Document:

Exhibit 10.1

 

	
   

  	
  August 28,
  2003

  
	
   

  
	
  Verus
  Support Services Inc.

  
	
  18 East 50th
  Street, 10th Floor

  
	
  New York, NY
  10022

  

 

Gentlemen:

 

Reference is
made to that certain letter agreement, dated March 6, 2003, relating to the
Verus Contingent Subscription (the “Contingent Subscription Agreement”), from
Verus Support Services Inc. (“Verus”) to Refocus Group, Inc. (“Refocus”), and
that certain related letter agreement, dated June 11, 2003.  Defined terms used without definition in
this letter will have the meanings set forth for such terms in the Contingent
Subscription Agreement. In addition, Verus and Refocus are parties to that
certain letter agreement, dated March 6, 2003, relating to the Advisory
Engagement (the “Advisory Agreement”) pursuant to which Verus agreed to be
appointed as a non-exclusive advisor for and on behalf of Refocus (as successor
to Presby Corp).

 

As set forth
in the Contingent Subscription Agreement, Verus agreed to provide the Verus
Contingent Subscription in order to ensure that Refocus will receive at least
$1.0 million in gross proceeds in the Post-Closing Private Placement by the end
of the six-month period following the date of the Contingent Subscription
Agreement, which would be September 6, 2003. The parties now desire to amend
the terms of the Contingent Subscription Agreement to extend the date on which
Verus would be required to make the Verus Contingent Subscription from
September 6, 2003, to the earlier of (i) December 6, 2003, or (ii) the date
upon which Refocus shall secure at least $1.0 million in additional financing
from other sources (such extended time period being the “Deferral Period”).

 

In the case of
clause (ii) above, if the additional financing shall be on terms at least as
favorable as the initial private placement of Refocus completed on March 6,
2003, then, as set forth in the Contingent Subscription Agreement, Verus shall
be released from its obligation to make the Verus Contingent Subscription.  If, however, the terms of the additional
financing shall not be on terms at least as favorable as those of the private
placement, then the parties agree to negotiate in good faith to determine the
type and amount of the Verus Contingent Subscription.  Verus shall make such revised Verus Contingent Subscription
within ten (10) days after the closing date of the additional financing.  In addition, in the event of a merger,
acquisition, asset or stock purchase, or other business combination resulting
in a change of control of Refocus, Verus shall be released from its obligation
to make the Verus Contingent Subscription. 
For purposes of this letter, a “change in control” shall be deemed to
occur if any “person” or “group” (within the meaning of Section 13(d) and
14(d)(2) of the Securities Exchange Act of 1934) becomes the ultimate “beneficial
owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of
more than a majority of the total voting power of common stock of Refocus.  Nothing in this letter agreement shall be
deemed to be a

 

 

release of Verus’ obligation to
make the Verus Contingent Subscription, except as stated herein or as otherwise
agreed to in writing.

 

Pending the
performance by Verus of the Verus Contingent Subscription, or the satisfaction
of such obligation as a result of a closing of the Post-Closing Private
Placement, and as compensation for the deferral of the Verus Contingent
Subscription obligation, the parties hereby agree that monthly fees otherwise
due under the Advisory Agreement, commencing with the fee due for September
2003 and continuing during the Deferral Period, shall be waived. The Advisory
Agreement and all other terms and conditions of such agreement shall remain
valid and effective for all other purposes during the Deferral Period.  Such monthly fee payment obligation shall
commence again beginning the earlier of (i) December 6, 2003, or (ii) the first
full calendar month following the month in which Verus makes the Verus
Contingent Subscription or such obligation is otherwise satisfied.

 

This letter is
entered into by the parties hereto without prejudice to either party’s rights
to assert any claim, right or remedy in respect of the validity of the original
Contingent Subscription Agreement.

 

Please confirm
your agreement to the foregoing by signing and returning to us an executed copy
of this letter.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  REFOCUS
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged
  and Agreed to:

  	
   

  
	
   

  	
   

  
	
  VERUS
  SUPPORT SERVICES, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
										

 

2Exhibit
10.2

 

 

AGREEMENT

 

 

This
agreement is entered into as of June 1, 2003 by and between Refocus Group,
Inc.  (“Client”) and Promedica
International, a California corporation, (“Promedica International”) as
follows:

 

1.                                      Services

 

A.                                   Promedica International will render during
effectiveness of this agreement such services as outlined in the scope of work
and Client will review any work specified for review within the timeframe
indicated.

 

B.                                     Special Services. 
In addition to the proposed services, Promedica International is
prepared to provide additional special services, as Client shall request.  Before Promedica International begins any
such Special Services, Client and Promedica International shall agree upon the services
to be provided and Promedica International’s compensation thereof.

 

2.                                      Confidentiality

 

Promedica International agrees not to divulge to any third party any
proprietary or confidential information, or other materials provided by Client,
except as authorized by Client or as required by legal process.  Promedica International also agrees that any
reports, marketing information, or other materials provided by Client for
Promedica International’s exclusive use shall not be divulged by Promedica
International to any third party.

 

3.                                      Compensation

 

In consideration of the services to be performed by Promedica
International, Client will compensate Promedica International in accordance
with the following standard billing practices:

 

(a)          Client will compensate Promedica International for the Project as
defined in the associated proposal.  A
deposit as specified in the attached scope of work will be due at project
initiation.  Promedica International
will retain the deposit until project completion, termination of this
agreement, or at its discretion, apply the deposit against invoices over 60
days late.  In the event the deposit is
applied toward late invoices, the full deposit amount will be due prior to
continuation of contract services. Upon project completion or termination of
this agreement, this deposit will be applied toward any unpaid fees and
expenses.

 

(b)         Client will reimburse Promedica International for reasonable expenses
incurred; including postage and travel, and also including any other expenses
that have been approved in advance by Client. 

 

4.             Billing
Procedures

 

(a)          All invoices shall be due fifteen (15) days after the date of issue.

 

(b)         If Client fails to make any payment due hereunder within fifteen (15)
days after the same falls due, Client shall pay, in addition to the amount due,
interest thereon at 12% per annum as of the due date of such payment.

 

5.                                      Term and Termination

 

(a)          The term of this agreement shall commence as of June 1, 2003 and will
continue until Client or Promedica International terminate with or without
cause by giving the other thirty (30) days’ written notice. In the event of
premature termination, Client will pay for services rendered and expenses
incurred through the date of termination and Promedica International shall
refund any unused portion of the deposit paid by Client to Promedica
International under paragraph 3(a) above.

 

(b)         Upon the effective date of the termination of this Agreement, all
property in Promedica International’s possession belonging to Client pursuant
to the terms of Section 6 thereof and all contracts for services and materials
entered into by Promedica International for Client shall be returned/or
assigned to Client.

 

6.                                      Ownership

 

With the exception of database programs, formulas, modifications, and
algorithms (collectively, “Programs”) which shall in all events remain the
property of Promedica International, all other materials submitted or developed
by Promedica International for Client during the term of this agreement and
paid for by Client shall be Client’s property provided that either: (a) Client
uses such materials at least once prior to the termination hereof; or (b)
Client indicates in writing to Promedica International during the term hereof
that such materials are specifically within the Client’s designated plans for
adoption and exploitation.  All such
materials not so used or designated shall be Promedica International’s
property.  Client understands that
certain materials obtained by Promedica International from third parties,
including database software, have been or may be obtained pursuant to a license
with a vendor and Promedica International has not obtained title to those
products.  Accordingly, Client
understands that it is obtaining no legal right or title to these specific
materials.  Client hereby sells, transfers,
and assigns to Promedica International all rights Client may now or hereafter
have in the Programs.

 

2

 

7.                                      Indemnification

 

A.                                   Client shall be responsible for the accuracy,
completeness and propriety of information concerning its organization,
capabilities, products, services, and data, which it furnishes to Promedica
International.  It will be Client’s
responsibility to review all materials prepared by Promedica International
under this agreement to confirm that representations, direct or implied, with
respect to Client are supportable by competent and reliable tests or other
objective data then possessed by Client, as well as to confirm the accuracy and
legality of the descriptions of Client’s products or services.

 

B.                                     Except
for claims based on the gross negligence or willful misconduct of Promedica
International, Client shall defend, indemnify and hold Promedica International
harmless from and against any and all losses, damages, liabilities, claims,
demands, suits, and expenses (including reasonable attorneys’ fees) that
Promedica International may incur or be liable for as a result of any claim,
suit, or proceeding made or brought against Promedica International based upon
or arising out of:

 

(a) any descriptions of Client’s products or services contained in
clinical or market research material created, placed, or produced by Promedica
International;

 

(b) any service performed by Promedica International for Client
hereunder; or

 

(c) any alleged or actual defects in Clients products.

 

C.                                     CLIENT AGREES THAT PROMEDICA INTERNATIONAL SHALL
HAVE NO LIABILITY FOR ANY CONSEQUENTIAL, INCIDENTAL, OR SPECIAL DAMAGES, OR FOR
LOSS OF PROFITS ARISING OUT OF SERVICES PERFORMED OR OMITTED TO BE PERFORMED BY
PROMEDICA INTERNATIONAL HEREUNDER, OR OUT OF ANY BREACH OR ALLEGED
BREACH OF THIS AGREEMENT.  CLIENT
FURTHER AGREES THAT THE AMOUNT OF ANY DAMAGE TO WHICH IT MAY BE ENTITLED FROM
PROMEDICA INTERNATIONAL FOR ANY BREACH OR ALLEGED BREACH OF THIS AGREEMENT OR
OTHERWISE IN CONNECTION WITH THE SERVICES TO BE PERFORMED BY PROMEDICA
INTERNATIONAL HEREUNDER SHALL BE LIMITED TO THE AMOUNT PAID TO PROMEDICA
INTERNATIONAL UNDER THIS CONTRACT.

 

D.                                    After
Promedica International has issued material to the press or to another third
party, its use is no longer under Promedica International’s control.  Promedica International can therefore not
assure the use of its press material by any publication, nor, if published, that it will be accurate.

 

3

 

8.  Document
Storage

 

Client agrees that Promedica International’s duty regarding document
storage is limited to retaining study records in a normal business manner.  Promedica International has no liability for
loss of records caused by third parties or acts of God.

 

9.  CRO/Client

 

In purchasing materials or services on Client’s behalf as set forth in
the attached proposal, Promedica International will be acting as Client’s
agent.  All orders placed will be under
Promedica International’s name, and Client will reimburse the expenses upon
receipt of Promedica International’s invoice.

 

10.  Entire Agreement

 

This Agreement and the attachments hereto constitute the entire
agreement with respect to the subject matter hereof, and may only be modified
or amended in writing signed by the party to be charged.

 

11.  Construction

 

This Agreement shall be construed in accordance with and governed by the
laws of the State of California.

 

12.  Titles

 

Titles are for reference only. 
In the event of a conflict between a title and the content of a section,
the content of the section shall control.

 

13.  Miscellaneous

 

The parties agree and stipulate that this Agreement is made in
California.  Any controversy that cannot
be settled by agreement of the parties shall be settled by arbitration in
Orange County, California in accordance with the civil reference procedures set
forth in the California Code of Civil Procedure, and judgment upon the award
rendered shall be entered in any court having jurisdiction thereof.

 

This
Agreement is accepted by:

 

	
  Promedica
  International

  	
  Refocus
  Group, Inc.

  
	
  a
  California corporation

  	
   

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
  Its

  	
   

  	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
  Date

  	
   

  	
   

  	
  Date

  	
   

  	
   

  
										

 

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