Document:

Exhibit 10.5 - AMENDING AGREEMENT (WILLAIM G. DUMENCU)

    AMENDING
      AGREEMENT

     

    THIS
      AMENDING AGREEMENT
      is made
      as of the 14th day of April, 2006 between OCCULOGIX,
      INC. (the
      “Corporation”),
      a
      corporation incorporated under the laws of the State of Delaware, and William
      G.
      Dumencu who resides in the Town of Milton in the Province of Ontario
      (hereinafter referred to as the “Employee”).

     

    WHEREAS
      Vascular
      Sciences Corporation (now the Corporation) and the Employee entered into an
      employment agreement, dated as of August 1, 2003, setting forth the rights
      and
      obligations of each of them with respect to the Employee’s employment with the
      Corporation (the “Employment
      Agreement”);

     

    AND
      WHEREAS Vascular
      Sciences Corporation (now the Corporation) and the Employee entered into an
      amendment, dated August 1, 2003 and effective as of September 30, 2003, amending
      Section 6 of the Employment Agreement (the “Amendment”);

     

    AND
      WHEREAS, prior
      to
      September 2003 and between June 2005 and April 13, 2006, the Employee served
      as
      Vice President, Finance of the Corporation;

     

    AND
      WHEREAS, between
      September 2003 and May 2005, the Employee served as Chief Financial Officer
      and
      Treasurer of the Corporation and has resumed serving in that capacity as of
      the
      date hereof; 

     

    AND
      WHEREAS, notwithstanding
      Section 6 of the Employment Agreement, as amended by the Amendment, since August
      31, 2004, the Employee has been entitled to 20 days of vacation per year and
      an
      annual bonus of 25% of the Employee’s annual base salary, granted at the sole
      discretion of the Corporation based on specific measurable objectives determined
      by the Corporation; 

     

    AND
      WHEREAS the
      Corporation and the Employee have agreed that it would be in the best interests
      of both of them to increase the Employee’s annual base salary as of April 1,
      2006 and to reduce to writing the Employee’s current vacation and bonus
      entitlement;

     

    NOW,
      THEREFORE, in
      consideration of the mutual covenants and undertakings contained in the
      Employment Agreement, as amended by the Amendment and as further amended by
      this
      Amending Agreement, and other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, the Corporation and the Employee
      agree as follows:

     

    
      	1.  	
              Notwithstanding
                Section 6 of the Employment Agreement, as amended by the Amendment,
                as of
                April 1, 2006:

            

    

     

    
      	(a)  	
              the
                Company shall pay to Employee as compensation for all services rendered
                by
                the Employee under the Employment Agreement, as amended by the Amendment
                and as further amended by this Amending Agreement, a base salary
                of
                Cdn$178,040;

            

    

     

    
      	(b)  	
              the
                Employee’s vacation entitlement shall be 20 days per year, accruing in
                accordance with the Corporation’s vacation policy from time to time;
                and

            

    

     

    
      	(c)  	
              the
                Employee shall be entitled to an annual bonus of 25% of the Employee’s
                annual base salary, which bonus shall be granted at the sole discretion
                of
                the Corporation based on specific measurable objectives determined
                by the
                Corporation.

            

    

     

    
      	2.  	
              The
                Employment Agreement, as amended by the Amendment, remains in full
                force
                and effect, unamended, other than as amended by this Amending
                Agreement.

            

    

     

    
      	3.  	
              This
                Amending Agreement may be signed by facsimile and in counterpart,
                and each
                such counterpart will constitute an original document, and such
                counterparts, taken together, will constitute one and the same
                instrument.

            

    

     

    
      	4.  	
              This
                Amending Agreement shall be governed by, and construed in accordance
                with,
                the laws of the Province of Ontario and the laws of Canada applicable
                therein.

            

    

     

    
      	5.  	
              The
                Employee acknowledges that:

            

    

     

    
      	(a)  	
              he
                has had sufficient time to review and consider this Amending Agreement
                thoroughly;

            

    

     

    
      	(b)  	
              he
                has read and understands the terms of this Amending Agreement and
                his
                obligations under the Employment Agreement, as amended by the Amendment
                and as further amended by this Amending
                Agreement;

            

    

     

    
      	(c)  	
              he
                has been given an opportunity to obtain independent legal advice,
                and such
                other advice as he may desire, concerning the interpretation and
                effect of
                this Amending Agreement; and

            

    

     

    
      	(d)  	
              this
                Amending Agreement is entered into voluntarily and without any pressure
                and that his continued employment with the Corporation has not been
                made
                conditional on execution and delivery by him of this Amending
                Agreement.

            

    

     

    

     

    

     

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           -

      

    

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

     

    

     

    
      	 	 	 	 
	 	 
	 	
              /s/
                William G. Dumencu

            
	
              Signature
                of Witness

            	 	 	
              William
                G. Dumencu

            
	 	 	 	 
	 	 	 	 
	
              Name
                of Witness (please
                print)

            	 	 	 
	 	 	
              OCCULOGIX,
                INC.

            
	 	 	
              By:

            	
              /s/
                Elias Vamvakas

            
	 	 	 	
              Elias
                Vamvakas

            
	 	 	 	
              Chief
                Executive OfficerExhibit 10.6 - AMENDING AGREEMENT (NOZHAT CHOUDRY)

    AMENDING
      AGREEMENT

     

    THIS
      AMENDING AGREEMENT
      is made
      as of the 1st day of April, 2006 between OCCULOGIX,
      INC. (the
      “Corporation”),
      a
      corporation incorporated under the laws of the State of Delaware, and Nozhat
      Choudry who resides in the City of Oakville in the Province of Ontario
      (hereinafter referred to as the “Employee”).

     

    WHEREAS
      the
      Corporation and the Employee entered into an employment agreement, dated as
      of
      February 10, 2006, setting forth the rights and obligations of each of them
      with
      respect to the Employee’s employment with the Corporation (the “Employment
      Agreement”);

     

    AND
      WHEREAS the
      Corporation and the Employee have agreed that it would be in the best interests
      of both of them to increase the Employee’s compensation;

     

    NOW,
      THEREFORE, in
      consideration of the mutual covenants and undertakings contained in the
      Employment Agreement, and other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, the Corporation and the Employee
      agree as follows:

     

    
      	1.  	
              Capitalized
                terms used in this Amending Agreement but not defined shall have
                the
                respective meanings attributed to such terms in the Employment
                Agreement.

            

    

     

    
      	2.  	
              From
                and as of the date of this Amending Agreement, the Basic Salary shall
                be
                $200,000.

            

    

     

    
      	3.  	
              Notwithstanding
                Section 5.2 and Schedule 5.2 of the Employment Agreement, from and
                as of
                the date of this Amending Agreement, in respect of each full Year
                of
                Employment during the Employment Period, the Employee shall be entitled
                to
                receive a maximum of 50 percent of the Basic Salary as bonus remuneration
                based upon performance and other criteria agreed upon by the Chairman
                and
                Chief Executive Officer and the President and Chief Operating Officer
                of
                the Corporation and approved by the Compensation Committee of the
                Board of
                Directors of the Corporation. In respect of the First Year of Employment,
                the bonus payable, if any, shall be pro rated to the proportion that
                the
                number of days in the First Year of Employment is to 365. For greater
                certainty, for purposes of calculating the bonus payable in respect
                of the
                First Year of Employment, if any, with respect to the period between
                February 10, 2006 and March 31, 2006 inclusive, the provisions of
                Schedule
                5.2 of the Employment Agreement prior to the date hereof shall apply,
                without giving effect of this Amending Agreement.
                

            

    

     

    
      	4.  	
              The
                Employment Agreement remains in full force and effect, unamended,
                other
                than as amended by this Amending
                Agreement.

            

    

     

    
      	5.  	
              This
                Amending Agreement may be signed by facsimile and in counterpart,
                and each
                such counterpart will constitute an original document, and such
                counterparts, taken together, will constitute one and the same
                instrument.

            

    

     

    
      	6.  	
              This
                Amending Agreement shall be governed by, and construed in accordance
                with,
                the laws of the Province of Ontario and the laws of Canada applicable
                therein.

            

    

     

    
      	7.  	
              The
                Employee acknowledges that:

            

    

     

    
      	(a)  	
              she
                has had sufficient time to review and consider this Amending Agreement
                thoroughly;

            

    

     

    
      	(b)  	
              she
                has read and understands the terms of this Amending Agreement and
                her
                obligations under the Employment Agreement, as amended by this Amending
                Agreement;

            

    

     

    
      	(c)  	
              she
                has been given an opportunity to obtain independent legal advice,
                and such
                other advice as she may desire, concerning the interpretation and
                effect
                of this Amending Agreement; and

            

    

     

    
      	(d)  	
              this
                Amending Agreement is entered into voluntarily and without any pressure
                and that her continued employment with the Corporation has not been
                made
                conditional on execution and delivery by her of this Amending
                Agreement.

            

    

     

    

     

    

     

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      REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        -
           -

      

    

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

     

    

     

    
      	 	 	 	 
	 	 
	 	
              /s/
                Nozhat Choudry

            
	
              Signature
                of Witness

            	 	 	
              Nozhat
                Choudry

            
	 	 	 	 
	 	 	 	 
	
              Name
                of Witness (please
                print)

            	 	 	 
	 	 	
              OCCULOGIX,
                INC.

            
	 	 	
              By:

            	
              /s/
                Thomas P. Reeves

            
	 	 	 	
              Thomas
                P. Reeves

            
	 	 	 	
              President
                and Chief Operating Officer

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