Rule 144 may only

                                       16

<PAGE>

be made in limited amounts in accordance with the terms and conditions of such
rule and that a copy of Rule 144 will be delivered to me upon request.

         I understand that I am purchasing the Shares pursuant to the terms of
the Plan, the Notice and my Option Agreement, copies of which I have received
and carefully read and understand.

                                       Very truly yours,

                                       (Signature)

Receipt of the above is hereby acknowledged.

OCCULOGIX, INC.

By:
    -----------------------------------
Title:

Dated:
       --------------------------------

                                       17

<PAGE>

                                 OCCULOGIX, INC.
                    (formerly VASCULAR SCIENCES CORPORATION)
                         NOTICE OF GRANT OF STOCK OPTION

         o   (the "Optionee") has been granted an option (the "Option") to
purchase certain shares of Stock of Vascular Sciences Corporation (the
"Company") and a related stock appreciation right (the "Stock Appreciation
Right") pursuant to the Occulogix, Inc. (formerly Vascular Sciences Corporation)
2002 Stock Option Plan (the "Plan"), as follows:

         Date of Option Grant:

         Number of Option Shares:

         Exercise Price:               $ per share

         Initial Vesting Date:

         Option Expiration Date:       The date ten (10) years after the Date of
                                       Option Grant

         Tax Status of Option:         Incentive.  (Enter "Incentive" or
                                       "Nonstatutory."  If blank, this Option
                                       will be a Nonstatutory Stock Option.)

         Vesting:                      1/3 of Option Shares vest at Initial
                                       Vesting Date; thereafter, 1/3 of Option
                                       Shares vest for each year of continuous
                                       service.  All Option Shares vest on
                                       Change in Control.

         By their signatures below, the Company and the Optionee agree that the
Option and Stock Appreciation Right is governed by this Notice and by the
provisions of the Plan and the Stock Option Agreement, both of which are
attached to and made a part of this document. The Optionee acknowledges receipt
of copies of the Plan and the Stock Option Agreement, represents that the
Optionee has read and is familiar with their provisions, and hereby accepts the
Option and Stock Appreciation Right subject to all of their terms and
conditions.

VASCULAR SCIENCES CORPORATION               OPTIONEE

By:
    ----------------------------            ------------------------------------
                                            Signature
Its:
    ----------------------------            ------------------------------------
                                            Date
Address:
         -----------------------            ------------------------------------
                                            Address
         -----------------------
                                            ------------------------------------

<PAGE>

ATTACHMENTS:   2002 Stock Option Plan, as amended to the Date of Option Grant;
               Stock Option Agreement and Exercise Notice; Voting Trust
               Agreement

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