Document:

Exhibit 10.29

    
      
        

      

      2005
        MEMORANDUM for Territory Expansion

      

      This
        2005
        Memorandum for Territory Expansion is made and effective on October 17, 2005
        (hereinafter called “EFFECTIVE DATE”), by and between ASAHI KASEI MEDICAL CO.,
        LTD., a corporation organized and existing under the laws of Japan, with
        its
        principal place at 9-1, Kanda Mitoshirocho, Chiyoda-ku, Tokyo, Japan
        (hereinafter called “ASAHI”), and OCCULOGIX, INC., a corporation organized and
        existing under the laws of the State of Delaware, the United States of America,
        with its principal place at 612 Florida Avenue, Palm Harbor, Florida 34683,
        the
        United States of America (hereinafter called “OCCULOGIX”), with respect to the
        DISTRIBUTORSHIP AGREEMENT made on December 31, 2001 (hereinafter called
“AGREEMENT”), CONSENT TO ASSIGNMENT CONTRACT made on July 25, 2002, 2003
        MEMORANDUM made on October 30, 2003, and 2004 MEMORANDUM made on July 28,
        2004.

      

      WITNESSETH

      

      WHEREAS,
        OCCULOGIX desires to add some countries to its current Territory defined
        in
        AGREEMENT and to sell more Product defined in AGREEMENT.

      

      WHEREAS,
        ASAHI recognizes that OCCULOGIX has a potential for selling the Product and
        is
        applicable as a distributor for the Product in the Territory. ASAHI is desirous
        that more Product will be sold in the Territory.

      

      NOW,
        THEREFORE, both parties shall confirm and agree to the following:

      

      
        	
                1.

              	
                The
                  Exhibit A of AGREEMENT shall be replaced with the Exhibit A of
                  this
                  Memorandum attached hereto.

              

      

      

      
        	
                2.

              	
                AGREEMENT
                  shall be amended to include Exhibits B, C and D attached
                  hereto.

              

      

      

      
        	
                3.

              	
                The
                  Paragraph B of the Article 1 of AGREEMENT shall be replaced with
                  the
                  following:

              

      

      “Territory”
        shall mean the countries or areas set forth in the Exhibit B, C and D attached
        hereto. 

      

      
        	
                4.

              	
                The
                  Paragraph 2.1 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      
        	 	
                2.1.1

              	
                ASAHI
                  hereby appoints OCCULOGIX as its exclusive distributor in the Territory-1
                  for the sale of the Product solely used for the Treatment Disease,
                  provided, however, that OCCULOGIX obtains the FDA approval and
                  other
                  necessary approvals in the Territory-1 according to the Article
                  7.1.1,
                  7.2, 7.3, 7.4, 7.5, 7.6, and 7.7 of this Agreement. OCCULOGIX agrees
                  to
                  act as such exclusive distributor under the terms and conditions
                  of this
                  Agreement.

              

      

      
        
          	 	
                  2.1.2

                	
                  ASAHI
                    hereby appoints OCCULOGIX as its exclusive distributor in the
                    Territory-2
                    for the sale of the Product solely used for the Treatment Disease,
                    provided, however, that OCCULOGIX obtains the necessary approvals
                    in the
                    Territory-2 according to the Article 7.1.2, 7.4, 7.5, 7.6, and
                    7.7 of this
                    Agreement. OCCULOGIX agrees to act as such exclusive distributor
                    under the
                    terms and conditions of this
                    Agreement.

                

        

        
          	 	
                  2.1.3

                	
                  ASAHI
                    hereby appoints OCCULOGIX as its non-exclusive distributor in
                    the
                    Territory-3 for the sale of Product solely used for the Treatment
                    Disease,
                    provided, however, that OCCULOGIX obtains necessary regulatory
                    approvals
                    in the Territory-3 according to the Article 7.1.3, 7.4, 7.5,
                    7.6 and 7.7
                    of this Agreement. OCCULOGIX agrees to act as such non-exclusive
                    distributor under the terms and conditions of this
                    Agreement.

                

        

         

      

      
        	
                5.

              	
                The
                  Paragraph 2.4 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        
          	 	
                  2.4

                	
                  OCCULOGIX
                    shall not represent, market, or sell any similar to or competitive
                    products with Product in the Territory-1 and Territory-2 during
                    the term
                    of this Agreement.

                

        

      

       

      
        	
                6.

              	
                The
                  Paragraph 2.7 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        
          	 	
                  2.7

                	
                  OCCULOGIX
                    shall make its best efforts that public and private medical insurance
                    reimbursement shall be applied for the Treatment Disease using
                    the Product
                    in the Territory-1. Occulogix shall also make the commercially
                    reasonable
                    efforts that public and private medical insurance reimbursement
                    shall be
                    applied for the Treatment Disease using the Product in the Territory-2
                    and
                    Territory-3.

                

        

      

       

      
        	
                7.

              	
                The
                  Paragraph 3.1 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        	 	
                3.1.1

              	
                OCCULOGIX
                  shall purchase the Product from ASAHI in the Territory-1 in not
                  less than
                  the quantities described in the Exhibit B attached
                  hereto.

              

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	 	
                3.1.2

              	
                OCCULOGIX
                  shall purchase the Product from ASAHI in the Territory-2 in not
                  less than
                  the quantities described in the Exhibit C attached
                  hereto.

              

      

      
        
          	 	
                  3.1.3

                	
                  OCCULOGIX
                    shall make its best efforts to purchase from ASAHI in the Territory-3
                    the
                    target quantities of Product described in the Exhibit D attached
                    hereto:

                

        

         

      

      
        	
                8.

              	
                The
                  Paragraph 7.1 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        	 	
                7.1.1

              	
                OCCULOGIX
                  shall be responsible, at its own costs and expenses, for obtaining
                  and
                  maintaining the FDA and all other applicable approvals and validations
                  for
                  marketing, sales and use of Product for the Treatment Disease in
                  the
                  Territory-1 under the name of ASAHI by the end of December 2006.
                  If the
                  above approvals cannot be obtained by such day and year, OCCULOGIX
                  shall
                  consult with ASAHI and attempt to reach a mutual acceptable resolution.
                  Despite consultation, if both parties cannot find a mutual acceptable
                  resolution, ASAHI may delete Product from this Agreement upon six
                  (6)
                  months prior written notice to
                  OCCULOGIX.

              

      

      
        	 	
                7.1.2

              	
                OCCULOGIX
                  shall be responsible, at its own costs and expenses, for obtaining
                  and
                  maintaining all the applicable approvals and validations for marketing,
                  sales and use of Product for the Treatment Disease in the Territory-2
                  under the names of ASAHI by the end of December 2010. If the above
                  approvals cannot be obtained by such day and year, OCCULOGIX shall
                  consult
                  with ASAHI and attempt to reach a mutually acceptable resolution.
                  Despite
                  consultation, if both parties cannot find a mutually acceptable
                  resolution, ASAHI may delete Product from this Agreement, upon
                  six (6)
                  months’ prior written notice to OCCULOGIX, for the country or countries
                  of
                  the Territory-2 where the above approvals were not
                  obtained.

              

      

      
        
          
            	
                  	7.1.3	
                    OCCULOGIX
                      shall make its best efforts to obtain, with half the costs
                      and expenses
                      shared with ASAHI, all the applicable approvals and validations
                      for
                      marketing, sales and use of Product for the Treatment Disease
                      in the
                      Territory-3 under the name of ASAHI by the end of December
                      2010. If the
                      above approvals cannot be obtained by such day and year, OCCULOGIX
                      shall
                      consult with ASAHI and attempt to reach a mutually acceptable
                      resolution.
                      Despite consultation, if both parties cannot find a mutually
                      acceptable
                      resolution, ASAHI may delete Product from this Agreement for
                      the
                      Territory-3 upon six (6) months’ prior written notice to
                      OCCULOGIX.

                  

          

        

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        	
                9.

              	
                The
                  Paragraph 7.4 of AGREEMENT shall be replaced with the
                  following:

              

      

      
        
          	 	
                  7.4

                	
                  OCCULOGIX
                    shall not be entitled to any compensation from ASAHI even when
                    OCCULOGIX
                    may not obtain the regulatory approvals of Product in the
                    Territory.

                

        

      

      
        
          
            	
                    10.

                  	
                    The
                      Paragraph 7.7 of AGREEMENT shall be replaced with the
                      following:

                  

          

        

      

      
        
          	 	
                  7.7

                	
                  Without
                    limiting any other provision in this Agreement, OCCULOGIX shall
                    fully
                    comply with the regulations of each country in the
                    Territory.

                

        

      

       

      
        
          	
                  11.

                	
                  The
                    Paragraph 8.3 of AGREEMENT shall be replaced with the
                    following:

                

        

        
          	 	
                  8.3

                	
                  OCCULOGIX
                    shall have a right of first refusal over exclusive and non-exclusive
                    distribution rights in the Territory-1, the Territory-2, and
                    the
                    Territory-3 with respect to the Product for the treatment of
                    retinopathy
                    and any other ophthalmic diseases within the scope of hemo-rheological
                    disorders (other than the Treatment
                    Disease).

                

        

        

        
          	
                  12.

                	
                  The
                    Paragraph 18.1 of AGREEMENT shall be replaced with the
                    following:

                

        

        
          	 	
                  18.1

                	
                  Each
                    Territory shall have its own term for the sales right of the
                    Products.
                    Details shall be described in the Exhibit B attached
                    hereto.

                

        

        

        
          	
                  13.

                	
                  The
                    Paragraph 19.3 of AGREEMENT shall be replaced with the
                    following:

                

        

        
          	 	
                  19.3

                	
                  If
                    OCCULOGIX fails to fulfill the provisions stipulated in the Paragraph
                    3.1.1 and 3.1.2 of this Agreement, ASAHI may, at its option,
                    modify the
                    exclusive right granted to OCCULOGIX hereunder to a non-exclusive
                    right.

                

        

      

      

      IN
        WITNESS WHEREOF, the both parties hereto have caused this Memorandum to be
        executed by their authorized representatives written as below:

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Signed
        and agreed by

       

      
        	
                /s/
                  Yasuyuki Yoshida

              	 	
                /s/
                  Elias Vamvakas

              
	
                Yasuyuki
                  Yoshida 

              	 	
                Elias
                  Vamvakas

              
	
                President

              	 	
                Chief
                  Executive Officer

              
	
                ASAHI
                  KASEI MEDICAL CO., LTD.

              	 	
                OCCULOGIX,
                  INC.

              
	 	 	 
	
                Date:
                  October 17, 2005

              	 	
                Date:
                  October 17, 2005

              

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Exhibit
        A

       

      Product

      First
        filter: Plasmaflo OP-05W(L)

      

      Second
        filter: Rheofilter AR-2000, or 

      new
        or
        improved Rheofilter which ASAHI designates in writing

      

      Product
        means the set of the above first filter and second filter which is used together
        for the Treatment Disease.

       

       

      
        	 	
                /s/
                  Jun-ichi Shirokaze

              
	 	
                Jun-ichi
                  Shirokaze

              
	 	
                Director

              
	 	
                ASAHI
                  KASEI MEDICAL CO.,Ltd.

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Exhibit
        B

      

      Territory

      Collectively
        the following “Territory-1” in Exhibit B, “Territory-2” in Exhibit C and
“Territory-3” in Exhibit D 

      

      Territory-1

      United
        States of America, Canada, United Mexican States, Commonwealth of The Bahamas,
        Dominican Republic, Republic of Haiti, Puerto Rico, Jamaica, Antigua and
        Barbuda, Commonwealth of Dominica, Barbados, Republic of Trinidad and Tobago,
        Grenada, Saint Thomas, Saint Lucia, Saint Christopher and Nevis, Saint Vincent
        and the Grenadines, Caicos Islands, Virgin Islands of the United States of
        America

      

      Minimum
        purchase requirement:

      First
        year: 9,000 sets of First and Second filter

      Second
        year: 15,000 sets of First and Second filter

      Third
        year: 22,500 sets of First and Second filter

      

      The
        above
        minimum purchase quantities shall be effective from six (6) months after
        OCCULOGIX obtains the FDA approval of Product. The
        minimum purchase quantities for the Fourth year shall be discussed and
        determined immediately after the term of the First year by mutual consent,
        but
        shall not be less than that of the previous year. The minimum purchase
        quantities for the Fifth year shall be discussed and determined immediately
        after the term of the Second year by mutual consent, but shall not be less
        than
        that of the previous year. This same method shall be used in the Sixth year
        and
        thereafter, for the determination of future minimum purchase quantities,
        such
        that minimum purchase quantities are always fixed for three years.

      

      Term:

      OCCULOGIX’
        sales right of Product in the Terriroty-1 shall be valid from December 31,
        2001,
        until ten (10) years after the date of FDA approval of Product for the Treatment
        Disease, unless terminated prior to such expiration date by either party,
        as
        provided herein, and shall automatically be renewed for additional and
        successive one (1) year term unless ASAHI or OCCULOGIX gives the other written
        notice of its intention to terminate this Agreement at least six (6) months
        prior to the expiration date of the term then in effect. 

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      
        	
                /s/
                  Yasuyuki Yoshida

              	 	
                /s/  
                  Elias Vamvakas

              
	
                Yasuyuki
                  Yoshida

              	 	
                Elias
                  Vamvakas

              
	
                President

              	 	
                Chief
                  Executive Officer

              
	
                ASAHI
                  KASEI MEDICAL CO., LTD.

              	 	
                OCCULOGIX,
                  INC.

              
	
                Date:
                  October 17, 2005

              	 	
                Date:
                  October 17, 2005

              

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Exhibit
        C

      

      Territory-2
        

      Republic
        of Colombia, Bolivarian Republic of Venezuela, Australia, New
        Zealand

      

      Minimum
        purchase requirement:

      Republic
        of Colombia

      Jan.
        1,
        2006 - Dec. 31, 2006: 0 set of First and Second filter

      Jan.
        1,
        2007 - Dec. 31, 2007: 300 sets of First and Second filter

      Jan.
        1,
        2008 - Dec. 31, 2008: 500 sets of First and Second filter

      

      Bolivarian
        Republic of Venezuela

      Jan.
        1,
        2006 - Dec. 31, 2006: 0 set of First and Second filter

      Jan.
        1,
        2007 - Dec. 31, 2007: 300 sets of First and Second filter

      Jan.
        1,
        2008 - Dec. 31, 2008: 500 sets of First and Second filter

      

      Australia
        and New Zealand

      Jan.
        1,
        2006 - Dec. 31, 2006: 0 sets of First and Second filter

      Jan.
        1,
        2007 - Dec. 31, 2007: 300 sets of First and Second filter

      Jan.
        1,
        2008 - Dec. 31, 2008: 500 sets of First and Second filter

      

      The
        minimum purchase quantities for the year 2009 and 2010 shall be discussed
        and
        determined at the beginning of the year 2008 by mutual consent, but shall
        not be
        less than each of the previous year.

      

      Term:

      OCCULOGIX’
        sales right of Product in the Terriroty-2 shall be valid from EFFECTIVE DATE
        through December 31, 2010.

       

      
        	
                /s/
                  Yasuyuki Yoshida

              	 	
                /s/  
                  Elias Vamvakas

              
	
                Yasuyuki
                  Yoshida

              	 	
                Elias
                  Vamvakas

              
	
                President

              	 	
                Chief
                  Executive Officer

              
	
                ASAHI
                  KASEI MEDICAL CO., LTD.

              	 	
                OCCULOGIX,
                  INC.

              
	
                Date:
                  October 17, 2005

              	 	
                Date:
                  October 17, 2005

              

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      Exhibit
        D

      

      Territory-3
        

      Republic
        of Italy

      

      Target
        purchase quantity:

      Republic
        of Italy

      Jan.
        1,
        2006 - Dec. 31, 2006: 200 sets of First and Second filter

      Jan.
        1,
        2007 - Dec. 31, 2007: 500 sets of First and Second filter

      Jan.
        1,
        2008 - Dec. 31, 2008: 1,000 sets of First and Second filter

      

      The
        target purchase quantities for the year 2009 and 2010 shall be discussed
        and
        determined at the beginning of the year 2008 by mutual consent. 

      

      Term:

      OCCULOGIX’
        sales right of Product in the Terriroty-3 shall be valid from EFFECTIVE DATE
        through December 31, 2010.

       

       

      
        	
                /s/
                  Yasuyuki Yoshida

              	 	
                /s/  
                  Elias Vamvakas

              
	
                Yasuyuki
                  Yoshida 

              	 	
                Elias
                  Vamvakas

              
	
                President

              	 	
                Chief
                  Executive Officer

              
	
                ASAHI
                  KASEI MEDICAL CO., LTD.

              	 	
                OCCULOGIX,
                  INC.

              
	
                Date:
                  October 17, 2005

              	 	
                Date:
                  October 17, 2005

              

      

       

      10Exhibit 10.30

    
      

    

    RELEASE
      AGREEMENT 

     

    THIS
      AGREEMENT
      is made
      as of the 22nd day of November, 2005 by and between Zayed (Joe) Zawaideh (the
      “Employee”),
      a
      resident of the State of California, 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
      Vascular
      Sciences Corporation (now the Employer) and the Employee entered into an
      employment agreement dated as of September 7, 2005 (the “Employment
      Agreement”);

     

    AND
      WHEREAS
      the
      Employee’s employment with the Employer was terminated pursuant to Section 8.1.2
      of the Employment Agreement, effective at the close of business on November
      4,
      2005 (the “Termination
      Date”);
      

     

    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’s employment with the Employer was terminated pursuant to Section 8.1.2
      of the Employment Agreement, effective at the close of business on the
      Termination Date.

     

    
      	
              2.

            	
              RETURN
                OF PROPERTY

            

    

     

    2.1   The
      Employee hereby certifies that he has 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, other than a certain portable telephone which the Employer has agreed
      that the Employee may keep. The Employee hereby further certifies that he has
      returned to the Employer, or destroyed, all tangible material embodying
      Confidential Information (defined below) 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. “Confidential
      Information” means
      all
      information of, or relating to, the Employer that is not generally known to
      the
      public, whether of a technical, business, financial or other nature, including,
      without limitation, trade secrets, know-how and information relating to the
      technology, customers, business plans, sales plans, promotional or marketing
      activities, finances and other affairs of the Employer.

     

    
      	
              3.

            	
              SEVERANCE

            

    

     

    3.1   Pursuant
      to Section 9 of the Employment Agreement, upon the execution and delivery of
      this Agreement by the Employee, the Employer shall pay to the Employee, in
      a
      lump sum, the amount of U.S.$205,000, representing twelve months’ Salary (as
      such term is defined in the Employment Agreement) and 2.5% of Salary in respect
      of the Employee’s entitlement to Benefits (as such term is defined in the
      Employment Agreement).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    3.2   It
      is
      understood that management of the Employer intends to recommend to the board
      of
      directors of the Employer (the “Board”)
      that
      the Employer pay to the Employee an amount representing the amount of bonus
      remuneration that the Employee would have received during 2005, had his
      employment with the Corporation not been terminated pursuant to Section 8.1.2
      of
      the Employment Agreement, prorated to the Termination Date (the “Bonus
      Amount”).
      The
      Employee acknowledges and agrees that the decision to pay him the Bonus Amount,
      or not to pay him the Bonus Amount, resides within the sole and absolute
      discretion of the Board and that nothing in this Agreement shall be construed
      to
      obligate the Employer to pay the Employee the Bonus Amount.

     

    
      	
              4.

            	
              RELEASE
                AND TERMINATION

            

    

     

    4.1   In
      consideration of the payment provided for in Section 3.1, the Employee hereby
      agrees, on behalf of himself and his administrators, heirs, assigns and anyone
      claiming through him, 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 ever
      had,
      now has or might have in the future as a result of the Employee’s employment
      with the Employer or the termination thereof, including, without limitation,
      any
      claim relating to the Employment Agreement or the termination thereof pursuant
      to Section 4.2 of this Agreement or any claim relating to any violation of
      any
      federal or state statute or regulation, any claim for wrongful discharge or
      breach of contract, any claim relating to state or federal laws (including,
      without limitation, Title VII of the Civil Rights Act of 1964, the Age
      Discrimination in Employment Act of 1968, the Employment Retirement Income
      and
      Security Act, the Fair Labor Standards Act, the Americans with Disabilities
      Act
      and the Rehabilitation Act).

     

    4.2   The
      Employment Agreement is hereby 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, Sections 12
      (Non-competition), 13 (No Solicitation of Patients), 14 (No Solicitation of
      Employees), 15 (Confidentiality) and 16 (Remedies) of the Employment Agreement.
      The Employee hereby agrees to abide by such provisions.

     

    4.3   The
      Employee hereby acknowledges and agrees that none of the options granted to
      him
      under the Employer’s 2002 Stock Option Plan were exercisable on the Termination
      Date and that, by their terms and conditions, will never be exercisable.

     

    
      	
              5.

            	
              NO
                FUTURE ACTIONS

            

    

     

    5.1   The
      Employee represents, warrants and covenants that he will not file any, and,
      if
      applicable, will withdraw all, complaints, charges, suits or grievances against
      the Employer or its affiliates or subsidiaries, or any of their respective
      officers, directors, shareholders, agents, servants, representatives,
      underwriters, successors, heirs and assigns, with any governmental agency or
      court, and the Employee further agrees that neither he nor any person,
      organization or any other entity acting on his behalf will file, or cause or
      permit to be filed, any other complaint, charge, suit or grievance against
      the
      Employer at any time hereafter involving any matter occurring or arising in
      the
      past up to the date of this Agreement. In the event of breach of this
      representation, warranty and covenant by the Employee, he will return
      immediately, in full, all payments made to him pursuant to Section 3.1 hereof
      and, if any, Section 3.2 hereof. Furthermore, in the event of such breach,
      the
      Employee will pay the Employer’s reasonable attorneys’ fees incurred in
      connection with defending or otherwise responding to such a complaint, charge,
      suit or grievance. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    
      	
              6.

            	
              THIRD
                PARTY COMMUNICATIONS

            

    

     

    6.1   In
      consideration of the mutual promises and covenants contained herein, each of
      the
      parties hereto hereby agrees that he 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)

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

            

    

     

    
      	
              (b)

            	
              He
                has read and understands the terms of this Agreement and his obligations
                hereunder;

            

    

     

    
      	
              (c)

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

            

    

     

    
      	
              (d)

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

            

    

     

    
      	
              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 Corporation. 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 State of California, without regard to its conflict of laws rules which
      shall be deemed inapplicable to this Agreement.

     

    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. 

     

    IN
      WITNESS WHEREOF
      the
      parties hereto have executed this Agreement.

     

    
      	 	OCCULOGIX,
              INC.
	 	 	 
	 	
              By:

            	
              /s/
                Thomas P. Reeves

            
	 	 	
              Thomas
                P. Reeves

            
	 	 	
              President
                and Chief Operating Officer

            

    

    

     

    
      	 	 	
              /s/
                Zayed (Joe) Zawaideh

            
	
              Signature
                of Witness

            	 	
              Zayed
                (Joe) Zawaideh

            
	 	 	 
	
              Name
                of Witness (please
                print)

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