Document:

EX-10.66

EXECUTIVE EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is made and entered into as of November 27, 2007,
by and between STAAR Surgical Company, a Delaware corporation (“STAAR”), and Barry G. Caldwell
(“the Executive”).

RECITALS

A. STAAR wishes to retain the services of the Executive and the Executive wishes to render
services to STAAR as its President and Chief Executive Officer

B. The Executive and STAAR wish to enter into this Agreement to establish the terms and
conditions of the Executive’s employment.

C. STAAR and the Executive intend this Agreement to supersede and replace any and all other
employment agreements or arrangements for employment entered into between them, and intend that any
such understandings or arrangements will have no further force or effect.

NOW, THEREFORE, in consideration of the mutual promises, covenants, and agreements contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

Effective Date; Term

1.1 Employment; Effective Date. STAAR agrees to employ the Executive, and the Executive
hereby agrees to accept employment with STAAR, under the terms and subject to the conditions set
forth in this Agreement. This Agreement shall become effective when signed by both the Executive
and the authorized representative of STAAR (the “Effective Date”).

1.2 Term of Employment. Subject to extension in accordance with Section 1.3, the term
of this Agreement shall commence on the Effective Date and shall continue until the first
anniversary of the Effective Date (the “Initial Term”), unless terminated earlier in accordance
with Article 5 of this Agreement.

1.3 Extension of Term. The term of this Agreement shall be automatically extended by one (1)
year from the expiration of the Initial Term and on each subsequent anniversary of the Effective
Date, unless STAAR elects not to so extend the term of the Agreement by notifying the Executive, in
writing, of such election not less than six (6) months prior to the last day of the Term as then in
effect. Any extension shall become effective immediately as of the day following the date which is
six (6) months prior to the last day of the Term as then in effect. For purposes of this
Agreement, the “Term” shall mean the period commencing on the Effective Date and ending on the last
day of the Initial Term or, if applicable, the last day of the latest one-year extension of this
Agreement in accordance with this Section 1.3.

ARTICLE 2

Employment; Duties

2.1 Position. The Executive shall be employed as President and Chief Executive Officer of
STAAR, and shall, during the term of the Executive’s employment, serve in such position or in such
other position or positions as the Board of Directors of STAAR (the “Board”) may reasonably request
from time to time. The Executive shall report directly to the Board.

2.2 Duties. During the term of the Executive’s employment, the Executive shall devote the
Executive’s full time, efforts, abilities, and energies to STAAR’s business and shall use the
Executive’s best efforts, skill, and abilities to promote the general welfare and interests of
STAAR. The Executive shall loyally, conscientiously, and professionally perform all duties and
responsibilities reasonably assigned by STAAR and the Executive’s superiors, and shall comply with
all of STAAR’s personnel policies and procedures, including without limitation those contained in
STAAR’s Employee Handbook. The Executive’s services shall be performed at STAAR’s headquarters in
Monrovia, California.

2.3 Other Activities. Except with the prior written approval of the Board, which the Board
may grant or withhold in its sole and absolute discretion, the Executive shall not, during the term
of the Executive’s employment, be actively engaged in any other business activity, including, but
not limited to, activity as a consultant, agent, partner, officer or director, or provide business
services of any nature directly or indirectly to a corporation or other business enterprise;
provided, however, that so long as the activities do not interfere with the Executive’s duties and
responsibilities hereunder, the Executive may participate in other business activities for
non-profit institutions from time to time. Notwithstanding the foregoing, it shall not be a breach
of this Agreement for the Executive to serve on civic or charitable boards or committees, or to
invest the Executive’s personal assets in other businesses or ventures to the extent that such
other activities, businesses or ventures do not materially interfere with the performance of the
Executive’s duties under this Agreement. None of the foregoing shall in any way modify the
Executive’s responsibilities hereunder, including without limitation the Executive’s
responsibilities under Articles 7 and 8. Notwithstanding anything herein to the
contrary, the Executive shall be entitled to perform any obligations under the Executive’s existing
Consulting Agreement with IRIDEX Corporation through January 15, 2008.

2.4 Board Service. During the Term the Board shall nominate the Executive for re-election to
the Board at the conclusion of each term as director, unless the Executive elects not to stand for
election, or a Notice of Termination or Non-Renewal Notice has been delivered prior to Annual
Meeting of Stockholders at which such re-election would occur. The Executive shall not receive
additional consideration for service on the Board.

ARTICLE 3

Compensation

3.1 Base Compensation.

(a) Cash. STAAR shall pay the Executive a base salary (the “Initial Base Salary”) at
the annual rate of $300,000, to be paid on a bi-weekly basis. The Executive’s annual salary will
be reviewed annually by the Board of Directors for the purpose of determining whether, at the sole
discretion of the Board, the Executive’s salary shall be increased. (In this Agreement the term
“Base Salary” shall mean, as of any date, the Initial Base Salary , plus all discretionary
increases of annual pay made by the Board up to and including such date.)

(b) Equity Compensation. The Executive’s annual base compensation for the first year
of service under this Agreement shall include shares of restricted stock, to be granted pursuant to
the 2003 Omnibus Equity Incentive Plan (the “Plan”), in a number of shares equal to $100,000
divided by the closing price of STAAR’s common stock on the Nasdaq Global Market on the third
trading day following the public announcement of this Agreement. In each subsequent year on or as
close as practicable to the anniversary of the Effective Date the Executive Officer shall receive
restricted shares of STAAR’s common stock in an amount equal to $100,000 divided by the closing
price of STAAR’s common stock on the Nasdaq Global Market (or such other exchange or market on
which the common stock is then principally traded) on the third day following the date of
announcement of preliminary financial results for the third fiscal quarter (or, if no announcement
of preliminary financial results is made, the third day following the date such results are
published in STAAR’s quarterly report). If STAAR’s common stock is not then actively traded on any
exchange or market, the shares to be granted pursuant to this Section 3.1(a) shall be granted on
the anniversary of the Effective Date and have a market value of $100,000 as determined in good
faith by the Board. The shares of restricted stock granted under this Section 3.1(b) shall
be subject to vesting restrictions pursuant to the form of Restricted Stock Agreement appended to
the Plan. During the Initial Term the restricted shares granted under this Section shall vest in
twelve equal monthly installments at the end of each month following the Effective Date. During
any Renewal Term the restricted shares granted under this Section shall vest in twelve equal
monthly installments at the end of each month following the anniversary of the Effective Date.

3.2 Bonus. In addition to the base salary described above, the Executive will be eligible for
an annual performance bonus of up to 60% of annual base compensation (including for such purpose
the equity compensation provided pursuant to Section 3.1(b) at a value of $100,000), to be based on
such bonus plans or programs as those for which similarly situated executive employees of STAAR are
eligible, subject to and in accordance with the terms, conditions and overall administration of
such bonus plans or programs and at the sole discretion of STAAR. STAAR’s present executive
performance bonus program provides for the determination and payment of any performance bonus for
each executive during the first quarter of each calendar year, based on an evaluation of such
executive’s performance in the previous year against objectives established by the Compensation
Committee of the Board. STAAR reserves the right to change its basis for paying performance
bonuses at any time or from time to time and to modify or discontinue any bonus plan or program.
Nothing herein is intended or shall be construed to require the institution or continuation of any
bonus plan or program, or to entitle the Executive to receive any bonus. Active employment at
STAAR on the date of the bonus payment is a condition precedent to earning the bonus.

3.3 Stock Options or Other Equity-Based Awards. Subject to approval by the Board at its next
regular meeting after the effective date of this Agreement, STAAR will grant to the Executive an
option to purchase two hundred thousand (200,000) shares of STAAR’s common stock. The options will
be granted pursuant to the Plan, with the grant effective on the date approved by the Board. The
options will vest in equal increments on each of the first three anniversaries of the Effective
Date, subject to continued service. Pursuant to the Plan, the exercise price per share will be the
closing price of STAAR’s common stock on the Nasdaq Global Market at the close of business on the
date when the grant is effective (or at the close of business on the next trading day if such
effective date is not a trading day). The Executive shall be eligible to receive awards under such
stock option or other equity award plans or programs as are generally available from time to time
to similarly situated executive employees of STAAR, subject to and in accordance with the terms,
conditions and overall administration of such plans or programs. Such grants shall be at the
exclusive discretion of the Board and nothing herein is intended to or shall be construed to
require STAAR to issue any stock option or other equity award to the Executive.

3.4 Withholding. STAAR shall deduct or withhold from the compensation and benefits payable to
the Executive hereunder any and all sums required for federal income and employment and other taxes
and all state or local income and other taxes now applicable or that may be enacted and become
applicable during the term of the Executive’s employment.

3.5 Relocation Assistance. In consideration of the Executive’s accepting full time employment
in southern California, STAAR will provide the following relocation assistance:

(a) STAAR will reimburse the Executive for the cost of a serviced executive apartment in the
vicinity of STAAR’s offices for a period of twelve (12) months from the date he commences
employment, and will also pay for two round trips each month between California and Fort Worth,
Texas for either the Executive or his spouse.

(b) If the Executive elects to sell his home in Texas in order to purchase a residence in
Southern California as his principal residence, then STAAR will reimburse all reasonable related
costs, including realtor’s commissions, legal fees, title insurance, mortgage pre-payment
penalties, closing costs and other customary non-recurring fees, and will pay moving expenses for
personal possessions, household goods and up to two automobiles, and storage of personal property
for a period of up to three (3) months. This assistance will be available at the Executive’s
election only until the first anniversary of the Effective Date, provided the Board may at its sole
discretion extend its availability. If the Executive terminates employment pursuant to a Voluntary
Resignation Without Good Reason during the first twelve months of employment, the Executive shall
refund to STAAR any amounts paid under this Section 3.5(b).

(c) Reimbursement payments under this Section 3.5 shall be conditioned on the submission of
documentation of the expense to be reimbursed.

ARTICLE 4

Employee Benefits

4.1 Employee Benefits. During the term of the Executive’s employment, the Executive shall be
entitled to participate in or receive such benefits and perquisites as are provided generally from
time to time to similarly situated executive employees of STAAR, subject to and in accordance with
the terms, conditions and overall administration of the benefit plans pertaining to such benefits,
including such benefits provided to dependents, including without limitation executive level
health, dental and life insurance coverage. Nothing herein is intended or shall be construed to
require the institution or continuation of any plan or benefits. STAAR may, in its sole
discretion, grant such additional benefits to the Executive from time to time as STAAR deems proper
and desirable.

4.2 Office Support. The Executive shall be entitled to receive secretarial and other office
support commensurate with the Executive’s position and consistent with the general policies and
practices of STAAR.

4.3 Vacation. During the term of the Executive’s employment, the Executive shall be entitled
to three weeks of paid vacation per year, which, to the extent unused in any given year, may be
carried over to the following year, but only to the extent permitted by the policies of STAAR then
in effect and by applicable laws and regulations.

4.4 Business Expenses.

(a) Reimbursement. STAAR shall reimburse the Executive for all reasonable and authorized
business expenses incurred by the Executive during the term of the Executive’s employment.

(b) Business Travel. STAAR shall reimburse the Executive for expenses incurred for
business-related travel in accordance with STAAR’s travel reimbursement policy.

(c) Documentation. As a condition to reimbursement under this Section 4.4, the
Executive shall furnish to STAAR on a timely basis adequate records and other documentary evidence
required by federal and state statutes and regulations for the substantiation of each expenditure.
The Executive acknowledges and agrees that failure to furnish the required documentation may result
in STAAR denying all or part of the expense for which reimbursement is sought.

ARTICLE 5

Termination of Employment

The Executive’s employment hereunder shall be terminated, or may be terminated, as the case
may be, under the following circumstances:

5.1 Termination upon Death. The Executive’s employment shall terminate on the Executive’s
death. If the Executive’s employment terminates on death the Executive will be entitled to receive
any amount of compensation earned but unpaid. All other rights the Executive has under any benefit
or stock option plans and programs will be determined in accordance with the terms and conditions
of such plans and programs and any specific agreement covering a grant of equity compensation.

5.2 Termination on Disability. STAAR may immediately terminate this Agreement and
Executive’s employment under this Agreement, subject to and in compliance with all state and
federal workers’ compensation, disability, family and medical leave, and any other potentially
applicable laws, if Executive is absent from work or, in the opinion of a competent physician
selected by the Board, is unable to discharge the essential functions of Executive’s position, with
or without reasonable accommodation, due to legal, physical or mental incapacity for a period of
more than 120 days in any 180-day period. In such a case, STAAR will provide Executive with a
Notice of Termination, as defined in Section 5.7 below. If the Executive’s employment
terminates due to disability, STAAR shall pay or provide to the Executive: (i) any earned but
unpaid compensation to which the Executive is entitled on the date of such termination; (ii) the
Executive’s then current Base Salary (payable in accordance with STAAR’s compensation practices)
until the Executive begins to receive benefits under the long term disability insurance provided
hereunder (if any), but in no event following twelve (12) months after the Date of Termination,
(iii) expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.4, and (iv) Continued Benefits (as defined in Section 5.13) for a period
of twelve (12) months.

5.3 Discharge for Cause.

(a) STAAR may terminate the Executive’s employment hereunder for Cause (a “Discharge for
Cause”) upon at least fifteen (15) days’ written notice in the form of a Notice of Termination.
For purposes of this Agreement, “Cause” shall be limited to only four types of events:

	 	(i)	 	willful breach or habitual neglect of the
duties which the Executive is required to perform under the terms of
this Agreement;

	 	(ii)	 	any act of dishonesty, fraud, insubordination,
misrepresentation, gross negligence or willful misconduct;

	 	(iii)	 	conviction of a felony, or

	 	(iv)	 	intentional violation of any STAAR policy.

Notwithstanding the foregoing, no act or failure to act on the Executive’s part shall be deemed
“willful” unless done, or omitted to be done, by the Executive not in good faith and without
reasonable belief that the action or omission was in the best interest of STAAR.

(b) Following a Discharge for Cause the obligations of the Executive and STAAR under this
Agreement will immediately cease, with the exception of the covenants contained in
Articles 7 and 8. Such termination will be without prejudice to any other remedy
to which STAAR may be entitled either at law, in equity, or under this Agreement.

(c) If the Executive’s employment is terminated pursuant to a Discharge for Cause, STAAR will
pay to the Executive, immediately upon such termination, any earned but unpaid compensation to
which the Executive is entitled on the date of such termination. STAAR shall also pay expenses
incurred by the Executive prior to the Date of Termination reimbursable under Section 4.4.

(d) The Executive agrees and acknowledges that any Cause shall also be cause for removal from
the Board.

5.4 Discharge Without Cause.

(a) STAAR may terminate the Executive’s employment hereunder other than for Cause (a
“Discharge Without Cause”) upon at least six (6) months’ written notice in the form of a Notice of
Termination. (For avoidance of doubt, termination of the Executive’s employment upon death or
disability shall not be considered a Discharge Without Cause.)

(b) With the exception of the covenants contained in Articles 7 and 8, upon
the effectiveness of a Discharge Without Cause the obligations of the Executive and STAAR will
immediately cease.

(c) Following a Discharge Without Cause STAAR shall pay the Executive (i) the Severance
Payment, (ii) any earned but unpaid compensation to which the Executive is entitled on the date of
such termination, (iii) expenses incurred by the Executive prior to the Date of Termination
reimbursable under Section 4.4, and (iv) Continued Benefits for the six (6) month notice
period and the succeeding (12) months.

5.5 Voluntary Resignation for Good Reason.

(a) The Executive may terminate the Executive’s employment hereunder for Good Reason (a
“Voluntary Resignation for Good Reason”) upon at least sixty (60) days’ written notice to STAAR in
the form of a notice of resignation (the “Notice of Resignation”). The Notice of Resignation shall
set forth the circumstances that in the Executive’s view constitute Good Reason hereunder and shall
be delivered to STAAR within sixty (60) days of the occurrence of the applicable Good Reason event.
For purposes of this Agreement, “Good Reason” shall mean:

	 	(i)	 	the Executive’s Base Salary or the equity
compensation provided under Section 3.1(b) is reduced or adversely
modified in any material respect, or

	 	(ii)	 	the Executive’s duties are materially changed.

For purposes of clause (i) above, if the board ceases to issue the equity compensation provided
under Section 3.1(b), but in lieu thereof pays cash compensation in an amount of at lest $100,000
per year in bi-weekly payments, then such change shall not be deemed “Good Reason.” For purposes
of clause (ii), above, the Executive’s duties shall be considered to have been “materially changed”
if, without the Executive’s express written consent, there is any substantial diminution or adverse
modification in the Executive’s overall position, responsibilities or reporting relationship, or
if, after the Executive has relocated to the vicinity of STAAR’s Monrovia, California headquarters,
and without the Executive’s express written consent, the Executive’s job location is transferred to
a site more than fifty (50) miles away from the Executive’s then current place of employment.
During the period of notice set forth above in this Section 5.5, STAAR shall be afforded
reasonable opportunity to establish, to the reasonable satisfaction of the Executive, that the Good
Reason circumstances cited in the Executive’s Notice of Resignation were not present on the date of
such Notice of Resignation, or are no longer present, in which case the Executive’s employment
hereunder shall not terminate under this Section 5.5.

(b) If the Executive’s employment hereunder is terminated due to a Voluntary Resignation for
Good Reason, STAAR shall pay or provide to the Executive: (i) the Severance Payment, (ii) any
earned but unpaid compensation to which the Executive is entitled on the date of such termination,
(iii) expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.4, and (iv) Continued Benefits for a period of (1) year following the effective
date of such termination.

5.6 Voluntary Resignation Other Than for Good Reason. The Executive may terminate the
Executive’s employment hereunder other than for Good Reason upon at least sixty (60) days’ written
notice to STAAR in the form of a Notice of Resignation. With the exception of the covenants set
forth in Articles 7 and 8, upon a voluntary resignation other than for Good Reason
the obligations of the Executive and STAAR under this Agreement will immediately cease. After a
voluntary resignation other than for Good Reason, STAAR shall pay to the Executive (i) any earned
but unpaid compensation to which the Executive is entitled on the date of such termination, and
(ii) expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.4.

5.7 Notice of Termination. Any termination of the Executive’s employment by STAAR shall be
communicated by written Notice of Termination to the Executive. For purposes of this Agreement, a
“Notice of Termination” shall mean a notice that shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated.

5.8 Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment
is terminated by death, the date of death, (ii) if the Executive’s employment is terminated by
reason of disability, the date of the Notice of Termination citing the opinion of the physician
referred to in Section 5.2 above, (iii) if the Executive’s employment is terminated under a
discharge for cause or discharge without cause, the date specified in the Notice of Termination,
and (iv) if the Executive’s employment is terminated voluntarily for Good Reason or other than for
Good Reason, the date specified in the Notice of Resignation, or, if no Notice of Resignation is
provided, then the date the Executive ceased to provide services to STAAR in the reasonable
judgment of the Board, which determination shall be final and conclusive.

5.9 Severance Payment. Except as provided in Section 5.10, the “Severance Payment”
payable to the Executive shall be the continued bi-weekly payment of the Base Salary for the
following periods:

	 	(i)	 	in the case of a Discharge Without Cause, any
remaining period from the Date of Termination until the date six (6)
months after delivery of Notice of Termination, plus the longer of (A)
the period from the Date of Termination to the end of the Term and (B)
one year;

	 	(ii)	 	in the case of a Voluntary Resignation for Good
Reason, the longer of (A) the period from the Date of Termination to
the end of the Term and (B) one year.

5.10 Severance Payment and Benefits Following a Change in Control.

(a) Notwithstanding Section 5.9, the “Severance Payment” payable to the Executive
shall be a lump sum payment in an amount equal to eighteen (18) months base compensation at the
rate in effect on the Termination Date (including for such purpose at a value of $100,000 per year
the equity compensation payable under Section 3.1(b)) if the Executive’s employment
terminates pursuant to a Discharge Without Cause or a Voluntary Resignation for Good Reason within
one hundred twenty (120) days prior to or within one (1) year after a Change in Control. In such
event, STAAR agrees that all stock options, restricted stock and other incentive compensation
awards of the Executive that are outstanding at the time of such termination and that have not
previously become exercisable, payable or free from restrictions shall immediately become
exercisable, payable or free from restrictions, as the case may be, in their entirety, and that the
exercise period of any stock option or other incentive award shall continue for the length of the
exercise period specified in the grant of the award determined without regard to the Executive’s
termination of employment. Notwithstanding any other provisions in this Agreement to the contrary,
in such event, the Executive shall also receive Continued Benefits for a period of one (1) year
following such termination. The Executive shall also receive executive outplacement benefits of a
type and duration generally provided to executives at the Executive’s level. Any payments made or
benefits provided under this Section 5.10 shall be in place of, and not in addition to,
amounts otherwise payable under Section 5.9.

(b) Change in Control. For purposes of this Agreement, “Change in Control” shall mean the
occurrence of any one or more of the following events:

(1) Any person, including a group as defined in Section 13(d)(3) of the Exchange Act, but
excluding Broadwood Partners, L.P. or a group of which it is a member, becomes the beneficial owner
of stock of STAAR with respect to which twenty-five percent (25%) or more of the total number of
votes for the election of the Board may be cast;

(2) As a result of, or in connection with, any cash tender offer, exchange offer, merger or
other business combination, sale of assets or contested election, or combination of the foregoing,
persons who were directors of STAAR just prior to such event shall cease to constitute a majority
of the Board;

(3) The stockholders of STAAR shall approve an agreement providing either for a transaction in
which STAAR will cease to be an independent publicly owned corporation or for a sale or other
disposition of all or substantially all the assets of STAAR, and such transaction is completed; or

(4) The acquisition in a single or series of related transactions, including without
limitation a tender offer or exchange offer, by any person or related group of persons (other than
STAAR or by a Company-sponsored employee benefit plan), of beneficial ownership (within the meaning
of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of STAAR’s outstanding securities.

Notwithstanding the foregoing, the formation of a holding company for STAAR in which the
stockholdings of the holding company after its formation are substantially the same as for STAAR
prior to the holding company formation does not constitute a Change in Control for purposes of this
Plan.

5.11 Termination of STAAR’s Obligations. In the event of the termination of the Executive’s
employment pursuant to this Article 5, STAAR shall have no further obligation to pay the
Executive any Base Salary, bonus or other compensation or benefits, except as provided in this
Article 5, for benefits due to the Executive (and the Executive’s dependents), and under
the terms of STAAR’s employee benefit plans. The payments under this Agreement are in lieu of any
severance payment that the Executive might otherwise be entitled to from STAAR under STAAR’s
applicable severance pay policies. However, if by the terms of STAAR’s applicable severance pay
policies for a reduction in force, the amount computed under the policy would be greater than the
Severance Payment described in this Agreement, then the Severance Payment shall be such greater
amount.

5.12 Mitigation or Offset. The Executive shall not be required to seek other employment or to
reduce any amount payable to the Executive under Article 5 of this Agreement, and no such
amount shall be reduced on account of any compensation received by the Executive from other
employment. However, STAAR’s obligation to pay any amount under this Agreement shall be reduced by
any amount owed by the Executive to STAAR.

5.13 Continued Benefits. “Continued Benefits” for any specified period shall mean benefits
under all of the employee benefit programs of STAAR (including, but not limited to, group medical
insurance, group dental insurance, group-term life insurance and disability insurance) available to
the Executive before any termination in the same way and at the same level as immediately prior to
the termination at no additional cost to the Executive, except to the extent tax rules require the
inclusion of the value of such benefits in the Executive’s income. STAAR may elect at its
discretion to satisfy any obligation to pay Continued Benefits by paying to the Executive in cash
the amount that would otherwise be paid for such benefits.

5.14 Resignation from Board. If an Executive is serving as director, the Executive shall, (i)
immediately upon the receipt of a Termination Notice under this Section 5, or (ii) along
with any notice of voluntary resignation provided to STAAR, submit to the Board his binding and
unconditional offer to resign from his position as director. Receipt of such offer shall be a
condition precedent STAAR’s obligation to pay any amount of severance, to provide any benefits
after termination, or to any other obligation under this Agreement.

ARTICLE 6

Indemnification for Excise Taxes

If the Executive becomes entitled to receive a Severance Payment hereunder, and such Severance
Payment or any other benefits or payments (including transfers of property, within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) (or any successor
thereto) or the regulations thereunder) that the Executive receives, or is to receive, pursuant to
this Agreement or any other agreement, plan or arrangement with STAAR in connection with a Change
in Control of STAAR (“Other Benefits”) shall be subject to the tax imposed pursuant to Section 4999
of the Code (or any successor thereto) or any comparable provision of state law (an “Excise Tax”),
the following rules shall apply:

(a) STAAR shall pay to the Executive, within 30 days after a termination subject to
Section 5.10, an additional amount (the “Gross-Up Payment”) such that the net amount
retained by the Executive, after deduction of any Excise Tax with respect to the Severance Payments
or the Other Benefits and any federal, state and local income tax, employment tax and Excise Tax
upon such Gross-Up Payment, is equal to the amount that would have been retained by the Executive
if such Excise Tax were not applicable, as determined by the accounting firm (the “Auditors”)
serving as STAAR’s independent auditors immediately prior to the Change in Control. It is intended
that the Executive shall not suffer any loss or expense resulting from the assessment of any Excise
Tax or STAAR’s reimbursement of the Executive for payment of any such Excise Tax.

(b) For purposes of determining whether any of the Severance Payment or Other Benefits will be
subject to an Excise Tax and the amount of such Excise Tax, (i) any other payment or benefits
received or to be received by the Executive in connection with a Change in Control of STAAR or the
Executive’s termination of employment (whether pursuant to the terms of this Agreement or any other
plan, arrangement or agreement with STAAR, any person whose actions result in a Change in Control
or any person affiliated with STAAR or such person) shall be treated as “parachute payments” within
the meaning of Section 280G(b)(2) of the Code (or any successor thereto), and all “excess parachute
payments” within the meaning of Section 280G(b)(1) of the Code (or any successor thereto) shall be
treated as subject to the Excise Tax, unless in the opinion of tax counsel selected by the Auditors
and acceptable to the Executive such other payments or benefits (in whole or in part) do not
constitute parachute payments, or such excess parachute payments (in whole or in part) represent
reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of
the Code (or any successor thereto), (ii) the amount of the Severance Payments and Other Benefits,
which shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the total
amount of the Severance Payments or Other Benefits or (B) the amount of excess parachute payments
within the meaning of Sections 280G(b)(1) and (4) of the Code (or any successor or successors
thereto), after applying clause (i), above, and (iii) the value of any non-cash benefits or any
deferred payment or benefit shall be determined by STAAR’s independent auditors in accordance with
the principles of Sections 280G(d)(3) and (4) of the Code (or any successor or successors thereto).

(c) For purposes of determining the amount of the Gross-Up Payment, the Executive shall be
deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rates of taxation in the state and locality of the Executive’s residence on the
date of the Executive’s termination, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes.

(d) In the event that the Excise Tax is subsequently determined to be less than the amount
taken into account hereunder at the time of the Executive’s termination, the Executive shall repay
to STAAR, at the time that the amount of such reduction in Excise Tax is finally determined, the
portion of the Gross-Up Payment attributable to such reduction plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code (or any successor thereto) (the
“Applicable Rate”). In the event that the Excise Tax is determined to exceed the amount taken into
account hereunder at the time of such termination (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-Up Payment), STAAR shall make an
additional Gross-Up Payment in respect of such excess (plus interest, determined at the Applicable
Rate, payable with respect to such excess) at the time that the amount of such excess is finally
determined.

(e) Notwithstanding the foregoing, if it shall be determined that the Executive is entitled to
a Gross-Up Payment, but that the Severance Payment would not be subject to the Excise Tax if the
Severance Payment were reduced by an amount that is less than 10% of the Payments that would be
treated as “parachute payments” under Section 280G of the Code, then the amount payable to the
Executive under this Agreement shall be reduced (but not below zero) to the maximum amount that
could be paid to Executive without giving rise to the Excise Tax (the “Safe Harbor Cap”), and no
Gross-Up Payment shall be made to Executive. The reduction of the amounts payable hereunder, if
applicable, shall be made by reducing any cash payments, unless an alternative method of reduction
is elected by Executive. For purposes of reducing the Payments to the Safe Harbor Cap, only amounts
payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the
amounts payable hereunder would not result in a reduction of the Payments to the Safe Harbor Cap,
no amounts payable under this Agreement shall be reduced pursuant to this provision.

ARTICLE 7

Assignment of Inventions

The Executive acknowledges that any inventions, discoveries or trade secrets, whether
patentable or not, made or found by the Executive in the scope of the Executive’s employment with
STAAR are “work for hire” and constitute property of STAAR, and that any rights therein now held or
hereafter acquired by the Executive individually or in any capacity are hereby transferred and
assigned to STAAR. The Executive agrees to execute and deliver any confirmatory assignments,
documents or instruments of any nature necessary to carry out the intent of this Article 7
when requested by STAAR without further compensation therefor, whether or not the Executive is at
the time employed by STAAR. Provided, however, notwithstanding the foregoing, the Executive will
not be required to assign the Executive’s rights in any invention which qualifies fully under the
provisions of Section 2870(a) of the California Labor Code, which provides, in pertinent part, that
the requirement to assign “will not apply to any invention that the employee developed entirely on
his or her own time without using employer’s equipment, supplies, facilities or trade secret
information except for those inventions that either:

	 	 	 	“(i) Relate at the time of conception or reduction to
practice of the invention to the employer’s business, or actual or
demonstrably anticipated research or development of the employer; or

	 	 	 	“(ii) Result from any work performed by the employee for the
employer.”

The Executive understands that the Executive bears the full burden of proving to STAAR that an
invention qualifies fully under Section 2870(a). By signing this Agreement, the Executive
acknowledges receipt of a copy of this Agreement and of written notification of the provisions of
Section 2870.

ARTICLE 8

Restrictive Covenants

8.1 Confidentiality Covenant. The Executive hereby agrees that the Executive shall not,
directly or indirectly, disclose or make available to any person, firm, corporation, association or
other entity for any reason or purpose whatsoever, any Confidential Information (as hereinafter
defined). For a period of five (5) years after the termination of this Agreement, the Executive
agrees that, upon termination of the Executive’s employment with STAAR, all Confidential
Information in the Executive’s possession that is in written or other tangible form (together with
all copies or duplicates thereof, including computer files) shall be returned to STAAR and shall
not be retained by the Executive or furnished to any third party, in any form except as provided
herein; provided, however, that the Executive shall not be obligated to treat as confidential, or
return to STAAR copies of any Confidential Information that (i) was publicly known at the time of
disclosure to the Executive, (ii) becomes publicly known or available thereafter other than by any
means in violation of this Agreement or any other duty owed to STAAR by any person or entity, or
(iii) is lawfully disclosed to the Executive by a third party. As used in this Agreement, the term
“Confidential Information” means information disclosed to the Executive or known by the Executive
as a consequence of or through the Executive’s relationship with STAAR, about the products,
research and development efforts, regulatory efforts, manufacturing processes, customers,
employees, business methods, public relations methods, organization, procedures or finances,
including, without limitation, information of or relating to customer lists, of STAAR and its
affiliates.

8.2 Solicitation of Employees. The Executive hereby agrees that during the term of the
Executive’s employment and for one (1) year thereafter, the Executive shall not, either on the
Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant,
partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or
corporation, directly or indirectly solicit or attempt to solicit away from STAAR any of its
officers or employees or any person who, on or during the six (6) months immediately preceding the
date of such solicitation or offer, is or was an officer or employee of STAAR, or inducing or
attempt to induce an employee, a consultant, or an independent contractor to sever or modify that
person’s relationship with STAAR; provided, however, that a general advertisement to which an
employee of STAAR responds shall in no event be deemed to result in a breach of this
Section 8.2.

8.3 Unfair Competition. The Executive acknowledges that the information listed in Section 8.1
above, as well as other information regarding STAAR’s customers and business, is confidential and
constitutes trade secret, commercially sensitive, and proprietary information. While employed by
STAAR, and following separation of employment from STAAR, Executive will not, directly or
indirectly, use this or any other trade secret information to solicit any of STAAR’s customers or
use STAAR’s trade secret information to negotiate with any of STAAR’s customers, or to disrupt,
damage, impair, or interfere with STAAR’s business in any manner, including, without limitation, by
disrupting its relationships with customers, agents, representatives, vendors, or otherwise.
Executive acknowledges that STAAR’s business is international in scope and, consequently, the
restriction on the Executive’s use of trade secrets shall apply without regard to geography.
Subject to the limitations noted herein, the Executive is not, however, restricted from being
employed by or engaged in any type of business following the termination of the Executive’s
employment relationship with STAAR.

8.4 Enforcement.

(a) STAAR and the Executive intend that the provisions of this Article 8 shall be
fully enforceable as set forth herein. To the extent that any court of competent jurisdiction
finds that any such provision is enforceable by reason of its duration or scope, STAAR and the
Executive agree that it shall be enforced insofar as it may be enforced within the limits of the
law of that jurisdiction, but that the Agreement as a whole shall be unaffected elsewhere.

(b) The Executive agrees that it would be difficult to compensate STAAR fully for damages for
any violation of the provisions of this Agreement, including, without limitation, the provisions of
this Article 8. Accordingly, the Executive specifically agrees that STAAR and its
successors and assigns shall be entitled to temporary and permanent injunctive relief to enforce
the provisions of this Agreement. This provision with respect to injunctive relief shall not,
however, diminish the right of STAAR to claim and recover damages in addition to injunctive relief.

(c) If the Executive breaches any provision of Article 8, the rights of the Executive
(or the Executive’s estate) to a benefit under the Agreement, and the rights of a surviving spouse
or any other person to a benefit under the Agreement, shall be forfeited, unless the Board
determines that such activity is not detrimental to the best interests of STAAR and its affiliates.
Such forfeiture shall be in addition to any other remedy of STAAR under the Agreement or at law
and in equity with respect to such breach. However, if the Executive ceases such activity and
notifies the Board of this action, the Executive’s (or the Executive’s estate’s) right to receive a
benefit, and any right of a surviving spouse or any other person to a benefit, may be restored
within sixty (60) days of said notification, unless the Board in its sole discretion determines
that the prior activity has caused serious injury to STAAR and its affiliates, which determination
shall be final and conclusive.

ARTICLE 9

General Provisions

9.1 Release of Claims. Notwithstanding anything else in this Agreement, the delivery by the
executive of a general release of claims, both known and unknown, in the form required by STAAR
shall be a condition precedent to any obligation of STAAR to provide any payments or other benefits
pursuant to Article 5, and the Executive acknowledges that any such payments will be made
or benefits will be given in consideration of such a release. If applicable law imposes any
non-waivable waiting period or revocation right on the effectiveness of such a release, the
condition described in the preceding sentence shall not be deemed satisfied until the expiration of
such waiting period or revocation right.

9.2 Entire Agreement and Modification. This Agreement, together with any indemnification
agreements or equity award agreements entered into prior to or contemporaneously with this
Agreement, constitutes the entire agreement between the parties relating to the employment of the
Executive by STAAR, and there are no representations, warranties or commitments, other than those
set forth herein, that relate to such subject matter. This Agreement may be amended or modified
only by an instrument in writing executed by all of the parties hereto.

9.3 Successors.

(a) This Agreement is personal to the Executive, and without the prior written consent of
STAAR shall not be assignable by the Executive other than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
legal representatives.

(b) The rights and obligations of STAAR under this Agreement shall inure to the benefit of and
shall be binding upon the successors and assigns of STAAR.

9.4 No Waiver. No waiver, by conduct or otherwise, by any party of any term, provision, or
condition of this Agreement, shall be deemed or construed as a further or continuing waiver of any
such term, provision, or condition nor as a waiver of a similar or dissimilar condition or
provision at the same time or at any prior or subsequent time.

9.5 Remedies Not Exclusive. No remedy conferred by any of the specific provisions of this
Agreement is intended to be exclusive of any other remedy, except as expressly provided in this
Agreement, and each and every remedy shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing in law or in equity or by statute or otherwise.
No failure by any party to exercise, and no delay in exercising, any rights shall be construed or
deemed to be a waiver thereof, nor shall any single or partial exercise by any party preclude any
other or future exercise thereof or the exercise of any other right.

9.6 Notices. Any notice or communications required or permitted to be given to the parties
hereto shall be delivered personally, sent via facsimile or via an overnight courier service or be
sent by United States registered or certified mail, postage prepaid and return receipt requested,
and addressed or delivered as follows, or as such other addresses the party addressed may have
substituted by notice pursuant to this Section:

(a) If to STAAR:

STAAR Surgical Company

1911 Walker Ave.

Monrovia, CA 91016

Facsimile: 626-358-3049

Attention: Chief Executive Officer

(b) If to the Executive:

Such notices or communications shall be deemed given upon delivery or, if earlier, one (1) day
after being sent by overnight courier or three (3) days after being mailed by registered or
certified mail, as provided above.

9.7 Governing Law. This Agreement is made and entered into in the State of California, and
shall be governed by the laws of California, without giving effect to the principles of conflict of
laws thereof.

9.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall together constitute one Agreement.

9.9 Headings. The headings of this Agreement are inserted for convenience and do not
constitute a part hereof.

9.10 Severability. In case any one or more of the provisions contained in this Agreement (or
any portion thereof) shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this Agreement (or the remainder of such provision if a portion is held invalid, illegal or
unenforceable), but this Agreement shall be construed as if such invalid, illegal or unenforceable
provision (or portion thereof) had never been contained herein and there shall be deemed
substituted for such invalid, illegal or unenforceable provision such other provision as will most
nearly accomplish the intent of the parties to the extent permitted by the applicable law. In case
this Agreement, or any one or more of the provisions hereof, shall be held to be invalid, illegal
or unenforceable within any governmental jurisdiction or subdivision thereof, this Agreement or any
such provision thereof shall not as a consequence thereof be deemed to be invalid, illegal or
unenforceable in any other governmental jurisdiction or subdivision thereof.

9.11 Survival. The Executive’s obligations under Articles 7 and 8 shall
survive the termination of Executive’s employment and the termination of this Agreement.

9.12 Dispute Resolution.

(a) Arbitration. Executive and STAAR agree that any and all disputes, claims or
controversies arising out of or related to this Agreement, the employment relationship between the
parties, the termination of this Agreement or the termination of the employment relationship, that
are not resolved by the parties’ mutual agreement shall be resolved by final and binding
arbitration by a neutral arbitrator, subject to and consistent with applicable law. Arbitration
shall be the exclusive means of resolving the claim, dispute or controversy regardless of whether
it is based in tort, contract, statute, equity or other laws. The Executive and STAAR agree that
this agreement to arbitrate is subject to and enforceable under the provisions of the Federal
Arbitration Act (the “FAA”), 9 U.S.C. § 1, et seq., and to the extent it does not
interfere with the enforceability of this agreement to arbitrate, the California

Arbitration Act (the “CAA”), Cal. Code Civ. Proc. § 1280, et seq. This
agreement to arbitrate shall be mutually binding on all parties.

(b) The Arbitration shall be conducted in accordance with the applicable rules of JAMS, or
another arbitration service mutually agreed to by the parties. The arbitration will be held in
Los Angeles, California.

9.13 Attorneys’ Fees. If any legal action or other proceeding is brought for the enforcement
of the Agreement, or because of an alleged dispute, breach or default in connection with any of the
provisions of the Agreement, the successful or prevailing party shall be entitled to recover
attorneys’ fees and other expenses and costs incurred in that action or proceeding, in addition to
any other relief that may be granted.

9.14 Executive’s Acknowledgment. the Executive acknowledges (a) that the Executive has
consulted with or has had the opportunity to consult with independent counsel of the Executive’s
own choice concerning this Agreement and has been advised to do so by STAAR, and (b) that the
Executive has read and understands the Agreement, is fully aware of its legal effect, and has
entered into it freely based on the Executive’s own judgment.

The next page is the signature page.

1

IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement as of the
date first above written.

	 	 	 
	STAAR Surgical Company

	By:

	 	/s/Don Bailey
	
 
	 	 

	 	 	 
	 	 	Don Bailey
	 	 	Chairman
	 	 	EXECUTIVE
	 	 	By: /s/ Barry G. Caldwell

	 	 	Barry G. Caldwell

2EX-10.67

EXECUTIVE EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is made and entered into as of November 27, 2007
(the “Effective Date”), by and between STAAR Surgical Company, a Delaware corporation (“STAAR”),
and David Bailey (the “Executive”).

RECITALS

A. The Executive currently serves as President, Chief Executive Officer and director of STAAR,
pursuant to an Employment Agreement dated as of December 19, 2000 (the “Previous Agreement”).

B. The Executive and STAAR wish to change the Executive’s position and duties as an executive
officer of STAAR to President of International Operations of STAAR subject to the terms and
conditions of this Agreement.

C. The Executive and STAAR wish to enter into this Agreement to establish the terms and
conditions of the Executive’s employment.

D. STAAR and the Executive intend this Agreement to supersede and replace the Previous
Agreement and any and all other understandings or arrangements for employment entered into between
them, and intend that the Previous Agreement and, except as expressly provided herein, all such
other understandings and arrangements will have no further force or effect.

NOW, THEREFORE, in consideration of the mutual promises, covenants, and agreements contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

Effective Time; Term

1.1 Employment. STAAR agrees to employ the Executive, and the Executive hereby agrees to
accept employment with STAAR, under the terms and subject to the conditions set forth in this
Agreement.

1.2 Term of Employment. Subject to extension in accordance with Section 1.3,
the term of this Agreement shall commence on the Effective Date and shall continue until the third
(3rd) anniversary of the Effective Date (the “Initial Term”), unless terminated earlier
in accordance with Article 5 of this Agreement.

1.3 Extension of Term. The term of this Agreement shall be automatically extended by one (1)
year from the expiration of the Initial Term and on each subsequent anniversary of the Effective
Date, unless STAAR elects not to so extend the term of the Agreement by notifying the Executive,
in writing, of such election not less than six (6) months prior to the last day of the Term as
then in effect. Any extension shall become effective immediately as of the day following the date
which is six (6) months prior to the last day of the Term as then in effect. For purposes of this
Agreement, the “Term” shall mean the period commencing on the Effective Date and ending on the
last day of the Initial Term or, if applicable, the last day of the latest one-year extension of
this Agreement in accordance with this Section 1.3. Following such notice (a “Non-Renewal
Notice”), STAAR and the Executive shall have the respective obligations set forth in Section
5.11.

1.4 Termination of Previous Agreement. STAAR and the Executive each hereby agree that as of
the Effective Time the Previous Agreement shall be terminated and of no further force or effect.
STAAR and the Executive each hereby agree that in consideration of the mutual promises made herein
the rights and remedies of each under the Previous Agreement shall be permanently waived. For
avoidance of doubt, the Indemnification Agreement between the Executive and STAAR dated as of
August 21, 2001, shall remain in full force and effect pursuant to its terms.

ARTICLE 2

Employment; Duties

2.1 Position. The Executive shall be employed as President of International Operations of
STAAR, and shall, during the term of the Executive’s employment, serve in such position or in such
other position or positions as the Board of Directors of STAAR (the “Board”) may reasonably
request from time to time. The Executive shall report directly to the Chief Executive Officer.

2.2 Duties. During the term of the Executive’s employment, the Executive shall devote the
Executive’s full time, efforts, abilities, and energies to STAAR’s business and shall use the
Executive’s best efforts, skill, and abilities to promote the general welfare and interests of
STAAR. The Executive shall loyally, conscientiously, and professionally perform all duties and
responsibilities reasonably assigned by STAAR and the Executive’s superiors, and shall comply with
all of STAAR’s personnel policies and procedures, including without limitation those contained in
STAAR’s Employee Handbook. The Executive’s duties under this Agreement may include senior
management responsibility for STAAR’s operations in Europe and Asia, and may require significant
travel among STAAR’s facilities in those regions for oversight thereof.

2.3 Location of Employment. The intended work location of the President of International
Operations is STAAR’s facility in Nidau, Switzerland. However, following the first anniversary of
this Agreement, the Executive may, at his election, establish an office at his principal place of
residence in the U.K.

2.4 Other Activities. Except with the prior written approval of the Board, which the Board
may grant or withhold in its sole and absolute discretion, the Executive shall not, during the
term of the Executive’s employment, be actively engaged in any other business activity, including,
but not limited to, activity as a consultant, agent, partner, officer or director, or provide
business services of any nature directly or indirectly to a corporation or other business
enterprise; provided, however, that so long as the activities do not interfere with the
Executive’s duties and responsibilities hereunder, the Executive may participate in other business
activities for non-profit institutions from time to time. Notwithstanding the foregoing, it shall
not be a breach of this Agreement for the Executive to serve on civic or charitable boards or
committees, or to invest the Executive’s personal assets in other businesses or ventures to the
extent that such other activities, businesses or ventures do not materially interfere with the
performance of the Executive’s duties under this Agreement. In addition, the Executive may serve
on the Board of Directors of other companies with the advance written consent of STAAR’s Board of
Directors. Such consent may not be unreasonably withheld, provided that the reasonable
discretion of STAAR’s Board of Directors in granting such consent will include due consideration
to time demands, competitive interests and other conflicts that such service on other boards may
entail. STAAR may require an agreement providing assurances of confidentiality as a condition to
such consent. None of the foregoing shall in any way modify the Executive’s responsibilities
hereunder, including without limitation the Executive’s responsibilities under Articles 6
and 7.

2.5 Board Service. The Executive currently serves as a member of the Board of Directors and
it is anticipated by the Executive and STAAR that such service will continue following the
Effective Date. During the Term the Board of Directors shall nominate the Executive for
re-election to the Board of Directors at the conclusion of each term as director, unless the
Executive elects not to stand for election, or a Notice of Termination or Non-Renewal Notice has
been delivered prior to the Annual Meeting of Stockholders at which such re-election would occur.
The Executive shall not receive additional consideration for service on the Board.

ARTICLE 3

Compensation

3.1 Base Salary. STAAR shall pay the Executive a base salary at the annual rate of CHF
450,000, to be paid on a biweekly basis. The Executive’s annual salary will be reviewed annually
by the Board of Directors for the purpose of determining whether, at the sole discretion of the
Board, the Executive’s salary shall be increased. (In this Agreement the term “Base Salary” shall
mean, as of any date, the base salary of CHF 450,000 per year, plus all discretionary increases of
annual pay made by the Board up to and including such date.) Base Salary shall continue at the
rate applicable on the date prior to the Effective Date, and be paid in U.S. dollars, until the
earlier of (i) the date on which the Executive begins residency in the vicinity of Nidau,
Switzerland and (ii) the ninety-first (91st) day following the Effective Date. The
change to the Base Salary set forth in the first sentence of this paragraph shall not be deemed a
reduction or modification of Base Salary for purposes of Section 5.5(i). If the Executive
elects to relocate to the U.K. in accordance with Section 2.3 hereof, the Base Salary
shall be converted from Swiss Francs to U.K. Pounds at the then prevailing exchange rate using the
Financial Times current exchange rate index (and for the avoidance of doubt, automobile allowance
shall likewise be converted to Pounds.).

3.2 Bonus.

(a) Bonus Compensation for 2007. The Executive shall remain eligible for an annual bonus for
the year 2007 at the rate of 60% of Annual Salary (as defined in the Previous Agreement) based on
the Annual Salary in effect immediately prior to the date of this Agreement, provided that any such
bonus shall be determined and paid in the first quarter of 2008 rather than at the time set forth
in the Previous Agreement.

(b) Bonus Compensation for Remainder of Term. For periods after January 1, 2008, in addition
to the Base Salary, the Executive will be eligible for an annual performance bonus of up to 50% of
the CHF 450,000 initial annual salary, to be based on such bonus plans or programs as those for
which similarly situated executive employees of STAAR are eligible, subject to and in accordance
with the terms, conditions and overall administration of such bonus plans or programs and at the
sole discretion of STAAR. STAAR’s present executive performance bonus program provides for the
determination and payment of any performance bonus for each executive during the first quarter of
each calendar year, based on an evaluation of such executive’s performance in the previous year
against objectives established by the Compensation Committee of the Board. STAAR reserves the
right to change its basis for paying performance bonuses at any time or from time to time and to
modify or discontinue any bonus plan or program, provided that such changes or modifications are
applicable to all similarly situated executive employees. Nothing herein is intended or shall be
construed to require the institution or continuation of any bonus plan or program, or to entitle
the Executive to receive any bonus. Active employment at STAAR on the date of the bonus payment is
a condition precedent to earning the bonus.

3.3 Stock Options or Other Equity-Based Awards.

(a) Outstanding Equity Awards. For avoidance of doubt, the Executive’s service as employee
under this Agreement shall be deemed continued service without any break from the Executive’s
service under the Previous Agreement for all purposes under the Executive’s existing equity
compensation award agreements, which shall continue to vest (if unvested) and continue to remain
exercisable in accordance with their original terms.

(b) Eligibility for Equity Awards. The Executive shall be eligible to receive awards under
such stock option or other equity award plans or programs as are generally available from time to
time to similarly situated executive employees of STAAR, subject to and in accordance with the
terms, conditions and overall administration of such plans or programs. Such grants shall be at
the exclusive discretion of the Board and nothing herein is intended to or shall be construed to
require STAAR to issue any stock option or other equity award to the Executive.

3.4 Withholding. STAAR shall deduct or withhold from the compensation and benefits payable
to the Executive hereunder any and all sums required for applicable U.S., Swiss or U.K. federal
(or national) income and employment and other taxes and all state or local income and other taxes
now applicable or that may be enacted and become applicable during the term of the Executive’s
employment which are due as employee contributions or payments from the Executive, but not such
amounts as are due as employer contributions or payments.

3.5 Relocation Assistance.

(a) To assist the Executive in relocating from California to the vicinity of Nidau,
Switzerland, STAAR agrees to reimburse in cash relocation costs of up to $25,000, and shall grant
shares of common stock having a value, based on the closing market price of the common stock on the
Nasdaq Global Market on the third trading day following the public announcement of the execution of
this Agreement, of $125,000, pursuant to the 2003 Omnibus Equity Incentive Plan. The shares of
common stock granted under this Section 3.5(a) shall be fully vested and free of any
restriction other than their status as control shares pursuant to Rule 144 under the Securities Act
of 1933, as amended.

(b) In addition, STAAR agrees to reimburse up to $25,000 in fees for tax advice (including
without limitation planning and any document preparation for the U.S., Switzerland and/or the U.K.)
related to the Executive’s relocation.

(c) For the first twelve months following the Executive’s relocation to Nidau, STAAR will
reimburse rent on housing for the Executive and his immediate family in the vicinity of STAAR’s
offices in an amount up to CHF 3,000 per month.

(d) Reimbursement payments under this Section 3.5 shall be conditioned on the
submission of documentation of the expenses to be reimbursed.

ARTICLE 4

Employee Benefits

4.1 Employee Benefits. During the term of the Executive’s employment, the Executive shall be
entitled to participate in or receive such benefits and perquisites as are provided generally from
time to time to similarly situated executive employees of STAAR, subject to and in accordance with
the terms, conditions and overall administration of the benefit plans pertaining to such benefits,
and in accordance with applicable laws and regulations of Switzerland or such other country where
the Executive may have his principal office. The Executive and his dependents shall be entitled
to receive executive level health insurance and the Executive shall receive disability insurance
and executive life insurance as indicated in and commensurate with those provided in the Previous
Agreement. STAAR may, in its sole discretion, grant such additional benefits to the Executive
from time to time as STAAR deems proper and desirable. In the event of any conflict between the
benefits expressly provided under this Agreement and STAAR’s general policies and plans for
executive or employee benefits, the items of this Agreement shall control.

4.2 Office Support. The Executive shall be entitled to receive secretarial and other office
support commensurate with the Executive’s position and consistent with the general policies and
practices of STAAR.

4.3 Vacation. During the term of the Executive’s employment, the Executive shall be entitled
to five (5) weeks of paid vacation per year, which, to the extent unused in any given year, may be
carried over to the following year, but only to the extent permitted by the policies of STAAR then
in effect and by applicable laws and regulations.

4.4 Automobile Allowance. The Executive shall receive an automobile allowance commensurate
with the allowance received under the Previous Agreement, which shall provide monthly
reimbursement for up to CHF 2,000 during the Term.

4.5 Business Expenses.

(a) Reimbursement. STAAR shall pay or reimburse the Executive for all reasonable and
authorized business expenses incurred by the Executive during the term of the Executive’s
employment.

(b) Business Travel. STAAR shall reimburse the Executive for expenses incurred for
business-related travel in accordance with STAAR’s travel reimbursement policy.

(c) Documentation. As a condition to reimbursement under this Section 4.5, the
Executive shall furnish to STAAR on a timely basis adequate records and other documentary evidence
required by federal and state statutes and regulations for the substantiation of each expenditure.
The Executive acknowledges and agrees that failure to furnish the required documentation may result
in STAAR denying all or part of the expense for which reimbursement is sought.

ARTICLE 5

Termination of Employment

The Executive’s employment hereunder shall be terminated, or may be terminated, as the case
may be, under the following circumstances:

5.1 Termination upon Death. The Executive’s employment shall terminate on the Executive’s
death. If the Executive’s employment terminates on death the Executive’s estate will be entitled
to receive any accrued but unpaid compensation to which the Executive is entitled on the Date of
Termination (as defined below) and reimbursement of any expenses incurred by the Executive prior
to the Date of Termination reimbursable under Section 3.4. All other rights the Executive has
under any benefit or stock option plans and programs will be determined in accordance with the
terms and conditions of such plans and programs and any specific agreement covering a grant of
equity compensation.

5.2 Termination on Disability. STAAR may immediately terminate this Agreement and
Executive’s employment under this Agreement, subject to and in compliance with all state and
federal workers’ compensation, disability, family and medical leave, and any other potentially
applicable laws, if Executive is absent from work or, in the opinion of a competent physician
selected by the Board, is unable to discharge the essential functions of Executive’s position,
with or without reasonable accommodation, due to legal, physical or mental incapacity for a period
of more than 120 days in any 180-day period. In such a case, STAAR will provide Executive with a
Notice of Termination, as defined in Section 5.7 below. If the Executive’s employment
terminates due to disability, STAAR shall pay or provide to the Executive: (i) any accrued but
unpaid compensation to which the Executive is entitled on the date of such termination; (ii) the
Executive’s Base Salary (payable in accordance with STAAR’s compensation practices) until the
Executive begins to receive benefits under the long term disability insurance provided hereunder
(if any), but in no event following twelve (12) months after the Date of Termination, (iii)
expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.5, and (iv) Continued Benefits (as defined in Section 5.14) for a period
of twelve (12) months.

5.3 Discharge for Cause.

(a) STAAR may terminate the Executive’s employment hereunder for Cause (a “Discharge for
Cause”) upon at least fifteen (15) days’ written notice in the form of a Notice of Termination.
For purposes of this Agreement, “Cause” shall be limited to only four types of events:

	 	(i)	 	willful breach or habitual neglect of the duties
which the Executive is required to perform under the terms of this
Agreement;

	 	(ii)	 	any act of dishonesty, fraud, insubordination,
misrepresentation, gross negligence or willful misconduct;

	 	(iii)	 	conviction of a felony, or

	 	(iv)	 	intentional violation of any STAAR policy.

Notwithstanding the foregoing, no act or failure to act on the Executive’s part shall be deemed
“willful” unless done, or omitted to be done, by the Executive not in good faith and without
reasonable belief that the action or omission was in the best interest of STAAR.

(b) Following a Discharge for Cause the obligations of the Executive and STAAR under this
Agreement will immediately cease, with the exception of the covenants contained in
Articles 6 and 7. Such termination will be without prejudice to any other remedy
to which STAAR may be entitled either at law, in equity, or under this Agreement.

(c) If the Executive’s employment is terminated pursuant to a Discharge for Cause, STAAR will
pay to the Executive, immediately upon such termination, any accrued but unpaid compensation to
which the Executive is entitled on the date of such termination. STAAR shall also pay expenses
incurred by the Executive prior to the Date of Termination reimbursable under Section 3.4.

(d) The Executive agrees and acknowledges that any Cause shall also be cause for removal from
the Board.

5.4 Discharge Without Cause.

(a) STAAR may terminate the Executive’s employment hereunder other than for Cause (a
“Discharge Without Cause”) upon at least six (6) months’ written notice in the form of a Notice of
Termination. (For avoidance of doubt, termination of the Executive’s employment upon death or
disability shall not be considered a “Discharge Without Cause.”)

(b) Following Notice of Termination for a Discharge Without Cause, at STAAR’s election the
obligations of the Executive and STAAR will continue in force, and the Executive will continue to
perform his duties hereunder, for the remainder of the six (6) month notice period or until such
earlier date when STAAR elects to relieve Executive of his duties and obligations hereunder (a
“Continuation Period”). At the completion of any Continuation Period, STAAR will deliver a Notice
of Termination to the Executive, upon receipt of which the obligations of the Executive and STAAR
will immediately cease with the exception of the covenants contained in Articles 6
and 7 and such other obligations as expressly set forth in this Section 5.4.

(c) Following a Notice of Termination for a Discharge Without Cause and the completion of any
Continuation Period, STAAR shall pay the Executive (i) continued biweekly payments of Base Salary
for the remainder of the six (6) month notice period following the Notice of Intent to Discharge
Without Cause; (ii) the Severance Payment (as defined in Section 5.9), (iii) any accrued
but unpaid compensation to which the Executive is entitled on the date of such termination, (iv)
expenses incurred by the Executive prior to the Date of Termination reimbursable under Section
4.5, and (v) Continued Benefits for a the remainder of the six (6) month notice period and the
succeeding twelve (12) months.

5.5 Voluntary Resignation for Good Reason.

(a) The Executive may terminate the Executive’s employment hereunder for Good Reason (a
“Voluntary Resignation for Good Reason”) upon at least sixty (60) days’ written notice to STAAR in
the form of a notice of resignation (the “Notice of Resignation”). The Notice of Resignation shall
set forth the circumstances that in the Executive’s view constitute Good Reason hereunder and shall
be delivered to STAAR within sixty (60) days of the occurrence of the applicable Good Reason event.
For purposes of this Agreement, “Good Reason” shall mean:

	 	(i)	 	a reduction in, or adverse modification in any
material respect to, (A) the Executive’s Base Salary, (B) benefits as
provided under Article 4, or (C) the bonus eligibility under
Section 3.2; or

	 	(ii)	 	the Executive’s duties are materially changed.

For purposes of clause (ii) above, the Executive’s duties shall be considered to have been
“materially changed” if, without the Executive’s express written consent, there is any substantial
diminution or adverse modification in the Executive’s overall position, responsibilities or
reporting relationship, or if, without the Executive’s express written consent, the Executive’s job
location is transferred to a site more than fifty (50) miles away from the Executive’s then current
place of employment in Switzerland or the U.K.. During the period of notice set forth above in
this Section 5.5, STAAR shall be afforded reasonable opportunity to establish, to the
reasonable satisfaction of the Executive, that the Good Reason circumstances cited in the
Executive’s Notice of Resignation were not present on the date of such Notice of Resignation, or
are no longer present, in which case the Executive’s employment hereunder shall not terminate under
this Section 5.5. Notwithstanding clause (i) above, payment of any bonus remains at the
discretion of the Board, and failure to pay any or all of the eligible amount shall not be deemed
“Good Reason.”

(b) If the Executive’s employment hereunder is terminated due to a Voluntary Resignation for
Good Reason, STAAR shall pay or provide to the Executive: (i) the Severance Payment, (ii) any
accrued but unpaid compensation to which the Executive is entitled on the date of such termination,
(iii) expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.5, and (iv) Continued Benefits for a period of (1) year following such
termination.

5.6 Voluntary Resignation Other Than for Good Reason. The Executive may terminate the
Executive’s employment hereunder other than for Good Reason upon at least sixty (60) days’ written
notice to STAAR in the form of a Notice of Resignation. With the exception of the covenants set
forth in Articles 6 and 7, upon a voluntary resignation other than for Good Reason
the obligations of the Executive and STAAR under this Agreement will immediately cease. After a
voluntary resignation other than for Good Reason, STAAR shall pay to the Executive (i) any accrued
but unpaid compensation to which the Executive is entitled on the date of such termination, and
(ii) expenses incurred by the Executive prior to the Date of Termination reimbursable under
Section 4.5.

5.7 Notice of Termination. Any termination of the Executive’s employment by STAAR shall be
communicated by written Notice of Termination to the Executive. For purposes of this Agreement, a
“Notice of Termination” shall mean a notice that shall indicate the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so
indicated.

5.8 Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment
is terminated by death, the date of death, (ii) if the Executive’s employment is terminated by
reason of disability, the date of the Notice of Termination citing the opinion of the physician
referred to in Section 5.2 above, (iii) if the Executive’s employment is terminated under
a discharge for cause, discharge without cause, the date specified in the Notice of Termination,
and (iv) if the Executive’s employment is terminated voluntarily for Good Reason or other than for
Good Reason, the date specified in the Notice of Resignation, or, if no Notice of Resignation is
provided, then the date the Executive ceased to provide services to STAAR in the reasonable
judgment of the Board.

5.9 Severance Payment. Except as provided in Section 5.10, the “Severance Payment”
payable to the Executive following a Discharge Without Cause or a Voluntary Termination for Good
Reason shall be continued biweekly payments of the Base Salary for a period equal to the greater
of (i) one year, or (ii) the remaining Term of this Agreement plus an amount equal to such
biweekly Base Salary payment amount times the Average Bonus Rate for a period equal to the greater
of (i) one year, or (ii) the remaining Term of this Agreement. The “Average Bonus Rate” will be
the fraction resulting from the total amount of performance bonuses actually paid to the Executive
in the last two (2) completed fiscal years prior to the Date of Termination, divided by total
salary exclusive of bonus actually paid during those two (2) fiscal years. For purposes of this
Section 5.9, if the two-year period referred to in the preceding sentence includes periods
prior to the Effective Date, then Base Salary will be deemed to include any “Annual Salary” as
defined in the Previous Agreement. .

5.10 Severance Payment and Benefits Following a Change in Control.

(a) Notwithstanding Section 5.9, the “Severance Payment” payable to the Executive
shall be a lump sum payment in an amount equal to eighteen (18) months’ Base Salary (the “Base
Amount”), plus an additional amount equal to the Base Amount times the Average Bonus Rate, if the
Executive’s employment terminates for any reason, regardless of whether by discharge or voluntary
resignation, within one hundred twenty (120) days prior to or within one (1) year after a Change in
Control. In such event, STAAR agrees that all stock options, restricted stock and other incentive
compensation awards of the Executive that are outstanding at the time of such termination and that
have not previously become exercisable, payable or free from restrictions shall immediately become
exercisable, payable or free from restrictions, as the case may be, in their entirety, and that the
exercise period of any stock option or other incentive award shall continue for the length of the
exercise period specified in the grant of the award determined without regard to the Executive’s
termination of employment. Notwithstanding any other provisions in this Agreement to the contrary,
in such event, the Executive shall also receive Continued Benefits for a period of one (1) year
following such termination. The Executive shall also receive executive outplacement benefits of a
type and duration generally provided to executives at the Executive’s level. Any payments made or
benefits provided under this Section 5.10 shall be in place of, and not in addition to,
amounts otherwise payable under Section 5.9.

(b) Change in Control. For purposes of this Agreement, “Change in Control” shall mean the
occurrence of any one or more of the following events:

(1) Any person, including a group as defined in Section 13(d)(3) of the Exchange Act, but
excluding Broadwood Partners, L.P. or a group of which it is a member, becomes the beneficial
owner of stock of STAAR with respect to which twenty-five percent (25%) or more of the total
number of votes for the election of the Board may be cast;

(2) As a result of, or in connection with, any cash tender offer, exchange offer, merger or
other business combination, sale of assets or contested election, or combination of the foregoing,
persons who were directors of STAAR just prior to such event shall cease to constitute a majority
of the Board;

(3) The stockholders of STAAR shall approve an agreement providing either for a transaction
in which STAAR will cease to be an independent publicly owned corporation or for a sale or other
disposition of all or substantially all the assets of STAAR, and such transaction is completed; or

(4) The acquisition in a single or series of related transactions, including without
limitation a tender offer or exchange offer, by any person or related group of persons (other than
STAAR or by a Company-sponsored employee benefit plan), of beneficial ownership (within the
meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%)
of the total combined voting power of STAAR’s outstanding securities.

Notwithstanding the foregoing, the formation of a holding company for STAAR in which the
stockholdings of the holding company after its formation are substantially the same as for STAAR
prior to the holding company formation does not constitute a Change in Control for purposes of this
Plan.

(c) Income Tax Gross-Up. STAAR shall pay to the Executive, within thirty (30) days after a
termination subject to this Section 5.10, an additional amount (the “Gross-Up Payment”)
such that the net amount retained by the Executive, after deduction of any Applicable Income Taxes
payable by the Executive with respect to any Severance Payments, and including any Applicable
Income Tax upon such Gross-Up Payment, is equal to the amount that would have been retained by the
Executive if such Applicable Income Taxes were not applicable, as determined by the accounting firm
serving as STAAR’s independent auditors immediately prior to the Change in Control. “Applicable
Income Taxes,” for purposes of this Section 5.10(c), means, collectively, any U.S. Income Tax
(including federal, state or local taxes) and/or non-U.S. income tax applicable to the Executive,
but excludes any excise taxes, including without limitation, any excise tax payable pursuant to
Section 280G.

5.11 Non-Renewal of Agreement. The Executive and STAAR shall have the following obligations
upon any election by STAAR not to renew this Agreement pursuant to Section 1.3:

(a) Following delivery by STAAR of a Non-Renewal Notice, the obligations of the Executive and
STAAR will continue in force, and the Executive will continue to perform his duties hereunder, for
a period ending on the date three (3) months after such notice, unless STAAR elects to relieve the
Executive of all of the Executive’s duties and obligations (other than the covenants contained in
Articles 6 and 7) prior to such date. At the completion of such three-month
period, or such earlier date when STAAR elects to relieve Executive of all of the Executive’s
duties and obligations, the obligations of the Executive and STAAR will immediately cease with the
exception of the covenants contained in Articles 6 and 7 and such other obligations as
expressly set forth in this Section 5.11.

(b) For the remaining period until the expiration of the Term STAAR will continue to pay base
salary to the Executive and continue to provide all benefits to the Executive and the Executive’s
dependents, but the Executive will be relieved of the obligation to perform any duties as employee
hereunder.

(c) After the conclusion of the Term STAAR shall (i) for a period of twelve (12) months
continue to make biweekly payments of the Executive’s Base Salary, plus an additional amount equal
to such biweekly Base Salary payment times the Average Bonus Rate, (ii) pay any accrued but unpaid
compensation to which the Executive is entitled on the Date of Termination, (iii) pay any expenses
incurred by the Executive prior to the Date of Termination reimbursable under Section 4.5,
and (iii) provide Continued Benefits for a period of (1) year following such termination.

5.12 Termination of STAAR’s Obligations. In the event of the termination of the Executive’s
employment pursuant to this Article 5, STAAR shall have no further obligation to pay the
Executive any Base Salary, bonus or other compensation or benefits, except as provided in this
Article 5, for benefits due to the Executive (and the Executive’s dependents), and under
the terms of STAAR’s employee benefit plans. The payments under this Agreement are in lieu of any
severance payment that the Executive might otherwise be entitled to from STAAR under STAAR’s
applicable severance pay policies. However, if by the terms of STAAR’s applicable severance pay
policies for a reduction in force, the amount computed under the policy would be greater than the
Severance Payment described in this Agreement, then the Severance Payment shall be such greater
amount.

5.13 Mitigation or Offset. The Executive shall not be required to seek other employment or
to reduce any amount payable to the Executive under Article 5 of this Agreement, and no
such amount shall be reduced on account of any compensation received by the Executive from other
employment. However, STAAR’s obligation to pay any amount under this Agreement shall be reduced
by any amount owed by the Executive to STAAR.

5.14 Continued Benefits. “Continued Benefits” for any specified period shall mean benefits
under all of the employee benefit programs of STAAR (including, but not limited to, group medical
insurance, group dental insurance, group-term life insurance and disability insurance) available
to the Executive before any termination in the same way and at the same level as immediately prior
to the termination at no additional cost to the Executive, except to the extent tax rules require
the inclusion of the value of such benefits in the Executive’s income. STAAR may elect at its
discretion to satisfy any obligation to pay Continued Benefits by paying to the Executive in cash
the amount that would otherwise be paid for such benefits.

5.15 Resignation from Board of Directors. The Executive shall, (i) immediately upon the
receipt of a Termination Notice under this Section 5, or (ii) along with any notice of
voluntary resignation provided to STAAR, submit to the Board of Directors his binding and
unconditional offer to resign from his position as director. Receipt of such offer shall be a
condition precedent to STAAR’s obligation to pay any amount of severance, to provide any benefits
after termination, or to any other obligation under this Agreement.

5.16 Tax Provisions. STAAR and the Executive agree to diligently negotiate in good faith any
amendments or modifications to this Agreement necessary or desirable to minimize the imposition on
either of them of any additional tax under Section 409A of the Code or as a result of
multi-jurisdictional taxation, provided no such amendment or modification shall be effective
unless agreed by both STAAR and the Executive at the discretion of each of them.

ARTICLE 6

Assignment of Inventions

The Executive acknowledges that any inventions, discoveries or trade secrets, whether
patentable or not, made or found by the Executive in the scope of the Executive’s employment with
STAAR are “works for hire” and constitute property of STAAR, and that any rights therein now held
or hereafter acquired by the Executive individually or in any capacity are hereby transferred and
assigned to STAAR. The Executive agrees to execute and deliver any confirmatory assignments,
documents or instruments of any nature necessary to carry out the intent of this Article 7
when requested by STAAR without further compensation therefor, whether or not the Executive is at
the time employed by STAAR. Provided, however, notwithstanding the foregoing, the Executive will
not be required to assign the Executive’s rights in any invention which qualifies fully under the
provisions of Section 2870(a) of the California Labor Code, which provides, in pertinent part, that
the requirement to assign “will not apply to any invention that the employee developed entirely on
the Executive’s own time without using employer’s equipment, supplies, facilities or trade secret
information except for those inventions that either:

	 	 	 	“(i) Relate at the time of conception or reduction to
practice of the invention to the employer’s business, or actual or
demonstrably anticipated research or development of the employer; or

	 	 	 	“(ii) Result from any work performed by the employee for the
employer.”

The Executive understands that the Executive bears the full burden of proving to STAAR that an
invention qualifies fully under Section 2870(a). By signing this Agreement, the Executive
acknowledges receipt of a copy of this Agreement and of written notification of the provisions of
Section 2870.

ARTICLE 7

Restrictive Covenants

7.1 Confidentiality Covenant. The Executive hereby agrees that the Executive shall not,
directly or indirectly, disclose or make available to any person, firm, corporation, association
or other entity for any reason or purpose whatsoever, any Confidential Information (as hereinafter
defined). For a period of five (5) years after the termination of this Agreement, the Executive
agrees that, upon termination of the Executive’s employment with STAAR, all Confidential
Information in the Executive’s possession that is in written or other tangible form (together with
all copies or duplicates thereof, including computer files) shall be returned to STAAR and shall
not be retained by the Executive or furnished to any third party, in any form except as provided
herein; provided, however, that the Executive shall not be obligated to treat as confidential, or
return to STAAR copies of any Confidential Information that (i) was publicly known at the time of
disclosure to the Executive, (ii) becomes publicly known or available thereafter other than by any
means in violation of this Agreement or any other duty owed to STAAR by any person or entity, or
(iii) is lawfully disclosed to the Executive by a third party. As used in this Agreement, the
term “Confidential Information” means information disclosed to the Executive or known by the
Executive as a consequence of or through the Executive’s relationship with STAAR, about the
products, research and development efforts, regulatory efforts, manufacturing processes,
customers, employees, business methods, public relations methods, organization, procedures or
finances, including, without limitation, information of or relating to customer lists, of STAAR
and its affiliates.

7.2 Solicitation of Employees. The Executive hereby agrees that during the term of the
Executive’s employment and for one (1) year thereafter, the Executive shall not, either on the
Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant,
partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or
corporation, directly or indirectly solicit or attempt to solicit away from STAAR any of its
officers or employees or any person who, on or during the six (6) months immediately preceding the
date of such solicitation or offer, is or was an officer or employee of STAAR, or inducing or
attempt to induce an employee, a consultant, or an independent contractor to sever or modify that
person’s relationship with STAAR; provided, however, that a general advertisement to which an
employee of STAAR responds shall in no event be deemed to result in a breach of this
Section 7.2.

7.3 Unfair Competition. The Executive acknowledges that the information listed in
Section 7.1 above, as well as other information regarding STAAR’s customers and business,
is confidential and constitutes trade secret, commercially sensitive, and proprietary information.
While employed by STAAR, and following separation of employment from STAAR, Executive will not,
directly or indirectly, use this or any other trade secret information to solicit any of STAAR’s
customers or use STAAR’s trade secret information to negotiate with any of STAAR’s customers, or
to disrupt, damage, impair, or interfere with STAAR’s business in any manner, including, without
limitation, by disrupting its relationships with customers, agents, representatives, vendors, or
otherwise. Executive acknowledges that STAAR’s business is international in scope and,
consequently, the restriction on the Executive’s use of trade secrets shall apply without regard
to geography. Subject to the limitations noted herein, the Executive is not, however, restricted
from being employed by or engaged in any type of business following the termination of the
Executive’s employment relationship with STAAR. .

7.4 Enforcement.

(a) STAAR and the Executive intend that the provisions of this Article 8 shall be
fully enforceable as set forth herein. To the extent that any court of competent jurisdiction
finds that any such provision is enforceable by reason of its duration or scope, STAAR and the
Executive agree that it shall be enforced insofar as it may be enforced within the limits of the
law of that jurisdiction, but that the Agreement as a whole shall be unaffected elsewhere.

(b) The Executive agrees that it would be difficult to compensate STAAR fully for damages for
any violation of the provisions of this Agreement, including, without limitation, the provisions of
this Article 7. Accordingly, the Executive specifically agrees that STAAR and its
successors and assigns shall be entitled to temporary and permanent injunctive relief to enforce
the provisions of this Agreement. This provision with respect to injunctive relief shall not,
however, diminish the right of STAAR to claim and recover damages in addition to injunctive relief.

(c) If the Executive breaches any provision of Article 7, the rights of the Executive
(or the Executive’s estate) to a benefit under the Agreement, and the rights of a surviving spouse
or any other person to a benefit under the Agreement, shall be forfeited, unless the Board
determines that such activity is not detrimental to the best interests of STAAR and its affiliates.
Such forfeiture shall be in addition to any other remedy of STAAR under the Agreement or at law
and in equity with respect to such breach. However, if the Executive ceases such activity and
notifies the Board of this action, the Executive’s (or the Executive’s estate’s) right to receive a
benefit, and any right of a surviving spouse or any other person to a benefit, may be restored
within sixty (60) days of said notification, unless the Board in its sole discretion determines
that the prior activity has caused serious injury to STAAR and its affiliates, which determination
shall be final and conclusive.

ARTICLE 8

General Provisions

8.1 Release of Claims. Notwithstanding anything else in this Agreement, STAAR’s obligation
to provide any payments or other benefits to the Executive pursuant to Article 5 shall be
conditioned on the Executive’s execution of a general release of claims in the form required by
STAAR. If applicable law imposes any non-waivable waiting period or revocation right on the
effectiveness of such a release, the condition described in the preceding sentence shall not be
deemed satisfied until the expiration of such waiting period or revocation right.

8.2 Entire Agreement and Modification. This Agreement, together with any indemnification
agreements or equity award agreements entered into prior to or contemporaneously with this
Agreement, constitutes the entire agreement between the parties relating to the employment of the
Executive by STAAR, and there are no representations, warranties or commitments, other than those
set forth herein which relate to such subject matter. This Agreement may be amended or modified
only by an instrument in writing executed by all of the parties hereto.

8.3 Successors.

(a) This Agreement is personal to the Executive, and without the prior written consent of
STAAR shall not be assignable by the Executive other than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
legal representatives.

(b) The rights and obligations of STAAR under this Agreement shall inure to the benefit of and
shall be binding upon the successors and assigns of STAAR.

8.4 No Waiver. No waiver, by conduct or otherwise, by any party of any term, provision, or
condition of this Agreement, shall be deemed or construed as a further or continuing waiver of any
such term, provision, or condition nor as a waiver of a similar or dissimilar condition or
provision at the same time or at any prior or subsequent time.

8.5 Remedies Not Exclusive. No remedy conferred by any of the specific provisions of this
Agreement is intended to be exclusive of any other remedy, except as expressly provided in this
Agreement, and each and every remedy shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing in law or in equity or by statute or
otherwise. No failure by any party to exercise, and no delay in exercising, any rights shall be
construed or deemed to be a waiver thereof, nor shall any single or partial exercise by any party
preclude any other or future exercise thereof or the exercise of any other right.

8.6 Notices. Any notice or communications required or permitted to be given to the parties
hereto shall be delivered personally, sent via facsimile or via an overnight courier service or be
sent by United States registered or certified mail, postage prepaid and return receipt requested,
and addressed or delivered as follows, or as such other addresses the party addressed may have
substituted by notice pursuant to this Section:

(a) If to STAAR:

STAAR Surgical Company

1911 Walker Ave.

Monrovia, CA 91016

Facsimile: 626-358-3049

Attention: General Counsel

(b) If to the Executive:

David Bailey

Such notices or communications shall be deemed given upon delivery or, if earlier, one (1) day
after being sent by overnight courier or three (3) days after being mailed by registered or
certified mail, as provided above.

8.7 Governing Law. This Agreement is made and entered into in the State of California, and
shall be governed by the laws of California, without giving effect to the principles of conflict
of laws thereof, except to the extent that applicable employment laws outside of California are
deemed to govern with respect to the employment relationship between the Executive and STAAR.

8.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall together constitute one Agreement.

8.9 Headings. The headings of this Agreement are inserted for convenience and do not
constitute a part hereof.

8.10 Severability. In case any one or more of the provisions contained in this Agreement (or
any portion thereof) shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this Agreement (or the remainder of such provision if a portion is held invalid, illegal or
unenforceable), but this Agreement shall be construed as if such invalid, illegal or unenforceable
provision (or portion thereof) had never been contained herein and there shall be deemed
substituted for such invalid, illegal or unenforceable provision such other provision as will most
nearly accomplish the intent of the parties to the extent permitted by the applicable law. In
case this Agreement, or any one or more of the provisions hereof, shall be held to be invalid,
illegal or unenforceable within any governmental jurisdiction or subdivision thereof, this
Agreement or any such provision thereof shall not as a consequence thereof be deemed to be
invalid, illegal or unenforceable in any other governmental jurisdiction or subdivision thereof.

8.11 Survival. The Executive’s obligations under Articles 6 and 7 shall
survive the termination of Executive’s employment and the termination of this Agreement.

8.12 Dispute Resolution.

(a) Arbitration. Executive and STAAR agree that any and all disputes, claims or
controversies arising out of or related to this Agreement, the employment relationship between the
parties, the termination of this Agreement or the termination of the employment relationship, that
are not resolved by the parties’ mutual agreement shall be resolved by final and binding
arbitration by a neutral arbitrator, subject to and consistent with applicable law. Arbitration
shall be the exclusive means of resolving the claim, dispute or controversy regardless of whether
it is based in tort, contract, statute, equity or other laws. The Executive and STAAR agree that
this agreement to arbitrate is subject to and enforceable under the provisions of the Federal
Arbitration Act (the “FAA”), 9 U.S.C. § 1, et seq., and to the extent it does not
interfere with the enforceability of this agreement to arbitrate, the California Arbitration Act
(the “CAA”), Cal. Code Civ. Proc. § 1280, et seq. This agreement to arbitrate
shall be mutually binding on all parties.

(b) The Arbitration shall be conducted in accordance with the applicable rules of JAMS, or
another arbitration service mutually agreed to by the parties. The arbitration will be held in Los
Angeles, California.

8.13 Attorneys’ Fees. If any legal action or other proceeding is brought for the enforcement
of the Agreement, or because of an alleged dispute, breach or default in connection with any of
the provisions of the Agreement, the successful or prevailing party shall be entitled to recover
attorneys’ fees and other expenses and costs incurred in that action or proceeding, in addition to
any other relief that may be granted.

8.14 Executive’s Acknowledgment. the Executive acknowledges (a) that the Executive has
consulted with or has had the opportunity to consult with independent counsel of the Executive’s
own choice concerning this Agreement and has been advised to do so by STAAR, and (b) that the
Executive has read and understands the Agreement, is fully aware of its legal effect, and has
entered into it freely based on the Executive’s own judgment.

The next page is the signature page.

1

IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement as of the
date first above written.

	 	 	 
	STAAR Surgical Company

	By:

	 	/s/Don Bailey
	
 
	 	 

	 	 	 
	 	 	Don Bailey
	 	 	Chairman
	 	 	EXECUTIVE
	 	 	By: /s/David Bailey

	 	 	David Bailey

2

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