Document:

<PAGE>   1
                                                                   EXHIBIT 10.11

                     [LEASE MANAGEMENT SERVICES, INC. LOGO]

                         EQUIPMENT FINANCING AGREEMENT
                                 (Number 10802)

THIS EQUIPMENT FINANCING AGREEMENT NUMBER 10802 ("Agreement") is dated as of
the date set forth at the foot hereof and is between LEASE MANAGEMENT SERVICES,
INC., ("Secured Party") and ADVANCED CORNEAL SYSTEMS, INC., ("Debtor").

1.   EQUIPMENT; SECURITY INTEREST. The terms and conditions of this Agreement
cover each item of machinery, equipment and other property (individually an
"Item" or "Item of Equipment" and collectively the "Equipment") described in a
schedule now or hereafter executed by the parties hereto and made a part hereof
(individually a "Schedule" and collectively the "Schedules"). Debtor hereby
grants Secured Party a security interest in and to all Debtor's right, title
and interest in and to the Equipment under the Uniform Commercial Code, such
grant with respect to an Item of Equipment to be as of Debtor's execution of a
related Equipment Financing Commitment referencing this Agreement or, if Debtor
then has no interest in such Item, as of such subsequent time as Debtor
acquires an interest in the Item. Such security interest is granted by Debtor
to secure performance by Debtor of Debtor's obligations to Secured Party
hereunder and under any other agreements under which Debtor has or may
hereafter have obligations to Secured Party. Debtor will ensure that such
security interest will be and remain a sole and valid first lien security
interest subject only to the lien of current taxes and assessment not in
default but only if such taxes are entitled to priority as a matter of law.

2.   DEBTOR'S OBLIGATIONS. The obligations of Debtor under this Agreement
respecting an Item of Equipment, except the obligation to pay installment
payments with respect thereto which will commence as set forth in Paragraph 3
below, commence upon the grant to Secured Party of a security interest in the
Item. Debtor's obligations hereunder with respect to an Item of Equipment and
Secured Party's security interest therein will continue until payment of all
amounts due, and performance of all terms and conditions required hereunder
provided, however, that if this Agreement is in default said obligations and
security interest will continue during the continuance of said default. Upon
termination of Secured Party's security interest in an Item of Equipment,
Secured Party will execute such release of interest with respect thereto as
Debtor reasonably requests.

3.   INSTALLMENT PAYMENTS AND OTHER PAYMENTS. Debtor will repay advances
Secured Party makes on account of the Equipment in installment payments in the
amounts and at the times set forth in the Schedules, whether or not Secured
Party has rendered an invoice therefor, at the office of Secured Party set
forth at the foot hereof, or to such person and/or at such other place as
Secured Party may from time to time designate by notice to Debtor. Any other
amounts required to be paid Secured Party by Debtor hereunder are due upon
Debtor's receipt of Secured Party's invoice therefor and will be payable as
directed in the invoice. Payments under this Agreement may be applied to
Debtor's then accrued obligations to Secured Party in such order as Secured
Party may choose.

4.   NET AGREEMENT; NO OFFSET, SURVIVAL. This Agreement is a net agreement, and
Debtor will not be entitled to any abatement of installment payments or other
payments due hereunder or any reduction thereof under any circumstance or for
any reason whatsoever. Debtor hereby waives any and all existing and future
claims, as offsets, against any installment payments or other payments due
hereunder and agrees to pay the installment payments and other amounts due
hereunder as and when due regardless of any offset or claim which may be
asserted by Debtor or on its behalf. The obligations and liabilities of Debtor
hereunder will survive the termination of the Agreement.

5.   FINANCING AGREEMENT. THIS AGREEMENT IS SOLELY A FINANCING AGREEMENT.
DEBTOR ACKNOWLEDGES THAT THE EQUIPMENT HAS OR WILL HAVE BEEN SELECTED AND
ACQUIRED SOLELY BY DEBTOR FOR DEBTOR'S PURPOSES, THAT SECURED PARTY IS NOT AND
WILL NOT BE THE VENDOR OF ANY
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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT, FINANCING AGREEMENT NUMBER 10802
PAGE 2 OF 8

EQUIPMENT AND THAT SECURED PARTY HAS NOT MADE AND WILL NOT MAKE ANY AGREEMENT,
REPRESENTATION OR WARRANTY WITH RESPECT TO THE MERCHANTABILITY, CONDITION,
QUALIFICATION OR FITNESS FOR A PARTICULAR PURPOSE OR VALUE OF THE EQUIPMENT OR
ANY OTHER MATTER WITH RESPECT THERETO IN ANY RESPECT WHATSOEVER.

6.   NO AGENCY.  DEBTOR ACKNOWLEDGES THAT NO AGENT OF THE MANUFACTURER OR OTHER
SUPPLIER OF AN ITEM OF EQUIPMENT OR OF ANY FINANCIAL INTERMEDIARY IN CONNECTION
WITH THIS AGREEMENT IS AN AGENT OF SECURED PARTY. SECURED PARTY IS NOT BOUND BY
A REPRESENTATION OF ANY SUCH PARTY AND, AS CONTEMPLATED IN PARAGRAPH 27 BELOW,
THE ENTIRE AGREEMENT OF SECURED PARTY AND DEBTOR CONCERNING THE FINANCING OF THE
EQUIPMENT IS CONTAINED IN THIS AGREEMENT AS IT MAY BE AMENDED ONLY AS PROVIDED
IN THAT PARAGRAPH.

7.   ACCEPTANCE.  Execution by Debtor and Secured Party of a Schedule covering
the Equipment or any Items thereof will conclusively establish that such
Equipment has been included under and will be subject to all the terms and
conditions of this Agreement. If Debtor has not furnished Secured Party with an
executed Schedule by the earlier of fourteen (14) days after receipt thereof or
expiration of the commitment period set forth in the applicable Equipment
Financing Agreement, Secured Party may terminate its obligation to advance
funds as to the applicable Equipment.

8.   LOCATION; INSPECTION; USE.  Debtor will keep, or in the case of motor
vehicles, permanently garage and not remove from the United States, as
appropriate, each Item of Equipment in Debtor's possession and control at the
Equipment Location designated in the applicable Schedule, or at such other
location to which such Item may have been moved with the prior written consent
of Secured Party. Whenever requested by Secured Party, Debtor will advise
Secured Party as to the exact location of an Item of Equipment. Secured Party
will have the right to inspect the Equipment and observe its use during normal
business hours, subject to Debtor's security procedures and to enter into and
upon the premises where the Equipment may be located for such purpose. The
Equipment will at all times be used solely for commercial or business purposes
and operated in a careful and proper manner and in compliance with all
applicable laws, ordinances, rules and regulations, all conditions and
requirements of the policy or policies of insurance required to be carried by
Debtor under the terms of this Agreement and all manufacturer's instructions
and warranty requirements. Any modifications or additions to the Equipment
required by any such governmental edict or insurance policy will be promptly
made by Debtor.

9.   ALTERATIONS; SECURITY INTEREST COVERAGE.  Without the prior written
consent of Secured Party, Debtor will not make any alterations, additions or
improvements to any Item of Equipment which detract from its economic value or
functional utility, except as may be required pursuant to Paragraph 8 above.
Secured Party's security interest in the Equipment will include all
modifications and additions thereto and replacements and substitutions
therefor, in whole or in part. Such reference to replacements and substitutions
will not grant Debtor greater rights to replace or substitute than are provided
in Paragraph 11 below or as may be allowed upon the prior written consent of
Secured Party.

10.  MAINTENANCE.  Debtor will maintain the Equipment in good repair, condition
and working order. Debtor will also cause each Item of Equipment for which a
service contract is generally available to be covered by such a contract which
provides coverages typical to property of the type involved and is issued by a
competent servicing entity.

11.  LOSS AND DAMAGE; CASUALTY VALUE.  In the event of the loss of, theft of,
requisition of, damage to or destruction of an Item of Equipment ("Casualty
Occurrence"), Debtor will give Secured Party prompt notice thereof and will
thereafter place such Item in good repair,

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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 3 OF 8

condition and working order, provided, however, that if such Item is determined
by Secured Party to be lost, stolen, destroyed or damaged beyond repair, is
requisitioned or suffers a constructive total loss as defined in any applicable
insurance policy carried by Debtor in accordance with Paragraph 14 below,
Debtor, at Secured Party's option, will (a) replace such Item with like
Equipment in good repair, condition and working order whereupon such replacement
equipment will be deemed such Item for all purposes hereof or (b) pay Secured
Party the "Casualty Value" of such Item which will equal the total of (i) all
installment payments and other amounts due from Debtor to Secured Party at the
time of such payment and (ii) future installment payments due with respect to
such Item with each such payment including any final uneven payment discounted
at a rate equal to the discount rate of the Federal Reserve Bank of San
Francisco from the date due to the date of such payment.

Upon such replacement or payment, as appropriate, this Agreement and Secured
Party's security interest will terminate with, and only with, respect to the
Item of Equipment so replaced or as to which such payment is made in accordance
with Paragraph 2 above.

12.  TITLING; REGISTRATION.  Each item of Equipment subject to title
registration laws will at all times be titled and/or registered by Debtor as
Secured Party's agent and attorney-in-fact with full power and authority to
register (but without power to affect title to) the Equipment in such manner and
in such jurisdiction or jurisdictions as Secured Party directs. Debtor will
promptly notify Secured Party of any necessary or advisable retitling and/or
reregistration of an Item of Equipment in a jurisdiction other than the one in
which such Item is then titled and/or registered. Any and all documents of title
will be furnished or caused to be furnished Secured Party by Debtor within sixty
(60) days of the date any titling or registering or restating or reregistering,
as appropriate, is directed by Secured Party.

13.  TAXES.  Debtor will make all filings as to any pay when due all personal
property and other ad valorem taxes and all other taxes, fees, charges and
assessments based on the ownership or use of the Equipment and will pay as
directed by Secured Party or reimburse Secured Party for all other taxes,
including, but not limited to, gross receipt taxes (exclusive of federal and
state taxes based on Secured Party's net income, unless such net income taxes
are in substitution for or relieve Debtor from any taxes which Debtor would
otherwise be obligated to pay under the terms of this Paragraph 13), fees,
charges and assessments whatsoever, however designated, whether based on the
installment payments or other amounts due hereunder, levied, assessed or imposed
upon the Equipment or otherwise related hereto or to the Equipment, now or
hereafter levied, assessed or imposed under the authority of a federal, state,
or local taxing jurisdiction, regardless of when and by whom payable. Filings
with respect to such other amounts will, at Secured Party's option, be made by
Secured Party or by Debtor as directed by Secured Party.

14. INSURANCE. Debtor will procure and continuously maintain all risk insurance
against loss or damage to the Equipment from any cause whatsoever for not less
than the full replacement value thereof naming Secured Party as Loss Payee. Such
insurance must be in a form and with companies approved by Secured Party, must
provide at least thirty (30) days advance written notice to Secured Party of
cancellation, change or modification in any term, condition, or amount of
protection provided therein, must provide full breach of warranty protection
and must provide that the coverage is "primary coverage" (does not require
contribution from any other applicable coverage). Debtor will provide Secured
Party with an original policy or certificate evidencing such insurance. In the
event of an assignment of this Agreement of which Debtor has notice, Debtor
will cause such insurance to provide the same protection to the assignee as its
interests may appear. The proceeds of such insurance, at the option of the
Secured Party or such assignee, as appropriate, will be applied toward (a)
repair or replacement of the appropriate Item or Items of Equipment, (b)
payment of the Casualty Value thereof and/or (c) payment of, or as provision
for, satisfaction of any other accrued obligations of Debtor hereunder. Debtor
hereby appoints Secured Party as Debtor's attorney-in-fact with full power and
authority to do all things, including, but not limited to, making claims,
receiving payments and endorsing documents, checks or drafts, necessary to
secure payments due under any policy contemplated hereby on account of a
Casualty
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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 4 OF 8

Occurrence. Debtor and Secured Party contemplate that the jurisdictions where
the Equipment will be located will not impose any liability upon Secured Party
for personal injury and/or property damage resulting out of the possession, use,
operation or condition of the Equipment. In the event Secured Party determines
that such is not or may not be the case with respect to a given jurisdiction,
Debtor will provide Secured Party with public liability and property damage
coverage applicable to the Equipment in such amounts and in such form as Secured
Party requires.

15.  SECURED PARTY'S PAYMENT.  If Debtor fails to pay any amounts due hereunder
or to perform any of its other obligations under this Agreement, Secured Party
may, at its option, but without any obligation to do so, pay such amounts or
perform such obligations, and Debtor will reimburse Secured Party the amount of
such payment or cost of such performance, plus interest at 1.5% per month.

16.  INDEMNITY.  Debtor does hereby assume liability for and does agree to
indemnify, defend, protect, save and keep harmless Secured Party from and
against any and all liabilities, losses, damages, penalties, claims, actions,
suits, costs, expenses and disbursements, including court costs and legal
expenses, of whatever kind and nature, imposed on, incurred by or asserted
against Secured Party (whether or not also indemnified against by any other
person) in any way relating to or arising out of this Agreement or the
manufacture, financing, ownership, delivery, possession, use, operation,
condition or disposition of the Equipment by Secured Party or Debtor,
including, without limitation, any claim alleging latent and other defects,
whether or not discoverable by Secured Party or Debtor, and any other claim
arising out of strict liability in tort, whether or not in either instance
relating to an event occurring while Debtor remains obligated under this
Agreement, and any claim for patent, trademark or copyright infringement. Debtor
agrees to give Secured Party and Secured Party agrees to give Debtor notice of
any claim or liability hereby indemnified against promptly following learning
thereof.

17.  DEFAULT.  Any of the following will constitute an event of default
hereunder: (a) Debtor's failure to pay when due any installment payment or other
amount due hereunder, which failure continues for ten (10) days after the due
date thereof; (b) Debtor's default in performing any other obligation, term or
condition of this Agreement or any other agreement between Debtor and Secured
Party or default under any further agreement providing security for the
performance by Debtor of its obligations hereunder provided such default has
continued for more than twenty (20) days, except as provided in (c) and (d)
hereinbelow, or, without limiting the generality of subparagraph (1)
hereinbelow, default under any lease or any mortgage or other instrument
contemplating the provision of financial accommodation applicable to the real
property where an Item of Equipment is located; (c) any writ or order of
attachment or execution or other legal process being levied on or charged
against any Item of Equipment and not being released or satisfied within ten
(10) days; (d) Debtor's failure to comply with its obligations under Paragraph
14 above or any transfer by Debtor in violation of Paragraph 21 below; (e) a
non-appealable judgment for the payment of money in excess of $100,000 being
rendered by a court of record against Debtor which Debtor does not discharge or
make provision for discharge in accordance with the terms thereof within ninety
(90) days from the date of entry thereof; (f) death or judicial declaration of
incompetency of Debtor, if an individual; (g) the filing by Debtor of a petition
under the Bankruptcy Code or any amendment thereto or under any other insolvency
law or law providing for the relief of debtors, including, without limitation, a
petition for reorganization, arrangement or extension, or the commission by
Debtor of an act of bankruptcy; (h) the filing against Debtor of any such
petition not dismissed or permanently stayed within thirty (30) days of the
filing thereof; (i) the voluntary or involuntary making of an assignment of
substantial portion of its assets by Debtor for the benefit of creditors,
appointment of a receiver or trustee for Debtor or for any of Debtor's assets,
institution by or against Debtor or any other type of insolvency proceeding
(under the Bankruptcy Code or otherwise) or of any formal or informal proceeding
for dissolution, liquidation, settlement of claims against or winding up of the
affairs or Debtor, Debtor's cessation of business activities or the making by
Debtor of a transfer of all or a material portion of Debtor's assets or
inventory not in the ordinary course of business; (j) the occurrence of any
event described in parts (e), (f), (g), (h) or (i) hereinabove with respect to
any guarantor or
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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 5 OF 8

other party liable for payment or performance of this Agreement; (k) any
certificate, statement, representation, warranty or audit heretofore or
hereafter furnished with respect hereto by or on behalf of Debtor or any
guarantor or other party liable for payment or performance of this Agreement
proving to have been false in any material respect at the time as of which the
facts therein set forth were stated or certified or having omitted any
substantial contingent or unliquidated liability or claim against Debtor or any
such guarantor or other party; (l) breach by Debtor of any lease or other
agreement providing financial accommodation under which Debtor or its property
is bound; or (m) a transfer of effective control of Debtor, if an organization.

18.  REMEDIES. Upon the occurrence of an event of default, Secured Party will
have the rights, options, duties and remedies of a Secured Party, and Debtor
will have the rights and duties of a debtor, under the Uniform Commercial Code
(regardless of whether such Code or a law similar thereto has been enacted in a
jurisdiction wherein the rights or remedies are asserted) and, without limiting
the foregoing, Secured Party may exercise any one or more of the following
remedies: (a) declare the Casualty Value or such lesser amount as may be set by
law immediately due and payable with respect to any or all Items of Equipment
without notice or demand to Debtor; (b) sue from time to time for and recover
all installment payments and other payments then accrued and which accrue during
the pendency of such action with respect to any or all Items of Equipment; (c)
take possession of and, if deemed appropriate, render unusable any or all Items
of Equipment, without demand or notice, wherever same may be located, without
any court order or other process of law and without liability for any damages
occasioned by such taking of possession and remove, keep and store the same or
use and operate or lease the same until sold; (d) require Debtor to assemble any
or all Items of Equipment at the Equipment Location therefor, or at such
location to which such Equipment may have been moved with the written consent of
Secured Party or such other location in reasonable proximity to either of the
foregoing as Secured Party designates; (e) upon ten (10) days notice to Debtor
or such other notice as may be required by law, sell or otherwise dispose of any
Item of Equipment, whether or not in Secured Party's possession, in a
commercially reasonable manner at public or private sale at any place deemed
appropriate and apply the new proceeds of such sale, after deducting all costs
of such sale, including, but not limited to, costs of transportation,
repossession, storage, refurbishing, advertising and brokers' fees, to the
obligations of Debtor to Secured Party hereunder or otherwise, with Debtor
remaining liable for any deficiency and with any excess being returned to
Debtor; (f) upon thirty (30) days notice to Debtor, retain any repossessed or
assembled Items of Equipment as Secured Party's own property in full
satisfaction of Debtor's liability for the installment payments due hereunder
with respect thereto, provided that Debtor will have the right to redeem such
Items by payment in full of its obligations to Secured Party hereunder or
otherwise or to require Secured Party to sell or otherwise dispose of such Items
in the manner set forth in subparagraph (e) hereinabove upon notice to Secured
Party within such thirty (30) day period; or (g) utilize any other remedy
available to Secured Party under the Uniform Commercial Code or similar
provision of law or otherwise at law or in equity.

No right or remedy conferred herein is exclusive of any other right or remedy
conferred herein or by law; but all such remedies are cumulative of every other
right or remedy conferred hereunder or at law or in equity, by statute or
otherwise, and may be exercised concurrently or separately from time to time.
Any sale contemplated by subparagraph (e) of this Paragraph 18 may be adjourned
from time to time by announcement at the time and place appointed for such sale,
or for any such adjourned sale, without further published notice, Secured Party
may bid and become the purchaser at any such sale. Any sale of an Item of
Equipment, whether under said subparagraph or by virtue of judicial proceedings,
will operate to divest all right, title, interest, claim and demand whatsoever;
either at law or in equity, of Debtor in and to said item and will be a
perpetual bar to any claim against such Item, both at law and in equity, against
Debtor and all persons claiming by, through or under Debtor.

19.  DISCONTINUANCE OF REMEDIES. If Secured Party proceeds to enforce any right
under this Agreement and such proceedings are discontinued or abandoned for any
reason or are
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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 6 OF 8

determined adversely, then and in every such case Debtor and Secured Party will
be restored to their former positions and rights hereunder.

20.  SECURED PARTY'S EXPENSES.  Debtor will pay Secured Party all costs and
expenses, including attorney's fees and court costs and sales costs not offset
against sales proceeds under Paragraph 18 above, incurred by Secured Party in
exercising any of its rights or remedies hereunder or enforcing any of the
terms, conditions or provisions hereof. This obligation includes the payment or
reimbursement of all such amounts whether an action is ultimately filed and
whether an action is ultimately dismissed.

21.  ASSIGNMENT.  Without the prior written consent of Secured Party, Debtor
will not sell, lease, pledge or hypothecate, except as provided in this
Agreement, any Item of Equipment or any interest therein or assign, transfer,
pledge, or hypothecate this Agreement or any interest in this Agreement or
permit the Equipment to be subject to any lien, charge or encumbrance of any
nature except the security interest of Secured Party contemplated hereby.
Debtor's interest herein is not assignable and will not be assigned or
transferred by operation of law. Consent to any of the foregoing prohibited acts
applies only in the given instance and is not a consent to any subsequent like
act by Debtor or any other person.

All rights of Secured Party hereunder may be assigned, pledged, mortgaged,
transferred or otherwise disposed of, either in whole or in part, without notice
to Debtor but always, however, subject to the rights of Debtor under this
Agreement. If Debtor is given notice of any such assignment, Debtor will
acknowledge receipt thereof in writing. In the event Secured Party assigns this
Agreement or the installment payments due or to become due hereunder or any
other interest herein, whether as security for any of its indebtedness or
otherwise, no breach or default by Secured Party hereunder or pursuant to any
other agreement between Secured Party and Debtor, should there be one, will
excuse performance by Debtor of any provision hereof, it being understood that
in the event of such default or breach by Secured Party that Debtor will pursue
any rights on account thereof solely against Secured Party. No such assignee,
unless such assignee agrees in writing, will be obligated to perform any duty,
covenant or condition required to be performed by Secured Party in connection
with this Agreement.

Subject always to the foregoing, this Agreement inures to the benefit of, and is
binding upon, the heirs, legatees, personal representative, successors and
assigns of the parties hereto.

22.  MARKINGS; PERSONAL PROPERTY.  If Secured Party supplies Debtor with labels,
plates, decals or other markings stating that Secured Party has an interest in
the Equipment, Debtor will affix and keep the same prominently displayed on the
Equipment or will otherwise mark the Equipment or its then location or
locations, as appropriate, at Secured Party's request to indicate Secured
Party's security interest in the Equipment. The Equipment is, and at all times
will remain, personal property notwithstanding that the Equipment or any Item
thereof may now be, or hereafter become, in any manner affixed or attached to,
or embedded in, or permanently resting upon real property or any improvement
thereof or attached in any manner to what is permanent as by means of cement,
plaster, nails, bolts, screws or otherwise. If requested by Secured Party,
Debtor will obtain and deliver to Secured Party waivers of interest or liens in
recordable form satisfactory to Secured Party from all persons claiming any
interest in the real property on which an Item of Equipment is or is to be
installed or located.

23.  LATE CHARGES.  Time is of the essence in this Agreement and if any
Installment Payment is not paid within ten (10) days after the due date thereof,
Secured Party shall have the right to add and collect, and Debtor agrees to pay:
(a) a late charge on and in addition to, such Installment Payment equal to five
percent (5%) of such Installment Payment or a lesser amount if established by
any state or federal statute applicable thereto, and (b) interest on such
Installment Payment from thirty (30) days after the due date until paid at the
highest contract rate enforceable against Debtor under applicable law but never
to exceed eighteen percent (18%) per annum.

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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 7 OF 8

24.  NON-WAIVER.  No covenant or condition of this Agreement can be waived
except by the written consent of Secured Party. Forbearance or indulgence by
Secured Party in regard to any breach hereunder will not constitute a waiver of
the related covenant or condition to be performed by Debtor.

25.  ADDITIONAL DOCUMENTS.  In connection with and in order to perfect and
evidence the security interest in the Equipment granted Secured Party hereunder
Debtor will execute and deliver to Secured Party such financing statements and
similar documents as Secured Party requests. Debtor authorizes Secured Party
where permitted by law to make filings of such financing statements without
Debtor's signature. Debtor further will furnish Secured Party (a) on a timely
basis, Debtor's future financial statements, including Debtor's most recent
annual report, balance sheet and income statement, prepared in accordance with
generally accepted accounting principles, which reports, Debtor warrants, shall
fully and fairly represent the true financial condition of Debtor (b) any other
information normally provided by Debtor to the public and (c) such other
financial data or information relative to this Agreement and the Equipment,
including, without limitation, copies of vendor proposals and purchase orders
and agreements, listings of serial numbers or other identification data and
confirmations of such information, as Secured Party may from time to time
reasonably request. Debtor will procure and/or execute, have executed,
acknowledge, have acknowledged, deliver to Secured Party, record and file such
other documents and showings as Secured Party deems necessary or desirable to
protect its interest in and rights under this Agreement and interest in the
Equipment. Debtor will pay as directed by Secured Party or reimburse Secured
Party for all filing, search, title report, legal and other fees incurred by
Secured Party in connection with any documents to be provided by Debtor pursuant
to this Paragraph or Paragraph 22 and any further similar documents Secured
Party may procure.

26.  DEBTOR'S WARRANTIES.  Debtor certifies and warrants that the financial
data and other information which Debtor has submitted, or will submit, to
Secured Party in connection with this Agreement is, or will be at time of
delivery, as appropriate, a true and complete statement of the matters therein
contained. Debtor further certifies and warrants; (a) this Agreement has been
duly authorized by Debtor and when executed and delivered by the person signing
on behalf of Debtor below will constitute the legal, valid and binding
obligation, contract and agreement of Debtor enforceable against Debtor in
accordance with its respective terms; (b) this Agreement and each and every
showing provided by or on behalf of Debtor in connection herewith may be relied
upon by Secured Party in accordance with the terms thereof notwithstanding the
failure of Debtor or other applicable party to ensure proper attestation
thereto, whether by absence of a seal or acknowledgement or otherwise; (c)
Debtor has the right, power and authority to grant a security interest in the
Equipment to Secured Party for the uses and purposes herein set forth and (d)
each Item of Equipment will, at the time such Item becomes subject hereto, be
in good repair, condition and working order.

27.  ENTIRE AGREEMENT.  This instrument with exhibits and related documentation
constitutes the entire agreement between Secured Party and Debtor and will not
be amended, altered or changed except by a written agreement signed by the
parties.

28.  NOTICES.  Notices under this Agreement must be in writing and must be
mailed by United States mail, certified mail with return receipt requested,
duly addressed, with postage prepaid, to the party involved at its respective
address set forth at the foot hereof or at such other address as each party may
provide on notice to the other from time to time. Notices will be effective
when deposited. Each party will promptly notify the other of any change in that
party's address.

29.  GENDER, NUMBER: JOINT AND SEVERAL LIABILITY.  Whenever the context of this
Agreement requires, the neuter gender includes the feminine or masculine and
the singular number includes the plural; and whenever the words "Secured Party"
are used herein, they include all assignees of Secured Party, it being
understood that specific reference to "assignee" in
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ADVANCED CORNEAL SYSTEMS, INC.
EQUIPMENT FINANCING AGREEMENT NUMBER 10802
PAGE 8 OF 8

Paragraph 14 above is for further emphasis. If there is more than one Debtor
named in this Agreement, the liability of each will be joint and several.

30.  TITLES.  The titles to the Paragraphs of this Agreement are solely for the
convenience of the parties and are not an aid in the interpretation of the
instrument.

31.  GOVERNING LAW; VENUE.  This Agreement will be governed by and construed in
accordance with the laws of the State of California. Venue for any action
related to the Agreement will be in an appropriate court in San Mateo County,
California, to which Debtor consents, or in another court selected by Secured
Party which has jurisdiction over the parties. In any event any provision hereof
is declared invalid, such provision will be deemed severable from the remaining
provisions of this Agreement, which will remain in full force and effect.

32.  TIME.  Time is of the essence of this Agreement and for each and all of
its provisions.

In WITNESS WHEREOF, the undersigned have executed this Agreement as of October
7, 1996.

DEBTOR:
ADVANCED CORNEAL SYSTEMS, INC.
15279 Alton Parkway, Suite 100
Irvine, CA 92618

By:     /s/ Robert K. Bruning
        -----------------------------

Title:  V.P., Chief Financial Officer

SECURED PARTY:
LEASE MANAGEMENT SERVICES, INC.
2500 Sand Hill Road, Suite 101
Menlo Park, CA 94025

By:     /s/ [illegible]
        -----------------------------

Title:  EVP/ General Manager
<PAGE>   9
[LEASE MANAGEMENT SERVICES, INC. LOGO]

                        CERTIFIED COPY OF RESOLUTIONS OF

                               BOARD OF DIRECTORS

I, Donald H. Harris, hereby certify that I am the Corporate Secretary and
official custodian of certain records including the Charter, By-Laws, and the
Minutes of the Meetings of the Board of Directors of ADVANCED CORNEAL SYSTEMS,
INC., a Corporation duly organized and existing under the laws of the State of
California, that the following is a true, accurate and compared transcript of
the Resolutions contained in the Minute Book of the Corporation, duly adopted
by the Board of Directors of said Corporation at a Meeting of the Board of
Directors of said Corporation duly held on the 10th day of September, 1996, at
which time a quorum was present and acted throughout and authorized its
officers to transact the business hereinafter described, and that the
proceedings of said meeting were in accordance with the Charter and By-Laws of
said Corporation and that said Resolutions have not been rescinded or amended
and are in full force and effect:

     RESOLVED, that this Corporation enter into a Lease Agreement and/or an
Equipment Financing Agreement with LEASE MANAGEMENT SERVICES, INC. for the
funding of that certain property as is set forth in the Master Equipment Lease
Agreement and/or Equipment Financing Agreement, and it is further

     RESOLVED, that any officers of this Corporation be and they are hereby
authorized and empowered in the name of and on behalf of this Corporation to
execute any and all documents as may be required by LEASE MANAGEMENT SERVICES,
INC. to effectuate the provisions hereof.

     I CERTIFY, that I have examined the Articles of Incorporation, the By-Laws
of the Corporation, and all amendments therewith and I am fully familiar with
all of said documents and that there are no restrictions imposed on the power
and authority of the Board of Directors of said Corporation to adopt the
foregoing resolutions whereupon the Corporation and its officers are authorized
to act in accordance therewith.

     IN WITNESS WHEREOF, I have hereupon subscribed my name on the 7th day of
October, 1996.

                                        By: /s/ Donald H. Harris
                                            --------------------------------
                                                  Corporate Secretary

ATTEST:

/s/ Robert K. Bruning
    --------------------------------
Title: V.P. CFO
       -----------------------------

<PAGE>   10
[LEASE MANAGEMENT SERVICES, INC. LOGO]

                    CERTIFICATE OF INCUMBENCY AND AUTHORITY

I, Donald H. Harris, do hereby certify that I am duly elected, qualified and
acting Secretary of ADVANCED CORNEAL SYSTEMS, INC., (Debtor), a California
corporation; that the persons whose names, titles and signatures appear below
are duly elected (or appointed) qualified and acting officers of said
corporation and hold on the date of this Certificate, and on the date of
execution of the Master Lease documents and/or Equipment Certificate, and on the
date of execution of the Master Lease documents and/or Equipment Financing
documents, the offices set opposite their respective names; that the signatures
appearing opposite their respective names are the genuine signatures of such
officers; that each such officer is duly authorized for and on behalf of said
corporation to execute and deliver any Equipment Financing Agreement between
said corporation and said Secured Party, LEASE MANAGEMENT SERVICES, INC., and
all agreements, documents, and instruments in connection therewith, including
without limitation, Rental Schedules and Certificates of Equipment Acceptance,
and that the execution and delivery of any such equipment financing agreement,
and all agreements, documents, and instruments in connection therewith for and
on behalf of said corporation is not prohibited by or in any manner restricted
by the terms of said corporation's Certificate of Incorporation, its by-laws, or
of any loan agreement, indenture or contract to which said corporation is a
party or under which it is bound. I do further certify that the foregoing
authority shall remain in full force and effect, and LEASE MANAGEMENT SERVICES,
INC. shall be entitled to rely upon the same, until written notice of the
modification, rescission or revocation of same, in whole or in part, has been
delivered to LEASE MANAGEMENT SERVICES, INC., but no such modification,
rescission or revocation shall, in any event, be effective with respect to any
documents executed or actions taken in reliance upon the foregoing authority
prior to the delivery to LEASE MANAGEMENT SERVICES, INC. of said written notice
of said modification, rescission or revocation.

NAME OF OFFICER          TITLE OF OFFICER           SIGNATURE OF OFFICER

John H. Parrish          President and CEO          /s/ John H. Parrish
                                                    --------------------------

Robert K. Bruning        Vice President, CFO        /s/ Robert K. Bruning
                                                    --------------------------

IN WITNESS WHEREOF, I have hereunto set my hand this 7th day of October, 1996.

Debtor:
ADVANCED CORNEAL
SYSTEMS, INC.

By:     /s/ Donald H. Harris
    ---------------------------

Title:      Secretary
       ------------------------
<PAGE>   11
[LEASE MANAGEMENT SERVICES, INC. LOGO]

                                  ADDENDUM TO

                         EQUIPMENT FINANCING AGREEMENT

                                  NUMBER 10802

                                 BY AND BETWEEN

                   ADVANCED CORNEAL SYSTEMS, INC., AS DEBTOR,

                                      AND

               LEASE MANAGEMENT SERVICES, INC., AS SECURED PARTY

ADVANCED CORNEAL SYSTEMS, INC., as Debtor, hereby acknowledges its
responsibility to pay, and agrees to pay any taxes which may be due to the
State of California or where applicable, for the collateral covered under the
above referenced agreement.

DEBTOR:

ADVANCED CORNEAL
SYSTEMS, INC.

BY:  /s/ Robert K. Bruning
    --------------------------------

Title:  V.P. Chief Financial Officer
       -----------------------------

Date:  October 7, 1996
      ------------------------------
<PAGE>   12
                   [LMS LOGO] LEASE MANAGEMENT SERVICES, INC.

                      REQUEST FOR CERTIFICATE OF INSURANCE

To:       Johnson & Higgins
Name:     Dennis Moore                            Phone: (619) 587-1700
Address:  4275 Executive Square, Suite 600        Fax:   (619) 546-1100
          San Diego, CA 92037-1499

We, as Lessee/Debtor, have entered into a Master Equipment Lease Agreement
and/or an Equipment Financing Agreement with LEASE MANAGEMENT SERVICES, INC., as
Lessor/Secured Party, to finance the purchase of equipment.

Accordingly, you are hereby authorized to:

1.   Insure said equipment in the name of LEASE MANAGEMENT SERVICES, INC.

2.   Issue a written endorsement naming LEASE MANAGEMENT SERVICES, INC., as
     Additional Insured and First Loss Payee, and provide LMSI with thirty (30)
     day written notice of material change of coverage, cancellation or
     non-renewal. LMSI shall have the right to name additional parties as
     Additional Insured and First Loss Payee and notices will also be provided
     to those parties upon LMSI's request.

3.   INSURANCE MUST INCLUDE COVERAGE AS INDICATED BELOW:

     (x)  Bodily Injury and Property Damage Insurance with limits of $6,500,000

     (x)  Physical Damage (all risk) from any cause whatsoever, except
          earthquake and flood.

4.   Loss, if any, under this endorsement shall be payable SOLELY to LEASE
     MANAGEMENT SERVICES, INC. or its assigns and shall not be invalidated due
     to any violation of any conditional warranty contained in any policy or
     application therefor by Lessee/Debtor, or by reason of any act of the
     Lessee/Debtor.

5.   THIS POLICY MUST CONTAIN THE FOLLOWING ENDORSEMENT:

     The insurance under this policy shall be primary insurance, and the company
     insurer shall be liable under this policy for the full amount of the loss
     up to and including the total limits of liability herein without right of
     contribution from any other insurance effected by LEASE MANAGEMENT
     SERVICES, INC., under any policy with any insurance company covering a loss
     covered under this policy.

Forward evidence of coverage to:   LEASE MANAGEMENT SERVICES, INC.
                                   2500 Sand Hill Road, Suite 101
                                   Menlo Park, California 94025
                                   Attn: Insurance Administrator

DEBTOR:
ADVANCED CORNEAL SYSTEMS, INC.

By: /s/ Robert K. Bruning
    --------------------------
Title: Chief Financial Officer
       -----------------------
Date: October 7, 1996
      ------------------------
<PAGE>   13
[LMS LOGO]  LEASE MANAGEMENT SERVICES, INC.

                       SECURITY DEPOSIT PLEDGE AGREEMENT

PLEDGEE:  LEASE MANAGEMENT SERVICES, INC.
          2500 Sand Hill Road, Suite 101
          Menlo Park, California 94025

PLEDGOR:  ADVANCED CORNEAL SYSTEMS, INC.
          15279 Alton Parkway, Suite 100
          Irvine, CA 92618

In consideration of, and as an inducement for Pledgee to enter into an Equipment
Financing Agreement Number 10802 and all Schedules thereunder (hereinafter
collectively referred to as the "Agreements") with Pledgor, and to secure the
payment and performance of all Pledgor's obligations under the Agreements,
Pledgor hereby grants and assigns to Pledgee, its successors and assigns, a
security interest in, and hereby deposits and pledges with Pledgee a Security
Deposit in an amount equivalent to twenty-two percent (22%) of aggregate
Equipment cost (including any soft costs) leased or financed for each Schedule.
As used herein, "Security Deposit" shall refer to the aggregate of all
component deposits made under the applicable Schedules. Such pledge is to be
upon the terms and conditions set forth below:

1.   Pledgor delivers the Security Deposit to Pledgee to secure the due and
     punctual payment and performance of the obligations of Pledgor under the
     Agreements. Pledgee will pay 4.5% simple interest per annum on the Security
     Deposit, which interest will be accrued for each respective component of
     the Security Deposit from the commencement date of the applicable Schedule
     and paid when the Security Deposit is returned to Pledgor.

2.   Upon any default by Pledgor under the Agreements, interest accrual on the
     Security Deposit shall cease and Pledgee may, at its option, apply the
     Security Deposit and any interest accrued to that date toward the
     satisfaction of Pledgor's obligations under the Agreements, and the payment
     of all costs and expenses incurred by Pledgee as a result of such default,
     including reasonable attorney's fees, Pledgee is liable to Pledgor only for
     any surplus remaining from said Security Deposit after the full
     satisfaction of the foregoing obligations, costs and expenses.

3.   Pledgor waives any rights to require Pledgee to (i) proceed against Pledgor
     or any other party; (ii) proceed against or exhaust any security held from
     Pledgor; or (iii) pursue any other remedy in Pledgee's power whatsoever
     before enforcing the provisions of, and proceeding under the provisions of,
     this Security Deposit Pledge Agreement. The obligations of Pledgor under
     this Security Deposit Pledge Agreement shall be absolute and unconditional,
     and shall remain in full force and effect without regard to, and shall not
     be released or discharged or in any way affected by (a) any amendment or
     modification of or supplement to the Agreements; (b) any exercise or
     non-exercise of any right, remedy or privilege under or in respect to this
     Security Deposit Pledge Agreement, the Agreements, or any other instrument
     provided for in the Agreements, or any waiver, consent, explanation,
     indulgence or actions or inaction

<PAGE>   14
SECURITY DEPOSIT PLEDGE AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
Page 2 of 3

     with respect to any such instrument; or (c) any bankruptcy, insolvency,
     reorganization, arrangement, readjustment, composition, liquidation or
     similar proceedings of Pledgor.

4.   Pledgee shall have no obligation to segregate said Security Deposit and
     Pledgor hereby irrevocably authorizes Pledgee, at Pledgee's sole election,
     to commingle said Security Deposit with other assets and funds held by or
     belonging to Pledgee. Pledgor may not assign, pledge or transfer to any
     party its interest in the Security Deposit and any attempt to do so shall
     be null and void.

5.   Without notice to Pledgor, Pledgee may freely assign its rights and
     obligations hereunder, in whole or in part, at any time and this Security
     Deposit Pledge Agreement shall inure to the successors and assignees of
     Pledgee. In the event Pledgee assigns or transfers one or more Schedules
     under the Agreements without assigning or transferring the Security
     Deposit, Pledgor agrees that it will look solely to Pledgee for the return
     of the Security Deposit and will not assert any claim against any assignee
     of Pledgee for the return of said Security Deposit and further agrees that
     it will not assert against any payments due such assignee of Pledgee any
     offset that Pledgor may have against Pledgee for the return of said
     Security Deposit. In the event Pledgee assigns or transfers this Security
     Deposit Pledge Agreement along with the Security Deposit, Pledgor agrees
     that it shall look solely to the assignee of Pledgee for the return of said
     Security Deposit and Pledgee shall have no further liability to Pledgor
     with respect thereto.

6.   Provided that the Pledgor is not then in default of its obligations to the
     Pledgee under the Agreements or otherwise, any remaining Security Deposit
     and accrued interest will be returned to Pledgor when Pledgor's
     unrestricted cash becomes equal to or greater than $7,000,000.

     ADDITIONAL COLLATERAL REQUIREMENTS WILL THEN BE AS DEFINED IN THE NEGATIVE
     COVENANT PLEDGE AGREEMENT DATED OCTOBER 7, 1996.

     All accounting terms used herein shall be interpreted in accordance with
     generally accepted accounting principles.

9.   Any reduction/return of the Security Deposit and any payment of interest
     prior to the Termination of the Agreements (as defined below) is contingent
     upon the following additional conditions: (a) verification of all
     benchmarks; (b) Pledgor has made all payments on a timely basis according
     to the terms of the Agreements; (c) Pledgor is not, nor ever has been, in
     default of any financial obligation; (d) Pledgor, if privately held, has
     provided monthly financial statements to Pledgee within 30 days of each
     month-end, or if Pledgor is publicly held, has provided quarterly
     statements as required to be filed by the Securities and Exchange
     Commission (the "SEC"); (e) Pledgor, if privately held, has provided an
     annual audited financial statements to Pledgee within 90 days of Pledgor's
     fiscal year end or if Pledgor is publicly held, has provided Pledgee with
     annual statements as required to be filed by the SEC; and (f) Pledgor has
     not suffered any material adverse change.

     The Termination of the Agreements shall be defined as the satisfaction of
     all Pledgor's obligations under the Agreements.
<PAGE>   15
SECURITY DEPOSIT PLEDGE AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
Page 3 of 3

10. If the Security Deposit has not previously been returned, upon the
Termination of the Agreements, Pledgee shall deliver the Security Deposit and
accrued interest (less any portion of same cashed, sold, assigned or delivered
pursuant to, and under the circumstances specified in, Paragraph 2 hereof) to
Pledgor, and this Security Deposit Pledge Agreement shall thereupon be without
further effect.

PLEDGOR:                                PLEDGEE:
ADVANCED CORNEAL                        LEASE MANAGEMENT SERVICES, INC.
SYSTEMS, INC.

By: /s/ Robert K. Bruning               By: /s/ [illegible]
    --------------------------------        --------------------------------
Title: V.P. Chief Financial Officer     Title: EVP/General Manager
       -----------------------------           -----------------------------
Date: 10/7/96                           Date: 10/7/96
      ------------------------------          ------------------------------

<PAGE>   16
[LEASE MANAGEMENT SERVICES, INC. LOGO]

LEASE MANAGEMENT SERVICES, INC.

                       NEGATIVE COVENANT PLEDGE AGREEMENT

Agreement made and entered into as of the 7th day of October, 1996, by and
between ADVANCED CORNEAL SYSTEMS, INC., a California corporation, with its
principal place of business at 15279 Alton Parkway, Suite 100, Irvine, CA 92618
("Pledgor") and LEASE MANAGEMENT SERVICES, INC., a California Corporation, with
its principal place of business at 2500 Sand Hill Road, Suite #101, Menlo Park,
CA 94025 ("Pledgee").

In consideration of, and as an inducement for Pledgee to enter into Equipment
Financing Agreement Number 10802, and all Schedules thereunder, (referred to
hereinafter as the "Agreements") with Pledgor, and to secure the payment and
performance of all Pledgor's obligations under the Agreements, Pledgor and
Pledgee agree as follows:

1)   If at any point in time after the full return of the Security Deposit and
     accrued interest as specified in the Security Deposit Pledge Agreement
     dated October 7, 1996, Pledgor's Unrestricted Cash (as defined below) falls
     below the financial requirements listed in A) or B), or Pledgor is in
     default of the Agreements, Pledgor agrees to provide to Pledgee within 10
     days of such occurrence a cash security deposit in an amount equal to
     twenty-two percent (22%) of the total aggregate Equipment cost (including
     any soft costs) which are included in the Agreements ("Collateral Pledge"),
     but in any event not to exceed the remaining gross receivable.

     A)   PRE-IPO:  In the event unrestricted cash falls below the greater of
          $3,000,000 or 6 month's cash needs (defined as the cash burn for the 3
          months just completed, multiplied by a factor of 2.3).

     B)   POST-IPO: In the event unrestricted cash falls below the greater of
          $7,000,000 or 11 months' cash needs (defined as the cash burn for the
          3 months just completed, multiplied by a factor of 3.8).

     Unrestricted Cash shall be defined as cash on hand, including investments
     in marketable securities with maturities of less than one (1) year, less
     all debt which is not subordinated to Pledgee.

     The failure to timely provide the Collateral Pledge to Pledgee shall
     constitute an event of default under the Agreements.

2)   Pledgor if privately held, agrees to provide financial statements,
     including a cash flow statement, balance sheet and statement of operations,
     to Pledgee within 30 days of each month-end and audited annual financial
     statements within 90 days of Pledgor's fiscal year end or if Pledgor is
     publicly held, agrees to provide quarterly and annual audited financial
     statements as required by the Securities and Exchange Commission (the
     "SEC"). All such statements are to be prepared using generally accepted
     accounting principles and are to be in compliance with SEC requirements.
     Failure to provide these statements as specified herein will constitute an
     event of default under the Agreements.

3)   Pledgor agrees to keep all Unrestricted Cash within the following financial
     institutions:
<PAGE>   17
NEGATIVE COVENANT PLEDGE AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
PAGE 2 OF 3

3)   Pledgor agrees to keep all Unrestricted Cash within the following
     financial institutions:

     Financial Institution:        UNION BANK
                                 -----------------------------------------
     Account Number:               4500153666
                                 -----------------------------------------
     Officer Contact:
                                 -----------------------------------------
     Phone Number:                 (800) 918-6466
                                 -----------------------------------------

     Financial Institution:        U.S. COMMUNITY SAVINGS BANK
                                 -----------------------------------------
     Account Number:               01082262
                                 -----------------------------------------
     Officer Contact:              GLORIA DOTTY
                                 -----------------------------------------
     Phone Number:                 (619) 753-4663
                                 -----------------------------------------

     Financial Institution:        DONALDSON LUFKIN & JENRETTE
                                 -----------------------------------------
     Account Number:               219-246121
                                 -----------------------------------------
     Officer Contact:              DON TRABERT
                                 -----------------------------------------
     Phone Number:                 (415) 249-2032
                                 -----------------------------------------

     Any changes in the above information shall be provided in writing by the
     Pledgor to Pledgee within fifteen (15) days of such change.

     Pledgor hereby authorizes these financial institutions to give specific
     account balance information to Pledgee and agrees to execute any other
     documents or take any other action required to provide verification of
     unrestricted cash balances.

4)   Pledgee agrees to pay interest on the Collateral Pledge at a simple
     interest rate equal to 4.5%, which interest will accrue from the date the
     Collateral Pledge is received until the date the Collateral Pledge and
     interest are returned to the Pledgor.

5)   Pledgor agrees to recognize the Collateral Pledge as a contingent
     liability and to establish the appropriate reserves.

6)   Upon any default by Pledgor under the Agreements, interest accrual on the
     Collateral Pledge shall cease and Pledgee may, at its option, apply the
     Collateral Pledge and any interest accrued to that date toward the
     satisfaction of Pledgor's obligations under the Agreements, and the payment
     of all costs and expenses incurred by Pledgee as a result of such default,
     including reasonable attorney's fees. Pledgee is liable to Pledgor only for
     any surplus remaining from said Collateral Pledge after the full
     satisfaction of the foregoing obligations, costs and expenses.

7)   Pledgee shall have no duty to first commence an action against or seek
     recourse from Pledgor, in the event of a default under the Agreements,
     before enforcing the provisions of, and proceeding under the provisions of,
     this Negative Covenant Pledge Agreement. The obligations of Pledgor under
     this Negative Covenant Pledge Agreement shall be absolute and unconditional
     and shall remain in full force and effect without regard to, and shall not
     be released or discharged or in any way affected by:

     a)   any amendment or modification of or supplement to the Agreements;

     b)   any exercise or non-exercise of any right, remedy or privilege under
          or in respect to this Negative Covenant Pledge Agreement, the
          Agreements, or any other Instrument provided for in the Agreement(s),
          or any waiver, consent,
<PAGE>   18
NEGATIVE COVENANT PLEDGE AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
Page 3 of 3

          explanation, indulgency or actions or inaction with respect to any
          such instrument; or

     (c)  any bankruptcy, insolvency, reorganization, arrangement, readjustment,
          composition, liquidation or similar proceeding of Pledgor.

8)   The entire Collateral Pledge and any accrued interest will be returned to
     Pledgor when Pledgor's Unrestricted Cash exceeds the benchmark defined
     above for a period of at least one fiscal quarter and continues to remain
     greater and Pledgor is not in default under the Agreements or any other
     financial obligations.

     Return of any required Collateral Pledge prior to the Termination of the
     Agreements (as defined below) is contingent upon the following additional
     conditions: (a) verification of all benchmarks; (b) Pledgor has made all
     payments in a timely manner to Pledgee according to the terms of the
     Agreements; (c) Pledgor is not then, nor has ever been in default of its
     obligation to the Pledgee under the Agreements, and Pledgor has not
     defaulted on any other financial obligation; (d) Pledgor, if privately
     held, has provided monthly financial statements to Pledgee within 30 days
     of each month-end or if Pledgor is publicly held, has provided quarterly
     statements as required to be filed by the Securities and Exchange
     Commission (the "SEC"); (e) Pledgor, if privately held, has provided an
     annual audited financial statements to Pledgee within 90 days of
     Pledgor's fiscal year end or if Pledgor is publicly held, has provided
     Pledgee with annual statements as required to be filed by the SEC; and (f)
     Pledgor has not suffered any material adverse change.

     The Termination of the Agreements shall be defined as the satisfaction of
     all Pledgor's obligations under the Agreements.

     If the Collateral Pledge is returned prior to the Termination of the
     Agreements, this Negative Covenant Pledge Agreement shall remain in full
     force and effect.

9)   If the Collateral Pledge has not been previously returned upon Termination
     of the Agreements and the satisfaction of all obligations of Pledgor
     thereunder, Pledgee shall deliver the Collateral Pledge (less any portion
     of same cashed,  sold, assigned or delivered pursuant to, and under the
     circumstances specified in, Paragraph 6 hereof) to Pledgor, and this
     Negative Covenant Pledge Agreement shall thereupon be without further
     effect.

IN WITNESS WHEREOF, the parties hereto have caused this Negative Covenant Pledge
to be executed as of the date first above written.

PLEDGOR:                                PLEDGEE:

ADVANCED CORNEAL SYSTEMS, INC.          LEASE MANAGEMENT SERVICES, INC.

By: /s/ Robert K. Bruning               By: /s/ [Illegible]
   --------------------------------        --------------------------------

Its:  VP, Chief Financial Officer       Its: EVP/General Manager
    -------------------------------         -------------------------------
<PAGE>   19
[LOGO]

LEASE MANAGEMENT SERVICES, INC.

                         COLLATERAL SECURITY AGREEMENT

Agreement made and entered into as of this 7th day of October, 1996, by and
between ADVANCED CORNEAL SYSTEMS, INC., Debtor and LEASE MANAGEMENT SERVICES,
INC., Secured Party.

As security for the payment and performance by ADVANCED CORNEAL SYSTEMS, INC.
("ACSI") to LEASE MANAGEMENT SERVICES, INC. ("LMSI") under (a) Equipment
Financing Agreement Number 10802, and all schedules thereunder between ACSI and
LMSI (hereinafter collectively referred to as the "Agreements"); (b) any and
all obligations of ACSI to LMSI hereunder and any and all indebtedness and
obligations of ACSI to LMSI, direct, indirect or contingent, joint or several,
whether or not otherwise secured, and whether now existing or hereafter
incurred; and (c) any and all amounts advanced or expended by LMSI for the
maintenance or preservation of the Collateral (as defined below). ACSI hereby
pledges, assigns and grants to LMSI, a first security interest in:

All fixed assets now owned and all fixed assets hereinafter acquired through
the later of a) July 31, 1997 or b) the expiration of the funding period stated
in the Proposal Letter dated August 16, 1996 and any extensions thereunder,
including, but not limited to, laboratory equipment, laboratory furniture, test
equipment, electronic equipment, computer equipment, office equipment, office
furniture, fume hoods, autoclaves, and leasehold improvements together with all
accessories, parts, upgrades, renewals and replacements of, and repairs,
improvements and accessions to the fixed assets and any insurance proceeds or
revenue derived from the sale or other disposition of the fixed assets
(collectively, the "Collateral").

ACSI hereby warrants that it is the sole owner in possession of all Collateral
and that the Collateral is free and clear of all liens, encumbrances and
adverse claims, with the exception of the security interest herein created and
all other security interests previously granted to LMSI. ACSI agrees to execute
and deliver to LMSI at any time and from time to time such other security
agreements or mortgages of chattel as LMSI may reasonably request, covering the
Collateral. ACSI also agrees to appear in and defend any and all actions and
proceedings, at its own expense, affecting title to the Collateral or any part
thereof, or affecting the security interest of LMSI therein.

ACSI also agrees to: do all acts which may necessary to maintain, preserve and
protect the Collateral and to keep the Collateral in good condition and repair;
not to cause or permit any waste or unusual or unreasonable depreciation
thereof or any act for which the Collateral might be confiscated; to pay before
delinquency all taxes, assessments and liens now or hereafter imposed upon the
Collateral; not to sell, lease, encumber or dispose of all or any part of the
Collateral; at any time upon demand of LMSI to exhibit to and allow inspection
by LMSI of the Collateral; not to remove or permit the removal of the
Collateral from the premises where it is now located without the prior written
consent of LMSI, which consent shall not be unreasonably withheld; to provide,
maintain and deliver to LMSI policies insuring the Collateral against loss or
damage by such risks and in such amounts, forms and companies as LMSI
reasonably requires and with loss payable to LMSI. If LMSI takes possession of
the Collateral in the event of a Default, the insurance policy or policies of
any unearned or returned premium shall, at the option of LMSI, be assigned by
ACSI to LMSI, upon LMSI crediting the amount of any unearned premium upon the
obligation secured hereby.

     In the event the Collateral or an item thereof is destroyed and payment
upon such policies of insurance is made to ACSI and ACSI chooses not to replace
the Collateral with equipment of like kind or value, LMSI will retain all
insurance proceeds except to the extent that the proceeds exceed the remaining
obligation of ACSI to LMSI. If ACSI chooses to replace the
<PAGE>   20
COLLATERAL SECURITY AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
Page 2 of 3

Collateral or any item thereof with equipment of like kind and value, the
replacement must be completed within 60 days of loss, unless otherwise agreed
by LMSI, ACSI must acquire title to the replacement free and clear of liens and
encumbrances and grant to LMSI a first priority perfected security interest
therein; otherwise LMSI shall be entitled to the insurance proceeds. The
provisions of this paragraph shall not apply to Collateral specifically covered
by any schedules to a Master Lease Agreement or Equipment Financing Agreement
between ACSI and LMSI which shall governed by the provisions of the applicable
Master Lease Agreement and Equipment Financing Agreement.

If ACSI fails to make any payment or do any act as herein required, then LMSI
may, but without obligation to do so, and without notice to or demand upon
ACSI, make such payments and do such acts as LMSI may deem necessary to protect
its security interest in the Collateral. LMSI is hereby authorized (without
limiting the general nature of the authority hereinabove conferred) to take
possession of the Collateral; to pay, purchase, contest, and compromise any
encumbrance, charge or lien which in the judgment of LMSI appears to be prior
or superior to its security interest; and, in exercising any such powers and
authority, to pay necessary expenses, employ counsel and pay reasonable fees
therefor. ACSI hereby agrees to repay immediately, and without demand, all sums
so expended by LMSI, with interest from date of expenditure at the rate of
Eighteen Percent (18%), but never to exceed any legal limit for such interest.

Any officer of LMSI is hereby irrevocably appointed the attorney-in-fact of
ACSI, with full power of substitution, only to sign any certificate of
ownership, registration card, application therefor, affidavits or documents
necessary to transfer title to any of the Collateral, to receive and give
receipt for all licenses, registration cards and certificates of ownership, and
to do all acts necessary or incident to the powers granted to LMSI herein, as
full as ACSI might.

Should ACSI default under the Lease, upon written notice, pursuant to the terms
and conditions of the Agreements, LMSI may (a) immediately take possession of
the Collateral wherever it may be found, using all necessary force to do so or
require ACSI to assemble the Collateral and make it available to LMSI at a
place designated by LMSI which is reasonably convenient to LMSI, and ACSI
waives all claims for damages due to or arising from or connected with any such
taking; (b) proceed in the foreclosure of LMSI's security interest and the sale
of the Collateral in any manner permitted by law, or provided for herein; (c)
sell, lease or otherwise dispose of the Collateral at public or private sale,
with or without having the Collateral at the place of sale, and upon terms and
in such manner as LMSI may determine, and LMSI may purchase the same at any
such sale; (d) retain the Collateral in full satisfaction of the obligations
secured thereby; (e) exercise any remedies of a LMSI under the Uniform
Commercial Code.

Prior to any such disposition, LMSI may, at its option, cause any of the
Collateral to be repaired or reconditioned in such manner and to such extent as
LMSI may deem advisable, and any sums expended therefor by LMSI shall be repaid
by ACSI and secured hereby; LMSI shall have the right to enforce one or more
remedies hereunder successively or concurrently, and any such action shall not
stop or prevent LMSI from pursuing any further remedy which it may have
hereunder or by law. If a sufficient sum is not realized from any such
disposition of Collateral to pay all obligations secured by this agreement,
ACSI hereby promises and agrees to pay LMSI any deficiency.

Time and exactitude of each of the terms, obligations, covenants and conditions
are hereby declared to be the essence hereof. No waiver by LMSI of any breach
or default shall be deemed a waiver of any breach or default thereafter
occurring and the taking of any action by LMSI shall not be deemed to be an
election of that action but rather the rights and privileges and options
granted to LMSI under the terms hereof shall be deemed cumulative, the one with
the other and not alternative.
<PAGE>   21
COLLATERAL SECURITY AGREEMENT
ADVANCED CORNEAL SYSTEMS, INC.
PAGE 3 OF 3

Should the Collateral be sold, with or without the consent of LMSI, then it is
expressly agreed that the proceeds from said sale are hereby assigned to LMSI
who shall immediately receive the entire proceeds.

ACSI agrees to execute any additional documents deemed necessary by LMSI to
assure the perfection of the security interest created hereunder and to pay any
fees or charges paid by LMSI in connection with the perfection of, or continue
the perfection of, the security interest created hereunder.

Upon termination of the Agreements and the satisfaction of all obligations of
ACSI thereunder, LMSI shall release its security interest in the Collateral,
and this Collateral Security Agreement shall thereupon be without further
effect.

IN WITNESS WHEREOF, the parties have caused this Collateral Security Agreement
to be executed as of this 7th day of October, 1996.

LESSEE/DEBTOR:                               LESSOR/SECURED PARTY
ADVANCED CORNEAL                             LEASE MANAGEMENT SERVICES, INC.
SYSTEMS, INC.

By:    /s/ Robert K. Bruning                 By:    /s/ [Illegible]
Title: V.P. Chief Financial Officer          Title: EVP/General Manager

<PAGE>   22
To: Leslie Way

From: Robert Bruning

The following is the information you requested for the lease documents with the
corresponding item number:

1. Advanced Corneal Systems, Inc.

2. 33-0511729

3. 15279 Alton Parkway, Suite 100
   Irvine, California 92653

4. Same as # 3.

5. Donald H. Harris

6. John H. Parrish--President and CEO
   Hampar L. Karageozian--Vice President, Chief Technical Officer
   Robert K. Bruning--Vice President, Chief Financial Officer
   Diana L. Schmidt--Vice President, Marketing

7. California

8. Johnson & Higgins
   4275 Executive Square, Suite 600
   San Diego, California 92037-1499
     Attn: Dennis Moore

9. Aetna Life Insurance Company
   P.O. Box 19693, 30 Executive Park, Suite 100
   Irvine California 92713-9693
     Attn: Donna Freeman

10. Same as #3.

<PAGE>   23
[LMSI VENTURE FINANCE LOGO]

                    CERTIFICATE OF INCUMBENCY AND AUTHORITY

I,             , do hereby certify that I am the duly elected, qualified and
acting Secretary of ADVANCED CORNEAL SYSTEMS, INC. ("Borrower"), a California
corporation; that the persons whose names, titles and signatures appear below
are duly elected (or appointed) qualified and acting officers of said
corporation and hold on the date of this Certificate, and on the date of
execution of the Master Loan and Security Agreement documents, the office set
opposite their respective names; that the signatures appearing opposite their
respective names are the genuine signatures of such officers; that each such
officer is duly authorized for and on behalf of said corporation to execute and
deliver any Master Loan and Security Agreement between said corporation and said
Lender, LMSI VENTURE FINANCE, and all agreements, documents, and instruments in
connection therewith, including without limitation, Loan Schedules and
Certificates of Equipment Acceptance, and that the execution and delivery of any
such Master Loan and Security Agreement, and all agreements, documents, and
instruments in connection therewith for and on behalf of said corporation is not
prohibited by or in any manner restricted by the terms of said corporation's
Certificate of Incorporation, its by-laws, or of any loan agreement, indenture
or contract to which said corporation is a party or under which it is bound. I
do further certify that the foregoing authority shall remain in full force and
effect, and LMSI VENTURE FINANCE shall be entitled to rely upon the same, until
written notice of the modification, rescission or revocation of same, in whole
or in part, has been delivered to LMSI VENTURE FINANCE, but no such
modification, rescission or revocation shall, in any event, be effective with
respect to any documents executed or actions taken in reliance upon the
foregoing authority prior to the delivery to LMSI VENTURE FINANCE of said
written notice of said modification, rescission or revocation.

NAME OF OFFICER             TITLE OF OFFICER          SIGNATURE OF OFFICER

J.C. MacRae              Vice President & Chief       /s/ J.C. MacRae
                            Financial Officer         -------------------------

IN WITNESS WHEREOF, I have hereunto set my hand this 9 day of April, 1999.

             /s/ J.C. MacRae
          ---------------------
          (Corporate Secretary)

Name: J.C. MacRae
      ------------------------------------

Title: Vice President, Assistant Secretary
       -----------------------------------
<PAGE>   24
[LMSI VENTURE FINANCE LOGO]

                                  AMENDMENT TO

                         EQUIPMENT FINANCING AGREEMENT

                                   NO. 10802

                                 BY AND BETWEEN

                   ADVANCED CORNEAL SYSTEMS, INC., AS DEBTOR

                                      AND
            LMSI VENTURE FINANCE, A DIVISION OF PHOENIXCOR, INC., AS
                                 SECURED PARTY
              (FORMERLY KNOWN AS LEASE MANAGEMENT SERVICES, INC.)

Debtor and Secured Party hereby agree to amend Equipment Financing Agreement
No. 10802 and all Schedules thereunder and all other related documents (herein
collectively referred to as the "Agreements") to reflect Secured Party's name
change from Lease Management Services, Inc. to LMSI Venture Finance, a division
of Phoenixcor, Inc., a Delaware Corporation ("LMSI Venture Finance").

All other terms and conditions remain the same.

IN WITNESS WHEREOF, Debtor and Secured Party have each caused this Amendment to
be duly executed in their respective names.

DEBTOR:                              SECURED PARTY:
ADVANCED CORNEAL SYSTEMS, INC.       LMSI VENTURE FINANCE, A DIVISION OF
                                     PHOENIXCOR, INC.

By:    /s/ Cynthia Gleason           By:    /s/ Barbara B. Kaiser
       ----------------------               ----------------------
Title: Administrative Manager        Title: EVP/General Manager
       ----------------------               ----------------------
Date:  4/8/99                        Date:  4/8/99
       ----------------------               ----------------------
<PAGE>   25
[LOGO] LEASE MANAGEMENT SERVICES, INC.

                    CERTIFICATE OF INCUMBENCY AND AUTHORITY

I, John H. Parrish, do hereby certify that I am a duly elected, qualified and
acting Chairman of the Board of Directors of ADVANCED CORNEAL SYSTEMS, INC.,
(Debtor), a California corporation; that the persons whose names, titles and
signatures appear below are duly elected (or appointed) qualified and acting
officers or managers of said corporation and hold on the date of this
Certificate, and on the date of execution of the Master Lease documents and/or
Equipment Financing documents, the offices/positions set opposite their
respective names; that the signatures appearing opposite their respective names
are the genuine signatures of such officers/managers; that each such
officer/manager is duly authorized for and on behalf of said corporation to
execute and deliver any Equipment Financing Agreement between said corporation
and said Secured Party, LEASE MANAGEMENT SERVICES, INC., and all agreements,
documents, and instruments in connection therewith, including without
limitation, Rental Schedules and Certificates of Equipment Acceptance, and that
the execution and delivery of any such equipment financing agreement, and all
agreements, documents, and instruments in connection therewith for and on
behalf of said corporation is not prohibited by or in any manner restricted by
the terms of said corporation's Certificate of Incorporation, its by-laws, or
of any loan agreement, indenture or contract to which said corporation is a
party or under which it is bound. I do further certify that the foregoing
authority shall remain in full force and effect, and LEASE MANAGEMENT SERVICES,
INC. shall be entitled to rely upon the same, until written notice of the
modification, rescission or revocation of same, in whole or in part, has been
delivered to LEASE MANAGEMENT SERVICES, INC., but no such modification,
rescission or revocation shall, in any event, be effective with respect to any
documents executed or actions taken in reliance upon the foregoing authority
prior to the delivery to LEASE MANAGEMENT SERVICES, INC. of said written notice
of said modification, rescission or revocation.

NAME OF MANAGER           TITLE OF MANAGER             SIGNATURE OF MANAGER

Cynthia L. Gleason        Administrative Manager       /s/ Cynthia L. Gleason

IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of July, 1997.

Debtor:
ADVANCED CORNEAL
SYSTEMS, INC.

By: /s/ John H. Parrish
    ------------------------------
Title: Co-Chairman
       ---------------------------<PAGE>   1
                                                                   EXHIBIT 10.12

                                   AGREEMENT

     THIS AGREEMENT (the "Agreement"), effective as of June, 1997 (the
"Effective Date"), is made by and between Advanced Corneal Systems, Inc., a
California corporation with a principal place of business at 15279 Alton
Parkway, Suite 100, Irvine, California 92618 ("ACS"), and Visionex Pte. Ltd., a
Singapore corporation with a principal place of business at 1 Robinson Road
#18-00 AIA Tower, Singapore 048542 ("Visionex").

     WHEREAS, ACS has developed among other things certain proprietary
technology relating to non-surgical therapeutic ophthalmic systems;

     WHEREAS, ACS is engaged in the business of manufacturing, and selling
certain products and technologies, including the Products (as defined below);

     WHEREAS, ACS desires to sell, and Visionex desires to purchase and
distribute, such Products in the Territory (as defined below); and

     WHEREAS, ACS and Visionex have entered into a Stock Purchase Agreement on
even date herewith pursuant to which Visionex has agreed to purchase, and ACS
has agreed to sell, shares of ACS' stock.

     IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE PARTIES AGREE
AS FOLLOWS:

1.   DEFINITIONS

     (a)  "ACS' Cost of Goods" shall mean the fully burdened costs incurred by
ACS, including without limitation materials, labor and overhead to manufacture,
test, store, package and ship the Products, calculated in accordance with U.S.
GAAP and ACS' then-prevailing standard procedure for calculating Cost of Goods
as reflected in ACS' audited financial statements.

     (b)  "Net Sales" shall mean the gross revenues from sales of the Products
in the Territory by Visionex and its affiliates to unaffiliated third parties,
less deductions for the following, to the extent any such item is included in
the invoice price:

          i.  standard transportation charges, including insurance pre-paid or
     allowed, all as separately identified on the invoice or other documentation
     maintained in the ordinary course of business;

          ii. import, exports, sales, use and excise taxes, tariffs, duties and
     other compulsory governmental charges imposed upon the importation, use or
     sale of Products, all as actually

<PAGE>   2
     paid and separately identified on the invoice or other documentation
     maintained in the ordinary course of business;

          iii. normal and customary quantity discounts, cash discounts
     (including discounts for prompt payment), trade promotional allowances,
     rebates and credits actually taken in the ordinary course of business;

          iv.  discounts or rebates mandated by local laws or regulations in the
     Territory and separately identified on the invoice or other documentation
     maintained in the ordinary course of business; and

          v.   allowances or credits to customers due to recalls, rejections or
     returns (including for spoiled, damaged and outdated goods) actually taken
     in the ordinary course of business.

     (c)  "Product(s)" shall mean the products listed on Exhibit A, as they may
be changed by ACS from time to time during the Term, and agreed improvements
thereto. Visionex acknowledges that the Products are provided hereunder by ACS
solely for the indications listed on Exhibit A, and the rights granted to
Visionex hereunder pertain only to such indications.

     (d)  "Proprietary Rights" shall mean all current and future worldwide
patents and other patent rights, copyrights, trademarks trade secrets and other
intellectual property rights, including, without limitation, all applications
and registrations with respect thereto relating to the Products and the use,
formulation and manufacture thereof. Proprietary Rights shall also mean
intellectual property as defined in Section 101(35A) of the United States
Bankruptcy Code, and embodiments of such intellectual property including the
manufacturing know-how necessary for Visionex or its designee to manufacture the
Products under Section 3(e).

     (e)  "Quality Inspection Criteria" shall mean the quality inspection
criteria for the Products as set forth in Exhibit B as the same may be amended
from time to time upon the mutual agreement of the parties.

     (f)  "Specifications" shall mean the specifications for the Products as set
forth on Exhibit C, as the same may be amended by ACS from time to time as
provided in this Agreement.

     (g)  "Territory" shall mean the countries set forth in Exhibit D hereto,
including any territory and province under the direct governmental control of
the government(s) of such countries.

2.   RIGHTS

     (a)  Appointment. Subject to the terms and conditions of this Agreement,
ACS hereby grants to Visionex, and Visionex accepts the exclusive rights to
register, import, market, sell and distribute the Products in the Territory.

                                      -2-
<PAGE>   3
     (b)  Initial Fee. In consideration of the appointment of Visionex made by
ACS in Section 2(a) above, and other covenants made herein, Visionex shall pay
to ACS a one-time initial fee in the amount of Five Million Dollars
($5,000,000) within five (5) days of the closing of Visionex's next equity
offering in which not less than Ten Million Dollars ($10,000,000) of Visionex
securities are sold. Visionex acknowledges that such initial fee is additional
to and distinct from the purchase payments to be made by Visionex pursuant to
Section 3 herein, and shall in no way affect any amount receivable by ACS in
accordance with Section 3 herein.

     (c)  Subdistributors. Visionex may exercise its distribution rights to
distribute the Products in the Territory through the use of third party
subdistributors ("Subdistributors") provided that Visionex enters into written
agreements with each Subdistributor containing terms and conditions consistent
with those contained in this Agreement. ACS acknowledges such Subdistributor
agreements will not require Visionex to pay any additional fee in excess of the
payments described in Section 2(b) and Section 3 herein.

     (d)  Reservation of Rights; No Right Beyond Products. Except as expressly
provided herein, no right, title, or interest is granted, whether express or
implied, by ACS to Visionex. Nothing in this Agreement shall be deemed to
grant to Visionex rights in any products or technology other than the Products,
nor shall any provision of this Agreement be deemed to restrict ACS' rights to
exploit technology, know-how, patents, or any other intellectual property
rights relating to the Products. It is further understood and agreed that ACS
and Visionex may distribute products other than Products in the Territory,
either directly or indirectly, for any and all uses except as set forth in
Section 7(g) and 8(e) herein, and no right, title or interest is granted by ACS
to Visionex with respect to any products other than the Products.

     (e)  Sale Conveys No Right to Manufacture or Copy. The Products are
offered for sale and are sold by ACS subject, in every case, to the condition
that such sale does not convey any license, expressly or by implication, to
manufacture, modify, reverse engineer, duplicate or otherwise copy or reproduce
any of the Products.

3.   TERMS OF PURCHASE OF PRODUCTS BY Visionex

     (a)  Terms and Conditions. All Product purchases hereunder shall be
subject to the terms and conditions of this Agreement. Nothing contained in
any purchase order or other routine documentation submitted pursuant to this
Agreement shall in any way modify or add any terms or conditions to said
purchases, unless otherwise mutually agreed to in writing by the parties.

     (b) Prices. All Product prices shall be F.O.B. Los Angeles Airport or
Seaport. The difference between Visionex's purchase price and Visionex's price
to its Customers shall be Visionex's sole remuneration for the sale of the
Products. The sales price to Visionex for each of the Products shall be as set
forth in Exhibit E.

                                      -3-
<PAGE>   4
(c)  TAXES. ACS' Product prices to Visionex shall not include any government
taxes (including without limitation sales, use, excise, withholding and value
added taxes), tariffs or duties imposed by any governmental agency that are
applicable to the export, import, or purchase of the Products and Visionex shall
bear all such taxes and duties (other than taxes on the net income of ACS). When
ACS has the legal obligation to collect and/or pay such taxes, the appropriate
amount shall be added to Visionex's invoice and paid by Visionex, unless
Visionex provides ACS with a valid tax exemption certificate authorized by the
appropriate taxing authority.

(d)  FORECASTS. Beginning on the first commercial sale of a Product in the
Territory, and thereafter thirty (30) days prior to the first day of each
calendar quarter, Visionex shall provide to ACS a good faith, quarterly written
forecast of the number of units of each Product, on a Product-by-Product basis,
that Visionex expects to purchase over the following twelve (12) months
("Forecasts"). Visionex shall submit purchase orders for Products in accordance
with the number of units of Products forecasted in the first three (3) calendar
months of each Forecast (the "Binding Forecast"). Visionex may submit purchase
orders for Products in excess of the Binding Forecast for any given month, and
ACS will use reasonable efforts to accept such purchase orders, provided
however, that Visionex shall give ACS reasonable advance notice that Visionex's
needs will exceed the Binding Forecast and in no event shall ACS be obligated to
accept purchase orders exceeding one hundred twenty-five percent (125%) of the
Binding Forecast for any given month. The parties acknowledge that the last nine
(9) calendar months included in each Forecast are for ACS' planning purposes
only and shall not be binding upon the parties.

(e)  ORDER AND ACCEPTANCE. All orders shall be by means of signed written
purchase orders by Visionex to ACS, sent to ACS at ACS' address for notice
hereunder and requesting a delivery date not less than ninety (90) days after
ACS' acceptance of such purchase order. Orders may initially be placed by
telephone or telecopy, provided that a signed confirming purchase order is
received in writing (which may include telecopy transmission) by ACS.
Notwithstanding anything herein to the contrary, no order shall be binding upon
ACS until accepted by ACS in writing. ACS shall use its commercially reasonable
efforts to accept each reasonable order for Products placed by Visionex and
shall deliver the ordered Products within four (4) months after ACS' acceptance
of Visionex's purchase order. Each party may cancel or reschedule purchase
orders for Products only with prior written approval of the other party. In the
event that ACS fails to supply Products which have been ordered by Visionex for
a period exceeding three (3) months beyond the due delivery date, or there are
repeated and serious failures, inability or delay in filling orders, excluding
those caused by Visionex or a supplier of raw materials comprising Products, but
otherwise including those caused by a force majeure described in Section 16(e)
("Supply Failure"), Visionex shall have the right to make Products itself or
purchase the Products from a source other than ACS. In order that Visionex may
ensure an alternative source of the Products, ACS hereby grants to Visionex an
exclusive, royalty-bearing license under the Proprietary Rights to make, have
made, register, use, import, offer for sale and sell Products in the Territory
for the indications described on Exhibit A. In no event shall such license
continue for a period longer than the Term defined in Section 9(a) hereof unless
the parties agree to such continuation in writing. Notwithstanding the
foregoing, Visionex agrees that it will not practice the license granted
hereunder except in the event of, and only for the

                                      -4-
<PAGE>   5
duration of, a Supply Failure and ACS shall at all times have the right to
resume supply of the Products to Visionex and terminate the foregoing license
as soon as it is able to do so. In the event that Visionex practices the
license granted hereunder, at Visionex's request, ACS will provide reasonable
assistance to Visionex to establish a manufacturing facility for Products and
to transfer manufacturing of Products to such facilities. Such assistance shall
include training of Visionex personnel in Product manufacture, quality
inspection, and delivery to Visionex of all Specifications which may be
necessary in the quality inspection, manufacture and release of Products.
Visionex shall pay to ACS a royalty in the amount of five (5) percent of Net
Sales by Visionex, its affiliates, and Subdistributors of Products manufactured
by Visionex or its designee pursuant to the license granted herein.

     (f)  Invoicing. ACS shall submit an invoice, packing list and airway bill
to Visionex upon shipment of each Product ordered by Visionex. All invoices and
other shipping documents shall be sent first by fax, followed by business mail
to Visionex's address for notices hereunder, without regard to the actual
shipping address. Each such invoice shall state Visionex's aggregate and unit
purchase price for Products in a given shipment, plus any freight, taxes or
other costs incident to the purchase or shipment initially paid by ACS but to
be borne by Visionex hereunder.

     (g)  Payment and Terms. For so long as shipment is made via air carrier,
payment for Products supplied pursuant to this Agreement shall be made net
thirty (30) days after the date of shipment. In the event that ACS at any time
changes its Product delivery method to shipment via surface carrier, payment for
Products so shipped shall be made net forty-five (45) days after the date of
shipment. Visionex shall make all payments under the Agreement to ACS in United
States dollars to ACS' account in a financial institution located in the United
States. Any payment due hereunder which are not paid on the date such payment is
due shall bear interest at the lesser of one and one-half percent (1 1/2%) per
month or the maximum rate permitted by law, calculated on the number of days
such payment is delinquent. This Section 3(g) shall in no way limit any other
remedies available to ACS.

     (h)  Shipping. All Products delivered pursuant to the terms of this
Agreement shall be suitably packed for surface or air shipment in ACS' standard
shipping cartons, marked for shipment to one of Visionex's carrier agents F.O.B.
Los Angeles Airport or Seaport. ACS shall ship Products using the carrier
specified in Visionex's purchase order, provided however, that if Visionex does
not provide instructions with respect to the carrier to be used, ACS shall
select the carrier. Costs of any special packaging requested by Visionex and all
freight, insurance and other shipping expenses shall be paid by Visionex.

4.   RETURN OF DEFECTIVE PRODUCT

     (a)  Rejection of Non-Conforming Products. In the event that any Product
purchased by Visionex from ACS fails to conform to the warranty set forth in
Article 6 hereof, except for the obligations expressly assumed by ACS under
Sections 13(a) and 14(a) herein regarding third-party claims, ACS' sole and
exclusive liability and Visionex's exclusive remedy shall be, at ACS' sole

                                      -5-
<PAGE>   6
election, to repair or replace the Product or credit Visionex's account for the
net amount actually paid for any such Product, provided that (i) Visionex
notifies ACS in writing within thirty (30) days of receipt that such Product
failed to conform to the Specifications upon inspection pursuant to the Quality
Inspection Criteria, and furnishes a detailed explanation of any alleged
nonconformity and requests a return material authorization number; and (ii)
such Product is returned to ACS by Visionex F.O.B. ACS' shipping location in
Irvine, California, during the warranty period with the return material
authorization number affixed prominently to the outside packaging; and (iii)
ACS is satisfied that claimed nonconformities actually exist and were not caused
by accident, misuse, neglect, alteration, unusual physical or electrical
stress, or improper testing, provided however, that any dispute regarding the
foregoing shall be resolved by submitting the allegedly non-conforming Products
to an independent third party laboratory for testing. If such Product fails to
so conform, ACS will reimburse Visionex for shipment charges for return of the
nonconforming Product.

     (b) LATENT DEFECTS. The parties recognize that it is possible for a
shipment of Products to fail to conform to the applicable Specifications in a
manner which would not be discoverable upon reasonable inspection and testing
("Latent Defects"). As soon as either party becomes aware of a Latent Defect in
any Product it shall immediately notify the other party, in which case,
Visionex may reject the applicable Products as provided in Section 4(a) until
sixty (60) days after the discovery of such Latent Defect. Except for the
obligations expressly assumed by ACS under Sections 13(a) and 14(a) hereof
regarding third party claims, in no event shall ACS' liability for any Latent
Defect exceed the invoice price of the applicable Product.

5.   PRODUCT PACKAGING AND LABELING

     (a) MATERIALS. Visionex, at its expense, shall provide ACS with any and
all promotional, advertising and educational materials and programs relating to
the Products, for purposes of review and comment by ACS (translated in English
by Visionex at its expense), at least two (2) weeks prior to the commercial
release of such materials or commencement of such programs. ACS shall provide
Visionex, within ten (10) business days after receipt of such materials and/or
programs, any and all comments and suggestions relating to such materials
and/or programs, provided however, that Visionex shall not be obligated to
accept any comments or suggestions which will jeopardize Visionex's compliance
with applicable laws, regulations and other regulatory requirements. In the
event that ACS fails to respond to materials submitted by Visionex within 30
days after receipt by ACS, Visionex may make a written request to ACS for
comments due under this Section 5(a). If ACS fails to respond to such request
within 10 business days, Visionex may proceed as though ACS has approved the
submitted materials, provided however, that ACS shall have the right to later
comment and Visionex agrees to use reasonable efforts to implement such later
comments if implementation is not unduly burdensome or contrary to applicable
laws, regulations or other regulatory requirements.

     (b) PRODUCT PACKAGING AND LABELING. ACS shall package Products in a manner
suitable for shipment to Visionex and Visionex shall be responsible for final
packaging and labeling. Visionex shall not use any Product packaging or
labeling without the prior written consent of ACS.

                                      -6-
<PAGE>   7
Visionex shall provide ACS with samples of any proposed Product repackaging
materials to be used by Visionex, for purposes of review and comment by ACS
(translated in English by Visionex at its expense); at least three (3) weeks
prior to commercial production of such Product repackaging materials. In
addition, Visionex shall provide ACS with the text of any labels that Visionex
intends to use with the Products, for purposes of review and comment by ACS
(translated in English by Visionex at its expense), at least three (3) weeks
prior to commercial production of such Product labels. ACS shall provide
Visionex any and all comments and suggestions relating to such Product
repackaging and/or labeling materials within ten (10) business days after
receipt of such Product repackaging and/or labeling materials, provided
however, that Visionex shall not be obligated to accept any comments or
suggestions which will jeopardize Visionex's compliance with applicable laws,
regulations and other regulatory requirements. In the event that ACS fails to
respond to materials submitted by Visionex within 30 days after receipt by ACS,
Visionex may make a written request to ACS for comments due under this Section
5(b). If ACS fails to respond to such request within 10 business days, Visionex
may proceed as though ACS has approved the submitted materials, provided
however, that ACS shall have the right to later comment and Visionex agrees to
use reasonable efforts to implement such later comments if implementation is
not unduly burdensome or contrary to applicable laws, regulations or other
regulatory requirements.

6.   WARRANTY

     (a)  Standard Limited Warranty. ACS warrants to Visionex and to Visionex's
Customers that the Products purchased by Visionex, on the date of shipment to
Visionex, shall conform to the Specifications published by ACS for such
Products and shall be free from defects in material and workmanship for the
shelf life of each Product as set forth in the label for such Product. This
warranty is contingent upon proper use of Products in the applications for
which they were intended as indicated herein and in the Product label claims
provided by ACS, and ACS makes no warranty (express, implied, or statutory)
for Products that are modified (except as expressly contemplated herein) or
subjected to unusual physical or electrical stress not recommended in Product
handling instructions provided by ACS. Visionex shall pass on to Visionex's
Customers the foregoing standard limited warranty except as required by law.
Except for the indemnification obligations expressly assumed by ACS under
Sections 13(a) and 14(a) herein regarding third party claims, Visionex's
exclusive remedy and ACS' sole liability for breach of the foregoing warranty
shall be the remedy set forth in Article 4. All Products shall be returned to
ACS in accordance with Article 4. Visionex shall not pass on to its Customers a
warranty or limitation of liability which is more protective of such Customers
than the warranty (including the limited remedy and exclusions) set forth in
this Article 6 and the limitation of liability set forth in Article 10.
Notwithstanding the provisions of this Article 6, the forgoing warranty shall
not apply to any Products manufactured by Visionex pursuant to the license
granted in Section 3(e) hereof.

     (b) Exclusion of Other Warranties. EXCEPT FOR THE LIMITED WARRANTY
PROVIDED IN SECTION 6(a) ABOVE, ACS GRANTS NO OTHER WARRANTIES OR CONDITIONS,
EXPRESS OR IMPLIED, BY STATUTE, IN ANY COMMUNICATION WITH VISIONEX OR THE
CUSTOMER, OR OTHERWISE, REGARDING THE PRODUCTS, THEIR

                                      -7-
<PAGE>   8
FITNESS FOR ANY PURPOSE, THEIR QUALITY, OR THEIR MERCHANTABILITY. ANY OTHER
REPRESENTATIONS OR WARRANTIES MADE BY ANY PERSON OR ENTITY, INCLUDING EMPLOYEES
OR REPRESENTATIVES OF ACS, THAT ARE INCONSISTENT HEREWITH SHALL BE DISREGARDED
AND SHALL NOT BE BINDING ON ACS. IN NO EVENT SHALL ACS BE LIABLE TO VISIONEX OR
ANY THIRD PARTY FOR LOST PROFITS, OR FOR ANY SPECIAL, CONSEQUENTIAL,
INCIDENTAL, OR INDIRECT DAMAGES FOR BREACH OF WARRANTY. THIS LIMITATION SHALL
APPLY EVEN WHERE ACS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE AND
NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY LIMITED REMEDY
STATE HEREIN.

     (c)  Indemnification of ACS. Visionex shall indemnify defend and hold ACS
harmless against all claims, liabilities, costs and expenses (including the
reasonable fees of attorneys and other professionals) incurred by, or
threatened against, ACS to the extent caused by any representation by Visionex,
its personnel, agents, affiliates, or Subdistributors which is inconsistent
with the foregoing limited warranty and disclaimer or publications of ACS
concerning the Products. The foregoing indemnification by Visionex shall be
subject to the same conditions contained in the last eight (8) lines of Section
7(b) herein.

7.   ADDITIONAL OBLIGATIONS OF Visionex

     (a)  Performance. Visionex shall use its commercially reasonable efforts
to maximize Product sales in the Territory.

     (b)  Health and Safety Laws and Regulations. Visionex shall use reasonable
efforts to comply with any and all applicable health and safety laws and
regulations of the Territory.

     (c)  Governmental Approvals. Visionex agrees at its own expense to use its
reasonable efforts to obtain government approval for the Products in the
Territory. Such efforts shall include the following:

          (i)  Exercise due diligence to obtain and maintain government
approvals to import, register and market the Products in the Territory.

          (ii) If any Product clinical trials are required under the laws of
the Territory at any time during the Term (as defined herein), then Visionex,
at Visionex's expense shall organize, conduct and support any and all
pre-clinical and clinical trials required to obtain registrations, licenses and
permits required to comply with the laws and regulations of the Territory for
or relating to sale and distribution of the Products; provided however, that
Visionex shall obtain ACS' prior written approval for all protocols to be used
in such trials. Visionex agrees that ACS shall own all data and results
generated during any such pre-clinical and/or clinical trials and Visionex
shall promptly deliver to ACS all such data and results and copies of any

                                      -8-
<PAGE>   9
governmental or regulatory filings filed in the name of ACS, unless prohibited
by applicable local law.

          iii. Commence marketing of the Products in the Territory promptly
after receipt of all requisite government health registration approvals.
Visionex shall be deemed to have commenced the marketing of the Products only
when it shall have made the first commercial sale of the Products.

          iv.  Visionex shall not make changes, alterations, modifications or
additions to the Products without prior written approval of ACS.

     (d)  Solicitation of Orders. Visionex agrees not to solicit orders outside
the Territory without prior written approval of ACS.

     (e)  Sales and Inventory Reporting. Visionex shall supply to ACS on a
semi-annual basis a report of total Product sales and inventory, in each case
by Product and country.

     (f)  Product Reporting Requirements.

          (1)  Visionex shall promptly provide ACS with a report of Product
complaints or problems.

          (2)  Pursuant to the United States Food and Drug Administration's
("FDA") rules and regulations, ACS is required to report to the FDA any
information that reasonably suggests that one of its Products may have caused
or contributed to a death or serious injury. Visionex agrees to use its best
efforts to supply any such information to ACS within twenty-four (24) hours
after becoming aware of it.

          (3)  In the event that Visionex or ACS is required by any regulatory
agency to recall the Products or if ACS voluntarily initiates a recall of the
Products, Visionex shall cooperate fully with and assist ACS in locating and
retrieving if necessary, the recalled Products from the Customers and
responding to government inquiries in the Territory. The parties shall share
equally the cost of any Product recall provided that such recall is not due to
the fault of one party. In such event, the costs of the recall will be borne
exclusively by the party at fault. Notwithstanding any other provision
contained in this Agreement, if it is adjudicatively determined or is
determined by a governmental authority within the Territory that any Product,
or part thereof, must be recalled, or if the sale or use of the Products is, as
a result, enjoined, then ACS may discontinue Product sales under the Agreement,
remove any Products in Visionex's inventory, and refund the aggregate payments
paid therefor by Visionex, less a reasonable sum for use and damage.

          (4)  Visionex shall maintain records of sales of Products to
customers and/or Subdistributors and shall make such records available to ACS,
upon request from ACS, in the event of a Product recall or other quality
related issue, and upon request by ACS, Visionex shall be

                                      -9-
<PAGE>   10
responsible for obtaining from its customers and/or Subdistributors all records
of customers and/or Subdistributors' sales to end users in the event of a
Product recall or other quality related issue.

     (g)  Conflicts of Interest. Visionex shall not market or distribute in
the Territory, directly or indirectly through third-party distributors,
any product competitive with the Products without the prior express written
consent of ACS. Visionex acknowledges that any efforts by Visionex to sell
products in the Territory that would, in the reasonable opinion of ACS, compete
with the Products would constitute a conflict of interest and material default
with respect to Visionex's obligations to market the Products and, in such
event, ACS may terminate this Agreement for cause pursuant to Section 9(b)
herein. Visionex represents and warrants that as of the Effective Date of the
Agreement, it does not represent any such competing products.

     (h)  Indemnification of ACS. Except to the extent that ACS has
expressly assumed indemnification obligations under Sections 13(a) and 14(a)
herein, Visionex agrees to indemnify, hold harmless and defend ACS against any
cost, loss, liability or expense (including reasonable fees of attorneys and
other professionals) arising out of any third party claims against ACS
resulting from:

          i.   any breach by Visionex or its Subdistributors of this Agreement;

          ii.  any violation by Visionex or its Subdistributors of applicable
laws, rules or regulatory requirements;

          iii. any manufacture of Products by Visionex or its designee pursuant
to the license granted in Section 3(e) except to the extent that such claim
results from defective Product design or defective manufacturing instructions
provided to Visionex by ACS;

          iv.  any negligence or willful misconduct by Visionex or its
Subdistributors in the exercise of Visionex's rights or performance of
Visionex's obligations under this Agreement; or

          v.   any claim for which Visionex is obligated to provide
indemnification under Section 6(c) herein.

("Claims"), provided that ACS notifies Visionex promptly in writing of such
Claims, gives Visionex sole control over the defense or settlement of Claims
and, at Visionex's expense, gives Visionex proper and full information and
assistance to settle or defend any such Claim. Notwithstanding the foregoing,
Visionex shall not make any statement or admission during such defense or
settlement which could adversely affect ACS without obtaining the prior written
consent of ACS, which shall not be unreasonably withheld. ACS shall have the
right to participate in any such defense or settlement proceedings at its own
expense. Visionex shall not be obligated to indemnify any party for any claim
in connection with any settlement unless Visionex consents in writing to such
settlement.

                                      -10-
<PAGE>   11

8.   ADDITIONAL OBLIGATION OF ACS

     (a)  Technical Support. ACS, at ACS's expense and as deemed reasonable by
ACS, shall provide training and consultation to Visionex concerning technical,
scientific or medical aspects and use of the Products sufficient to enable
Visionex to perform its testing, marketing, product labeling and packaging, and
regulatory obligations hereunder.

     (b)  Assistance. ACS shall provide Visionex with all technical, scientific
or medical data and other information available to ACS, and shall execute such
certificates and other documents, as reasonably necessary to assist Visionex in
obtaining all necessary Product registration in the Territory for the Product
to import and market (including price reimbursement approvals) the Products in
the Territory. ACS shall provide Visionex with reasonable access to and
assistance of its technical and sales personnel in Irvine, California as ACS
deems appropriate. Such assistance under this Section 8(b) shall be without
charge to Visionex except as may be otherwise mutually agreed.

     (c)  Demonstration Products. Prior to, and during the period of one (1)
year following the date of the first commercial sale of the Products in the
Territory, ACS shall deliver to Visionex at a price to Visionex equal to ACS's
Cost of Goods such quantity of the Products, not to exceed _____ (___) units,
as Visionex requests solely for demonstration purposes in connection with the
promotion, marketing, distribution and sale of the Products. During the term of
the Agreement, Visionex may request from time to time any additional Products
at a price equal to ACS's Cost of Goods for demonstration purposes and upon
such request the parties shall negotiate in good faith terms and conditions.

     (d)  Support for Product Registration. ACS shall provide Visionex with any
necessary, sufficient and reasonable backup in support of Visionex's obtaining
necessary product registration. ACS shall deliver free of charge to Visionex
such quantity of the Products, not to exceed _____ (____) units, as Visionex
requests solely for product registration purposes, including for pre-clinical
and clinical trials.

     (e)  Conflicts of Interest. ACS shall not license, sell, promote, import,
market or distribute, directly or indirectly through third party distributors,
any product competitive with the Products in the Territory without the prior
express written consent of Visionex.

                                      -11-

<PAGE>   12

9.   TERM AND TERMINATION

     (a)  Term. The initial Term shall commence on the Effective Date and
continue in full force and effect for a period of seven (7) years from the
Effective Date (the "Initial Term"), unless earlier terminated pursuant to this
Article 9 below. Thereafter, this Agreement will be renewable for an additional
period (the "Renewal Term") to be agreed upon by ACS and Visionex in writing at
least ninety (90) days prior to the expiration of the Initial Term or any
Renewal Term. The Initial Term and any Renewal Terms are referred to
collectively herein as the "Term."

     (b)  Termination for Cause. Either ACS or Visionex may terminate this
Agreement by written notice stating each party's intent to terminate in the
event the other shall have breached or defaulted in the performance of any of
its material obligations hereunder, and such default shall have continued
uncured for sixty (60) days after written notice thereof was provided to the
breaching party by the non-breaching party. In addition, ACS may terminate this
Agreement by written notice in the event Visionex does not pay ACS in
accordance with the provisions of Article 3 and such failure shall have
continued for ten (10) days after written notice thereof was provided to
Visionex by ACS unless Visionex has notified ACS in writing of a good faith
dispute regarding such due payment, in which event, payment shall become due as
agreed by the parties, and otherwise shall be subject to the provisions of this
Section 9(b).

     (c)  Termination for Bankruptcy. Either party may terminate this Agreement
effective upon written notice to the other party in the event the other party
declares bankruptcy or becomes the subject of any voluntary or involuntary
proceeding under the U.S. Bankruptcy Code, state insolvency proceeding, or any
foreign equivalent of the foregoing and such proceeding is not terminated
within sixty (60) days of its commencement. Without limiting any of Visionex's
rights under any other provision of this Agreement, Visionex's rights under
this Agreement shall include those rights afforded by 11 U.S.C. Section 365(n)
of the United States Bankruptcy Code and any successor thereto (the "Code"). If
the bankruptcy trustee of ACS as a debtor or ACS as a debtor-in-possession
rejects this Agreement under 11 U.S.C. Section 365(n) of the Code, Visionex may
elect to retain its rights licensed from ACS hereunder for the duration of this
Agreement and avail itself of all rights and remedies to the full extent
contemplated by this Agreement, 11 U.S.C. Section 365(n) of the Code, any other
relevant sections of the Code or other relevant non-bankruptcy law.

     (d)  Termination in the Event of a Roll-Up Transaction. In the event of an
acquisition of Visionex by ACS, or other transaction effecting a merger or
consolidation of Visionex and ACS, this Agreement shall terminate as of the
effective date of such transaction unless the parties otherwise agree in
writing in advance of such transaction.

     (e)  Effect of Termination.

          (1)  Expiration or termination of this Agreement pursuant to the
terms and conditions set forth in this Agreement shall not relieve the parties
of any rights or obligation accruing prior to or upon such expiration or
termination.

                                      -12-

<PAGE>   13
          (2) Upon expiration or any termination of this Agreement, Visionex
shall transfer to ACS ownership of any and all data made, developed or acquired
by or for Visionex relating to Products and of all Product authorizations,
registrations, permits, and approvals of any kind with respect to Products and
applications therefor, including, without limitation, copyrights, marketing
approval applications, reimbursement price approvals, and any other
governmental approvals, registrations and the like. Visionex shall execute such
documents and perform such acts as ACS may request to perfect such transfer. It
is understood that ACS may use the foregoing for any purpose it deems
appropriate.

     (f)  No Renewal, Extension or Waiver. Acceptance of any order form, or sale
of, any Product to Visionex after the effective date of termination of this
Agreement shall not be construed as a renewal or extension hereof, or as a
waiver of termination of this Agreement.

     (g)  Limitation of Liability upon Termination. In the event of termination
by either party in accordance with any of the provisions of this Agreement,
neither party shall be liable to the other, because of such termination, for
compensation, reimbursement or damages on account of the loss of prospective
profits or anticipated sales or on account of expenditures, inventory,
investments, leases or commitments in connection with the business or goodwill
of ACS or Visionex.

     (h)  Survival of Certain Terms. The provisions of Articles 4, 6, 10, 11, 13
and 14 and Sections 2(d), 2(e), 7(b), 7(c), 7(f), 7(h), 9(e), 9(g), 9(h), 16(a),
16(b), 16(c), 16(d), 16(h), 16(i), 16(j), and 16(l) shall survive the expiration
or termination of this Agreement for any reason. All other rights and
obligations of the parties shall cease upon expiration or termination of this
Agreement.

10.  LIMITED LIABILITY

     EXCEPT FOR THE INDEMNIFICATION OBLIGATIONS REGARDING THIRD PARTY CLAIMS
EXPRESSLY ASSUMED BY ACS UNDER SECTIONS 13(a) and 14(a) HEREIN, ACS' LIABILITY
ARISING OUT OF THIS AGREEMENT, THE TERMINATION THEREOF, AND/OR SALE OF THE
PRODUCTS SHALL BE LIMITED TO THE AMOUNT PAID BY VISIONEX FOR THE PRODUCT,
NOTWITHSTANDING THE INDEMNIFICATION OBLIGATIONS ASSUMED BY ACS UNDER SECTIONS
13(a) and 14(a) HEREIN, IN NO EVENT SHALL ACS BE LIABLE TO VISIONEX OR ANY OTHER
ENTITY FOR COSTS OF PROCUREMENT OF SUBSTITUTE GOODS, LOST PROFITS, OR ANY OTHER
SPECIAL, CONSEQUENTIAL, OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND ON ANY THEORY
OF LIABILITY ARISING OUT OF THIS AGREEMENT WHETHER BASED IN CONTRACT, TORT
(INCLUDING NEGLIGENCE), OR OTHERWISE. THESE LIMITATIONS SHALL APPLY WHETHER OR
NOT ACS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING
ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED HEREIN OR IN THE
WARRANTY FOUND IN THE PRODUCTS.

                                      -13-
<PAGE>   14
11.  PROPERTY RIGHTS AND CONFIDENTIALITY

     (a)  Property Rights. ACS owns and retains all of its right, title, and
interest in the (i) Products, (ii) any and all modifications, improvements, and
enhancements thereto, and (iii) all of ACS' patents, copyrights, trade secrets,
inventions, know-how, trademarks, and trade names relating to (i) and (ii) above
whether currently held of hereafter obtained, and all data and results generated
during any clinical or pre-clinical trials performed by Visionex. The use by
Visionex of any of the Products is authorized only for the purposes herein set
forth and upon expiration or termination of this Agreement for any reason such
authorization shall cease. Visionex hereby assigns to ACS all right, title, and
interest in and to any and all improvements, modifications, and enhancements to
the Products which may be developed, made, conceived or otherwise generated by
Visionex during the Term and all patents, copyrights, trade secrets and other
intellectual property rights therein. Visionex agrees to perform, at ACS'
expense, all acts that may be necessary or useful, and to sign and execute, and
cause to be signed and executed, any and all documents in order to perfect the
foregoing assignment. Visionex further agrees not to modify, delete or obscure
any and all proprietary notices affixed to the Products. ACS agrees to grant to
Visionex a non-exclusive, royalty-free license in the Territory, during the
term, to use, market, import, register and sell any improvements or enhancements
to the Products developed, made, conceived or otherwise generated by Visionex
during the Term.

     (b)  Confidential Information. Except as expressly provided herein, the
parties agree that, for the Term and for five (5) years after the termination of
the Agreement, Visionex shall not publish or otherwise disclose and shall not
use for any purpose, except as expressly permitted herein any information
furnished to it by ACS pursuant to this Agreement which if disclosed in tangible
form is marked "Confidential" or with other similar designation to indicate its
confidential or proprietary nature, or if disclosed orally is confirmed as
confidential or proprietary by the party disclosing such information at the time
of such disclosure or within thirty (30) days thereafter ("Confidential
Information"). Notwithstanding the foregoing, it is understood and agreed that
Confidential Information shall not include information that, in each case as
demonstrated by written documentation:

          i.  was already known to the receiving party, other than under an
     obligation of confidentiality, at the time of disclosure;

          ii.  was generally available to the public or otherwise part of the
     public domain at the time of its disclosure to the receiving party;

          iii. became generally available to the public or otherwise part of the
     public domain after its disclosure and other than through any act or
     omission of the receiving party in breach of this Agreement; or

                                      -14-

<PAGE>   15
            iv.   was subsequently lawfully disclosed to the receiving party by
      a person other than a party hereto or developed by the receiving party
      without reference to any information or materials disclosed by the
      disclosing party.

      (c)   Permitted Disclosures. Notwithstanding the provisions of Section
11(b) above, each party hereto may disclose the other's Confidential
Information to the extent such disclosures is reasonably necessary in
prosecuting or defending litigation, complying with applicable governmental
regulations, or submitting information to tax or other governmental authorities
provided that if a party is required to make any such disclosure of
Confidential Information of a party hereto, to the extent it may legally do so,
it will give reasonable advance written notice to the latter party of such
disclosure and will use its reasonable efforts to secure confidential treatment
of such Confidential Information prior to its disclosure (whether through
protective orders or otherwise). If the party whose Confidential Information is
to be disclosed has not filed a patent application with respect to such
Confidential Information, it may require the other party to delay the proposed
disclosure (to the extent the disclosing party may legally do so), for up to
ninety (90) days after receipt of written notice from the disclosing party of
its intent to disclose, to allow for the filing of such an application. In
addition, ACS may disclose the existence of this Agreement and the terms and
conditions hereof to its legal representatives and advisors and prospective
investors under the circumstances that reasonably ensure the confidentiality
thereof.

      (d)   Review of Publication. As soon as is practicable prior to the oral
public disclosure, and prior to the submission to any third party for public
dissemination of information describing the scientific data with respect to
Products generated in any stage of the pre-clinical or clinical trials in each
case to the extent the contents of the oral disclosure or manuscript have not
been previously disclosed pursuant to this Section 11(d) before such proposed
disclosure, Visionex shall disclose to ACS the information to be disclosed, and
shall allow ACS at least thirty (30) days to determine whether such disclosure
contains subject matter for which patent protection should be sought prior to
publication or which ACS reasonably believes should be modified to avoid (i)
disclosure of information of a confidential or proprietary nature, or (ii)
regulatory or other similar problems.

      (e)   Delay of Publication. Prior to the expiration of the thirty (30) day
period specified in Section 11(d) above, ACS may notify Visionex in writing of
its determination that the proposed disclosure contains confidential or
objectionable material or material that consists of patentable subject matter
for which patent protection should be sought. If so notified, Visionex shall
withhold its proposed public disclosure and the parties shall mutually consult
in good faith to determine the best course of action to take in order to modify
the disclosure or to obtain patent protection.

12.   TRADEMARKS

      (a)   License. ACS hereby grants Visionex the right and license to use
ACS' trademarks and trade names as well as those trademarks and trade names
that ACS may adopt from time to time and that ACS notifies Visionex of in
writing ("Marks") in distributing, marketing, and selling the Products in the
Territory and Visionex hereby agrees to use the Marks together with Visionex's

                                      -15-
<PAGE>   16

trademarks in distributing, marketing, and selling the Products in the
Territory. ACS reserves the right to modify Marks or terminate the foregoing
trademark license at any time upon thirty (30) days' prior written notice to
Visionex. This license shall automatically terminate on termination or
expiration of this Agreement.

      (b)   Use. Visionex shall not remove, modify, or observe Marks affixed to
Products without the prior written consent of ACS. Except as set forth in this
Article 12, nothing contained in this Agreement shall grant to Visionex any
right, title or interest in or to Marks whether or not specifically recognized
or perfected under applicable laws of the Territory, and Visionex irrevocably
assigns to ACS all such right, title and interest, if any, in any Marks. Nothing
in this Agreement shall grant to ACS any right, title or interest in or to
Visionex's trademarks. At no time during or after the Term shall ACS challenge
or assist others to challenge Marks or the registration thereof or attempt to
register any trademarks, marks or trade names confusingly similar to Marks in
the Territory. If at any time during the Term, Visionex becomes aware of any
infringement by a third party of ACS' Marks, Visionex shall promptly notify ACS
thereof. In the event that ACS decides not to defend such infringement of ACS'
Marks, Visionex may, at its expense, undertake such defense, provided however,
that Visionex obtains ACS' prior written consent to such defense of ACS' Marks
by Visionex.

13.   INTELLECTUAL PROPERTY INDEMNIFICATION

      (a)   ACS Defense. Visionex agrees that ACS has the right to defend, or
at its option to settle, and ACS agrees, at its own expense, to defend or at
its option to settle, any claim, suit or proceeding brought against Visionex by
any third party for infringement of any patent, trademark or other intellectual
property rights by the Products. ACS shall have sole control of any such action
or settlement negotiations, and ACS agrees to pay, subject to the limitations
hereinafter set forth and those contained in the last two (2) sentences of
Article 10 herein, to indemnify and hold harmless Visionex, and to pay
reasonable fees of attorneys and other professionals incurred in defending, and
any final judgment entered against Visionex on such issue in any such claim,
suit or proceeding defended by ACS. Visionex agrees that ACS, at its sole
option, shall be relieved of the foregoing obligations unless Visionex (i)
notifies ACS promptly in writing of such claim, suit or proceeding; (ii) gives
ACS authority to proceed as contemplated herein; and (iii) at ACS' expense,
gives ACS proper and full information and assistance to settle or defend any
such claim, suit or proceeding for infringement of any patent. Notwithstanding
the foregoing, ACS shall not be liable for any costs or expenses incurred
without its prior written authorization. Notwithstanding the provisions of this
Article 13, ACS assumes no infringement liability for (x) combination of
Products with other products not provided by ACS, which infringement would not
arise from such Products standing alone, or (y) the modification of the
Products, where such infringement would not have occurred but for such
modifications.

                                      -16-
<PAGE>   17
     (b)  ACS Remedy. Notwithstanding the foregoing, if it is adjudicatively
determined that any Product infringes, or in ACS' sole opinion, may be found to
infringe a third party's patent, or if the sale or use of the Products is, as a
result, enjoined, then ACS may, at its option and expense, either: (i) procure
for Visionex the right under such patent to sell or use, as appropriate, the
Products; or (ii) replace the Products with other non-infringing functionally
equivalent products; or (iii) modify the Products to make the Products
functionally equivalent and non-infringing; or (iv) if the use of the Products
is prevented by injunction, discontinue Product sales under the Agreement and
remove any Products in Visionex's inventory and refund the aggregate payments
paid therefor by Visionex.

     (c)  DISCLAIMER. THE FOREGOING PROVISIONS OF THIS ARTICLE 13 STATE THE
ENTIRE LIABILITY OF ACS AND THE EXCLUSIVE REMEDY OF VISIONEX AND ITS CUSTOMERS,
WITH RESPECT TO ANY ALLEGED INFRINGEMENT OF PATENTS, COPYRIGHTS, TRADEMARKS OR
OTHER INTELLECTUAL PROPERTY RIGHTS BY THE PRODUCTS OR ANY PART THEREOF.

14.  PRODUCT LIABILITY INDEMNITY AND INSURANCE

     (a)  Subject to the limitations contained in Section 6(b) and the last two
(2) sentences of Article 10 herein, and except to the extent that Visionex has
assumed indemnification obligations under Sections 6(c) or 7(h) herein; ACS
shall, to the extent of ACS's insurance coverage, indemnify, hold harmless and
defend Visionex against any cost, loss, liability or expense (including
reasonable fees of attorneys and other professionals) arising out of third
party claims against Visionex resulting from:

          i.   breach by ACS of this Agreement (including breach of warranty
under Article 6 if such breach results in a claim for personal injury or death);

          ii.  any violation by ACS of applicable laws provided that Visionex is
not responsible for compliance with such laws, rules or regulatory requirements
under this Agreement;

          iii. manufacturing or design defects (including without limitation
latent or inherent defects), or defective testing or labeling of Products if
such defects result in a claim for personal injury or death and except to the
extent that such defects are caused by Visionex or Visionex's failure to adhere
to specifications, training, protocols, instructions, data or other information
provided by ACS; or

          iv.  negligence or willful misconduct by ACS in the performance of
ACS' obligations under this Agreement.

("Claims"), provided that such Claims do not result from the gross negligence
or willful misconduct of Visionex, and further provided that Visionex notifies
ACS promptly in writing of such Claims,

                                      -17-

<PAGE>   18
gives ACS sole control over the defense or settlement of Claims and, at ACS'
expense, gives ACS proper and full information and assistance to settle or
defend any such Claim. ACS shall not be obligated to indemnify any party for
any Claim in connection with any settlement unless ACS consents in writing to
such settlement. Notwithstanding the foregoing, ACS shall not make any
statement or admission during such defense or settlement which would adversely
affect Visionex without obtaining the prior written consent of Visionex, which
shall not be unreasonably withheld.

     (b)  Notwithstanding the provisions of Section 14(a) above, ACS assumes no
liability or obligation (i) for use of the Product in an application other than
applications indicated on Exhibit A hereto or in the Product label claims for
the authorized indications under this Agreement, (ii) for the modification of
such Products unless such modification was made by ACS, where such liability
would not have occurred but for such modifications, (iii) to the extent any
Claim arises out of or relates to any misstatement, omission, statement or
representation made by Visionex, its affiliates or Subdistributors regarding
the Products which is inconsistent with ACS' warranties expressly granted under
this Agreement or the label claims on the Products for the authorized
indications under this Agreement, or (iv) any Claim arising out of any
manufacture of Product by Visionex pursuant to the license granted in Section
3(e) hereof except to the extent that such claim results from defective Product
design or defective manufacturing instructions provided to Visionex by ACS.

     (c)  During the term of this Agreement, ACS and Visionex shall maintain
liability insurance policies, including, without limitation, product liability
insurance coverage, in the minimum amount of $1,000,000 per occurrence, and
each party shall furnish to the other party, upon request, certificates of
insurance evidencing the foregoing coverage. The liability insurance maintained
by each party shall name the other party an additional insured and contain an
endorsement to provide the other party with at least thirty (30) days' prior
written notice of any cancellation or non-renewal.

15.  COMPLIANCE WITH LAWS AND FOREIGN LAW WARRANTIES AND OBLIGATIONS

     (a)  Governmental Consent.  Except for registrations, licenses and permits
required to comply with the laws and regulation of the Territory for sale and
distribution of the Products, which Visionex is responsible for obtaining,
Visionex represents and warrants that on the Effective Date of this Agreement,
no consent, approval or authorization of, or designation, declaration or filing
with, any governmental authority in the Territory, which has not been obtained
by Visionex prior to the Effective Date, is required in connection with the
valid execution, performance and delivery of this Agreement by Visionex.

     (b)  Compliance with Laws.  Each party shall at all times conduct its
efforts hereunder with the highest commercial standards and in strict
accordance with all applicable laws, rules, directives and regulations ("Laws").

                                      -18-
<PAGE>   19

     (c)  Currency Control. Visionex represents and warrants that, on the
Effective Date of this Agreement, no currency control laws applicable in the
Territory prevent the payment to ACS of any sums due under this Agreement.

     (d)  Foreign Corrupt Practices Act. In conformity with the United States
Foreign Corrupt Practices Act and with ACS' established corporate policies
regarding foreign business practices, Visionex and its employees and agents
shall not directly or indirectly make any offer, payment, promise to pay, or
authorize payment, or offer a gift, promise to give, or authorize the giving of
anything of value for the purpose of influencing an act or decision of an
official of any government within the Territory or the United States Government
(including a decision not to act) or inducing such a person to use his
influence to affect any such governmental act or decision in order to assist
ACS in obtaining, retaining or directing any such business.

     (e)  Copyright and Trademark Protection. Visionex shall promptly notify
ACS of the requirements for copyright and trademark protection and registration
for the Products in the Territory and at ACS's request shall assist ACS in
fulfilling such requirements at ACS' expense.

16.  MISCELLANEOUS PROVISIONS

     (a)  Independent Contractors. The relationship of ACS and Visionex
established by this Agreement is that of independent contractors, and nothing
contained in this Agreement shall be construed to (i) give either party the
power to direct or control the day-to-day activities of the other, (ii)
constitute the parties as partners, joint venturers, co-owners or otherwise as
participates in a joint or common undertaking or (iii) allow a party to create
or assume any obligation on behalf of the other party for any purpose
whatsoever.

     (b)  Governing Law. Except as otherwise agreed, the rights and obligations
of the parties under this Agreement shall not be governed by the 1980 U.N.
Convention on contracts for the International Sale of Goods; rather such rights
and obligations shall be governed by and construed under the laws of the State
of California, including its Uniform Commercial Code, without reference to
conflict of laws principles.

     (c)  Dispute Resolution. Any dispute or claim arising out of, or in
connection with, this Agreement shall be finally settled by binding arbitration
in Orange County, California, United States of America, in accordance with the
then current rules and procedures of the International Chamber of Commerce by a
panel of three (3) arbitrators appointed in accordance with such rules. The
arbitration panel shall apply the substantive law of California in interpreting
this Agreement and resolving such dispute or claims. The arbitration including
any discovery proceeding and any award shall be in the English language.
Judgment on the award rendered by the arbitrator may be entered in any court of
competent jurisdiction. The parties agree that, any provision of applicable law
notwithstanding, they will not request, and the arbitrator shall have no
authority to award, punitive or exemplary damages against any party due to a
breach of any obligation under this Agreement. The

                                      -19-
<PAGE>   20

parties may apply to any court of competent jurisdiction for temporary or
permanent injunctive relief, without breach of this Article 16 and without any
abridgement of the powers of the arbitrator.

     (d)  Notices. Any notice required or permitted by this Agreement shall be
in writing and shall be sent by prepaid registered or certified mail, return
receipt requested, internationally recognized courier or personal delivery,
addressed to the other party at the address shown at the beginning of this
Agreement or at such other address for which such party gives notice hereunder.
Such notice shall be deemed to have been given when delivered or, if delivery
is not accomplished by some fault of the addressee, when tendered.

     (e)  Force Majeure. Nonperformance by either party hereto shall be excused
to the extent that performance is rendered impossible by strike, fire, flood,
earthquake, windstorm or other natural disaster, governmental acts or orders or
restrictions, not due to the fault of the non-performing party, failure of
suppliers, or any other reason to the extent that the failure to perform is
beyond the reasonable control and not caused by the gross negligence or willful
misconduct of the non-performing party.

     (f)  Nonassignability and Binding Effect. Visionex agrees that its rights
and obligations under this Agreement may not be transferred or assigned
directly or indirectly without the prior written consent of ACS. Subject to the
foregoing sentence, this Agreement shall be binding upon and inure to the
benefit of the parties hereto, their successors and assigns. In the event ACS
is acquired by a third party during the Term, this Agreement shall survive such
acquisition and ACS shall assign its rights and delegate its duties under this
Agreement to such third party acquiror.

     (g)  Partial Invalidity. If any provision of this Agreement is held to be
invalid by a court of competent jurisdiction, then the remaining provisions
shall remain, nevertheless, in full force and effect. The parties agree to
renegotiate in good faith any term held invalid and to be bound by the mutually
agreed substitute provision in order to give the most approximate effect
intended by the parties.

     (h)  U.S. Export Control. Visionex understands and acknowledges that ACS
is subject to regulation by agencies of the U.S. Government, including, but not
limited to, the U.S. Department of Commerce, which prohibit export or diversion
of certain products and technology to certain countries. Any and all
obligations of ACS to provide the Products, Documentation, or any media in
which any of the following is contained, as well as any other technical
assistance shall be subject in all respects to such United States laws and
regulations as shall from time to time govern the license and delivery of
technology and products abroad by persons subject to the jurisdiction of the
United States, including the Administration Act of 1979, as amended, any
successor legislation, and the Export Administration Regulations issued by the
Department of Commerce, Bureau of Import Administration. Visionex agrees to
cooperate with ACS, including, without limitation, providing required
documentation, in order to obtain export licenses or exemptions therefrom.
Visionex and ACS warrant that they will at all times comply with the Export
Administration Regulations and other United States laws and regulations
governing exports in effect during the Term.

                                      -20-
<PAGE>   21
     (i)  No Waiver. No waiver of any term or condition of this Agreement shall
be valid or binding on either party unless agreed in writing by the party to be
charged. The failure of either party to enforce at any time any of the
provisions of the Agreement, or the failure to require at any time performance
by the other party of any of the provisions of this Agreement, shall in no way
be construed to be a present or future waiver of such provisions, nor in any
way affect the validity of either party to enforce each and every such
provision thereafter.

     (j)  Language. This Agreement is in the English language, which language
shall be controlling in all respects, and all versions hereof in any other
language shall be for accommodation only and shall not be binding upon the
parties hereto. All communications and notices to be made or given pursuant to
this Agreement shall be in the English language.

     (k)  Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

     (l)  Entire Agreement. This Agreement, including the Exhibits attached
hereto, constitutes the entire agreement of the parties with respect to the
subject matter hereof, and supersedes all prior or contemporaneous
understandings or agreements, whether written or oral, between ACS and Visionex
with respect to such subject matter. No amendment or modification hereof shall
be valid or binding upon the parties unless made in writing and signed by the
duly authorized representatives of both parties.

                                      -21-
<PAGE>   22
     IN WITNESS WHEREOF, the undersigned are duly authorized to execute this
Agreement on behalf of ACS and Visionex respectively, effective as of the
Effective Date.

ADVANCED CORNEAL SYSTEMS, INC.          VISIONEX PTE LTD.
("ACS")                                 ("Visionex")

By: /s/ [Signature Illegible]           By:
   -------------------------------         ------------------------------
Name:                                   Name:
     -----------------------------           ----------------------------
Title:                                  Title:
      ----------------------------            ---------------------------
Date:                                   Date:
     -----------------------------           ----------------------------

                                      -22-

<PAGE>   23
     IN WITNESS WHEREOF, the undersigned are duly authorized to execute this
Agreement on behalf of ACS and Visionex respectively, effective as of the
Effective Date.

ADVANCED CORNEAL SYSTEMS, INC.          VISIONEX PTE LTD.
("ACS")                                 ("Visionex")

By:                                     By: /s/ PATRICK YANG
   -------------------------------         ------------------------------
Name:                                   Name: Patrick Yang
     -----------------------------           ----------------------------
Title:                                  Title: Executive Director
      ----------------------------            ---------------------------
Date:                                   Date: 13/6/97
     -----------------------------           ----------------------------
                                            [ILLEGIBLE]

                                      -22-
<PAGE>   24
                                   EXHIBIT A

                                    PRODUCTS

1)   Vitrase(TM):

     1) Vial containing lyophilized hyaluronidase
     2) Diluent
     3) 5 cc syringe with affixed needle (for dilution)
     4) 1/3 or 1/4 cc syringe with affixed needle (for injection)

2)   Corneaplasty(TM):

     1) Vila containing lyophilized hyaluronidase
     2) Diluent
     3) 5 cc syringe with affixed needle (for dilution)
     4) 1/4 or 1/3 cc syringe with affixed needle (for injection)
     5) Reshaping lenses

<PAGE>   25
                                   EXHIBIT B

                          QUALITY INSPECTION CRITERIA

                        (To be attached when prepared.)

<PAGE>   26
                                   EXHIBIT C

                             PRODUCT SPECIFICATIONS

                        (To be attached when prepared.)
<PAGE>   27
                                   EXHIBIT D

                                   TERRITORY

Burma
Cambodia
China
Hongkong
Indonesia
Laos
Malaysia
Micronesia
Philippines
Singapore
Taiwan
Thailand
Vietnam
<PAGE>   28
                                   EXHIBIT E

                             PRODUCT PRICE SCHEDULE

     Until the third anniversary of the Effective Date hereof, ACS shall sell
Products to Visionex at a price equal to one-half of ACS' then-current U.S.
list price for the applicable Product; thereafter, ACS shall sell Products to
Visionex at a price equal to one-third of ACS' then-current U.S. list price for
the applicable Product.

     If at any time during the Term, Visionex reasonably believes that market
conditions and/or competition require a change in Product sale prices in the
Territory such that Visionex's performance of this Agreement is impracticable,
Visionex may make a written request to ACS for renegotiation of the Product
prices to Visionex hereunder. Such request shall describe the facts and
circumstances supporting Visionex's belief that Product prices hereunder must be
altered. If any such request is made by Visionex, ACS shall have the right to
request further information as it deems necessary to evaluate Visionex's
request, and agrees to negotiate with Visionex in good faith, provided however,
that in no event shall such negotiations obligate ACS to agree to change its
Product prices to Visionex hereunder. No change in Product prices hereunder
shall apply to purchase orders made and accepted in accordance with Section 3(e)
hereof prior to the date such price change is agreed upon in writing by the
parties.

     ACS may change its U.S. list price for any or all Products with sixty (60)
days prior notice to Visionex.

     On the Effective Date, ACS' U.S. list prices for Products are as follows:

     Vitrase(TM):        $500 per kit

     Corneaplasty(TM):   $400 per kit (kit contains drug and lenses for one eye)

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