Document:

ex10_40.htm

    
      

    

    Exhibit
10.40

     

    Execution
Copy Version #3

    

     

    TERMINATION
AGREEMENT

     

    THIS AGREEMENT is made as of
the 19th day of December, 2007 by and between Doug P. Adams (the “Employee”), a resident of the
Commonwealth of Massachusetts, and OccuLogix, Inc. (the “Employer”), a corporation
incorporated under the laws of the State of Delaware, and having its executive
offices at 2600 Skymark Avenue, Building 9, Suite 201, Mississauga, Ontario, L4W
5B2.

     

    WHEREAS, the Employer and the
Employee entered into an employment agreement dated as of September 1, 2006 (the
“Employment
Agreement”);

     

    AND WHEREAS, the Employee has
been serving the Employer as its President & Founder, Glaucoma Division
pursuant to the Employment Agreement;

     

    AND WHEREAS, the Employer is
intending to sell to Solx Acquisition, Inc., a Delaware corporation, owned by
the Employee, all of the issued and outstanding shares in the capital stock of
Solx, Inc. (“Solx”), the
wholly owned subsidiary of the Employer that has carried on the Employer’s
glaucoma business the (“Transaction”);

     

    AND WHEREAS, in anticipation
of the closing of the Transaction, the Employee’s employment with the Employer
shall be terminated pursuant to Section 8.1.3 of the Employment Agreement,
effective on the date hereof (the “Termination
Date”);

     

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

     

    
      	
              1.

            	
              TERMINATION

            

    

     

    1.1           The
Employee hereby resigns his employment with the Employer, and the Employee’s
employment with the Employer shall be terminated pursuant to Section 8.1.3 of
the Employment Agreement, effective on the Termination Date.  The
Employer hereby waives the requirement, under Section 8.1.3 of the Employment
Agreement, to provide one month’s prior written notice to the Employer of the
Employee’s intention to terminate his employment with the Employer.

     

    
      	
              2.

            	
              RETURN
      OF PROPERTY

            

    

     

    2.1           The
Employee hereby certifies that he has returned to the Employer all property of
the Employer (other than property of Solx, any of which property shall be
retained by the Employee) in the Employee’s possession, including, without
limitation, all keys, business cards, computer hardware, including, without
limitation, Blackberry units, printers, mice and other hardware accessories, and
computer software.  The Employee hereby further certifies that he has
returned to the Employer, or destroyed, all tangible material embodying
Confidential Information (as such term is defined in the Employment Agreement,
as modified below) in any form whatsoever, including, without limitation, all
paper copy copies, summaries and excerpts of Confidential Information and all
electronic media or records containing or derived from Confidential
Information.  For purposes of this Section 2.1, the term “property of the Employer”
does not include any property of Solx, and the term “Confidential Information”
does not include Confidential Information relating to the business or affairs of
Solx.

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      	
              3.

            	
              NO
      SEVERANCE

            

    

     

    3.1           The
Employee hereby acknowledges and agrees that no amounts are due or payable to
him by the Employer pursuant to Sections 9 or 10 of the Employment
Agreement.

     

    
      	
              4.

            	
              VACATION
      PAY

            

    

     

    4.1           In
full and complete compromise and settlement of a disputed claim regarding
accrued but unpaid vacation during the current Year of Employment (as such term
is defined in the Employment Agreement), the Employee and the Employer hereby
agree that the Employer shall pay to the Employee two weeks’ of accrued but
unpaid vacation pay.

     

    
      	
              5.

            	
              MUTUAL
      RELEASE AND TERMINATION

            

    

     

    5.1           In
consideration of the Employer entering into the Transaction, the Employee, on
behalf of himself and his administrators, assigns and anyone claiming through
him, hereby releases completely and forever discharges the Employer and its
affiliates and subsidiaries, and their respective officers, directors,
shareholders, agents, servants, representatives, underwriters, successors, heirs
and assigns (collectively, the “Employer Representatives”),
from any and all claims, demands, obligations and causes of action, of any
nature whatsoever, whether known or unknown, which the Employee ever had, now
has or might have in the future as a result of the Employee’s employment with
the Employer or the termination thereof, including, without limitation, any
claim relating to the Employment Agreement or the termination thereof pursuant
to Section 5.2 of this Agreement or any claim relating to any violation of any
U.S. federal or state statute or regulation, any claim for wrongful discharge or
breach of contract or any claim relating to U.S. state or federal laws
(including, without limitation, Title VII of the Civil Rights Act of 1964, the
Age Discrimination in Employment Act of 1968, the Employment Retirement Income
and Security Act, the Fair Labor Standards Act, the Americans with Disabilities
Act and the Rehabilitation Act).  Notwithstanding the foregoing,
nothing herein shall be construed as depriving the Employee of any
indemnification rights to which he is entitled under the Amended and Restated
By-laws of the Employer on or prior to the Termination Date or of any protection
to which he may be entitled, on, prior to or after the Termination Date, under
the Employer’s directors’ and officers’ liability insurance policy from time to
time.

     

    5.2           The
Employment Agreement is hereby terminated and rendered null and void, save and
except for those provisions thereof that are expressly stated to survive the
termination thereof, with the exception of Sections 12 (Non-competition), 13 (No
Solicitation of Customers), 14 (No Solicitation of
Employees).  Notwithstanding the fact that Sections 12, 13 and 14 of
the Employment Agreement are expressly stated to survive the termination of the
Employment Agreement, they are hereby terminated and rendered null and
void.  Although Section 15 (Confidentiality) of the Employment
Agreement shall survive the termination of the Employment Agreement, the term
“Confidential Information”
as used therein is hereby amended to exclude Confidential Information of
Solx.  Although Section 16 (Remedies) of the Employment Agreement also
shall survive the termination of the Employment Agreement, it shall be read and
construed to apply only to a breach of threatened breach by the Employee of the
provisions of Section 15 of the Employment Agreement, as such Section 15 has
been amended pursuant to this Section 5.2.  The Employee hereby agrees
to abide by the provisions of Sections 15 and 16 of the Employment Agreement, as
such Sections 15 and 16 have been amended pursuant to this Section
5.2.

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    5.3           The
Employer, on behalf of itself, the Employer Representatives and anyone claiming
through any of them, hereby releases completely and forever discharges the
Employee and his administrators, heirs and assigns from any and all claims,
demands, obligations and causes of action, of any nature whatsoever, whether
known or unknown, which the Employer ever had, now has or might have in the
future as a result of the Employee’s employment with the Employer or the
termination thereof, including, without limitation, any claim relating to the
Employment Agreement or the termination thereof pursuant to Section 5.2 of this
Agreement or any claim relating to any violation of any U.S. federal or state
statute or regulation.

     

    
      	
              6.

            	
              THIRD
      PARTY COMMUNICATIONS

            

    

     

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

     

    
      	
              7.

            	
              ACKNOWLEDGEMENT

            

    

     

    7.1           The
Employee hereby acknowledges that:

     

    
      	
              (a)

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

            

    

     

    
      	
              (b)

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

            

    

     

    
      	
              (c)

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

            

    

     

    
      	
              (d)

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

            

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    
      	
              8.

            	
              MISCELLANEOUS

            

    

     

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

     

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

     

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

     

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

     

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

     

    8.6           This
Agreement shall be governed by, and construed in accordance with, the laws of
the Commonwealth of Massachusetts, without regard to its conflicts of laws rules
which shall be deemed inapplicable to this Agreement.

     

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

     

     

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REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF the parties
hereto have executed this Agreement.

     

    
      	 	
              OCCULOGIX,
      INC.

            
	 	 
	 	 
	 	
              By:

            	
              “Elias
      Vamvakas”

            
	 	 
      	
              Elias
      Vamvakas

            
	 	 
      	
              Chairman
      and Chief Executive Officer

            

    

    

     

    
      	 
      	 
      	
              “Doug
      P. Adams”

            
	
              Signature
      of Witness

            	 
      	
              Doug
      P. Adams

            
	 	 	 
	 
      	 
      	 
      
	
              Name
      of Witness (please
      print)

            	 
      	 
      

    

    

    
5Unassociated Document

    
      

    

    Exhibit
10.41

     

    Execution
Copy

    

    

    LIMITED
GUARANTY

    

    

    This LIMITED GUARANTY (the “Guaranty”)
is made and entered into as of the 19th day of
December, 2007 by Doug P. Adams (“Guarantor”), for the benefit of OccuLogix,
Inc., a Delaware corporation (“Seller”).

    

    RECITALS

    

    
      	
               
      

            	
              1.

            	
              Guarantor
      is the sole stockholder of Solx Acquisition, Inc., a Delaware corporation
      (“Buyer”).

            

    

    

    
      	
               
      

            	
              2.

            	
              Pursuant
      to a Stock Purchase Agreement (the “Agreement”), dated as of the date
      hereof, by and between Buyer and Seller, Buyer has agreed to purchase all
      of the issued and outstanding capital stock of Solx, Inc., a wholly owned
      Delaware corporation subsidiary of
Seller.

            

    

    

    
      	
               
      

            	
              3.

            	
              Notwithstanding
      the assumption by Buyer, pursuant to the Agreement, of liabilities
      relating to the business of Solx, Inc. as of December 1, 2007, the
      Agreement provides that Seller will cover the payroll of the employees of
      Solx, Inc. during the period from December 1, 2007 to December 31, 2007,
      inclusive, and that Buyer will reimburse Seller the December Payroll (as
      such term is defined in the Agreement) on or before January 15, 2008 (the
      “December Payroll Reimbursement Date”).  In addition, pursuant
      to the Agreement, Buyer is obligated to pay the Pre-paid Expenses (as such
      term is defined in the Agreement) on or prior to February 15, 2008 (the
      “Pre-paid Expenses Reimbursement Date”).  Such obligations of
      Buyer, as they may be amended, modified or extended from time to time, are
      hereinafter referred to, collectively, as the
    “Obligations”.

            

    

    

    NOW, THEREFORE, FOR AND IN
CONSIDERATION of the benefits derived by Guarantor under the Agreement by virtue
of his status as the sole stockholder of Buyer, Guarantor absolutely,
unconditionally and irrevocably guarantees to Seller and its successors and
assigns, the prompt payment by Buyer of the Obligations on the December Payroll
Reimbursement Date and the Pre-paid Expenses Reimbursement Date, as
applicable.

    

    1.           Consideration.  This
Guaranty is made for good and valuable consideration and in order to induce
Seller to enter into the Agreement.  Guarantor acknowledges the
receipt and adequacy of the consideration received by Guarantor for this
Guaranty.

    

    2.           Unconditional Nature of
Guaranty.

    

    (a)           This
is a guaranty of payment and performance of the Obligations, and not only of
collection.  The liability of Guarantor under this Guaranty shall be
primary, direct and immediate and not conditional or contingent upon the pursuit
of any remedies against Buyer or any other person or entity, nor against any
security or liens that may be available to Seller.  Seller may proceed
to enforce or collect the Obligations directly against Guarantor without first
proceeding against Buyer, and Guarantor hereby waives any right to require that
an action be brought against Buyer or any other person or entity or to require
that resort be had to any security or liens.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           The
liability of Guarantor hereunder shall not be waived, limited, diminished,
discharged or otherwise reduced by: (i) any release, compromise or indulgence
granted by Seller with respect to the Obligations or any of them; (ii) the
release, discharge, addition or substitution of any other guarantor of the
Obligations or any of them; (iii) any modification, discharge or extension of
the Obligations, or any of them, or any amendment, modification, stay or cure of
Seller’s rights that may occur in any bankruptcy or reorganization case or
proceeding concerning Buyer or any other guarantor; (iv) the granting of
forbearance or extension of time to Buyer or any other guarantor; (v) any course
of dealing, delay, abstention, failure, neglect or omission by Seller concerning
the Obligations or any of them; (vi) any agreement or arrangement among Seller
and Buyer or any other guarantor; (vii) the bankruptcy, insolvency, termination
or dissolution of Buyer or any other guarantor; or (viii) any of the Obligations
being illegal, invalid or unenforceable or, for any reason, limited, modified,
voided, released or discharged or subject to any set-off, counterclaim or
defense by Buyer.  If any full or partial payment of the Obligations
or any of them is voided, rescinded, limited or otherwise required to be
returned, reversed or disgorged by Seller as a result of any bankruptcy or
reorganization or otherwise, Guarantor’s liability hereunder shall be revived
and reinstated with respect to such payment.

    

    
      	
               
      

            	
              3.

            	
              Payment of Expenses of
      Collection

            

    

    

    Guarantor agrees to pay Seller, on
demand, all expenses, including reasonable attorneys’ fees, paid or incurred by
Seller in enforcing this Guaranty against Guarantor.

    

    
      	
               
      

            	
              4.

            	
              Waiver of Defenses by
      Guarantor

            

    

    

    Guarantor
agrees that his obligations hereunder shall not be affected or impaired by all
or any of the following and hereby waives all and any defense based thereon: (i)
all notices and rights to notice to which he might be entitled as a guarantor,
including notice of acceptance hereof, notice of default and notice of any
action taken by Seller in reliance hereon; (ii) presentment, demand and protest
of any instrument; (iii) all suretyship and equitable defenses; (iv) all rights
of counterclaims, defenses and set-offs against Seller; (v) all claims against
Buyer whether in the nature of subrogation or otherwise as a creditor resulting
from this Guaranty or any payments hereunder; (vi) any statute of limitations in
any action hereunder or for the collection of amounts owing in connection with
the Obligations, or any of them, or the performance thereof; (vii) the
incapacity or lack of authority of Buyer, Guarantor or any other person or
entity or the failure of Seller to file or enforce a claim against the estate
(either in bankruptcy or any other proceeding) of Buyer or Guarantor or any
other person or entity; (viii) any election of remedies by Seller which destroys
or otherwise impairs any subrogation rights of Guarantor or the right of
Guarantor to proceed against Buyer for reimbursement, or both; (ix) the
illegality, invalidity or unenforceability of the Obligations or any of them; or
(x) any other cause or facts similar or dissimilar to the foregoing, it being
the intention that the obligation of Guarantor to guaranty payment of the
Obligations is absolute, unconditional and irrevocable.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              5.

            	
              Representations and
      Warranties.

            

    

    

    Guarantor
represents, warrants and covenants to Seller that, as of the date hereof and at
all times hereafter until the Obligations have been satisfied in
full:

    

    (a)           This
Guaranty has been duly executed and delivered by Guarantor and constitutes the
legal, valid and binding obligation of Guarantor, enforceable against Guarantor
in accordance with its respective terms, subject to laws of general application
affecting creditors’ rights.

    

    (b)           Guarantor
is not contemplating the filing of a petition or proceeding under any state or
federal bankruptcy or insolvency or reorganization laws or the liquidating of
all or a major portion of Guarantor’s property.

    

    (c)           The
entering into of the Agreement by Buyer and Seller constitutes a material
economic benefit to Guarantor.

    

    6.            
Termination.  This
Guaranty will terminate and be of no further force and effect without any action
of Seller upon payment in full of the Obligations.

    

    7.            
General
Provisions

    

    (a)           
Entire Agreement;
Amendment.  This Guaranty sets forth the entire agreement of
Guarantor with respect to the subject matter hereof and supersedes all other
agreements and understandings, whether oral or written, with respect to such
subject matter.  The provisions of this Guaranty may be amended,
modified, or waived only by a writing signed by Guarantor and
Seller.  No waiver of Seller’s right on any one occasion shall
constitute a continuing waiver or a waiver of any rights for any subsequent
occasion.

    

    (b)           
Severability.  If
any provision of this Guaranty shall be determined by a court of competent
jurisdiction to be invalid or unenforceable, such determination shall not affect
the remaining provisions of this Guaranty, all of which shall remain in full
force and effect.

    

    (c)           
Governing
Law.  This Guaranty shall be governed by, and be construed and
enforced in accordance with, the laws of the State of Delaware, without regard
to any conflict of law principles that would require the application of the laws
of another jurisdiction.

    

    (d)           
Assignment; Binding
Effect.  This Guaranty may not be assigned by either Seller or
Guarantor.  The provisions of this Guaranty shall be binding upon
Guarantor and its successors and assigns and shall inure to the benefit of
Seller and his successors and assigns.

    

    (f)           
Captions.
Captions are used for convenience of reference only and are not to be construed
as part of the terms of this Guaranty.

    

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    Executed
under seal as of the day and year first above written.

    

    

    Witness:

    

    

    
      	 
      	 
      	 
      	 
      
	 
      	 
      	
              “Doug P.
      Adams”

            	 
      
	
               

            	 
      	Doug
      P. Adams	 
      

    

    

     

    4

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