Document:

ex10_2.htm

    
      

    

    Exhibit
10.2

     

    Execution
Copy

    

     

    AMENDING
AGREEMENT

     

    THIS AMENDING AGREEMENT (this
“Amending Agreement”) is
made as of the 6th day of
October , 2008 between OCCULOGIX, INC. (the “Corporation”), a corporation
incorporated under the laws of the State of Delaware, and William G. Dumencu
(the “Employee”), who
resides in the Town of Milton in the Province of Ontario.

     

    WHEREAS, the Employee is the
Chief Financial Officer and Treasurer of the Corporation and has been serving in
that capacity pursuant to the Employment Agreement, dated as of February 25,
2008, between the Corporation and the Employee (the “Employment
Agreement”);

     

    AND WHEREAS, notwithstanding
the Employee’s continuing employment with the Corporation, the Corporation has
agreed to pay to the Employee, upon the terms and conditions set forth herein,
the amount that would be owing to him pursuant to Section 9 of the Employment
Agreement if his employment were terminated by the Corporation under Section
8.1.2 of the Employment Agreement (the “Severance
Amount”);

     

    AND WHEREAS, the Corporation
owes severance pay to each of the former and soon-to-be former members of the
senior management team of the Corporation, being Nozait Chaudry-Rao, John
Cornish, David C. Eldridge, Julie A. Fotheringham, Stephen J. Kilmer, Suh Kim,
Stephen B. Parks, Thomas P. Reeves, Elias Vamvakas and Stephen H. Westing
(collectively, the “Affected
Individuals”), and intends to discharge the severance obligations owing
to the Affected Individuals in accordance with the respective agreements
relating thereto between the Corporation and each of the Affected
Individuals;

     

    AND WHEREAS, the Employee has
agreed that the Severance Amount may be paid to him (i) as to 50%, in cash, and
(ii) as to 50%, by the grant of stock options under the Corporation’s 2002 Stock
Option Plan, as amended (the “Stock Option Plan”), in a
number to be calculated in accordance with the methodology therefor described in
the Proxy Statement for the Corporation’s Annual and Special Meeting of
Stockholders held on September 30, 2008 (the “Proxy
Statement”);

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    AND WHEREAS, the Corporation
will effect a recapitalization in which the issued and outstanding shares of its
common stock will be reverse split in a ratio of 1:25 (the “Reverse Stock
Split”);

     

    AND WHEREAS, in consideration
of the payment to him of the Severance Amount, the Employee has agreed to a
reduced severance entitlement in the event of any future without-cause
termination of his employment with the Corporation, upon the terms and
conditions set forth herein;

     

    NOW, THEREFORE, in
consideration of the mutual covenants and undertakings contained in the
Employment Agreement, as 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 hereby agree as
follows:

     

    
      	
              1.

            	
              Concurrently
      with the discharge by the Corporation of the severance obligations owing
      to the Affected Individuals, the Corporation shall pay the Severance
      Amount to the Employee (i) as to 50%, in cash, and (ii) as to 50%, by the
      grant of stock options under the Stock Option Plan, in a number calculated
      in accordance with the methodology therefor described in the Proxy
      Statement (the “Severance
      Stock Options”), provided that the Severance Stock Options shall be
      exercisable immediately upon grant, have a term expiring on the tenth
      anniversary of the date of grant and have an exercise price determined and
      set in accordance with the policy of the Corporation’s board of directors
      with respect to the granting of stock options and provided, further, that
      the number of the Severance Stock Options and the exercise price thereof
      shall be adjusted appropriately following the Reverse Stock Split, in
      accordance with the provisions of the Stock Option Plan.  The
      cash component of the Severance Amount shall be paid, net of all
      applicable deductions and
withholdings.

            

    

     

    
      	
              2.

            	
              Upon
      the payment by the Corporation, to the Employee, of the Severance Amount
      in accordance with Section 1 of this Amending
  Agreement:

            

    

     

    (a)           Section
8.1.2 of the Employment Agreement shall be deleted, in its entirety, and
replaced with the following section 8.1.2:

    

    
      
        
           

        

        
          - 2
-

          
            

          

        

        
           

        

      

    

     

    “8.1.2.
by the Corporation for any reason other than Just Cause, on three months’ prior
written notice to the Employee, provided that if the Employee is entitled under
the ESA to a longer period of notice than that prescribed above, the notice to
be given by the Corporation under his section 8.1.2 shall be that minimum period
of notice that is required under the ESA and no more; or”

     

    (b)           The
last sentence of Section 8.2 of the Employment Agreement shall be deleted, in
its entirety, and replaced with the following sentence:

     

    “For the
purpose of the Employee’s entitlement to Benefits, the Employee shall receive an
amount equal to 2.5% of three months of his Basic Salary for the purpose of
obtaining equivalent coverage during the notice period.”

     

    (c)           The
first paragraph of Section 9 of the Employment Agreement shall be deleted, in
its entirety, and replaced with the following sentence:

     

    “Where
the Employee’s employment under this Agreement has been terminated by the
Corporation under section 8.1.2, the Employee shall be entitled, upon providing
to the Corporation appropriate releases, resignations and other similar
documentation, to receive from the Corporation, in addition to accrued but
unpaid Basic Salary, if any, and any entitlement in respect of vacation as
contemplated by section 7, a lump sum payment equal to three months of his Basic
Salary and 2.5% of three months of his Basic Salary in respect of his
entitlement to Benefits, less any amounts payable to the Employee in lieu of
notice where a Stop Work Notice has been given pursuant to section 8 and less
any amounts owing by the Employee to the Corporation for any
reason.”

     

    (d)           Section
10.2.1 of the Employment Agreement shall be deleted, in its entirety, and
replaced with the following section 10.2.1:

     

    “10.2.1.the
Employee shall be entitled to receive, and the Corporation shall pay to the
Employee immediately following termination, a cash amount equal to three months
of his Basic Salary, less any required statutory deductions and
withholdings;”

    

    
      
        
           

        

        
          - 3
-

          
            

          

        

        
           

        

      

    

     

    (e)           Section
10.2.2 of the Employment Agreement shall be deleted, in its entirety, and
replaced with the following section 10.2.2:

     

    “10.2.2.    the Employee
shall be entitled to receive, and the Corporation shall pay to the Employee,
immediately following termination, a cash amount equal to 2.5% of three months
of his Basic Salary in lieu of continued benefit coverage; and”

     

    
      	
              3.

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

            

    

     

    
      	
              4.

            	
              This
      Agreement may be executed in one or more counterparts (including by
      facsimile or e-mail transmission), all of which shall be considered one
      and the same agreement and shall become effective when one or more
      counterparts have been signed by each of the parties hereto and delivered
      to the other parties hereto, it being understood that all parties need not
      sign the same counterpart.

            

    

     

    
      	
              5.

            	
              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.

            

    

     

    
      	
              6.

            	
              The
      Employee acknowledges:

            

    

     

    
      	
               
      

            	
              (a)

            	
              that
      he has had sufficient time to review and consider this Amending Agreement
      thoroughly;

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      he has read and understands the terms of this Amending Agreement and his
      obligations under the Employment Agreement, as amended by this Amending
      Agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              that
      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;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      sufficiency of the Severance Amount as consideration for his entering into
      this Amending Agreement; and

            

    

     

    
      
        
           

        

        
          - 4
-

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              (e)

            	
              that
      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.

            

    

     

    

     

    [THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
           

        

        
          - 5
-

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF the parties
hereto have executed this Amending 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/
      Suh Kim

                    
	 
      	 
      	 
      	
                      Suh
      Kim

                    
	 
      	 
      	 
      	
                      General
      Counsel

                    

            

          

        

      

    

     

     

    - 6 -ex10_3.htm

    
      

    

    
      Exhibit
10.3

       

      Execution
Copy

      

       

      TERMINATION
AGREEMENT

       

      THIS AGREEMENT (this “Agreement”) is made as of the
6th
day of October, 2008 by and between Suh Kim (the “Employee”), a resident of the
Province of Ontario, and OccuLogix, Inc. (the “Employer”), a corporation
incorporated under the laws of the State of Delaware, and having its executive
offices at 2600 Skymark Avenue, Building 9, Suite 201, Mississauga, Ontario, L4W
5B2.

       

      WHEREAS, the Employer and the
Employee entered into an employment agreement dated as of March 12, 2007,
pursuant to which the Employee has been serving the Employer as its General
Counsel (the “Employment
Agreement”);

       

      AND WHEREAS, capitalized terms
used in this Agreement, but not otherwise defined, shall have the respective
meanings attributed to such terms in the Employment Agreement;

       

      AND WHEREAS, the Employee and
the Employer mutually have agreed that the services of the Employee will no
longer be required after the Termination Date (defined below) and, accordingly,
have agreed to the termination of the Employee’s employment with the Employer,
pursuant to Section 9.1.2 of the Employment Agreement, effective at the close of
business on the Termination Date (defined below);

       

      AND WHEREAS, the Employee and
the Employer hereby further acknowledge and agree that, pursuant to Section 10
of the Employment Agreement, when the Employee’s employment under the Employment
Agreement has been terminated by the Employer for any reason other than Just
Cause pursuant to Section 9.1.2 of the Employment Agreement, the Employee is
entitled to receive from the Employer, in addition to accrued but unpaid salary,
if any, a lump sum payment equal to 12 months of her Basic Salary and 2.5% of
her Basic Salary in respect of her entitlement to Benefits, less any amounts
payable to the Employee in lieu of notice where a Stop Work Notice has been
given pursuant to Section 9.2 of the Employment Agreement and any amounts owing
by the Employee to the Employer for any reason (the “Severance
Amount”);

       

      AND WHEREAS, the Employee has
not been given a Stop Work Notice pursuant to Section 9.2 of the Employment
Agreement;

       

      AND WHEREAS, the Employer owes
severance pay to each of the former members, and the other soon-to-be former
member, of the senior management team of the Employer, being Nozait Chaudry-Rao,
John Cornish, David C. Eldridge, Julie A. Fotheringham, Stephen J. Kilmer,
Stephen B. Parks, Thomas P. Reeves, Elias Vamvakas and Stephen H. Westing, and,
notwithstanding William G. Dumencu’s continuing employment with the Employer,
voluntarily has agreed to pay him the amount that would be owing to him pursuant
to his employment agreement if his employment were terminated without cause (all
such individuals, collectively, the “Affected
Individuals”);

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

       

      AND WHEREAS, the Employee has
agreed that the Severance Amount may be paid to her (i) as to 50%, in cash, and
(ii) as to 50%, by the grant of stock options under the Employer’s 2002 Stock
Option Plan, as amended (the “Stock Option Plan”), in a
number to be calculated in accordance with the methodology therefor described in
the Proxy Statement for the Employer’s Annual and Special Meeting of
Stockholders held on September 30, 2008 (the “Proxy
Statement”);

       

      AND WHEREAS, the Employer will
effect a recapitalization in which the issued and outstanding shares of its
common stock will be reverse split in a ratio of 1:25 (the “Reverse Stock
Split”);

       

      AND WHEREAS, the Employment
Agreement is further amended by this Agreement;

       

      NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement
(the receipt and sufficiency of which are hereby acknowledged by the parties
hereto), the parties hereto agree as follows:

       

      
        	
                1.

              	
                TERMINATION

              

      

       

      1.1           The
Employee and the Employer hereby agree that the Employee’s employment with the
Employer shall be terminated pursuant to Section 9.1.2 of the Employment
Agreement, effective at the close of business on November 28, 2008 or such other
date as may be agreed mutually by the Employee and the Employer (the “Termination
Date”).  The Employer shall pay the Employee, on the next
regularly scheduled payday following the Termination Date, all accrued (to and
including the Termination Date) but unpaid salary.  For greater
certainty, the Employee hereby waives the requirement, under Section 9.1.2 of
the Employment Agreement, to provide 12 months’ prior written notice to the
Employee of the Employer’s intention to terminate her employment with the
Employer.

       

      
        	
                2.

              	
                SEVERANCE

              

      

       

      2.1           Concurrently
with the discharge by the Employer of the severance obligations owing to the
Affected Individuals, the Employer shall pay the Severance Amount to the
Employee (i) as to 50%, in cash, and (ii) as to 50%, by the grant of stock
options under the Stock Option Plan, in a number calculated in accordance with
the methodology therefor described in the Proxy Statement (the “Severance Stock Options”),
provided that the Severance Stock Options shall be exercisable immediately upon
grant, have a term expiring on the tenth anniversary of the date of grant and
have an exercise price determined and set in accordance with the policy of the
Employer’s board of directors with respect to the granting of stock options and
provided, further, that the number of the Severance Stock Options and the
exercise price thereof shall be adjusted appropriately following the Reverse
Stock Split, in accordance with the provisions of the Stock Option
Plan.  The cash component of the Severance Amount shall be paid, net
of all applicable deductions and withholdings.

       

      2.2           Immediately
upon the payment by the Employer, to the Employee, of the Severance Amount in
accordance with Section 2.1 of this Agreement, Sections 9, 10 and 11 of the
Employment Agreement shall be deleted in their entirety and the Employee shall
have no right or entitlement to any further contractual
severance.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      
        	
                3.

              	
                RETURN
      OF PROPERTY

              

      

       

      3.1           The
Employee hereby agrees that, on or prior to the Termination Date, she will
certify, in writing, that she has returned to the Employer, and she will have
returned to the Employer, all property of the Employer in the Employee’s
possession, including, without limitation, all keys, business cards, computer
hardware, including, without limitation, Blackberry units, printers, mice and
other hardware accessories, and computer software.  The Employee
hereby further agrees that, on or prior to the Termination Date, she will
certify, in writing, that she has returned to the Employer or destroyed, and she
will have returned to the Employer or destroyed, all tangible material embodying
Confidential Information in any form whatsoever, including, without limitation,
all paper copy copies, summaries and excerpts of Confidential Information and
all electronic media or records containing or derived from Confidential
Information.

       

      
        	
                4.

              	
                RELEASE
      AND TERMINATION

              

      

       

      4.1           The
Employee hereby agrees, on behalf of herself and her administrators, heirs,
assigns and anyone claiming through her, to release completely and forever
discharge the Employer and its affiliates and subsidiaries, and their respective
officers, directors, shareholders, agents, servants, representatives,
underwriters, successors, heirs and assigns, from any and all claims, demands,
obligations and causes of action, of any nature whatsoever, whether known or
unknown, which the Employee has, on the date hereof, as a result of the
Employee’s employment with the Employer or the termination thereof hereunder,
including, without limitation, any claim relating to the Employment Agreement or
the termination thereof hereunder or any claim relating to any violation of any
Canadian federal or provincial statute or regulation, any claim for wrongful
discharge or breach of contract or any claim relating to Canadian federal or
provincial laws (including, without limitation, the Employment Standards Act
(Ontario) and the Ontario Human Rights Code), provided, however,
that such release and discharge shall be effective only upon the payment in full
by the Employer of the Severance Amount pursuant to Article 2 of this
Agreement.  Notwithstanding the foregoing, nothing herein shall be
construed as depriving the Employee of (i) any indemnification rights to which
she is entitled under the Amended and Restated By-laws of the Employer or under
the Indemnification Agreement, dated as of the date hereof, between the Employer
and the Employee or (ii) any protection to which she may be entitled, on, prior
to or after the Termination Date, under the Employer’s directors’ and officers’
liability insurance policy from time to time.

       

      4.2           Section
13 of the Employment Agreement (Non-Competition) is hereby amended by replacing,
in the first paragraph thereof, the words “which is the same as, or
substantially similar to, or which competes with or would compete with, the
business carried on by the Corporation or any of its Subsidiaries during the
Employment Period or at the end thereof.” with the words “(i) the Corporation’s
RHEO business and/or (ii) the business of OcuSense, Inc., as each of them was
carried on during the Employment Period.”.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      4.3           At
the close of business on the Termination Date, the Employment Agreement shall be
terminated and rendered null and void, save and except for those provisions
thereof that are expressly stated to survive the termination thereof, including,
without limitation, Section 13 (Non-Competition), as amended by Section 4.2 of
this Agreement, and Sections 14 (No Solicitation of Customers or Patients), 15
(No Solicitation of Employees), 16 (Confidentiality) and 17
(Remedies).  The Employee hereby agrees to abide by such provisions,
including, for greater certainty, Section 13 of the Employment Agreement
(Non-Competition), as amended by Section 4.2 of this Agreement.

       

      
        	
                5.

              	
                FUTURE
      EMPLOYMENT

              

      

       

      5.1           The
mitigation by the Employee of any damages or losses arising from the
contemplated termination hereunder of her employment with the Employer and the
contemplated termination of the Employment Agreement hereunder (including,
without limitation, by obtaining other employment) shall not, in any way,
derogate from, or otherwise affect, the Employee’s rights or the Employer’s
obligations under this Agreement.  For greater certainty, and without
derogating from the generality of the foregoing statement, no amount to be paid
by the Employer under this Agreement shall be reduced, or made refundable to the
Employer, by any compensation earned by the Employee as a result of employment
by another employer or otherwise after the Termination Date.

       

      
        	
                6.

              	
                THIRD
      PARTY COMMUNICATIONS

              

      

       

      6.1           In
consideration of the mutual promises and covenants contained herein, each of the
parties hereto hereby agrees that she and it will not make any statements to, or
initiate or participate in any discussions with, any other person, including,
without limitation, the Employer’s customers, which are derogatory, disparaging
or injurious to the reputation of the Employee or the Employer.  This
Section 6.1, in no way, shall be construed as prohibiting either party hereto
from responding truthfully to any question or interrogatory to which such party
is requested to respond.

       

      
        	
                7.

              	
                ACKNOWLEDGEMENT

              

      

       

      
        	
                7.1

              	
                The
      Employee hereby acknowledges that:

              

      

       

      
        	
                (a)

              	
                She
      has had sufficient time to review and consider this Agreement
      thoroughly;

              

      

       

      
        	
                (b)

              	
                She
      has read and understands the terms of this Agreement and her obligations
      hereunder;

              

      

       

      
        	
                (c)

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

              

      

       

      
        	
                (d)

              	
                She
      is entering this Agreement voluntarily and without any pressure from the
      Employer.

              

        
          
             

          

          
            4

            
              

            

          

          
             

          

        

      

       

      
        	
                8.

              	
                MISCELLANEOUS

              

      

       

      8.1           The
headings in this Agreement are included solely for convenience of reference and
shall not affect the construction or interpretation hereof.

       

      8.2           The
parties hereto expressly agree that nothing in this Agreement shall be construed
as an admission of liability.

       

      8.3           This
Agreement shall be binding upon, and inure to the benefit of, the parties hereto
and their respective heirs, trustees, administrators, successors and
assigns.

       

      8.4           This
Agreement constitutes the entire agreement between the parties hereto pertaining
to the subject matter of the termination of the Employee’s employment with the
Employer.  This Agreement supersedes and replaces all prior
agreements, if any, written or oral, with respect to such subject matter and any
rights which the Employee may have by reason of any such prior agreements or by
reason of the Employee’s employment with the Employer.  There are no
representations, warranties or agreements between the parties hereto in
connection with the subject matter of this Agreement, except as specifically set
forth in this Agreement.  No reliance is placed on any representation,
opinion, advice or assertion of fact made by the Employer or any of its
officers, directors, agents or employees to the Employee, except to the extent
that the same has been reduced to writing and included as a term of this
Agreement.  Accordingly, there shall be no liability, either in tort
or in contract, assessed in relation to any such representation, opinion, advice
or assertion of fact, except to the extent aforesaid.

       

      8.5           Each
of the provisions contained in this Agreement is distinct and severable, and a
declaration of invalidity or unenforceability of any provision or part thereof
by a court of competent jurisdiction shall not affect the validity or
enforceability of any other provision hereof.

       

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

       

      8.7           This
Agreement may be signed in counterparts and delivered by facsimile transmission
or other electronic means, and each of such counterparts shall constitute an
original document, and such counterparts, taken together, shall constitute one
and the same instrument.

       

      

       

      [THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date set forth
above.

       

       

      
        
          
            
              	 
      	OCCULOGIX,
      INC.
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                      /s/
      Elias Vamvakas

                    
	 
      	 
      	
                      Elias
      Vamvakas

                    
	 
      	 
      	
                      Chief
      Executive Officer

                    

            

          

        

      

      

       

      
        
          
            	 
      	 
      	
                    /s/
      Suh Kim

                  
	
                    Signature
      of Witness

                  	 
      	
                    Suh
      Kim

                  
	 
      	 
      	 
      
	
                    Name
      of Witness (please
      print)

                  	 
      	 
      

          

        

      

       

      
6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]