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Exhibit 10.33    
  

 
 

MODIFICATION TO EMPLOYMENT AGREEMENT    
  

    This Modification to Employment Agreement ("Modification") is dated as of the 31st day of May 2000 and is made by and between STAAR Surgical Company, a
Delaware corporation, (the "Company") and John Santos (the "Employee") based on the following: 

 
 

RECITALS    
  

    A. On April 28, 1999 the Employee agreed to render services to the Company as its Vice President
Controller through April 27, 2002 on the terms and subject to the conditions set forth in that certain "Employment Agreement" signed by the Employee and by the Company. 

    B. Pursuant to paragraph 12(c)(i) of the Employment Agreement, the Company and the Employee wish to modify its terms and
conditions. 

    NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained in this Modification, the Company and the
Employee agree as follows: 

 
 

AGREEMENT    
  

    1.  Change of Title.  Wherever in the Employment Agreement the Employee is referred to as "Vice President
Controller", that term shall be replaced by the term "Chief Financial Officer." 

    2.  Change to Paragraph 2.  Paragraph 2 of the Employment Agreement shall be modified to
state, "Employee shall report to Company's Chief Executive Officer or his designee. Employee shall devote his entire productive time, ability, and attention to Company's business during the term of
this Agreement. In his capacity as Chief Financial Officer, Employee shall do and perform all services, acts,
or things as are commonly performed by an employee of his rank in a publicly traded corporation or which may, from time to time, be prescribed by the Company through its Board of Directors (the
"Board") or its Chief Executive Officer. Furthermore, Employee agrees to cooperate with and work to the best of his ability with Company's management team, which includes the Board and the officers
and other employees, to continually improve Company's reputation in its industry for quality products and performance." 

    3.  Modification to Compensation.  The first sentence of paragraph 5(a) of the Employment
Agreement shall be modified to state, "As of June 1, 2000, Company shall pay to Employee a base salary of One Hundred Fifty-five Thousand Dollars ($155,000) per year." 

    4.  All Other Terms and Conditions to Remain the Same.  The Company and the Employee agree that all other
terms and conditions of the Employment Agreement shall remain the same. 

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

	 	 	"Company"
 
	 	 	STAAR Surgical Company
	

 	
 	

By:	
 	

/s/ WILLIAM C. HUDDLESTON   

	 	 	"Employee"
	

 	
 	

/s/ JOHN SANTOS   
 John Santos

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Exhibit 10.33

MODIFICATION TO EMPLOYMENT AGREEMENT

RECITALS

AGREEMENTPrepared by MERRILL CORPORATION www.edgaradvantage.com

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Exhibit 10.34    
  

 
 

SECOND MODIFICATION TO EMPLOYMENT AGREEMENT    
  

    This Second Modification to Employment Agreement ("Modification") is dated as of the 5th day of September 2000 and is made by and between STAAR
Surgical Company, a Delaware corporation, (the "Company") and John Santos (the "Employee") based on the following: 

 
 

RECITALS    
  

    A. On April 28, 1999 the Employee agreed to render services to the Company on the terms and subject to
the conditions set forth in that certain "Employment Agreement" signed by the Employee and by the Company. 

    B. Pursuant to paragraph 12(c)(i) of the Employment Agreement, the Company and the Employee wish to modify its terms and
conditions. 

    NOW, THEREFORE, in consideration of the foregoing and of the mutual promises contained in this Modification, the Company and the
Employee agree as follows: 

 
 

AGREEMENT    
  

    1.  Modification to Paragraph 11(e).  Paragraph 11(e) shall be deleted in its entirety and
the following shall appear in its place: 

Election by Company due to a Change of Control. If Employee's employment is terminated by Company due to the sale or disposition by Company of
substantially all of its business or assets or the sale of the capital stock of Company in connection with the sale or transfer of a controlling interest in Company to a third party or the merger or
consolidation of Company with another corporation as part
of a sale or transfer of a controlling interest in Company to a third party, Employee shall receive, in lieu of any other rights or benefits under this Agreement, (i) the greater of
(A) compensation equal to the balance of Employee's unpaid base salary through the expiration date of the term, or (B) one (1) year's salary, and (ii) any option held by
Employee which is unvested on the date of termination shall immediately vest, and (iii) the principal amount and all accrued interest of any loan made by Company to Employee, as of the date of
this Modification, shall be forgiven. "A controlling interest" shall be defined as 50% or more of the common stock of the Company. The terms "unpaid base salary" and "one (1) year's salary"
shall be defined as only the cash compensation paid to Employee pursuant to subparagraph 5(a), as it may be modified from time to time, and shall not include employee benefits, stock options,
automobile allowance or debt forgiveness, if any. 

    2.  All Other Terms and Conditions to Remain the Same.  The Company and the Employee agree that all other
terms and conditions of the Employment Agreement, as amended, shall remain the same. 

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

	 	 	"Company"
 
	

 	
 	
STAAR Surgical Company
	

 	
 	

By:	
 	

/s/ ANDREW F. POLLET   
 Andrew F. Pollet, Chairman of the Board

	 	 	"Employee"
	

 	
 	

By:	
 	

/s/ JOHN SANTOS   
 John Santos

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Exhibit 10.34

SECOND MODIFICATION TO EMPLOYMENT AGREEMENT

RECITALS

AGREEMENTPrepared by MERRILL CORPORATION www.edgaradvantage.com

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[CIBC WORLD MARKETS LETTERHEAD]  

 
 

Exhibit 10.37    
  

    
July 14, 1999 

PERSONAL AND CONFIDENTIAL  

STAAR
Surgical Company

1911 Walker Avenue

Monrovia, CA 91016 

Attention:  John R.
Wolf

    Chairman and Chief Executive Officer 

Dear
Mr. Wolf: 

    This
letter agreement confirms the engagement of CIBC World Markets Corp. ("CIBC World Markets") by STAAR Surgical Company (together with its subsidiaries and affiliates, the
"Company") to act as an advisor to the Company and periodically provide advice and assistance to the Company. 

    In
consideration for CIBC World Markets providing advice and assistance to the Company, the Company agrees that if, during the term of this engagement or within six (6) months
thereafter, the Company is interested in pursuing an offering of debt or equity securities (whether public or private) or other financing, and requires the assistance of an investment banker, then
CIBC World Markets will have a right of first refusal (to be exercised within thirty days following the notification by the Company in writing) to act as lead underwriter, placement agent or arranger,
as the case may be, in
connection with such financing. In addition, if during the term of this engagement or within six (6) months thereafter, the Company is interested in pursuing or assessing a possible acquisition, sale,
recapitalization, restructuring or other extraordinary corporate transaction, or general financial consulting services, then CIBC World Markets will have a right of first refusal (to be exercised
within thirty days following the notification by the Company in writing) to act as the Company's exclusive financial advisor in connection with such activities. CIBC World Markets' participation in
any activity referenced in this paragraph will be on commercially reasonable terms then-applicable in the marketplace and subject to the approval of the appropriate internal CIBC World Markets'
Committees and other conditions customary for such an undertaking. Attached to this letter agreement as Annex B is a copy of CIBC World Markets' standard advisory fee schedule covering an
acquisition or sale assignment. 

    If
the Company requires the services of CIBC World Markets in connection with a possible transaction or requests CIBC World Markets to provide additional services not otherwise
contemplated by this letter agreement, the Company and CIBC World Markets will enter into an additional letter agreement which will set forth the nature and scope of the services, appropriate
compensation and other customary matters, as mutually agreed upon by the Company and CIBC World Markets. 

    The
Company also agrees to periodically reimburse CIBC World Markets promptly when invoiced for all of its reasonable out-of-pocket expenses (including reasonable fees and expenses of
its legal counsel) in connection with the performance of its services hereunder. Such expenses will not exceed $25,000 on an annual basis without the approval of the Company (which shall not be
unreasonably withheld). Upon termination or expiration of this letter agreement, the Company agrees to pay promptly in cash any outstanding expenses that have accrued as of such date. 

    The
term of this engagement will initially be for twelve (12) months; provided that, either party may terminate this letter agreement by giving the other party at least thirty (30)
days prior written notice to that effect. The Company agrees that the provisions relating to the payment of fees, reimbursement of expenses, indemnification and contribution, confidentiality and
waiver of the right to trial by jury will survive any such termination. 

 

    As CIBC World Markets will be acting on your behalf, the Company agrees to indemnify CIBC World Markets and certain related parties in the manner set forth in Annex A which is
attached and incorporated by reference in its entirety to this letter agreement. 

    The
Company will furnish to CIBC World Markets such information as CIBC World Markets believes appropriate to its assignment (the "Information"). The Company hereby agrees and
represents that all information relating to the Company furnished to CIBC World Markets will be accurate and complete in all material respects at the time provided, and that, if the Company is aware
of any information becoming materially inaccurate, incomplete or misleading during the term of CIBC World Markets, engagement hereunder, the Company will promptly advise CIBC World Markets. The
Company recognizes and confirms that CIBC World Markets assumes no responsibility for the accuracy and completeness of, and will be using and relying upon, the information (and information available
from generally recognized public sources and information and other materials provided by others) without assuming responsibility for independent verification or independent evaluation of any of the
assets or liabilities of the Company. 

    This
letter agreement will be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. The Company irrevocably
submits to the jurisdiction of any court of the State of New York for the purpose of any suit, action or other proceeding arising out of this letter agreement or the engagement of CIBC World Markets
hereunder. Each of the Company and CIBC World Markets hereby waives any right it may have to a trial by jury in respect of any claim brought by or on behalf of either party based upon, arising out of
or in connection with this letter agreement, the engagement of CIBC World Markets hereunder or the transactions contemplated hereby. 

    This
letter agreement may not be amended or modified except in writing signed by the Company and CIBC World Markets and may be executed in two or more counterparts, each of will be
deemed to be an original, but all of which will constitute one and the same agreement. All rights, liabilities and obligations hereunder will be binding upon and inure to the benefit of the Company,
CIBC World Markets, each Indemnified Party (as defined in Annex A) and their respective successors and assigns. 

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    Please confirm our mutual understanding of this engagement by signing and returning to us the enclosed duplicate copy of this letter agreement. We are pleased that you have engaged us
to act as your financial advisor and are looking forward to working with you on this assignment. 

	 	 	Very truly yours,
	

 	
 	
CIBC WORLD MARKETS CORP.
	

 	
 	
By:	

/s/ MICHAEL FEKETE   
 Michael Fekete
 Managing Director

	Agreed to and accepted as of the above date.	 	 
	
STAAR SURGICAL COMPANY	
 	

 
	

By:	

/s/ JOHN R. WOLF   
 John R. Wolf
 Chairman, Chief Executive Officer and President	
 	

 

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    ANNEX A    
  

    The Company agrees to indemnify CIBC World Markets, its employees, directors, officers, agents, affiliates and each person, if any, who controls it within the
meaning of either Section 20 of the Securities Exchange Act of 1934 or Section 15 of the Securities Act of 1933 (each such person, including CIBC World Markets, is referred to as "Indemnified Party")
from and against any losses, claims, damages and liabilities, joint or several (including all legal or other expenses reasonably incurred by any Indemnified Party in connection with the preparation
for or defense of any threatened or pending claim, action or proceeding, whether or not resulting in any liability) ("Damages"), to which such Indemnified Party, in connection with its services or
arising out of its engagement hereunder, may become subject under any applicable Federal or state law or otherwise, including but not limited to liability (i) caused by or arising out of an untrue
statement or an alleged untrue statement of a material fact or the omission or the alleged omission to state a material fact necessary in order to make a
statement not misleading in light of the circumstances under which it was made, (ii) caused by or arising out of any act or failure to act or (iii) arising out of CIBC World Market's engagement or the
rendering by any Indemnified Party of its services under this Agreement; provided, however, that the Company will not be liable to the Indemnified Party hereunder to the extent that any Damages are
found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of the Indemnified Party seeking
indemnification hereunder. 

    These
indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified Party. 

    If
for any reason, other than a final non-appealable judgment finding an Indemnified Party liable for Damages for its gross negligence, bad faith or willful misconduct the foregoing
indemnity is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless, then the Company shall contribute to the amount paid or payable by an Indemnified Party as a
result of such Damages in such proportion as is appropriate to reflect not only the relative benefits received by the Company and its shareholders on the one hand and CIBC World Markets on the other,
but also the relative fault of the Company and the Indemnified Party as well as any relevant equitable considerations, subject to the limitation that in no event shall the total contribution of all
Indemnified Parties to all such Damages exceed the total amount of fees actually received and retained by CIBC World Markets hereunder. 

    Promptly
after receipt by the Indemnified Party of notice of any claim or of the commencement of any action in respect of which indemnity may be sought, the Indemnified Party will
notify the Company in writing of the receipt or commencement thereof and the Company shall have the right to assume the defense of such claim or action (including the employment of counsel reasonably
satisfactory to the Indemnified Party and the payment of fees and expenses of such counsel), provided that the Indemnified Party shall have the right to control its defense if, in the opinion of its
counsel, the Indemnified Party's defense is unique or separate to it as the case may be, as opposed to a defense pertaining to the Company. In any event, the Indemnified Party shall have the right to
retain counsel reasonably satisfactory to the Company, at the Company's expense, to represent the Indemnified Party in any claim or action in respect of which indemnity may be sought and agrees to
cooperate with the Company and the Company's counsel in the defense of such claim or action, it being understood, however, that the Company shall not, in connection with any one such claim or action
or separate but, substantially similar or related claims or action in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses
of more than one separate firm of attorneys, for all the Indemnified Parties unless the defense of one Indemnified Party is unique or separate from that of another Indemnified Party subject to the
same claim or action. In the event 

3

 

that the Company does not promptly assume the defense of a claim or action, the Indemnified Party shall have the right to employ counsel reasonably satisfactory to the Company, at the Company's
expense, to defend such claim or action. The omission by an Indemnified Party to promptly notify the Company of the receipt or commencement of any claim or action in respect of which indemnity may be
sought will relieve the Company from any liability the Company may have to such Indemnified Party only to the extent that such a delay in notification materially prejudices the Company's defense of
such claim or action. The Company shall not be liable for any settlement of any such claim or action effected without its written consent, which shall not be unreasonably withheld or delayed. Any
obligation pursuant to this Annex A shall survive the termination or expiration of this Agreement. 

 
 

ANNEX B
  CIBC WORLD MARKETS CORP.
  STANDARD M&A FEE SCHEDULE    
  

    The Transaction Fee will be calculated by multiplying the applicable Transaction Fee Percentage and the Transaction Value. For Transaction Value of $25 million
or less, the Transaction Fee will be a minimum of $500,000; for Transaction Value in excess of $10 billion, the Transaction Fee will be 0.20% of the Transaction Value; and for all other Transaction
Values, the Transaction Fee Percentage will be calculated in accordance with the following table, where the Transaction Fee Percentage is prorated between the intervals of the Transaction Value
Markers. 

	Transaction Value Marker
	 	Transaction Fee Percentage
	 	Transaction Fee

	($000s)
 
	 	 
	 	 

	$	25,000	 	2.00%	 	$	500,000
	$	50,000	 	1.50%	 	$	750,000
	$	100,000	 	1.20%	 	$	1,200,000
	$	200,000	 	1.00%	 	$	2,000,000
	$	500,000	 	0.70%	 	$	3,500,000
	$	1,000,000	 	0.50%	 	$	5,000,000
	$	2,000,000	 	0.40%	 	$	8,000,000
	$	5,000,000	 	0.30%	 	$	15,000,000
	$	10,000,000	 	0.20%	 	$	20,000,000

    As
used in this letter agreement, "Transaction Value" means the total value of all consideration (including cash, securities or other property) paid or received or to be paid or
received, directly or indirectly, in connection with a Transaction in respect of assets or outstanding securities on a fully diluted basis (treating any securities issuable upon the exercise of
options, warrants or other convertible securities and any securities to be redeemed as outstanding), plus the amount of any debt (including capitalized leases) and any other liabilities outstanding or
assumed, refinanced or extinguished in connection with a Transaction, and amounts payable in connection with a Transaction in respect of employment of consulting agreements, agreements not to compete
or similar arrangements. If the Transaction takes the form of a recapitalization or similar transaction, "Transaction Value" will also include the value of all shares retained by the shareholders of
the acquired company. If any portion of
Transaction Value is payable in the form of securities, the value of such securities, for purposes of calculating our transaction fee, will be determined based on the average closing price for such
securities for the 20 trading days prior to the closing of the Transaction. In the case of securities that do not have an existing public market, our Transaction Fee will be determined based on the
fair market value of such securities as mutually agreed upon in good faith by the Company and CIBC World Markets prior to the closing of the Transaction. Fees on amounts paid into escrow will be
payable upon the establishment of such escrow. Fees relating to contingent payments other than escrowed amounts will 

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be calculated based on the present value of the reasonably expected maximum amount of such contingent payments as determined in good faith by the Company and CIBC World Markets prior to the closing of
the Transaction, utilizing a discount rate equal to the prime rate published in The Wall Street Journal on the last business day preceding the closing
of the Transaction. 

5

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Exhibit 10.37

ANNEX A

ANNEX B CIBC WORLD MARKETS CORP. STANDARD M&A FEE SCHEDULE

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