Document:

<PAGE>

                                                                    EXHIBIT 10.7

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

      This First Amendment to Employment Agreement (this "Amendment") is entered
into on November 9th, 2004, by and between Mission Resources Corporation, a
Delaware corporation (the "Company"), and Joseph G. Nicknish (the "Executive").

                              W I T N E S S E T H:

       WHEREAS, the Company and the Executive are parties to an Employment
Agreement dated as of November 6, 2002 (the "Agreement"), pursuant to which the
Company employed the Executive as its Senior Vice President - Operations and
Engineering.

       WHEREAS, the Company and the Executive wish to amend the Agreement.

      NOW THEREFORE, in consideration of the promises and mutual covenants
and obligations herein set forth and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the
parties hereto hereby agree as follows, intending to be legally bound:

      1.    Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to such terms in the Agreement as defined therein unless
otherwise defined herein.

      2.    The second sentence of Section 5(g) of the Agreement is hereby
deleted and the following is substituted in place thereof:

      In the event that the excise tax relating to "parachute payments" under
      Section 280G of the Code applies to the Payment or any other payment by
      the Company to the Executive or other transaction entered into by the
      Executive pursuant to this Agreement or any other agreement, plan,
      instrument or obligation, in whatever form (collectively, the "Other
      Payments"), then the Company shall pay the Executive an additional payment
      in an amount such that, after payment of federal income taxes (but not the
      excise tax) on the Payment or any Other Payment, the Executive receives an
      additional amount equal to the excise tax originally imposed on the
      Payment or any Other Payment.

      3.    Except as amended by this Amendment, the Agreement shall remain in
full force and effect and is hereby ratified and affirmed. In the event of a
conflict between the terms in this Amendment and the Agreement, the Amendment
shall control.

      4.    This Amendment shall be construed in accordance with the laws of the
State of Texas.

      5.    In case of one or more of the provisions contained in this Amendment
for any reason shall be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Amendment, but this

<PAGE>

Amendment shall be construed as if such invalid, illegal or unenforceable
provisions had never been a part of this Amendment.

      6.    This Amendment shall be binding upon and inure to the benefit of the
Company, its successors, legal representatives and assigns and upon the
Executive, his or her heirs, executors, administrators, and representatives. Any
reference to the Company herein shall mean the Company as well as any successors
thereto.

      7.    This Amendment may be executed in any number of counterparts with
the same effect as if all signatories had signed the same document. All
counterparts must be construed together to constitute one and the same
instrument.

                            [Signature page follows]

                                       2
<PAGE>

      IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment
as of the date and year first above written.

                                  COMPANY:

                                  MISSION RESOURCES CORPORATION

                                  By: /s/ Robert L. Cavnar
                                      -----------------------------------------
                                  Name: Robert L. Cavnar
                                  Title: Chairman of the Board, President
                                         and Chief Executive Officer

                                  EXECUTIVE:

                                      /s/  Joseph G. Nicknish
                                  ---------------------------------------------
                                  Joseph G. Nicknish

                                       3<PAGE>

                                                                    EXHIBIT 10.8

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

      This First Amendment to Employment Agreement (this "Amendment") is entered
into on November 9th, 2004, by and between Mission Resources Corporation, a
Delaware corporation (the "Company"), and Marshall L. Munsell (the "Executive").

                              W I T N E S S E T H:

      WHEREAS, the Company and the Executive are parties to an Employment
Agreement dated as of November 4, 2003 (the "Agreement"), pursuant to which the
Company employed the Executive as its Senior Vice President - Land and Land
Administration.

      WHEREAS, the Company and the Executive wish to amend the Agreement.

      NOW THEREFORE, in consideration of the promises and mutual covenants and
obligations herein set forth and for other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto hereby agree as follows, intending to be legally bound:

      1.    Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to such terms in the Agreement as defined therein unless
otherwise defined herein.

      2.    The second sentence of Section 5(g) of the Agreement is hereby
deleted and the following is substituted in place thereof:

      In the event that the excise tax relating to "parachute payments" under
      Section 280G of the Code applies to the Payment or any other payment by
      the Company to the Executive or other transaction entered into by the
      Executive pursuant to this Agreement or any other agreement, plan,
      instrument or obligation, in whatever form (collectively, the "Other
      Payments"), then the Company shall pay the Executive an additional payment
      in an amount such that, after payment of federal income taxes (but not the
      excise tax) on the Payment or any Other Payment, the Executive receives an
      additional amount equal to the excise tax originally imposed on the
      Payment or any Other Payment.

      3.    Except as amended by this Amendment, the Agreement shall remain in
full force and effect and is hereby ratified and affirmed. In the event of a
conflict between the terms in this Amendment and the Agreement, the Amendment
shall control.

      4.    This Amendment shall be construed in accordance with the laws of the
State of Texas.

      5.    In case of one or more of the provisions contained in this Amendment
for any reason shall be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Amendment, but thisexv10w101

 

EXHIBIT 10.101

	 	 	 
	 

	 	Master no.

0272-00351697
	

	 	UBS AG
	

	 	P.O. Box, 3011 Bern 
	

	 	Tel +41-31-33621 11
	 
	 	 
	

	 	www.ubs.com

Master Credit Agreement

UBS Corporate Financing

1. Borrower

Staar Surgical AG

Hauptstrasse 104

2560 Nidau

(hereinafter referred to as the ‘Borrower’)

2. Lender

UBS AG

Barenplatz &

3011 Berne

(hereinafter referred to as ‘UBS’)

3. Credit facility

UBS grants the Borrower a credit facility in a maximum amount of 3 750 000 CHF
(Swiss Francs three million seven hundred and fifty thousand).

4. Financing purpose

To finance current assets for operating purposes

5. Availability

Subject to the terms and conditions of this Credit Agreement, this credit
facility is available in the following forms:

	•	 	as a current account overdraft in CHF and/or any freely-available and convertible currency
	•	 	as UBS fixed advances with terms of 1 — 12 months in an amount of at least 250 000 CHF
and/or the equivalent in any freely-available and convertible currency.

6. Interest rates and commission

6.1 UBS current accounts

The interest rate currently applicable for use with CHF is 6.00% p.a. Rates
for selected foreign currencies upon request.

Plus credit commission in the amount of 0.25% per quarter based on the average
debit balance.

At the end of each calendar quarter, a closing statement showing interest and
commission charges shall be provided. UBS shall have the right to adjust
interest and commission rates to changing market conditions at any time with
immediate effect.

					
	 	 	 
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6.2 UBS fixed advances

For any advance with a term of up to and including 6 months, principal
and interest shall be calculated and charged as a single payment at
maturity.

For any advance with a term of more than 6 months, interest shall be
calculated and charged quarterly at the end of each calendar quarter.
Principal and interest shall be calculated and charged at maturity.

The base interest rate shall be calculated according to Euromarket rates for
the relevant term and currency, plus a UBS margin.

The interest rate shall be fixed two bank working days prior to any advance
being drawn down or renewed, for the corresponding term and currency. The
instructions for drawdown or renewal must be received by UBS at least two
bank working days before such drawdown or renewal. Where such instructions
are unavailable, advances falling due will not be renewed and both principal
and interest will be debited from the relevant current account.

6.3 Interest calculation

Interest shall be calculated on a 365/360 basis, i.e. the actual number
of days per month divided by a 360-day year.

7. Reduction of credit
line/amortization

Semi-annually 250 000 CHF,
in effect/first payment on 31st December
2004, last payment on 31st December 2005.

8. Security

The forms of security
listed below shall serve UBS as security for all claims
including all past due and current interest, commission, etc,:

1) Assignment of all accounts receivable, pursuant to separate form
«General Purposes Assignment of Claims (Global Assignment)».

9. Term

Until further notice.

10. Termination

10.1 Ordinary termination

The Borrower shall have the right to terminate this Credit Agreement at any
time with immediate effect.

UBS shall have the right to terminate this Credit Agreement at any time
with immediate effect, and to refuse to make funds available to the Borrower
under the credit facility at its discretion, without having to provide any
reasons.

Any termination shall cancel the unused portion of the credit facility with
immediate effect. To the extent that the credit facility has been drawn
down, any outstanding amounts shall become due and payable as follows:

	•	 	UBS current account
	 	 	immediately
	 
	•	 	UBS fixed advance
	 	 	on expiration of the agreed term

					
	 	 	 
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	 	Master no.

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10.2 Extraordinary termination

The Borrower shall have the right to terminate this Credit Agreement at any
time by giving 30 calendar days prior notice, and to repay any outstanding
amounts in whole or in part. In the event that any prepayment is made during
a fixed interest period or on a day other than the date originally agreed for
repayment, an indemnity for prepayment shall be payable pursuant to
«Indemnity for Prepayment» on the actual date that the prepayment is made.

UBS shall have the right to terminate this Credit Agreement at any
time with immediate effect, and to declare all outstanding amounts
including accrued interest, commission, fees, etc. immediately due and
payable, irrespective of the term of any credit facility granted, if:

	1)	 	the Borrower or a Group company («Group company» shall hereinafter
mean any company within the meaning of Art. 663 lit. e, para. 1 of the Swiss
Code of Obligations that may be deemed to belong to the Borrower’s
consolidated group of companies) is more than 30 calendar days in arrears with
payment of interest, commission and/or principal payments owed to UBS or a
third party (including any parties that may have acquired claims under the
credit granted), or fails to reduce overdrafts by repayment or providing
sufficient additional security within the time period set therefor by UBS.
	 
	2)	 	the Borrower or one of its Group companies is/are required by official
order (in particular in the area of environmental protection) to undertake
remedial measures which are deemed by UBS as having a potentially material
effect on the Borrower’s ability to perform its financial obligations.
	 
	3)	 	in the opinion of UBS a material reduction in the value of security is
imminent or has occurred.
	 
	4)	 	there has been a change of ownership/controlling interests in relation to
the Borrower which UBS deems to be material.
	 
	5)	 	the Borrower or a Group company changes its/their legal or commercial
structure, e.g. through liquidation, sale of a substantial part of its
assets, change of its objects or business activities, merger or
restructuring, provided that the relevant event is deemed by UBS as having a
potentially material effect on the Borrower’s ability to perform its
financial obligations.
	 
	6)	 	with regard to the Borrower or a Group company bankruptcy proceedings
or a stay of bankruptcy proceedings are filed and/or an application for
court or out-of-court creditor protection is made.
	 
	7)	 	the Borrower or a Group company has suspended payments or the earnings
or asset position of the Borrower or a Group company is deemed by UBS to
have deteriorated significantly.
	 
	8)	 	the Borrower or a Group company is in breach of any other obligations
arising under this Credit Agreement.

11. Indemnity in the event of premature repayment

An indemnity shall be
payable in the event of premature repayment. This
indemnity shall be calculated on the basis of the difference between the
agreed interest rate and the rate obtainable at the time of the premature
repayment on an investment in the money or capital market with the same period
remaining to maturity. If the agreed interest rate is above the rate for such
investments, the difference shall be owed by the Borrower; if the agreed rate
is below the rate for the investment, the difference shall be credited to the
Borrower.

If, in connection with any
extraordinary termination, UBS declares that
capital drawn down is due for repayment prior to maturity, the Borrower shall
be liable to indemnify UBS for all loss suffered and/or costs incurred as a
result, in particular for any difference between the agreed interest rate and
the rate obtainable at the time of the premature repayment on an investment in
the money or capital market with the same period remaining to maturity. UBS
reserves the right to claim additional compensation.

					
	 	 	 
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12. Representations and warranties

The Borrower represents and warrants that:

	1)	 	the Borrower has not created any security interest in respect of its own
obligations and/or the obligations of third parties other than security
given under this Credit Agreement or in the context of other credit
agreements with UBS and/or any security given in favour of other creditors
with respect to which the Borrower has expressly notified UBS.
	 
	2)	 	no event has occurred which would entitle UBS to effect extraordinary
termination, and no legal action is pending which could have a material
adverse effect on the Borrower or its assets.

13. Negative covenants

The Borrower undertakes to refrain from entering into any other obligations
which are secured by any charge upon its assets, and to refrain from
providing security for any existing debt unless all claims arising out of the
present agreement have been secured to a degree deemed necessary by UBS so
that the Borrower’s obligations under this credit facility will rank pari
passu with all other obligations. This provision shall not apply to any
existing liabilities to the extent of the security already provided.

Furthermore, the Borrower shall not grant any security in the
above-mentioned manner in favour of any third parties. If the Borrower is
part of a group, it shall not grant any security in favour of any companies
controlled directly or indirectly by it and/or any third parties. The
Borrower shall moreover ensure that any companies controlled directly or
indirectly by it do not grant any security in the above-noted manner in
favour of any third parties or any other companies controlled directly or
indirectly by it. This provision shall not apply to security provided for
obligations arising under this Credit Agreement.

No sale/transfer to third parties or other group companies or any other
changes of the participations and/or other assets and/or the worldwide
patents and licenses (especially but not limited to the product lines “ICL”,
“IOL” and “Aquaflow”) owned by the Borrower as of December 31, 2003, without
the prior written consent of UBS.

No new intercompany receivables deriving from “financial or
non-commercial transactions”, compared with the situation as of April 2,
2004 (1 062 029 USD), without the prior written consent of UBS.

New/additional receivables against group companies have to derive from
“commercial transactions” such as the delivery of
merchandise. The terms of
payment of such intercompany receivables may not exceed 90 days.

14. Financial ratios

The Borrower undertakes to maintain at all times during the entire term of
this Credit Agreement the key ratios listed below:

	1)	 	Equity.
	 	 	Minimum equity of the Borrower according to the audited financial
statements as of the end of each business year not below 12 000 000 USD.
Equity is defined as “common stock + retained earnings
+ reserves”.

15. Information undertaking

For the entire term of this Credit Agreement, the Borrower
undertakes to provide the following information to UBS:

	1)	 	one copy of the balance sheet and profit and loss statement, including
any appendices, together with the auditor’s report, by no later than four
months following the close of the fiscal year (separate and consolidated).

					
	 	 	 
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	2)	 	one copy of the budget, including the investment budget, by no later
than 30 calendar days prior to commencement of the relevant fiscal year.

The Borrower undertakes, for the entire term of this credit facility, to
immediately inform UBS of any material changes, in particular of the
occurrence, or likely occurrence, of any circumstances which might
constitute grounds for extraordinary termination.

16. Conditions precedent

No utilisation may be drawn down until all copies of the documents listed
below have been received by UBS, executed in the required form, and UBS has
received the agreed security in legally valid form:

	•	 	one copy of this Credit Agreement
	•	 	General Purposes Assignment of Claims (Global Assignment)
	•	 	Repledging of Your Collateral

In the event that UBS has not received all of the documents and/or security,
in the required form, within one month of the date of execution of this
Credit Agreement, UBS shall be authorized to rescind this Credit Agreement
without granting any extension of the deadline for receiving the said
documents and/or security.

17. Miscellaneous provisions

17.1 General conditions

The «General
Conditions» of UBS shall form an integral part of this Credit
Agreement

17.2 Order in which security will be realized

In the event that several
items of security have been provided to UBS,
UBS shall, if and when realizing the security, decide at its discretion to
what extent and in which order the items shall be realized, and how the
proceeds from such realization shall be allocated to the individual drawdowns.

17.3 Confirm auditors

The auditors of the Borrower have to confirm in writing to UBS, attention:
Corporate Clients/Team FOIK, Bärenplatz 8, 3000 Berne 94, within 120 days
after the end of each business year, that the above covenants have been
respected.

18. Transfer

UBS shall have the right to offer for transfer, or to transfer, in whole
or in part, its rights under this Credit Agreement, including any security
provided in respect of the credit facility, such as mortgage notes and any
other security, to any third parties in Switzerland or abroad. UBS may at any
time provide all third parties, including rating agencies, which may be
parties to such transfer, with access to all information and data relevant to
the transfer, and shall be exempted in this regard from the statutory
obligation to maintain banking secrecy. Insofar as third parties are not
subject to Swiss legislation on banking secrecy, information and data shall
only be disclosed if the said parties undertake to maintain secrecy and, in
turn, ensure that this obligation is binding upon any further contracting
parties.

All assignees shall be entitled to reassign the rights acquired, provided
that each subsequent assignee also undertakes to maintain secrecy. UBS (and
any party acquiring rights as a result of any transfer made in accordance
with this Clause) may, without having to obtain consent from the
Borrower,
assign any limit obligation agreed under this Credit Agreement, and/or any
other obligations arising hereunder, to the assignee in respect thereof,
together with any claims under the credit granted. Any party acquiring such
obligations must either be a company affiliated with UBS, or
a Swiss or foreign financial institution (bank, insurance company, or
similar). UBS shall be released from any obligation to the extent that it
transfers same.

					
	 	 	 
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19. Waiver of set-off

The Borrower waives its right to offset its obligations against any claims it
may have against UBS and/or any party acquiring rights under this Credit
Agreement, even if such claim by way of set-off against UBS, or any party
acquiring rights hereunder, may not be recoverable as a result of insolvency
or over-indebtedness.

20. Applicable law and jurisdiction

This Credit Agreement shall be exclusively governed by and construed in
accordance with Swiss law. The place of performance, the place of debt
collection (only for persons domiciled outside of Switzerland) and the
exclusive place of jurisdiction for all disputes arising out of and in
connection with this Agreement shall be Berne. UBS shall, however, be entitled to
commence legal action against the Borrower before the competent authority at
the place of its registered office, or before any other competent authority,
in which event Swiss law shall continue to apply exclusively.

This Agreement was executed in three original copies and replaces all
agreements made between the parties to this date.

	 	 	 	 
	Ref. P2M4-HID

	 	UBS AG
	 
	 	 
	Berne, 2nd August 2004
	 	 
	 
	 	/s/ Nobert Schacht	/s/ Daniela Hirsbrunner
	
 
	Place/Date
    
	 	Nobert Schacht	Daniela Hirsbrunner
	 
	 
	 	
	 
	 	 
	

	 	Agreed
	 
	 	 
	Borrower

	 	Staar Surgical AG
	 
	 	 
	
 
	Place/Date
	 	Signature(s)
	 
	 	 
	
    
	 	Staar Surgical Company, Monrovia USA
	 
	 	 
	
 
	Place/Date

	 	Signature(s)

 

 

					
	 	 	 
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