Document:

<PAGE>
                                                                   Exhibit 10.41

                                                                [EXECUTION COPY]

                     AMENDMENT NO. 8 TO AMENDED AND RESTATED
                          REFINANCING CREDIT AGREEMENT

     THIS AMENDMENT NO. 8 (this "Amendment") is dated as of July 17, 2003, and
amends the Amended and Restated Refinancing Credit Agreement, dated as of
November 19, 1999, by and among WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
(formerly known as Westinghouse Air Brake Company) ("Borrower") and THE
GUARANTORS FROM TIME TO TIME PARTY THERETO ("Guarantors") and THE BANKS FROM
TIME TO TIME PARTY THERETO ("Banks") and LASALLE BANK NATIONAL ASSOCIATION, as
bookrunner and co-syndication agent ("Agent"), JPMORGAN CHASE BANK, as
administrative agent, and THE BANK OF NEW YORK, as co-syndication agent, MELLON
BANK, N.A., as documentation agent, LASALLE BANK, NATIONAL ASSOCIATION, as an
issuing bank, ABN AMRO BANK N.V., as an issuing bank, and CHASE MANHATTAN BANK
USA, N.A. (successor in interest to Chase Manhattan Bank Delaware), as an
issuing bank, as amended by Amendment No. 1 to Amended and Restated Refinancing
Credit Agreement, dated as of November 16, 2000, Amendment No. 2 to Amended and
Restated Refinancing Credit Agreement, dated as of March 30, 2001, Amendment No.
3 to Amended and Restated Refinancing Credit Agreement, dated as of July 18,
2001, Consent and Amendment No. 4 to Amended and Restated Refinancing Credit
Agreement, dated as of September 17, 2001, Amendment No. 5 to Amended and
Restated Refinancing Credit Agreement, dated as of November 14, 2001, Amendment
No. 6 to Amended and Restated Refinancing Credit Agreement, dated as of November
13, 2002, and Amendment No. 7 to Amended and Restated Refinancing Credit
Agreement, dated as of May 17, 2003 (as so amended, the "Credit Agreement").

                                   BACKGROUND

     Subject to the terms and conditions set forth below, the parties hereto
desire to amend the Credit Agreement to permit the Borrower to incur certain
indebtedness and permit certain of its Subsidiaries to guaranty the same.

                              OPERATIVE PROVISIONS

     NOW THEREFORE, the parties hereto, in consideration of their mutual
covenants and agreements herein contained, incorporating the above-defined terms
herein, and intending to be legally bound hereby agree as follows:

                                    Article I
                             Consent and Amendments

     1.01 Defined Terms; References. Terms not otherwise defined in this
Amendment shall have the respective meanings ascribed to them in the Credit
Agreement. As used in this Amendment, "including" is not a term of limitation
and means "including without limitation." Each reference to "hereof,"
"hereunder," "herein," and "hereby" and similar references contained in the
Credit Agreement and each reference to "this Agreement" and similar references
contained in the Credit Agreement shall, on and after the date hereof, refer to
the Credit Agreement as amended hereby.

<PAGE>

     1.02 Amendment of Credit Agreement, Additional Provisions.

     (a) Additional Definitions. The following definitions are hereby added to
Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

          "Permitted Indenture Notes shall mean the notes issued by Borrower
     pursuant to the Permitted Note Indenture and which are not inconsistent
     therewith.

          Permitted Note Indenture shall mean the indenture, dated no later than
     October 31, 2003, among Borrower and the Bank of New York, as Trustee, and
     any amendment, restatement, modification, supplement, refinancing, or the
     like thereto or thereof, provided that such indenture and any amendment,
     restatement, modification, supplement, refinancing, or the like thereto or
     thereof and the Indebtedness arising thereunder meets all of the following
     requirements:

          (i) the aggregate principal amount of such Indebtedness at any time
          outstanding shall not exceed $175,000,000;

          (ii) no portion of the principal amount of such Indebtedness shall be
          due prior to ten (10) years after the date of issuance thereof, other
          than any mandatory payments required solely in the event of a
          Significant Disposition, provided that proceeds arising from a
          Significant Disposition are first allowed by the Permitted Note
          Indenture to be utilized by Borrower to prepay Obligations or to be
          timely utilized by Borrower to acquire replacement or additional
          assets;

          (iii) the rate of interest applicable to such Indebtedness shall not
          exceed 8.0%;

          (iv) after giving effect to the issuance of such Indebtedness, the
          Loan Parties shall be in compliance with the covenants and other
          requirements of this Agreement (including those set forth at Sections
          8.2.14 [Minimum Interest Coverage Ratio], 8.2.15 [Maximum Debt to Cash
          Flow], and 8.2.16 [Minimum Tangible Net Worth] of this Agreement) and
          no Event of Default or Potential Default shall exist or be continuing
          and Borrower shall on a pro-forma basis demonstrate compliance with
          Sections 8.2.14 [Minimum Interest Coverage Ratio], 8.2.15 [Maximum
          Debt to Cash Flow], and 8.2.16 [Minimum Tangible Net Worth] by
          providing to Agent the calculation relating to each such Section as if
          such indenture, and any resulting paydown of the Obligations and other
          obligations of Borrower had been incurred at the beginning of the
          applicable period or at the date relevant to each such calculation;

          (v) the events of default and covenants applicable to such
          Indebtedness shall not be more restrictive, in any material respect,
          than the Events of Default and covenants governing those or similar
          matters which are set forth in this Agreement;

          (vi) the payment of such Indebtedness shall not be secured (other than
          to the extent of customary rights of set off) by any Lien on any
          property or assets of any Loan Party;

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<PAGE>

          (vii) no Person other than a Loan Party shall provide any Guaranty of
          any such Indebtedness;

          (viii) such indenture and any amendment, restatement, modification,
          supplement, refinancing, or the like thereto or thereof shall not
          prohibit or restrict any Loan Party from providing any Lien, now or
          hereafter, to the Agent or any Bank to secure the payment or
          performance of any or all of the Obligations and, in the event any
          such Lien is provided, such indenture and any amendment, restatement,
          modification, supplement, refinancing, or the like thereto or thereof
          shall not require Borrower or any of its Subsidiaries to provide any
          Lien to secure payment or performance of any obligation arising under
          such indenture or any amendment, restatement, modification,
          supplement, refinancing, or the like thereto or thereof;

          (ix) all Obligations of the Loan Parties under this Agreement and the
          other Loan Documents shall not conflict with or violate the terms of
          such indenture or any amendment, restatement, modification,
          supplement, refinancing, or the like thereto or thereof, and any Loans
          made or hereafter made to the Borrower and any Letters of Credit
          issued or hereafter issued under the Agreement shall be permitted to
          be incurred under such indenture and any amendment, restatement,
          modification, supplement, refinancing, or the like thereto or thereof;

          (x) such Indebtedness and such indenture and any amendment,
          restatement, modification, supplement, refinancing, or the like
          thereto or thereof will not conflict with or violate the terms of this
          Agreement or any other Loan Document; and

          (xi) prior to the issuance of such Indebtedness, the Agent shall have
          received copies of drafts in final form or execution copies of such
          indenture, the Permitted Indenture Notes, and all material documents
          with respect to such Indebtedness and such documents shall be
          reasonably acceptable to the Agent based upon the requirements of this
          definition of Permitted Note Indenture.

          The Loan Parties shall promptly after the issuance of such
          Indebtedness deliver to the Agent and the Banks a copy of the material
          documents with respect to the issuance of such Indebtedness.

          Significant Disposition shall mean (i) any direct or indirect sale,
     transfer, disposition, or lease of assets by any one or more Loan Parties
     ("Asset Disposition"), (ii) any sale, transfer, or other disposition (or
     series of related sales, transfers, or other dispositions) by any Loan
     Party of any shares, interests, rights to purchase, warrants, options,
     participations, or other equivalents of or interests in (however
     designated) equity of any Loan Party (other than directors' qualifying
     shares or shares required by applicable Law to be held by a Person other
     than a Loan Party and other than sales, transfers, or other dispositions of
     capital stock by a Loan Party to another Loan Party) ("Equity
     Disposition"), and (iii) any receipt of insurance proceeds arising from a
     loss or casualty to property of any Loan Party ("Casualty Disposition").

          Significant Disposition Amount shall mean an amount of principal
     indebtedness payable or prepayable at any time pursuant to the Permitted
     Note Indenture in connection

                                        3

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     with a Significant Disposition without giving effect to any payment or
     prepayment made under the Credit Agreement and without giving effect, on
     the one-hundred eightieth (180th) day after an Asset Disposition or Equity
     Disposition or on the two hundred seventieth (270th) day after a Casualty
     Disposition, to any unconsummated acquisition of additional or replacement
     assets."

     (b) Permitted Indebtedness. (i) Section 8.2.1(v) is hereby amended and
restated in its entirety as follows:

          "(v) Unsecured Indebtedness of a domestic Loan Party to another
          domestic Loan Party, provided that all such Indebtedness is at all
          times subject to the Intercompany Subordination Agreement;"

     (ii) The following text is added before the period at the end of Section
     8.2.1 of the Credit Agreement:

          "; and

          (x) Indebtedness arising under the Permitted Note Indenture."

     (c) Negative Pledges. The reference to Section 8.2.1(v)(B) in the first
sentence of Section 8.2.8 is hereby changed to be a reference to Section
8.2.1(x), and the Loan Parties acknowledge and agree the reference to
"Indentures or any permitted refinancings thereof" does not include the
Permitted Note Indenture.

     (d) Contemporaneous Prepayment, Reduction of Commitments. Upon receipt of
proceeds arising from the Permitted Indenture Notes (or any similar notes which
would be Permitted Indenture Notes but for the failure to meet one or more of
the criteria set forth in the definition of "Permitted Note Indenture"): (i) the
Revolving Credit Commitments shall permanently and irrevocably be reduced to an
amount equal to $167,229,729.73 and the Convertible Revolving Credit Commitments
shall permanently and irrevocably be reduced to an amount equal to
$57,770,270.27; (ii) Borrower shall make a prepayment of the Loans in an
aggregate principal amount no less than that required by Section 5.4.4(b),
together with the payment of such other amounts as required by Section 5.4.4(a);
and (iii) notwithstanding any provision of the Credit Agreement to the contrary,
the respective Commitments of each of the Banks shall be as is set forth on
Schedule 1.1(B) hereto, and Schedule 1.1(B) to the Credit Agreement is hereby
deleted and replaced in its entirety with Schedule 1.1(B) hereto.

     (e) Prepayments. The following Section 5.5 is hereby added to the Credit
Agreement:

          5.5 Mandatory Prepayments.

               5.5.1 Mandatory Prepayment Upon Significant Disposition.

               Within one-hundred eighty (180) days of an Asset Disposition or
          Equity Disposition and within two hundred seventy (270) days of a
          Casualty Disposition, Borrower shall prepay the principal amount of
          the Committed Loans and Bid Loans outstanding and cash collateralize
          the Letters of Credit Outstanding (in the order and manner set forth
          below in Section 5.5.2) in an aggregate amount equal to the
          Significant Disposition Amount; provided, however, that in the event
          that there are no outstanding Committed Loans or Bid Loans and there
          are no Letters of Credit Outstanding or in the event that the sum of
          the

                                       4

<PAGE>

          outstanding Committed Loans, Bid Loans, and Letters of Credit
          Outstanding is less than the Significant Disposition Amount, Borrower
          shall prepay all Committed Loans and Bid Loans outstanding and cash
          collateralize all Letters of Credit Outstanding (in the manner set
          forth below) within one-hundred eighty (180) days of an Asset
          Disposition or Equity Disposition and within two hundred seventy (270)
          days of a Casualty Disposition, as the case may be. Any prepayment
          hereunder shall be subject to the Borrower's obligation to indemnify
          the Lenders under Section 5.6.2 [Indemnity].

               5.5.2 Application Among Loans and Interest Rate Options; Cash
          Collateral Under Certain Circumstances.

               All prepayments and cash collateral required pursuant to this
          Section 5.5 shall: (a) first be applied to prepay Committed Loans and,
          as among the Interest Rate Options applicable to Committed Loans,
          first to the principal amount of the Committed Loans subject to the
          Base Rate Option, then to Committed Loans subject to a Committed Loan
          Euro-Rate Option then to Committed Loans subject to an interest rate
          based upon a Cost of Funds Rate; (b) second be deposited by Borrower
          in a non-interest bearing account with the Agent, as cash collateral
          for the Obligations, in an amount equal to the lesser of the amount of
          the Letters of Credit Outstanding or the balance of the amount
          remaining for prepayment or cash collateral pursuant to this Section
          5.5 after application of the prepayment amount pursuant to Clause (a)
          directly above, and the Borrower hereby pledges to the Agent and the
          Banks, and grants to the Agent and the Banks a security interest in,
          all such cash and deposits as security for such Obligations; and (c)
          third be applied to Bid Loans and, if more than one, pro ratably as
          among all Bid Loans (subject to any Bid Loan lender having the option
          to elect not to receive prepayment of its Bid Loan). Upon and to the
          extent of the expiration of, or the payment by Borrower (by way of
          Revolving Credit Loans or otherwise) of the Reimbursement Obligations
          relating to, Letters of Credit Outstanding that are cash
          collateralized pursuant to this Section 5.5, such cash collateral
          shall to such extent be released and returned to the Borrower upon its
          request except to the extent any such cash collateral is utilized to
          pay any such Reimbursement Obligations.

     (f) Release of Canadian Subsidiary from Guaranty. At the request of
Borrower in connection with the Permitted Note Indenture and in light of the
representation and warranty of Borrower set forth at Section 2.05 below, the
Agent on behalf of the Banks and itself hereby releases Wabtec Railway
Electronics Corporation (formerly known as MotivePower Canada Corporation) from
any and all obligations applicable to Wabtec Railway Electronics Corporation
under the Guaranty or any other Loan Document; and each of the Banks, Borrower,
and each of the remaining Guarantors hereby consent to such release.

                                   Article II
                         Representations and Warranties

     As of the date hereof, the Loan Parties, jointly and severally, represent
and warrant to the Agent and each of the Banks as follows:

     2.01 Authorization. The execution and delivery by the Loan Parties of this
Amendment, the consummation by the Loan Parties of the transactions contemplated
by the Credit Agreement as amended hereby, and the performance by each Loan
Party of its respective obligations hereunder and thereunder have been duly
authorized by all necessary corporate proceedings, if any, on the part of each
Loan Party.

                                       5

<PAGE>

On the date of Borrower's execution hereof, there are no set-offs, claims,
defenses, counterclaims, causes of action, or deductions of any nature against
any of the Obligations.

     2.02 Valid and Binding. This Amendment has been duly and validly executed
and delivered by each Loan Party and constitutes, and the Credit Agreement as
amended hereby constitutes, the legal, valid and binding obligations of each
Loan Party enforceable in accordance with the terms hereof and thereof, except
as the enforceability of this Amendment or the Credit Agreement as amended
hereby may be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors' rights or by general
principles of equity limiting the availability of equitable remedies.

     2.03 No Conflicts. Neither the execution and delivery of this Amendment nor
the consummation and performance of the transactions contemplated hereby or by
the Credit Agreement as amended hereby nor compliance with the terms and
provisions hereof or of the Credit Agreement as amended hereby nor the
consummation and performance of the transactions relating to the Permitted Note
Indenture, by any of the Loan Parties, will (a) violate any Law, (b) conflict
with or result in a breach of or a default under the articles or certificate of
incorporation or bylaws or similar organizational documents of any Loan Party or
any material agreement or instrument to which any Loan Party is a party or by
which any Loan Party or any of their respective properties (now owned or
hereafter acquired) may be subject or bound, (c) require any consent or approval
of any Person or require a mandatory prepayment or any other payment under the
terms of any material agreement or instrument to which any Loan Party is a party
or by which any Loan Party or any of their respective properties (now owned or
hereafter acquired) may be subject or bound, (d) result in the creation or
imposition of any Lien upon any property (now owned or hereafter acquired) of
any Loan Party, or (e) require any authorization, consent, approval, license,
permit, exemption or other action by, or any registration, qualification,
designation, declaration or filing with, any Official Body.

     2.04 No Defaults. After giving effect to the amendments and consents made
herein and after giving effect to the Permitted Note Indenture: (i) no Event of
Default under and as defined in the Credit Agreement has occurred and is
continuing, and (ii) the representations and warranties of each of Borrower and
the other Loan Parties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the date hereof with the same force
and effect as though made on such date, except to the extent that any such
representation or warranty expressly relates solely to a previous date.

     2.05 Wabtec Railway Electronics Corporation (formerly known as MotivePower
Canada Corporation). To induce the Agent on behalf of the Banks and itself to
release Wabtec Railway Electronics Corporation (formerly known as MotivePower
Canada Corporation) from its obligations under the Guaranty and the other Loan
Documents, Borrower hereby represents that Wabtec Railway Electronics
Corporation (formerly known as MotivePower Canada Corporation) is an unlimited
company incorporated under the Companies Act of Nova Scotia and, as such,
retains no significant earnings and is a mere pass-through entity with no
material net worth.

                                   Article III
                  Effect, Effectiveness, Consent of Guarantors

     3.01 Effectiveness. This Amendment shall become effective as of the date on
which Agent shall have received from each of the Borrower, the other Loan
Parties, and the Required Banks a counterpart hereof signed by such party or
facsimile or other written confirmation (in form satisfactory to

                                       6

<PAGE>

Agent) that such party has signed a counterpart hereof. Within forty-five (45)
days of the date hereof, each of the Loan Parties shall have delivered to the
Agent a certificate signed by the Secretary or Assistant Secretary of such Loan
Party certifying as to (i) the articles, bylaws, and relevant resolutions, and
due authorization to enter into this Amendment, of such Loan Party, and (ii) the
officer of such Loan Party, and her or his specimen signature, executing this
Amendment on its behalf.

     3.02 Amendment. The Credit Agreement is hereby amended in accordance with
the terms hereof, and this Amendment and the Credit Agreement shall hereafter be
one agreement and any reference to the Credit Agreement in any document,
instrument, or agreement shall hereafter mean and include the Credit Agreement
as amended hereby. In the event of irreconcilable inconsistency between the
terms or provisions hereof and the terms or provisions of the Credit Agreement,
the terms and provisions hereof shall control and amend any such irrevocably
inconsistent provisions of the Credit Agreement.

     3.03 Joinder of Guarantors. Each of the Guarantors hereby joins in this
Amendment to evidence its consent hereto, and each Guarantor hereby reaffirms
its obligations set forth in the Credit Agreement, as hereby amended, and in
each Guaranty Agreement and each other Loan Document given by it in connection
therewith.

                                   Article IV
                                  Miscellaneous

     4.01 Credit Agreement. Except as amended by the provisions hereof, the
Credit Agreement and all other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed by the parties hereto.

     4.02 Counterparts, Telecopy Signatures. This Amendment may be signed in any
number of counterparts each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument; and, delivery of
executed signature pages hereof by telecopy transmission from one party to
another shall constitute effective and binding execution and delivery of this
Amendment by such party.

     4.03 Governing Law. This Amendment shall be governed by and construed and
enforced in accordance with the laws of the Commonwealth of Pennsylvania without
regard to its conflict of laws principles.

     4.04 Severability. If any provision of this Amendment, or the application
thereof to any party hereto, shall be held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions or
applications of this Amendment which can be given effect without the invalid and
unenforceable provision or application, and to this end the parties hereto agree
that the provisions of this Amendment are and shall be severable.

     4.05 Banks' Consent. Each Bank, by its execution hereof, hereby consents to
this Amendment pursuant Section 11.1 of the Credit Agreement.

                            [SIGNATURE PAGES FOLLOW]

                                       7

<PAGE>

                   [SIGNATURE PAGE 1 OF 23 TO AMENDMENT NO. 8]

     IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly
authorized, have executed this Amendment as of the day and year first above
written.

                                       [BORROWER]

                                       WESTINGHOUSE AIR BRAKE TECHNOLOGIES
                                       CORPORATION (f/k/a Westinghouse Air Brake
                                       Company)

                                       By:                                (SEAL)
                                           -------------------------------------
                                       Name:
                                       Title:

                                       [GUARANTORS]

                                       RAILROAD FRICTION PRODUCTS CORPORATION;
                                       RFPC HOLDING CORP.; WABTEC RAILWAY
                                       ELECTRONICS CORPORATION (formerly known
                                       as MotivePower Canada Corporation);
                                       WABTEC DISTRIBUTION COMPANY; MOTIVEPOWER,
                                       INC.; YOUNG TOUCHSTONE COMPANY (successor
                                       by merger to Wabtec Engine Systems
                                       Company); WABTEC HOLDING CORP.; WABTEC
                                       CORPORATION; WABTEC TRANSPORTATION
                                       TECHNOLOGIES, INC.

                                       By:                                (SEAL)
                                           -------------------------------------
                                       Name:
                                       Title: Vice President or Treasurer of
                                              each of the above listed companies

<PAGE>

                   [SIGNATURE PAGE 2 OF 23 TO AMENDMENT NO. 8]

                                       [BANKS AND AGENTS]

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       individually and as Agent, Bookrunner,
                                       Co-Syndication Agent, and an Issuing Bank

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 3 OF 23 TO AMENDMENT NO. 8]

                                       ABN AMRO BANK N.V., as an Issuing Bank

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 4 OF 23 TO AMENDMENT NO. 8]

                                       MELLON BANK, N.A., individually and as
                                       Documentation Agent

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 5 OF 23 TO AMENDMENT NO. 8]

                                       JPMORGAN CHASE BANK, individually and as
                                       Administrative Agent

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 6 OF 23 TO AMENDMENT NO. 8]

                                       NATIONAL CITY BANK OF PENNSYLVANIA

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 7 OF 23 TO AMENDMENT NO. 8]

                                       PNC BANK, NATIONAL ASSOCIATION

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 8 OF 23 TO AMENDMENT NO. 8]

                                       FLEET NATIONAL BANK (formerly BankBoston,
                                       N.A.)

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                   [SIGNATURE PAGE 9 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       U.S. BANK NATIONAL ASSOCIATION

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 10 OF 23 TO AMENDMENT NO. 8]

                                       THE BANK OF NEW YORK, individually and as
                                       Co-Syndication Agent

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 11 OF 23 TO AMENDMENT NO. 8]

                                       BANK ONE, N.A.

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 12 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                       (formerly, First Union National Bank)

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 13 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       DZ BANK AG DEUTSCHE
                                       ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM
                                       MAIN (successor by merger to DG BANK
                                       DEUTSCHE GENOSSENSCHAFTSBANK AG)

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 14 OF 23 TO AMENDMENT NO. 8]

                                       THE BANK OF NOVA SCOTIA

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 15 OF 23 TO AMENDMENT NO. 8]

                                       BANK OF TOKYO-MITSUBISHI TRUST CO.

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 16 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       CREDIT AGRICOLE INDOSUEZ

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 17 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       CREDIT SUISSE FIRST BOSTON

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 18 OF 23 TO AMENDMENT NO. 8]

                                       MIZUHO CORPORATE BANK, LIMITED (formerly
                                       The Dai-Ichi Kangyo Bank, Ltd.)

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 19 OF 23 TO AMENDMENT NO. 8]

                                       MANUFACTURERS AND TRADERS TRUST COMPANY

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 20 OF 23 TO AMENDMENT NO. 8]

                                       AGREED AS TO SOLELY SECTION 1.02(f) OF
                                       THE FOREGOING AMENDMENT NO. 8:

                                       SUNTRUST BANK

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 21 OF 23 TO AMENDMENT NO. 8]

                                       FIFTH THIRD BANK

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 22 OF 23 TO AMENDMENT NO. 8]

                                       CITIZENS BANK OF PENNSYLVANIA

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

<PAGE>

                  [SIGNATURE PAGE 23 OF 23 TO AMENDMENT NO. 8]

                                       JPMORGAN CHASE BANK, successor by
                                       assignment from CHASE MANHATTAN BANK USA,
                                       N.A., as an Issuing Bank

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:Common Stock Purchase Agreement

 Exhibit 10.1 
  
 COMMON STOCK PURCHASE AGREEMENT 
  
 InSite Vision Incorporated 
 965 Atlantic Avenue 
 Alameda, California 94501 
  
 Ladies
& Gentlemen: 
  
 The undersigned purchaser (the
“Purchaser”) hereby confirms its agreement with you as follows: 
  
 1. This Stock Purchase Agreement (the “Purchase Agreement”) is made by and between InSite Vision Incorporated, a Delaware corporation (the “Company”), and the Purchaser as of the date this Purchase
Agreement is accepted by the Company below (the “Effective Date”). 
  
 2. This Purchase Agreement is one of a series of stock purchase agreements of the Company relating to the offering (the “Offering”) of securities of the Company. In connection with the Offering, the Company
has authorized the issuance and sale of up to a maximum aggregate amount of Two Hundred Ten Thousand (210,000) shares of the Company’s Common Stock, par value $.01 per share (the “Common Stock”). 
  
 3. The Company and the Purchaser agree that the Purchaser will purchase from
the Company, and the Company, conditioned upon acceptance in whole or in part, will sell to the Purchaser             
(            ) shares of Common Stock at a purchase price per share of Common Stock sold (the “Purchase Price”) equal to $0.40 and pursuant to the Terms and Conditions for
Purchase of Common Stock attached hereto as Annex I and incorporated herein by reference as if fully set forth herein. 
  
 4. The Company makes no representation that this Purchase Agreement will be accepted by the Company and is under no obligation to accept this Purchase
Agreement. 
  
 5. The Purchaser hereby agrees not to engage,
directly or indirectly, in any short sale or third party short sales or hold a “put equivalent position” with respect to the Common Stock (as defined in Rule 16a-1 of the 1934 Act) of the Company’s Common Stock for a thirty (30) day
period prior to and for a one hundred eighty (180) day period following the Closing Date. 
  
 [Signature Page Follows] 

 Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space
provided below for that purpose. 
  

	PURCHASER
	
	

	 Print Name

	
	 By: 

	
	 Title: 

	
	 Address: 

  

	 ACCEPTED as of October 20, 2003

	
	INSITE VISION INCORPORATED
	
	 By:

	 Name: Kumar Chandrasekaran

	 Title: President and Chief Executive Officer

 Annex I 
  
 TERMS AND CONDITIONS FOR PURCHASE OF COMMON STOCK  
  
 1. Authorization and Sale of the Common Stock. 
  
 1.1 Authorization of the Common Stock. The Company has authorized the
issuance and sale of up to Two Hundred Ten Thousand (210,000) shares of the Company’s Common Stock, par value $.01 per share (the “Common Stock”). 
  
 1.2 Sale of Common Stock. Subject to the terms and conditions hereof, the Purchaser will purchase the number of
shares of Common Stock agreed upon by the Purchaser and accepted by the Company at the Purchase Price, as set forth in the Common Stock Purchase Agreement by and between the Company and the Purchaser (the “Purchase Agreement”). The shares
of Common Stock sold to Purchaser pursuant to the Purchase Agreement are hereinafter referred to as the “Shares”. 
  
 2. Closings. 
  
 2.1 Closing Date. One or more closings of the purchase and sale of the Common Stock in the Offering hereunder (the “Closing”) shall be
held at such place and such times as the Company may select. Each date of a Closing of the purchase or sale of Common Stock in connection with the Offering is hereinafter referred to as a “Closing Date.” As of the Closing Date for a
specific purchase of Common Stock, the Company shall prepare a certificate or certificates registered in the name of the Purchaser representing the Shares to be purchased by such Purchaser under the Purchase Agreement, and the Purchaser shall send
to the Company a wire transfer (in accordance with the instructions set forth on Exhibit 2.1(a) hereto) in the amount of the purchase price of the Common Stock to be purchased by such Purchaser, payable to the Company’s order. Funds received
prior to the Closing Date will not bear interest. 
  
 3.
Representations and Warranties of the Company. The Company represents and warrants to the Purchaser as of the Closing Date as follows, except as set forth in the SEC Documents (as defined below): 
  
 3.1 Organization and Standing. Each of the Company and its
subsidiaries has been duly incorporated and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation with full corporate power and corporate authority to own, lease and operate its properties and
conduct its businesses as described in the SEC Documents (as defined below). Each of the Company and its subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the ownership or
leasing of properties or the conduct of its business as presently conducted require such qualification, except where the failure to be so qualified would not have a material adverse effect on the condition (financial or otherwise), earnings,
operations, or business of the Company and its subsidiaries taken as a whole. 
  

 I-1 

 3.2 Corporate Power; Authorization. The Company has all requisite legal and corporate power and
has taken all requisite corporate action to execute and deliver the Purchase Agreement, to sell and issue the Shares and to carry out and perform all of its obligations hereunder. The Purchase Agreement has been duly authorized, executed and
delivered on behalf of the Company and constitutes the valid and binding agreement of the Company, enforceable in accordance with its terms, except (1) as limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or
affecting the enforcement of creditors’ rights generally, (ii) as limited by equitable principles generally and (iii) rights to indemnification hereunder may be limited by applicable law. 
  
 3.3 Validity of Shares. The Company has full corporate power and
lawful authority to sell the Shares on the terms and conditions contemplated herein, and when so sold against payment therefor as provided herein, the Shares will be validly authorized and issued, fully paid and nonassessable. The issuance and
delivery of each of the Shares is not subject to preemptive or any similar rights of the stockholders of the Company or any liens or encumbrances arising through the Company. 
  
 3.4 SEC Documents; Financial Statements. The Company’s Annual Report on Form 10-K (as amended on Form 10-K/A)
for the fiscal year ended December 31, 2002 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2003 and June 30, 2003 (as amended on Form 10-Q/A) (collectively, the “SEC Documents”), in each
case, as filed by the Company with the Securities and Exchange Commission (the “Commission”) have been made available to the Purchaser. The SEC Documents conform in all material respects to the requirements of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), as applicable, and the rules and regulations of the Commission thereunder. The SEC Documents did not as of their dates contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. The financial statements of the Company included in the SEC Documents (the “Financial
Statements”) comply as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. Except as may be indicated in the notes to the Financial
Statements, the Financial Statements have been prepared in accordance with generally accepted accounting principles consistently applied and fairly present, in all material respects, the consolidated financial position of the Company and its
subsidiaries at the dates thereof and the consolidated results of their operations, stockholders’ equity and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal, recurring adjustments). 
  
 3.5 Subsequent Events. Other than as reported on the Form 8-K filed by
the Company with the Commission on September 23, 2003, since June 30, 2003, (i) neither the Company nor any of its subsidiaries has incurred any liabilities or obligations, contingent or otherwise, that are material in the aggregate to the Company
and its subsidiaries, taken as a whole, except in the ordinary course of business, and (ii) there has been no change in the financial condition or operating results of the Company and its subsidiaries, taken as a whole from that reflected in the
Financial Statements, except changes that occurred in the ordinary course of business or that have not had a material adverse effect on the Company and its subsidiaries, taken as a whole. 
  

 I-2 

 3.6 Legal Proceedings. There are no legal proceedings pending or, to the knowledge of the Company,
threatened, to which the Company or any subsidiary is a party or to which property of the Company or any subsidiary is subject that the Company believes is reasonably likely to have a material adverse effect on the Company and its subsidiaries,
taken as a whole. 
  
 3.7 Government Approval. Subject to
compliance with the provisions of applicable securities laws of state or foreign jurisdictions, no other approval of any public body (state or federal) is or will, on the Closing Date be necessary in connection with the offer, issue and sale of the
Shares as contemplated herein. 
  
 3.8 No Breach. The
consummation of the transactions contemplated in the Purchase Agreement and the fulfillment of the terms thereof will not result in (i) a violation of the Company’s Certificate of Incorporation or Bylaws, (ii) a breach of any of the material
terms or provisions of, or constitute a default under, any material indenture, mortgage, deed of trust or other agreement or instrument to which the Company is a party or by which it is bound or (iii) a violation of any law, rule, regulation, order,
judgment or decree applicable to the Company or by which any property or asset of the Company is bound. 
  
 3.9 Licenses and Consents. To the knowledge of the Company, each of the Company and its subsidiaries is in possession of and operating in
compliance with all authorizations, licenses, certificates, consents, orders and permits from state, federal and other governmental authorities that are material to the conduct of its business, all of which are valid and in full force and effect,
except to the extent that the failure to have or be in compliance with such is not reasonably likely to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
  
 3.10 Outstanding Stock. All outstanding shares of capital stock of the
Company have been duly authorized and validly issued and are fully paid and nonassessable; all issued and outstanding shares of capital stock of each subsidiary of the Company have been duly authorized and validly issued and are fully paid and
nonassessable. 
  
 3.11 Common Stock Registration. The
Common Stock is registered pursuant to Section 12(g) of the Exchange Act and is traded on the American Stock Exchange (the “AMEX”) and the Company has taken no action designed to, or, to the Company’s knowledge, likely to, have the
effect of terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the AMEX without relisting on another national securities exchange or the NASDAQ National Market. 
  
 3.12 Private Placement. The Company has not taken any action
inconsistent with the treatment of the sale of the Common Stock pursuant to the Purchase Agreement as a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant
to the provisions of Section 4(2) thereof. Assuming the accuracy of the Purchasers’ representations and warranties in the Purchase Agreement and the compliance by each Purchaser with all of its covenants and agreements, the offer, sale, and
issuance by the Company of the Common Stock to the Purchasers as contemplated herein constitute transactions exempt from the registration requirements of Section 5 of the Securities Act. 
  

 I-3 

 4. Representations and Warranties of the Purchaser; Access to Information; Independent
Investigation. The Purchaser hereby represents and warrants to the Company as follows: 
  
 4.1 Investment Intent. The Purchaser is purchasing the Common Stock for investment for its own account only, not as a nominee or agent, and not with a view to, or for resale in connection with, any
“distribution” of any part thereof within the meaning of the Securities Act. The Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. The Purchaser does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant any participation to such person or to any third person with respect to any of the Shares. The Purchaser understands that the Shares have not been registered under the
Securities Act or registered or qualified under any state securities law in reliance on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed
herein. The Purchaser further understands that neither the Company nor any of its officers or directors has any obligation to register the Shares under any federal or state securities act or law, except as otherwise expressly set forth in Section 5
hereof. 
  
 4.2 Investment Experience. The Purchaser is an
“accredited investor” within the meaning of Commission Rule 501 promulgated under the Securities Act, and was not organized for the specific purpose of acquiring the Shares. The Purchaser had access to the SEC Documents and has carefully
reviewed the information contained therein, including, but not limited to, the section entitled “Risk Factors” contained in such SEC Documents. The Purchaser is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. 
  
 4.3 Authorization. The Purchaser has full right, power and authority to enter into this Agreement and perform its obligations hereunder. This
Purchase Agreement has been duly and validly authorized, executed and delivered on behalf of the Purchaser and is a valid and legally binding agreement of the Purchaser enforceable in accordance with its terms, subject as to enforceability to
general principles of equity and to bankruptcy, insolvency, moratorium and other similar laws affecting the enforcement of creditors’ rights generally. 
  
 4.4 Compliance with Securities Laws and Regulations. All subsequent offers and sales of the Shares by the Purchaser shall be made pursuant to
registration under the Securities Act and qualification under the applicable state securities laws or pursuant to exemptions from registration and qualification as well as compliance with the provisions of Section 5.1 below. 
  
 4.5 Reliance by Company. The Purchaser understands that the Shares are
being offered and sold to it in reliance on specific exemptions from the registration and qualification requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the
Purchaser’s compliance with the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to
acquire the Shares. 
  

 I-4 

 4.6 No Government Approval. The Purchaser understands that no United States federal or state
agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Shares. 
  
 4.7 No Legal, Tax or Investment Advice. The Purchaser understands that nothing in the Purchase Agreement or any other materials presented to the
Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of the Shares. 
  
 4.8 Access to
Information. The Purchaser acknowledges that it has had the opportunity to ask questions, to receive answers concerning the Company and the terms and conditions of the Offering from the Company and to obtain any additional information from the
Company that it considers necessary or appropriate regarding the Offering, for deciding whether to purchase in the Offering. In addition, the Purchaser acknowledges that no private placement memorandum or similar document has been prepared in
connection with the Offering and the Company has not made, and the Purchaser is not relying on, any representations or warranties other than as specifically set forth herein. 
  
 4.9 Accredited Investor. The Purchaser makes the additional representations and warranties set forth on Exhibit 4.9
attached hereto. 
  
 4.10 Risk and Suitability. The
Purchaser acknowledges and realizes that Purchaser’s purchase of the Shares involves a high degree of risk and the Purchaser could lose a substantial portion or all of its investment in the Shares. In addition, the Purchaser has such knowledge
and experience in business and financial matters, including, without limitation, investment in technology and biotechnology companies, as will enable the Purchaser to fend for itself, bear the economic risk of its investment and evaluate the merits
and risks of an investment in the Shares and to make an informed investment decision. 
  
 4.11 Use of Proceeds. Purchaser acknowledges and understands that the Company’s current intention is to use the proceeds of the Offering for (i) payment of liabilities, (ii) working capital, (iii)
acquisitions, joint ventures and projects that the Company may have determined or may from time to time determine to undertake and (iv) other purposes as the Company’s Board of Directors may determine from time to time. The allocation of
proceeds shall be at the discretion of the Company and may vary depending on changes in the Company’s business plans and circumstances. Such business plans and circumstances may cause the Company to seek further financing in addition to the
Offering. 
  
 4.12 Restricted Securities. The Purchaser
understands that the Shares it is purchasing are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, 
  

 I-5 

 
the Purchaser represents that it is familiar with Rule 144 promulgated by the Commission under the Securities Act, as presently in effect, and understands
the resale limitations imposed thereby and by the Securities Act. 
  
 5. Restrictions on Transfer, Information and Registration Rights. 
  
 5.1 Restrictions on Transferability. The Shares shall not be transferable in the absence of registration under the Securities Act or an exemption therefrom, or in the absence of compliance with any term of the
Purchase Agreement. Without limiting the foregoing, (i) the Shares may be offered, resold, pledged or otherwise transferred only (A) in a transaction meeting the requirements of Rule 144 of the Commission (“Rule 144”), or in accordance
with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel if the Company so requests) or (B) pursuant to an effective registration statement under the Securities Act, in each case in
accordance with the applicable securities laws of any state of the United States or any other applicable jurisdiction and (ii) the Purchaser will be required to notify any transferee of the Purchaser of any applicable resale restrictions set forth
above. The Company shall be entitled to give stop transfer instructions to the transfer agent, and the transfer agent shall be entitled to rely thereon, with respect to the Shares in order to enforce the foregoing restrictions. 
  
 5.2 Restrictive Legends. Each certificate or document representing any
of the Shares shall bear substantially the following legends (in addition to any legends required under applicable securities laws): 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED (I) UNLESS REGISTERED UNDER THE SECURITIES ACT AND QUALIFIED UNDER APPLICABLE STATE SECURITIES
LAWS OR (II) UNLESS SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS AND THE COMPANY RECEIVES AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED. THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF HOLDERS THEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS,
AND THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING ANY FUTURE HOLDERS) IS BOUND BY THE TERMS OF A STOCK PURCHASE AGREEMENT BETWEEN THE ORIGINAL PURCHASER AND THE COMPANY (COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY).

  

 I-6 

 5.3 California Purchaser. If Purchaser is a resident of California, Purchaser acknowledges the
following disclosure, which is set forth herein as required pursuant to Section 25102(a) of the California Corporate Securities Law of 1968: 
  

	“THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE
OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA
CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.”

  
 5.4 Piggyback
Registration Rights. 
  
 5.4.1 Filing of Registration
Statement. If (but without any obligation to do so), at any time between the Closing Date and the two year anniversary of the Closing Date, the Company proposes to register (including for this purpose a registration effected by the Company for
stockholders other than the Purchaser) any of its stock or other securities under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely to the sale of securities to
participants in a Company stock plan, a registration relating solely to an SEC Rule 145 transaction, a registration on any registration form which does not permit secondary sales or a registration on any form which does not include substantially the
same information as would be required to be included in a registration statement covering the sale of the Registrable Securities (as defined below) (a “Registration Statement”) or a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities which are also being registered), the Company shall, at such time, promptly give the holders of the Registrable Securities (the “Holders”) written notice of its intent
to file such a Registration Statement. Upon the written request of each Holder given within fifteen (15) days after mailing of such notice by the Company in accordance with Section 6.6, the Company shall, subject to the provisions of Section 5.4,
cause to be registered under the Securities Act all of the Shares then held by Purchaser that the Purchaser has requested to be registered (together, “Registrable Securities”). Notwithstanding the foregoing, (i) the Company shall only be
obligated under Section 5.4 to register Registrable Securities for the Holder if the Holder registers at least twenty-five thousand (25,000) shares (as adjusted to reflect stock splits, reverse stock splits and similar actions affecting the Common
Stock after the date hereof) as part of that registration, (ii) if the Holder has registered any shares pursuant to this Section 5.4 in each of three registrations, the Company shall not be obligated to provide notice pursuant to this Section 5.4.1
or register any additional shares pursuant to Section 5.4, and (iii) if the Holder may immediately sell all shares of Registrable Securities held by such Holder under Rule 144 during any 90-day period, the Company shall not be obligated to provide
notice pursuant to this Section 5.4.1 or register any shares pursuant to Section 5.4. 
  

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 5.4.2 Length of Registration. Subject to the provisions of Section 5.4.8, whenever required under
Section 5.4.1 to effect the registration of any Registrable Securities, the Company shall (i) upon the request of the holders of a majority of the securities registered under the applicable registration statement, keep such registration statement
effective for a period equal to the shorter of up to one hundred twenty (120) days or until the distribution contemplated in such registration statement has been completed (provided, however, that such 120-day period shall be extended for a period
of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company) and (ii) furnish to the Holder such numbers of copies of
a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as the Holder may reasonably request in order to facilitate the disposition of Registrable Securities included in
such registration. 
  
 5.4.3 Underwritten Offering. In
connection with any offering involving an underwriting of shares of the Company’s Common Stock, the Company shall not be required under Section 5.4 to include any of the Holder’s securities in such underwriting unless the Holder accepts
the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole
discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other
than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable
Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling stockholders according to the total amount of securities
entitled to be included therein owned by each selling stockholder or in such other proportions as shall mutually be agreed to by such selling stockholders) but in no event shall any securities being sold by a stockholder exercising a demand
registration right be excluded from such offering prior to or pro rata with the securities of the Holder. For purposes of the preceding parenthetical concerning apportionment, for any selling stockholder which is a Holder and which is a partnership
or corporation, the partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“selling stockholder”, and any pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling stockholder”, as defined in this sentence. 
  
 5.4.4 No Injunction. The Holder shall not have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or
implementation of this Section. 
  

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 5.4.5 Registration Expenses. The Company shall pay all Registration Expenses (as defined below)
in connection with any registration, qualification or compliance hereunder, and each Holder shall pay all Selling Expenses (as defined below) and other expenses that are not Registration Expenses relating to the Registrable Securities resold by such
Holder. “Registration Expenses” shall mean all expenses, except for Selling Expenses, incurred by the Company in complying with the registration provisions herein described, including, without limitation, all registration, qualification
and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration. “Selling Expenses” shall mean all
selling commissions, underwriting fees and stock transfer taxes applicable to the Registrable Securities and all fees and disbursements of counsel for any Holder. 
  
 5.4.6 Additional Company Obligations. In the case of any registration effected by the Company pursuant to these
registration provisions, the Company will use its reasonable best efforts to: (i) cause all such Registrable Securities registered as described herein to be listed on each securities exchange and quoted on each quotation service on which similar
securities issued by the Company are then listed or quoted; (ii) provide a transfer agent and registrar for all Registrable Securities registered pursuant to the Registration Statement and a CUSIP number for all such Registrable Securities; (iii)
comply with all applicable rules and regulations of the SEC, and (iv) file the documents required of the Company and otherwise maintain requisite blue sky clearance in (A) all jurisdictions in which any of the Registrable Securities are originally
sold and (B) all other states specified in writing by a Holder as may reasonably be required to sell such Holder’s Registrable Securities, provided as to clause (B), however, that the Company shall not be required to qualify to do business or
consent to service of process in any state in which it is not now so qualified or has not so consented. 
  
 5.4.7 Providing Information. Each Holder of Registrable Securities shall furnish to the Company such information regarding such Holder and the
distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance described herein. Such Holder shall represent that such
information is true and complete. 
  
 5.4.8 Limitations on
Sale. The Company may at any time refuse to permit the Holders to resell any Registrable Securities pursuant to the Registration Statement; provided, however, that in order to exercise this right, the Company must deliver a certificate in
writing to the Holders to the effect that a delay in such sales is necessary because, in the good faith judgment of the Company, sales pursuant to the Registration Statement would require the public disclosure of information that would not otherwise
be required to be disclosed (which disclosure would, in the good faith judgment of the Company, have a significant adverse effect on the Company) or could in other respects constitute a violation of the federal securities laws or otherwise
materially 

  

 I-9 

 
adversely affect the Company. In such an event, the Company shall notify the Holders promptly after it has determined that such circumstances no longer
exist. The Company shall not under any circumstances be entitled to refuse to permit the Holders to resell any Registrable Securities under Section 5.4 more than two (2) times in any twelve (12) month period following the Closing Date, and any
individual period during which the Company refuses to permit the Holder to resell any Registrable Securities in any twelve (12) month period following the Closing Date shall not exceed sixty (60) days. Each Purchaser hereby covenants and agrees that
it will not sell any Registrable Securities pursuant to the Registration Statement during the periods the Company refuses to permit the Holder to resell any Registrable Securities as set forth in this Section 5.4.8. 
  
 5.4.9 Future Registration Rights. The Company shall not be restricted
in any way in entering into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective holder to include such securities in any registration filed by the Company. 
  
 5.5 Indemnification and Contribution. 
  
 5.5.1 Indemnification by the Company. The Company agrees to
indemnify and hold harmless each Holder from and against any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) to which such Holder may become subject (under the Securities Act or otherwise) insofar as such
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement of a material fact contained in the Registration Statement, on the effective date thereof; provided, however,
that the Company shall not be liable in any such case to the extent that such loss, claim, damages or liability arises out of, or is based upon (i) an untrue statement or alleged untrue statement made in such Registration Statement in reliance upon
and in conformity with written information furnished to the Company by or on behalf of such Holder specifically for use in preparation of the Registration Statement or (ii) any untrue statement in any prospectus that is corrected in any subsequent
prospectus or addendum or supplement that was delivered to the Holder prior to the pertinent sale or sales by the Holder, and the Company will reimburse the Holders for the expenses of a single legal counsel and other expenses reasonably incurred in
investigating, defending or preparing to defend any such action, proceeding or claim; provided, however, that if there exists or shall exist a conflict of interest that would make it inappropriate in the reasonable opinion of such
single legal counsel for the same counsel to represent all of the affected Holders, then each Holder or group of Holders designated by such counsel shall be entitled to retain its own counsel at the expense of the Company; provided
further, that the indemnity contained in this subsection shall not apply to amounts paid in settlement of any such loss, claim, damages or liability if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld). 
  
 5.5.2 Indemnification by
Holder. Each Holder, severally and not jointly, agrees to indemnify and hold harmless the Company from and against any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) to which the Company may become subject
(under the Securities Act or otherwise) insofar as such 

  

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losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon an untrue statement made in such
Registration Statement in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder specifically for use in preparation of the Registration Statement, provided, however, that no Holder shall be
liable in any such case for any untrue statement included in any Prospectus which statement has been corrected, in writing, by such Holder and delivered to the Company at least seven business days before the sale from which such loss occurred, and
each Holder, severally and not jointly, will, as incurred, reimburse the Company for any legal or other expenses reasonably incurred in investigating, defending or preparing to defend any such action, proceeding or claim; provided,
however, that no Holder shall be required to pay an indemnity in any amount in excess of the net amount received by the Holder from the sale of the Registrable Securities to which such indemnity relates; provided further, that
the indemnity contained in this subsection shall not apply to amounts paid in settlement of any such loss, claim, damages or liability if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably
withheld). 
  
 5.5.3 Indemnification Procedures. Promptly
after receipt by any indemnified person of a notice of a claim or the beginning of any action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section 5.5, such indemnified person shall notify the
indemnifying person in writing of such claim or of the commencement of such action, and, subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified person and the indemnifying person shall have been
notified thereof, the indemnifying person shall be entitled to participate therein, and, to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to the indemnified person; provided,
however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder unless the failure to give such notice is materially prejudicial to an indemnifying
party’s ability to defend such action. After notice from the indemnifying person to such indemnified person of the indemnifying person’s election to assume the defense thereof, the indemnifying person shall not be liable to such
indemnified person for any legal expenses subsequently incurred by such indemnified person in connection with the defense thereof; provided, however, that if there exists or shall exist a conflict of interest that would make it
inappropriate in the reasonable opinion of counsel for the indemnified person for the same counsel to represent both the indemnified person and such indemnifying person or any affiliate or associate thereof, the indemnified person shall be entitled
to retain its own counsel at the expense of such indemnifying person; provided, however, that in the case of the immediately preceding proviso, and notwithstanding Section 5.5.1 above, the indemnifying person shall not be responsible
for the legal expenses of more than one counsel for all indemnified persons. 
  
 5.5.4 Contribution in Lieu of Indemnity. If the indemnification provided for in this Section 5.5 is unavailable to or insufficient to hold harmless an indemnified party under Section 5.5.1 or 5.5.2 above in
respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such 

  

 I-11 

 
indemnified party as result of such losses, claims, damages or liabilities (or actions in respect thereof) based on the relative fault of the indemnifying
party and the indemnified party as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company on the one hand or a Holder on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5.5.4 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose)
or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 5.5.4. The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities
(or actions in respect thereof) referred to above in this Section 5.5.4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5.5.4, no Holder shall be required to contribute any amount in excess of the net amount received by the Holder from the sale of the Registrable Securities to which such loss relates. No person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations in this
Section 5.5.4 to contribute are several in proportion to their respective sales of Registrable Securities to which such loss relates and not joint. 
  
 5.5.5 Underwriting Agreement Indemnification. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution
contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
  
 5.5.6 Survival of Indemnification. The obligations of the Company and
the Holders under this Section shall survive the completion of any offering of Registrable Securities in a registration statement under this Section, and otherwise. 
  
 5.6 Reports Under the Exchange Act. With a view to make available to the Purchasers or Holders the benefits of Rule
144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Purchaser or Holder to sell Shares to the public without registration, the Company will covenant and agree to use reasonable efforts
to: (i) make and keep public information available, as those terms are understood and defined in Rule 144, for two years after the Closing; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and (iii) furnish to any Purchaser or Holder, so long as the Purchaser or Holder owns any Shares, forthwith upon request, (A) a written statement by the Company that it has complied with the reporting
requirements of Rule 144, (B) a copy of the most recent annual or quarterly report of the Company, and (C) such other information as may be reasonably requested in order to avail any Purchaser or Holder of any rule or regulation of the SEC that
permits the selling of any such Shares without registration. 
  

 I-12 

 6. Miscellaneous. 
  
 6.1 Waivers and Amendments. With the written consent of the Company and the record holders of more than fifty percent
(50%) of the Shares then outstanding that have not previously been sold in a public offering, the terms of the Purchase Agreement may be waived or amended. 
  
 6.2 Governing Law. This Purchase Agreement shall be governed by and construed in accordance with the internal laws of the State of California
without regard to its conflicts of laws principles. The Purchaser hereby irrevocably submits to the jurisdiction of any State or United States Federal court sitting in Alameda or San Francisco counties in the State of California over any action or
proceeding arising out of or relating to this Purchase Agreement or any agreement contemplated hereby, and the Purchaser hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such State or
Federal court. The Purchaser further waives any objection to venue in such State and any objection to an action or proceeding in such State on the basis of a non-convenient forum. The Purchaser further agrees that any action or proceeding brought
against the Company shall be brought only in the State or United States Federal courts sitting in Alameda or San Francisco counties in the State of California. THE PURCHASER AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OR ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS PURCHASE AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. 
  
 6.3 Survival. The representations, warranties, covenants and agreements made herein shall survive any investigation made by the Company or the
Purchaser and the Closing for a period of two years. 
  
 6.4
Successors and Assigns. Subject to Section 5, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto (specifically including successors in
interest to the Shares). 
  
 6.5 Entire Agreement. The
Purchase Agreement (including all Exhibits thereto) constitutes the full and entire understanding and agreement between the parties with regard to the subject hereof. 
  
 6.6 Notices, etc. All notices and other communications required or permitted hereunder shall be effective upon
receipt and shall be in writing and may be delivered in person, by facsimile, or nationally recognized overnight delivery service, addressed (a) if to the Purchaser, at the address set forth on the signature page hereof or at such other address as
the Purchaser shall have furnished the Company in writing, or (b) if to the Company, at its address set forth at the beginning of the Purchase Agreement, or at such other address as the Company shall have furnished to the Purchaser in writing.

  

 I-13 

 6.7 Severability. If any provision of the Purchase Agreement shall be judicially determined to be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

6.8 Titles and Subtitles. The titles of the paragraphs and subparagraphs of the Purchase Agreement are for convenience of reference and shall
not, by themselves, determine the construction of the Purchase Agreement. 
  
 6.9 Counterparts. The Purchase Agreement may be executed in any number of counterparts, each of which be an original, but all of which together shall constitute one instrument. 
  

 I-14 

 Exhibit 2.1 
  
 WIRE TRANSFER INSTRUCTIONS 
  

	 Bank:
	 	 Union Bank of California

	 	 	 1600 Harrison Street

	 	 	 Oakland, California 94612

		
	 Account Number:
	 	 7150173749

	 	 	 ABA Number: 122000496

	 Name of:
	 	 InSite Vision Incorporated

 Exhibit 4.9 
  
 INVESTMENT REPRESENTATION STATEMENT 
  
 1. Information Concerning the Company. Purchaser represents and warrants that Purchaser has been provided with such
information concerning the Company that Purchaser deems necessary and appropriate to enable Purchaser to evaluate the financial risk inherent in making an investment in the Shares. Purchaser further acknowledges that Purchaser has received
satisfactory and complete information concerning the business and financial condition of the Company in response to all inquiries in respect thereof. 
  
 2. Economic Risk and Suitability. Purchaser represents and warrants as follows: 
  
 2.1 Purchaser realizes that Purchaser’s purchase of the Shares involves a high degree of risk and will be a highly
speculative investment and that Purchaser is able, without impairing Purchaser’s financial condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of Purchaser’s investment. 
  
 2.2 Purchaser has carefully considered and has, to the extent Purchaser
believes such discussions necessary, discussed with Purchaser’s professional, legal, tax and financial advisors the suitability of an investment in the Shares for the particular legal, tax and financial situation of Purchaser and that Purchaser
and/or Purchaser’s advisors have determined that the Shares are a suitable investment for Purchaser. 
  
 2.3 Purchaser has such knowledge and experience in business and financial matters as will enable Purchaser to evaluate the merits and risks of an
investment in the Shares and to make an informed investment decision. 
  
 2.4 Purchaser has carefully read this Agreement and the Company has made available to Purchaser or Purchaser’s advisors all information and documents requested by Purchaser relating to investment in the Shares, and has provided answers
to Purchaser’s satisfaction to all of Purchaser’s questions concerning the Company and the Shares to be acquired. 
  
 2.5 Purchaser understands that neither the Company nor any of its officers/directors, has any obligation to register the Securities under any federal or
state securities act or law except as otherwise expressly set forth in Section 5 of the Purchase Agreement. 
  
 2.6 All information that Purchaser has provided concerning himself or herself, his or her financial position and (each of) his or her representative(s),
if any, is correct and complete as of the date set forth below, and if there should be any material change in such information, Purchaser will provide such information to the Company as soon as practicable thereafter. 
  
 2.7 Purchaser understands that the Company is relying on the truth and
accuracy of the declarations, representations, warranties and agreements made by Purchaser to the Company herein in transferring the Shares to Purchaser. 
  
 2.8 Purchaser confirms that Purchaser has received no general solicitation or general advertisement and has attended no seminar or meeting (whose
attendees have been invited by any general solicitation or general advertisement) and has received no advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast or television or radio
regarding the Offering of the Shares. 

 3. Status of Purchaser. Purchaser represents and warrants that Purchaser is an “Accredited
Investor”, as defined in Rule 501 of the Commission because Purchaser is either: 
  
 (a) A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his/her purchase, exceeds $1 million; 
  
 (b) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income
with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 
  
 (c) a bank as defined in Section 3(a)(2) of the Act; 
  
 (d) a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether
acting in its individual or fiduciary capacity; 
  
 (e) a broker
or dealer registered pursuant to Section 15 of the Exchange Act; 
  
 (f) an insurance company as defined in Section 2(13) of the Securities Act; 
  
 (g) an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of the Securities Act; 
  
 (h) a small business investment company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; 
  
 (i) a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended; 
  

(j) a corporation, partnership, an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, or a Massachusetts or similar
business trust, not formed for the specific purpose of acquiring the Securities, with total assets in excess of $5,000,000; 
  
 (k) a trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase of the Securities
is directed by a sophisticated person as described in Rule 506(b)(ii) of Regulation D promulgated under the Securities Act; or 
  
 (l) an entity in which all of the equity owners meet one of the requirements of paragraphs (a) through (k) hereof. 
  
 4. Residency. Purchaser is a bona fide resident of Washington, D.C.

  

 19

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