Document:

Form of Promissory Notes

 EXHIBIT 10.40 
  
 INSITE VISION INCORPORATED 
  
 PROMISSORY NOTE 
  

	 $             
	 _________________ 

 Alameda, California 
  
 FOR VALUE RECEIVED, InSite
Vision Incorporated, a Delaware corporation (the “Maker”), promises to pay to the order of             , (“Holder”), at
            , the principal sum of             
($            ), together with all accrued interest thereon, upon the terms and conditions specified below. 
  
 1. Loan Proceeds. The proceeds of this Note shall be used for general corporate purposes of the Maker.

  
 2. Interest. Interest shall accrue on the
unpaid balance outstanding from time to time under this Note at the rate of two percent (2%) per annum.. All computations of interest shall be made on the basis of a year of 365 days for the actual number of days (including the first day but
excluding the last day) occurring in the period for which such interest is payable. Accrued and unpaid interest shall become due and payable at the maturity of the Note. 
  
 3. Due Date. Unless earlier accelerated pursuant to the terms hereof, this Note shall mature and the
outstanding principal balance of this Note together with all accrued interest hereunder shall become due and payable in a lump sum on             . 
  
 4. Payment. Payment shall be made in lawful tender of
the United States and shall be applied first to the payment of all accrued and unpaid interest and then to the payment of principal. Prepayment of the principal balance of this Note, together with all accrued and unpaid interest on the portion of
principal so prepaid, may be made in whole or in part at any time without penalty. 
  
 5. Events of Acceleration. The entire unpaid principal balance of this Note, together with all accrued and unpaid interest, shall become immediately due and payable prior to the specified due date
of this Note upon the occurrence of one or more of the following events (each an “Event of Acceleration”): 
  
 A. the closing by the Maker of a debt or equity financing equal to Two Hundred Thousand Dollars ($200,000.00) or greater; or 

 
 B. the insolvency of the Maker, the commission of any act
of bankruptcy by the Maker, the execution by the Maker of a general assignment for the benefit of creditors, the filing by or against the Maker of any petition in bankruptcy or any petition for relief under the provisions of the Federal bankruptcy
act or any other state or Federal law for the relief of debtors and the continuation of such petition without dismissal for a period of thirty (30) days or 

 
more, the appointment of a receiver or trustee to take possession of any property or assets of the Maker or the attachment of or execution against any
property or assets of the Maker. 
  
 6.
Collection. If action is instituted to collect this Note, the Maker promises to pay all costs and expenses (including reasonable attorney fees) incurred in connection with such action. 
  
 7. Waiver. A waiver of any term of this Note or of any
of the obligations secured thereby must be made in writing and signed by Holder and any such waiver shall be limited to its express terms. 
  
 No delay by Holder in acting with respect to the terms of this Note shall constitute a waiver of any breach, default, or failure of a condition under this
Note or the obligations secured thereby. 
  
 The Maker waives
presentment, demand, notice of dishonor, notice of default or delinquency, notice of acceleration, notice of protest and nonpayment, notice of costs, expenses or losses and interest thereon, notice of interest on interest and diligence in taking any
action to collect any sums owing under this Note. 
  
 8.
Entire Agreement. This Note constitutes the complete and final expression of the entire and only understanding between the Holder and the Maker relating to the subject matter of this Note, and supersedes any prior written and oral
representations between the Holder and the Maker. In making the loan evidenced by this Note and by Holder’s acceptance of this Note, Holder hereby acknowledges and agrees to this Section 8. 
  
 9. Separate Counsel. In making the loan evidenced by
this Note and by Holder’s acceptance of this Note, Holder hereby acknowledges that the law firm of O’Melveny & Myers LLP (“OMM”) has represented the Maker in the transaction contemplated by this Note and has not represented
Holder or any of the other Holders in such transaction. Holder further acknowledges that Holder has had an adequate and meaningful opportunity to review and interpret this Note with separate legal counsel of Holder’s own choosing, other than
lawyers at OMM, and to obtain appropriate tax and legal advice with respect of the implications and consequences of entering into such transactions. 
  
 10. Additional Acknowledgment of Holder. In making the loan evidenced by this Note and by Holder’s acceptance of this Note,
Holder hereby represents and aknowledges that Holder is aware of the Maker’s current financial situation, has had an adequate opportunity to ask questions and receive answers from Maker regarding Maker’s current business and financial
situation, can bear the risk of loss of Holder’s entire loan under this Note, and is sophisticated in undertaking transactions such as those contemplated by this Note. 
  

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 11. Governing Law. This Note shall be construed in accordance with the laws of the
State of California without resort to that State’s conflict-of-laws rules. 
  

	 INSITE VISION INCORPORATED

	
	                                       
                                        
                         

	 By:
	 	                                       
                                        
                 

	 Its:
	 	                                       
                                        
                 

  

 3Form of Waiver and Amendment to Promissory Notes

 EXHIBIT 10.41 
  
 WAIVER AND AMENDMENT 
 TO PROMISSORY NOTE 
  
 THIS WAIVER AND AMENDMENT to the Insite Vision Incorporated (the “Maker”) Note to the order of
                     (“Holder”) dated
                         for an aggregate principal amount of
                        , attached hereto as Exhibit A, (the “Note”), is made by and among
the Maker and Holder, effective as of                         . 
  
 RECITALS. 
  
 WHEREAS, Section 7 of the Note provides that the Holder may waive any term of the Note and such waiver must be made
in writing. 
  
 WHEREAS, the Holder wishes to waive certain
terms of Section 5 of the Note. 
  
 WHEREAS, the Holder
wishes to amend Section 3 of the Note. 
  
 NOW, THEREFORE,
the Holder waives certain terms of Section 5 and amends Section 3 of the Note as follows: 
  
 1. Waiver. 
  
 The Holder waives its right, pursuant to Section 5 of the Note, to receive the payment that was due and payable by the Maker upon the
closing by the Maker of a debt or equity financing equal to $200,000.00 or greater. 
  
 2. Modification of Section 3. Section 3 of the Note is hereby amended in its entirety as follows: 
  
 “Due Date. Unless earlier accelerated pursuant to the terms hereof, this Note shall mature and the outstanding principal
balance of this Note together with all accrued interest hereunder shall become due and payable in a lump sum on
                                .” 
  
 3. Effect of Amendment. Except as expressly modified by this
Waiver and Amendment, the Note shall remain unmodified and in full force and effect. 
  
 4. Further Assurances. The parties agree to execute such further instruments, agreements and documents and to take such further action as may reasonably be necessary to carry out the intent of this
Waiver and Amendment. 
  
 5. Governing Law. This
Waiver and Amendment shall be construed in accordance with the laws of the State of California without resort to that State’s conflict-of-laws rules. 

 6. Counterparts. This Waiver and Amendment may be executed in any number of counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument. 
  
 7. Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meaning given to them in
the Note. 
  
 [Remainder of this page intentionally left
blank] 
  

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 IN WITNESS WHEREOF, the parties have executed this Waiver and Amendment as of the date first above
written. 
  

	 HOLDER
  
  
 By:                                      
                                        
                  
  
 Name
(print):                                      
                                      
 

  

	
	 INSITE VISION INCORPORATED
  
  
 By:                                      
                                        
                  
 Name
(print):                                      
                                       

Title:Form of Senior Secured Note dated July 15, 2003

 EXHIBIT 10.42 
  
 INSITE VISION INCORPORATED 
  
 SENIOR SECURED NOTE 
  

	 $400,000 
	 July 15, 2003 

 Alameda, California 
  
 FOR VALUE RECEIVED, InSite
Vision Incorporated, a Delaware corporation (the “Maker”), promises to pay to the order of S. Kumar Chandrasekaran, Ph.D. (“Holder”), at             , the
principal sum of Four Hundred Thousand Dollars ($400,000.00), together with all accrued interest thereon, upon the terms and conditions specified below. This Note is secured by that certain Security Agreement dated as of July 15, 2003, as the same
may be amended from time to time. 
  
 1. Loan
Proceeds. The proceeds of this Note shall be used for general corporate purposes of the Maker. 
  
 2. Interest. Interest shall accrue on the unpaid balance outstanding from time to time under this Note at the rate of five and
one-half percent (5 1/2%) per annum. All computations of interest shall be made on the basis of a year of 365 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is
payable. Accrued and unpaid interest shall become due and payable at the maturity of the Note. 
  
 3. Due Date. Unless earlier accelerated pursuant to the terms hereof, this Note shall mature and the outstanding principal balance of this Note together with all accrued interest hereunder shall
become due and payable in a lump sum on September 30, 2003. 
  
 4. Payment. Payment shall be made in lawful tender of the United States and shall be applied first to the payment of all accrued and unpaid interest and then to the payment of principal. Prepayment of the principal
balance of this Note, together with all accrued and unpaid interest on the portion of principal so prepaid, may be made in whole or in part at any time without penalty. 
  
 5. Events of Acceleration. The entire unpaid principal balance of this Note, together with all accrued
and unpaid interest, shall become immediately due and payable prior to the specified due date of this Note upon the occurrence of one or more of the following events (each an “Event of Acceleration”): 
  
 A. the insolvency of the Maker, the commission of any act of
bankruptcy by the Maker, the execution by the Maker of a general assignment for the benefit of creditors, the filing by or against the Maker of any petition in bankruptcy or any petition for relief under the provisions of the Federal bankruptcy act
or any other state or Federal law for the relief of debtors and the continuation of such petition without dismissal for a period of thirty (30) days or 

 
more, the appointment of a receiver or trustee to take possession of any property or assets of the Maker or the attachment of or execution against any
property or assets of the Maker; or 
  
 B. the
occurrence of any event of default under the Security Agreement securing this Note or any obligation secured thereby. 
  
 6. Security. Payment of this Note shall be secured by a lien on substantially all of the Maker’s assets in accordance with the
Security Agreement executed as of this date by the Maker in favor of the Holder. The Maker, however, shall remain liable for payment of this Note, and assets of the Maker, in addition to the collateral under the Security Agreement, may be applied to
the satisfaction of the Maker’s obligations hereunder. In the case of any Event of Acceleration, Holder shall have the rights set forth herein and as set forth in the Security Agreement. 
  
 7. Collection. If action is instituted to collect this
Note, the Maker promises to pay all costs and expenses (including reasonable attorney fees) incurred in connection with such action. 
  
 8. Waiver. A waiver of any term of this Note, the Security Agreement or of any of the obligations secured thereby must be made in
writing and signed by Holder and any such waiver shall be limited to its express terms. 
  
 No delay by Holder in acting with respect to the terms of this Note or the Security Agreement shall constitute a waiver of any breach, default, or failure of a condition under this Note, the Security Agreement or the
obligations secured thereby. 
  
 The Maker waives presentment,
demand, notice of dishonor, notice of default or delinquency, notice of acceleration, notice of protest and nonpayment, notice of costs, expenses or losses and interest thereon, notice of interest on interest and diligence in taking any action to
collect any sums owing under this Note or in proceeding against any of the rights or interests in or to properties securing payment of this Note. 
  
 9. Conflicting Agreements. In the event of any inconsistencies between the terms of this Note and the terms of any other document
related to the loan evidenced by the Note, the terms of this Note shall prevail. 
  
 10. Separate Counsel. In making the loan evidenced by this Note and by Holder’s acceptance of this Note, Holder hereby acknowledges that the law firm of O’Melveny & Myers LLP
(“OMM”) has represented the Maker in the transaction contemplated by this Note and the Security Agreement and has not represented Holder in such transaction. Holder further acknowledges that Holder has had an adequate and meaningful
opportunity to review and interpret this Note and the Security Agreement with separate legal counsel of Holder’s own choosing, other than lawyers at OMM, and to obtain appropriate tax and legal advice with respect of the implications and
consequences of entering into such transactions. 
  

 2 

 11. Governing Law. This Note shall be construed in accordance with the laws of the
State of California without resort to that State’s conflict-of-laws rules. 
  

	 INSITE VISION INCORPORATED

	
	

	 By:
	 	 Lyle M. Bowman, Ph.D.

	 Its:
	 	 VP, Development and Operations

  

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