AMENDING
AGREEMENT
THIS AMENDING AGREEMENT
is made as of the 1st day of April,
2006 between OCCULOGIX, INC. (the
“Corporation” ), a corporation
incorporated under the laws of the State of Delaware, and Nozhat
Choudry who resides in the City of Oakville in the Province of
Ontario (hereinafter referred to as the
“Employee” ).
WHEREAS the Corporation and the Employee entered into an
employment agreement, dated as of February 10, 2006, setting forth
the rights and obligations of each of them with respect to the
Employee’s employment with the Corporation (the
“Employment Agreement” );
AND WHEREAS the Corporation and the Employee have agreed
that it would be in the best interests of both of them to increase
the Employee’s compensation;
NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained in the Employment Agreement, and other good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Corporation and the Employee agree as
follows:
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1.
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Capitalized
terms used in this Amending Agreement but not defined shall have
the respective meanings attributed to such terms in the Employment
Agreement.
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2.
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From and as of
the date of this Amending Agreement, the Basic Salary shall be
$200,000.
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3.
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Notwithstanding
Section 5.2 and Schedule 5.2 of the Employment Agreement, from and
as of the date of this Amending Agreement, in respect of each full
Year of Employment during the Employment Period, the Employee shall
be entitled to receive a maximum of 50 percent of the Basic Salary
as
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