Document:

Second Amended and Restated Term Note

 Exhibit 10.2 
 SECOND AMENDED AND RESTATED TERM NOTE 
 $4,600,000.00 

March 31, 2011 
 FOR VALUE RECEIVED, the undersigned, UNILENS CORP. USA, a Delaware corporation and UNILENS VISION SCIENCES INC., a Delaware corporation (jointly and severally, “Maker”),
promise to pay to the order of REGIONS BANK, an Alabama banking corporation (“Lender”), in lawful money of the United States of America, in immediately available funds, at the principal office of Lender at 100 North Tampa
Street, Suite 3100, Tampa, Florida 33602, or at such other location as the Lender may designate from time to time, the principal sum of Four Million Six Hundred Thousand and No/100 Dollars ($4,600,000.00) or so much thereof which may be
advanced by Lender in accordance with the terms of the Credit and Security Agreement dated as of November 9, 2009, as modified by that certain Joinder Agreement and First Amendment to Credit and Security Agreement dated as of August 12,
2010, as further modified by that certain Second Amendment to Credit and Security Agreement dated as of the date hereof between Lender and Maker (as amended, “Loan Agreement”), together with interest thereon, as described below.
Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Loan Agreement. 
 This
Note shall bear interest on the daily outstanding balance of principal at a variable rate per annum, calculated on a 365/360 basis, equal to (i) the LIBOR Rate plus four and one quarter percent (4.25%) if the Fixed Charge Coverage Ratio is
less than 1.75 to 1.00, or (ii) the LIBOR Rate plus three and three quarters percent (3.75%) if the Fixed Charge Coverage Ratio is equal to or greater than 1.75 to 1.00, such LIBOR Rate to change automatically from time to time, but not
more often than once per month. Notwithstanding the foregoing, in no event shall the interest rate hereunder be less than four and three quarters percent (4.75%) per annum; provided, however, such foregoing minimum rate shall not be applicable
during any time that Swap Documents (as hereinafter defined) are in effect. Any necessary change to the interest rate spread shall occur within thirty (30) days after Lender’s receipt of Maker’s required financial reporting
requirements. 
 The principal and interest under this Note shall be payable as follows: 

(i) a principal payment in the amount of Fifty-Four Thousand Seven Hundred Sixty-Two and No/100 Dollars ($54,762.00)
plus all accrued and unpaid interest shall be due and payable beginning on April 19, 2011 and continuing on the nineteenth (19th) of each calendar month thereafter (each a “Payment Date”); and 

(ii) The entire outstanding unpaid principal balance of this Note, together with accrued and unpaid interest and any other amounts due
under this Note, the Loan Agreement and the other Loan Documents shall be due and payable on January 19, 2015 (“Maturity Date”). 
 Notwithstanding the foregoing, Borrower shall, within ninety (90) days of the end of each fiscal quarter, make a principal payment in an amount equal to one hundred percent (100%) of Excess
EBIDAR; provided, however, such principal payment shall not cause the outstanding principal balance of the loan to be less than the most recent notional value of the interest rate swap pursuant to the Swap Documents. 

Interest on the indebtedness evidenced by this Note shall accrue and be calculated on a 365/360 basis; that is by applying the ratio of
the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. 

  
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 For purposes of this Note, the following terms shall have the following meanings:

 “Interest Period” means, with respect to the initial Interest Period hereunder, the period commencing on the
date funds are advanced on the Original Note (as hereinafter defined) and, with respect to any subsequent Interest Period hereunder, the period commencing on the last day of the immediately preceding Interest Period, and in any case ending on the
day numerically corresponding to the date funds are advanced on this Note in the first month thereafter; provided that any Interest Period which begins on a day of a calendar month for which there is no numerically corresponding day in the
appropriate subsequent calendar month shall end on the last day of the appropriate subsequent calendar month. 
 “LIBOR
Business Day” shall mean a day on which the office of Lender at which payments on the Loan are to be made is open for business and on which dealings in U.S. dollar deposits are carried out in the London Interbank market. 

“LIBOR Rate” shall mean, with respect to any Interest Period, the rate for deposits in U.S. dollars for a period
comparable to the terms of such Interest Period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London, England time on the day (the “Pricing Date”) that is two LIBOR Business Days preceding the first day of such
Interest Period, as such rate is published on the Business Day next following the Pricing Date in the Money Market Section of The Wall Street Journal. If such rate cannot be so determined for any reason, Lender will request the principal London
office of at least two banks to provide a quotation of its rate for deposits in U.S. dollars for a period comparable to the applicable quotations. 
 This Note is the Term Note referred to in, and issued pursuant to, the Loan Agreement, the terms of which are incorporated herein by reference. The Loan Agreement contains provisions for, among other
things, the acceleration of the stated maturity of this Note upon the happening of certain stated events set forth therein. 

Maker does hereby authorize and instruct Lender to debit and draft maker’s checking account maintained with Lender bearing account
number 0123277386 (and/or any other accounts maintained with Lender) for all payments and amounts due to Lender monthly hereunder, as the monthly payments hereunder may vary from month to month. 

The principal amount of this Note may be prepaid in whole or in part at any time without penalty. Early payments will not, unless agreed
to by Lender in writing, relieve Maker of Maker’s obligation to make payments under the payment schedule. 
 In the event
this Note is not paid in full on the Maturity Date, the amount due hereunder shall bear interest at a rate per annum equal to the interest rate calculated pursuant to the second paragraph hereof, plus an additional plus two percent (2.00%), such
interest rate to change automatically from time to time, payable on demand. The aforesaid interest rate shall continue to apply whether or not judgment shall be entered on this Note. 

If any payment of principal or interest on this Note shall become due on a Saturday, Sunday or on any other day on which Lender’s
offices in Birmingham, Alabama or such other office designated by Lender, are not open for business, such payment shall be made on the preceding Business Day. 
 If any payment is 15 or more days late, Maker will be charged a late fee equal to five percent (5.00%) of the unpaid portion of such payment. 

In no contingency or event whatsoever shall the interest rate charged hereunder exceed the highest rate permissible under applicable
state and federal law. In the event Lender has received interest hereunder in excess of the highest allowed rate, Lender shall promptly refund such excess to Maker. 

  
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 All payments received by Lender hereunder shall be applied first to unpaid interest, second
to the principal balance hereof and third to other charges payable by Maker. 
 The Term Loan made by Lender to Maker pursuant
to the Loan Agreement and all payments and prepayments on account of the principal and interest thereof shall be recorded by Lender on the Term Loan Account which account statements, absent manifest error, shall be conclusive and binding on Maker;
provided, however, that the failure of Lender to make any such recordation shall not limit or otherwise affect the obligation of Maker hereunder. 
 If Maker fails to pay any portion of the amounts due hereunder when due and payable or if Maker fails to perform, keep or observe any other term, provision, condition, covenant, warranty or representation
contained herein, in the Loan Agreement, in the Revolving Credit Note, in the Swap Documents or in any of the Other Agreements, it shall be an Event of Default hereunder. 
 Maker hereby waives presentment, demand, protest and notice of any kind in connection with this Note. 
 This Note shall bind Maker and its successors and assigns, and the benefits hereof shall inure to the benefit of Lender and its successors and assigns. All references herein to the “Maker” and
“Lender” shall be deemed to apply to Maker and Lender, respectively, and their respective successors and assigns. 

Maker covenants and agrees that it will maintain in full force and effect that certain ISDA Master Agreement between Maker and Lender, or
its affiliate, and all swap documents, and related agreements, together with any related schedules and confirmations entered into now or in the future (being collectively referred to as the “Swap Documents”), and promptly pay and
perform all of its obligations under the Swap Documents. The payment of the Note, and the payment and performance of Maker’s obligations under the Swap Documents are hereby secured by the Loan Agreement and other related security instruments
and all Swap Documents are deemed to be part of the Loan Documents. A default under any of the Swap Documents shall be a default under the Note, the Loan Agreement, and all security instruments related thereto. Notwithstanding any language contained
in such documents, Maker shall not prepay the Note, or any indebtedness without simultaneously paying all sums due under the Swap Documents attributable or arising from such prepayment. 

To the extent permitted by applicable law, Maker hereby grants to Lender and Lender reserves a right of setoff in all Maker’s
accounts with Lender (whether checking, savings, or some other account). This includes all accounts Maker holds jointly with someone else and all accounts Maker may open in the future. However, this does not include any IRA or Keogh accounts, or any
trust accounts for which setoff would be prohibited by law. Maker authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts, and, at Lender’s option,
to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 Maker hereby consents and agrees, without notice from Lender, to any extension of payment or waiver thereof with respect to this Note. 

This Note, for all purposes, shall be governed by, and construed in accordance with, the laws of the State of Florida. In the event any
provision of this Note shall be prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this
Note. 
 The obligations of each person and entity comprising Maker shall be joint and several. The unenforceability or
invalidly of any provision of this Note as to any entity or circumstance shall not render that provision unenforceable or invalid as to any other entity or circumstance and all provisions hereof, in all other respects shall remain valid and
enforceable. 

  
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 WAIVER OF JURY TRIAL. NO PARTY TO THIS NOTE OR ANY ASSIGNEE, SUCCESSOR, HEIR OR
PERSONAL REPRESENTATIVE OF A PARTY SHALL SEEK A JURY TRIAL IN ANY LAW SUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF THIS NOTE, ANY RELATED AGREEMENT OR INSTRUMENT, ANY SECURITY FOR THE INDEBTEDNESS
EVIDENCED HEREBY OR THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG THE PARTIES, OR ANY OF THEM. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION, IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS
NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF
THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 
 Maker hereby agrees that this is a renewal of that certain Term
Note dated November 9, 2009, as renewed pursuant to that certain Amended and Restated Term Note dated as of August 12, 2010 (“Original Note”) from Maker to Lender (“Obligation”) and not a refinance of said
Obligation. Maker further acknowledges and agrees that the Obligation has remained and shall continue without interruption or derogation of the security interest granted in connection therewith. 

IN WITNESS WHEREOF, Maker has executed this Note on the date first above written. 

 

			
	UNILENS CORP. USA, a Delaware corporation
		
	By:	 	 /s/ Michael J. Pecora

		 	 Michael J. Pecora
 President
and CEO

	
	UNILENS VISION SCIENCES INC., a Delaware corporation
		
	By:	 	 /s/ Joan L. Yori

		 	 Joan L. Yori
 Vice
President

  
 13Ratification and Consent of Guaranty

 Exhibit 10.3 
 RATIFICATION AND CONSENT OF GUARANTY 
 THIS
RATIFICATION AND CONSENT OF GUARANTY (this “Ratification and Consent”) is made as of the
31st day of March, 2011, by UNILENS VISION, INC., a
Delaware corporation having an address of 1780-400 Burrard Street, Vancouver, B.C. V6C 3A6 (“Guarantor”), for the benefit of REGIONS BANK, an Alabama banking corporation, having an address of 100 North Tampa Street,
Suite 3100, Tampa, Florida 33602 (“Lender”). 
 RECITALS 

WHEREAS, Unilens Corp. USA, a Delaware corporation and Unilens Vision Sciences Inc., a Delaware corporation (together,
“Borrower”) made, executed and delivered to Lender certain instruments evidencing a revolving loan and term loan from Lender to Borrower (the “Original Loan”), including the following which, together with any and
all other Loan Documents executed in favor of Lender in connection with the Original Loan, are described as follows: 
 A. Term
Note dated November 9, 2009, in the original principal amount of $6,900,000.00, as amended and restated by that certain Amended and Restated Term Note dated as of August 12, 2010 made by Borrower in the original principal amount of
$5,400,000.00 (“Original Term Note”); 
 B. Revolving Credit Note dated November 9, 2009, in the original
principal amount of $1,500,000.00, as amended and restated by that certain Amended and Restated Revolving Credit Note dated as of August 12, 2010, made by Borrower in the original principal amount of $1,500,000.00 (“Original Revolving
Note”); 
 C. Credit and Security Agreement dated November 9, 2009, as amended by that certain Joinder Agreement
and First Amendment to Credit and Security Agreement and other Loan Documents dated as of August 12, 2010, by and between Borrower and Lender (“Loan Agreement”); 

D. All other documents (“Other Documents”) made, executed and delivered to Lender in connection with the Original Loan.

 (The Original Term Note, Original Revolving Note, Loan Agreement and the Other Documents are hereinafter referred to, collectively, as the
“Original Loan Documents”.) 
 WHEREAS, the obligations of Borrower to Lender are guaranteed by
Guarantor pursuant to that certain Continuing and Unconditional Guaranty executed by Guarantor dated as of November 9, 2009, as ratified pursuant to that certain Ratification and Consent of Guaranty dated as of August 12, 2010 (the
“Guaranty”); 
 WHEREAS, subject to certain terms and conditions, Lender has agreed to modify the
payment terms and certain other provisions under the Original Loan Documents pursuant to the following: 
 Y. Second Amended and
Restated Term Note dated on or about the date hereof (“Term Note”) made by Borrower in favor of Lender; and 

  
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 Z. Second Amendment to Credit and Security Agreement dated on or about the date hereof
(“Second Amendment”; together with the Term Note, “Amended Loan Documents”) between Borrower and Lender. 
 WHEREAS, Guarantor acknowledges that the modification of the Original Loan by Lender confers a real and substantial benefit upon it and further acknowledges that this Ratification and Consent is
supported by good and valuable consideration. 
 TERMS 

NOW, THEREFORE, in consideration of the foregoing, the sum of Ten and No/100 Dollars ($10.00), the recitals hereinabove set forth which
are an integral part of this Ratification and Consent and not mere recitals hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby agrees as follows: 

1. Guarantor acknowledges and consents to the execution and delivery of the Amended Loan Documents and all terms and conditions thereof.

 2. Guarantor confirms, ratifies and reaffirms all its obligations under the Guaranty in all respects and acknowledges and
agrees that (a) the Guaranty is in full force and effect, (b) the Guaranty is and shall continue to be unequivocally and irrevocably enforceable against Guarantor, (c) Guarantor’s obligations under the Guaranty extend to the
Amended Loan Documents, and (d) Guarantor is, and continues to be, liable to Lender pursuant to the Guaranty in each and every particular as set forth therein. 
 3. Guarantor acknowledges and agrees that its obligations under the Guaranty are not subject to (and Guarantor hereby irrevocably waives any right he or she has or might acquire to assert) any defense,
counterclaim, setoff, right of recoupment or abatement, or other claim against Lender (including without limitation any defenses, counterclaims, setoffs, rights of recoupment or abatement, and other claims of Borrower against Lender) for any matter
occurring or arising on or before the date of this Ratification and Consent. 
 4. Guarantor represents and warrants to Lender
that (a) all Guarantor’s representations and warranties to Lender in the Guaranty and any other document executed by Guarantor in connection therewith (“Guaranty Documents”) are true and correct on this date, as if made on
this date, except to the extent any of them expressly relate to an earlier date, and (b) since the date of the most recent financial statements of Guarantor delivered to Lender, there has not been any material adverse change in Guarantor’s
financial condition. 
 5. Guarantor acknowledges that the liability of Guarantor under the Guaranty is not affected or
diminished in any manner by the terms of the Term Note or the Second Amendment and that the liability of Guarantor includes all advances made by Lender to Borrower pursuant thereto, to the same extent as if the Term Note and Second Amendment were
executed and in effect on the date of the Guaranty. 
 6. Guarantor agrees that Lender, by requesting this Ratification and
Consent, will not be deemed to have waived any of its rights to enforce the Guaranty upon any subsequent modification of the terms of the extension of the loan or the documents evidencing and securing them, whether or not a similar reaffirmation is
executed at the time of such subsequent modification. 

  
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 7. The Guarantor acknowledges that, as of the date hereof, Guarantor has no defenses,
claims, counterclaims or rights of set-off, legal or equitable, arising out of or in connection with the loan transaction contemplated by the Amended Loan Documents or any prior loan documents, including, without limitation, the Original Term Note,
Original Revolving Note or Loan Agreement and all documents executed in connection therewith between the Borrower, Guarantor and the Lender. The Guarantor waives and releases, acquits, satisfies and forever discharges the Lender and its affiliates,
successors and assigns from any and all claims, counterclaims, defenses, actions, causes (legal or equitable), promises and demands whatsoever in law or in equity which the Guarantor ever had, now has or which any successor or assign thereof
hereafter can, shall or may have against the Lender or its affiliates, successors or assigns, upon or by reason of any manner, or cause or thing whatsoever through the date hereof. Guarantor further acknowledges that Lender is relying upon the
releases granted herein in extending the agreements contemplated hereunder. 
  

			
	 GUARANTOR:
  

UNILENS VISION, INC., a Delaware corporation

		
	By:	 	 /s/ Michael J. Pecora

		 	 Michael J. Pecora

President

  

					
	STATE OF	 	 Delaware
	 	
	COUNTY OF	 	 New Castle
	 	

 The foregoing instrument was acknowledged before me this 31 day of March, 2011, by Michael J.
Pecora, as President of UNILENS VISION, INC., a Delaware corporation, on behalf of the corporation, who is personally known to me or has produced Florida (state) driver’s license or
                                         
                                as identification. 

 

					
	My Commission Expires:    December 22, 2011	  	 /s/ Jean Marie Wagner

		  	Notary Public (Signature)
	(AFFIX NOTARY SEAL)	  	 Jean Marie Wagner

		  	(Printed Name)

  
 16

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