Document:

<PAGE>

                                                                   EXHIBIT 10.46

                                PROMISSORY NOTE
                                ---------------

$100,000                                                       November 11, 1999
                                                            Monrovia, California

     FOR VALUE RECEIVED, the receipt and sufficiency of which is acknowledged,
Peter J. Utrata, M.D. ("Maker"), hereby promises to pay to STAAR Surgical
Company, or order ("Holder"), at the address designated on the signature page of
this Note, or at such other place as Holder may designate by written notice to
Maker, the principal sum hereinbelow described ("Principal Amount"), together
with interest thereon, in the manner and at the times provided and subject to
the terms and conditions described herein.

     1.   Principal Amount.
          ----------------

          The Principal Amount means the sum of One Hundred Thousand Dollars
($100,000).

     2.   Interest.
          --------

          Interest on the Principal Amount from time-to-time remaining unpaid
shall accrue from the date of this Note at the lowest rate that may accrue
without causing the imputation of interest under the Internal Revenue Code.
Interest shall be computed on the basis of a three hundred sixty (360) day year
and a thirty (30) day month.

     3.   Payment of Principal and Interest.
          ---------------------------------

          Subject to paragraph 8, below, Maker shall pay the Principal Amount
and all accrued and unpaid interest on the Principal Amount and all other
indebtedness due under this Note three (3) years from the date of this Note, on
November 10, 2002.

     4.   Prepayments.
          -----------

          Maker shall have the right to prepay any portion of the Principal
Amount without prepayment penalty or premium or discount.

     5.   Manner of Payments/Crediting of Payments.
          ----------------------------------------

          Payments of any amount required hereunder shall be made in lawful
money of the United States or in such other property as Holder, in its sole and
absolute discretion, may accept, without deduction or offset, and shall be
credited first against accrued but unpaid late charges, if any, thereafter
against accrued but unpaid interest, if any, and thereafter against the unpaid
balance of the Principal Amount.

                                       1
<PAGE>

     6.   Maker Waivers.
          -------------

          Maker waives notice of acceptance hereof, presentment and demand for
payment, protest and notice of dishonor or default, trial by jury, and the right
to interpose any set-off or counterclaim of any description.  No delay or
omission on the part of Holder in exercising any rights under this Note on
default by Maker, including, without limitation, Holder's right to accelerate,
nor reinstatement of this Note by Holder after such exercise, shall operate as a
waiver of Holder's right to exercise such right or of any other right under this
Note for the same default or any other default.  Maker consents to all
extensions without notice for any period or periods of time and to the
acceptance of partial payments before or after maturity, and to the acceptance,
release, and substitution of security, all without prejudice to Holder.  The
pleading of any statute of limitations as a defense to the obligations evidenced
by this Note is waived by Maker to the fullest extent permissible by law.

     7.   Interest on Delinquent Payments.
          -------------------------------

          Any payment under this Note not paid when due shall bear interest at
the same rate and method as interest is charged on the Principal Amount from the
due date until paid.

     8.   Acceleration Upon Default.
          -------------------------

          At the option of Holder, all or any part of the indebtedness of Maker
hereunder shall immediately become due and payable, irrespective of any agreed
maturity date, upon the happening of any of the following events of default:

          (a)   If any part of the Principal Amount and/or interest thereon
under this Note are not paid when due, provided, however, Maker shall be
entitled to a grace period of ten (10) days following written notice of such
event of default to cure said event of default;

          (b)   If Maker shall breach any non-monetary condition or obligation
imposed on Maker pursuant to the terms of this Note, provided, however, that if
any such breach is reasonably susceptible of being cured, Maker shall be
entitled to a grace period of thirty (30) days following written notice of such
event of default to cure;

          (c)   If Maker shall make an assignment for the benefit of creditors;

          (d)   If a custodian, trustee, receiver, or agent is appointed or
takes possession of substantially all of the property of Maker;

          (e)   If Maker shall be adjudicated bankrupt or insolvent or admit in
writing Maker's inability to pay Maker's debts as they become due;

          (f)   If Maker shall apply for or consent to the appointment of a
custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or
commence any proceeding related to Maker under any bankruptcy or reorganization
statute, or under any arrangement, insolvency, readjustment of debt,
dissolution, or liquidation law of any jurisdiction, whether now or hereafter in
effect;

                                       2
<PAGE>

          (g)   If any petition is filed against Maker under the Bankruptcy Code
and either (A) the Bankruptcy Court orders relief against Maker, or (B) such
petition is not dismissed by the Bankruptcy Court within thirty (30) days of the
date of filing; or

          (h)   If any attachment, execution, or other writ is levied on
substantially all of the assets of Maker and remains in effect for more than
five (5) days.

Maker shall notify Holder immediately if any event of default which is described
in sub-paragraph (c) through sub-paragraph (h), above, occurs.

     9.   Collection Costs and Attorneys' Fees.
          ------------------------------------

          Maker agrees to pay Holder all costs and expenses, including
reasonable attorneys' fees, paid or incurred by Holder in connection with the
collection or enforcement of this Note or any instrument securing payment of
this Note, including without limitation, defending the priority of such
instrument or conducting a trustee sale thereunder.  In the event any litigation
is initiated concerning the enforcement, interpretation or collection of this
Note, the prevailing party in any proceeding shall be entitled to receive from
the non-prevailing party all costs and expenses including, without limitation,
reasonable attorneys' and other fees incurred by the prevailing party in
connection with such action or proceeding.

     10.  Notice.
          ------

          Any notice to either party under this Note shall be given by personal
delivery or by express mail, Federal Express, DHL or similar airborne/overnight
delivery service, or by mailing such notice by first class or certified mail,
return receipt requested, addressed to such party at the address set forth
below, or to such other address as either party from time to time may designate
by written notice.  Notices delivered by overnight delivery service shall be
deemed delivered the next business day following consignment for such delivery
service.  Mailed notices shall be deemed delivered and received in accordance
with this provision three (3) days after deposit in the United States mail.

     11.  Usury Compliance.
          ----------------

          All agreements between Maker and Holder are expressly limited, so that
in no event or contingency whatsoever, whether by reason of the consideration
given with respect to this Note, the acceleration of maturity of the unpaid
Principal Amount and interest thereon, or otherwise, shall the amount paid or
agreed to be paid to Holder for the use, forbearance, or detention of the
indebtedness which is the subject of this Note exceed the highest lawful rate
permissible under the applicable usury laws.  If, under any circumstances
whatsoever, fulfillment of any provision of this Note shall involve transcending
the highest interest rate permitted by law which a court of competent
jurisdiction deems applicable, then the obligations to be fulfilled shall be
reduced to such maximum rate, and if, under any circumstances whatsoever, Holder
shall ever receive as interest an amount that exceeds the highest lawful rate,
the amount that would be excessive interest shall be applied to the reduction of
the unpaid Principal Amount under this Note and not to the payment of interest,
or, if such excessive interest exceeds the unpaid balance of the Principal
Amount under this Note, such excess shall be refunded to Maker.  This provision
shall control every other provision of all agreements between Maker and Holder.

                                       3
<PAGE>

     12.  Jurisdiction; Venue.
          -------------------

          This Note shall be governed by, interpreted under and construed and
enforced in accordance with the laws of the State of California.  Any action to
enforce payment of this Note shall be filed and heard solely in Los Angeles
County, California.

                              MAKER:

                              _________________________
                              Peter J. Utrata, M.D.

                              MAKER'S ADDRESS:

                              1289 Arlington Avenue
                              Columbus, Ohio 43212

                              HOLDER'S ADDRESS:

                              STAAR SURGICAL COMPANY
                              1911 Walker Avenue
                              Monrovia, California 91016
                              Attn.:  Chief Financial Officer

                                       4<PAGE>

                                                                   Exhibit 10.47

                                PROMISSORY NOTE
                                ---------------

$55,259.63                                                     November 12, 1999
                                                            Monrovia, California

     FOR VALUE RECEIVED, the receipt and sufficiency of which is acknowledged,
John R. Wolf ("Maker"), hereby promises to pay to STAAR Surgical Company, or
order ("Holder"), at the address designated on the signature page of this Note,
or at such other place as Holder may designate by written notice to Maker, the
principal sum hereinbelow described ("Principal Amount"), together with interest
thereon, in the manner and at the times provided and subject to the terms and
conditions described herein.

     1.   Principal Amount.
          ----------------

          The Principal Amount means the sum of Fifty-five Thousand Two Hundred
Fifty-nine Dollars and Sixty-three cents ($55,259.63).

     2.   Interest.
          --------

          Interest on the Principal Amount from time-to-time remaining unpaid
shall accrue from the date of this Note at the lowest rate that may accrue
without causing the imputation of interest under the Internal Revenue Code.
Interest shall be computed on the basis of a three hundred sixty (360) day year
and a thirty (30) day month.

     3.   Payment of Principal and Interest.
          ---------------------------------

          Subject to paragraph 8, below, Maker shall pay the Principal Amount
and all accrued and unpaid interest on the Principal Amount and all other
indebtedness due under this Note three (3) years from the date of this Note, on
November 11, 2002.

     4.   Prepayments.
          -----------

          Maker shall have the right to prepay any portion of the Principal
Amount without prepayment penalty or premium or discount.

     5.   Manner of Payments/Crediting of Payments.
          ----------------------------------------

          Payments of any amount required hereunder shall be made in lawful
money of the United States or in such other property as Holder, in its sole and
absolute discretion, may accept, without deduction or offset, and shall be
credited first against accrued but unpaid late charges, if any, thereafter
against accrued but unpaid interest, if any, and thereafter against the unpaid
balance of the Principal Amount.

                                       1
<PAGE>

     6.   Maker Waivers.
          -------------

          Maker waives notice of acceptance hereof, presentment and demand for
payment, protest and notice of dishonor or default, trial by jury, and the right
to interpose any set-off or counterclaim of any description.  No delay or
omission on the part of Holder in exercising any rights under this Note on
default by Maker, including, without limitation, Holder's right to accelerate,
nor reinstatement of this Note by Holder after such exercise, shall operate as a
waiver of Holder's right to exercise such right or of any other right under this
Note for the same default or any other default.  Maker consents to all
extensions without notice for any period or periods of time and to the
acceptance of partial payments before or after maturity, and to the acceptance,
release, and substitution of security, all without prejudice to Holder.  The
pleading of any statute of limitations as a defense to the obligations evidenced
by this Note is waived by Maker to the fullest extent permissible by law.

     7.   Interest on Delinquent Payments.
          -------------------------------

          Any payment under this Note not paid when due shall bear interest at
the same rate and method as interest is charged on the Principal Amount from the
due date until paid.

     8.   Acceleration Upon Default.
          -------------------------

          At the option of Holder, all or any part of the indebtedness of Maker
hereunder shall immediately become due and payable, irrespective of any agreed
maturity date, upon the happening of any of the following events of default:

          (a) If any part of the Principal Amount and/or interest thereon under
this Note are not paid when due, provided, however, Maker shall be entitled to a
grace period of ten (10) days following written notice of such event of default
to cure said event of default;

          (b) If Maker shall breach any non-monetary condition or obligation
imposed on Maker pursuant to the terms of this Note, provided, however, that if
any such breach is reasonably susceptible of being cured, Maker shall be
entitled to a grace period of thirty (30) days following written notice of such
event of default to cure;

          (c) If Maker shall make an assignment for the benefit of creditors;

          (d) If a custodian, trustee, receiver, or agent is appointed or takes
possession of substantially all of the property of Maker;

          (e) If Maker shall be adjudicated bankrupt or insolvent or admit in
writing Maker's inability to pay Maker's debts as they become due;

          (f) If Maker shall apply for or consent to the appointment of a
custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or
commence any proceeding related to Maker under any bankruptcy or reorganization
statute, or under any arrangement, insolvency, readjustment of debt,
dissolution, or liquidation law of any jurisdiction, whether now or hereafter in
effect;

                                       2
<PAGE>

          (g) If any petition is filed against Maker under the Bankruptcy Code
and either (A) the Bankruptcy Court orders relief against Maker, or (B) such
petition is not dismissed by the Bankruptcy Court within thirty (30) days of the
date of filing; or

          (h) If any attachment, execution, or other writ is levied on
substantially all of the assets of Maker and remains in effect for more than
five (5) days.

Maker shall notify Holder immediately if any event of default which is described
in sub-paragraph (c) through sub-paragraph (h), above, occurs.

     9.   Collection Costs and Attorneys' Fees.
          ------------------------------------

          Maker agrees to pay Holder all costs and expenses, including
reasonable attorneys' fees, paid or incurred by Holder in connection with the
collection or enforcement of this Note or any instrument securing payment of
this Note, including without limitation, defending the priority of such
instrument or conducting a trustee sale thereunder.  In the event any litigation
is initiated concerning the enforcement, interpretation or collection of this
Note, the prevailing party in any proceeding shall be entitled to receive from
the non-prevailing party all costs and expenses including, without limitation,
reasonable attorneys' and other fees incurred by the prevailing party in
connection with such action or proceeding.

     10.  Notice.
          ------

          Any notice to either party under this Note shall be given by personal
delivery or by express mail, Federal Express, DHL or similar airborne/overnight
delivery service, or by mailing such notice by first class or certified mail,
return receipt requested, addressed to such party at the address set forth
below, or to such other address as either party from time to time may designate
by written notice.  Notices delivered by overnight delivery service shall be
deemed delivered the next business day following consignment for such delivery
service.  Mailed notices shall be deemed delivered and received in accordance
with this provision three (3) days after deposit in the United States mail.

     11.  Usury Compliance.
          ----------------

          All agreements between Maker and Holder are expressly limited, so that
in no event or contingency whatsoever, whether by reason of the consideration
given with respect to this Note, the acceleration of maturity of the unpaid
Principal Amount and interest thereon, or otherwise, shall the amount paid or
agreed to be paid to Holder for the use, forbearance, or detention of the
indebtedness which is the subject of this Note exceed the highest lawful rate
permissible under the applicable usury laws.  If, under any circumstances
whatsoever, fulfillment of any provision of this Note shall involve transcending
the highest interest rate permitted by law which a court of competent
jurisdiction deems applicable, then the obligations to be fulfilled shall be
reduced to such maximum rate, and if, under any circumstances whatsoever, Holder
shall ever receive as interest an amount that exceeds the highest lawful rate,
the amount that would be excessive interest shall be applied to the reduction of
the unpaid Principal Amount under this Note and not to the payment of interest,
or, if such excessive interest exceeds the unpaid balance of the Principal
Amount under this Note, such excess shall be refunded to Maker.  This provision
shall control every other provision of all agreements between Maker and Holder.

                                       3
<PAGE>

     12.  Jurisdiction; Venue.
          -------------------

          This Note shall be governed by, interpreted under and construed and
enforced in accordance with the laws of the State of California.  Any action to
enforce payment of this Note shall be filed and heard solely in Los Angeles
County, California.

                              MAKER:

                              _________________________
                              John R. Wolf

                              MAKER'S ADDRESS:

                              1496 Bedford Road
                              San Marino, California 91108

                              HOLDER'S ADDRESS:

                              STAAR SURGICAL COMPANY
                              1911 Walker Avenue
                              Monrovia, California 91016
                              Attn.:  Chief Financial Officer

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]