Exhibit 10.10
LOAN AGREEMENT
This Loan Agreement ("Agreement") is made and entered into effective as of the
30th day of January, 2002 by and between SurgiLight, Inc., a Delaware
corporation whose address is 00000 Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx, XX 00000
("Company"), and Xxxxxxx Xxxxxx, Ph.D. an individual whose address is 00000
Xxxxxxxx Xx., Xxxx Xxxxxx, Xx 00000 ("Lender"). Collectively the "Parties".
R E C I T A L S
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WHEREAS, the Company desires to secure a second loan ("Loan") from the Lender to
make necessary payments according to payable commitments and agrees to the terms
and conditions set forth below;
WHEREAS, the Lender agrees to provide the loan to the Company;
NOW, THEREFORE, the parties hereby agree as follows:
1. LOAN AMOUNT AND SECURITY
------------------------
The Company hereby desires to secure a loan from the Lender in the amount of
$20,000. The Company agrees to secure the loan the following collateral:
Intangible Assets ("Intangible Assets"), including, but not limited to, patents,
assigned patents, patent licenses and patents pending as set forth in Schedule
A.
2. INTEREST RATE
-------------
The Company also agrees to pay 6% simple interest or the amount of interest
actually incurred by the Lender, whichever is greater to the Lender on the Loan.
3. WARRANTIES
----------
The Loan of $20,000 plus said interest shall be repaid prior to the Company
making payments for other obligations, except payroll and taxes, unless the
Company is released of this obligation in writing by Lender. The Company
warrants that the secured assets used as collateral for this Loan are free and
clear of any liens or encumbrances and may be used for said collateral. The
Company also warrants that the Patents listed are duly assigned or licensed to
the Company for the field of Ophthalmology. Additionally a form UCC-1 has been
signed on the date as set forth above.
The Lender acknowledges that this loan is granted on the same terms as a loan on
the date hereof from Xx. Xxxxxx Xxxxxxxxx. Both notes have the same priority and
will be paid proportionately as funds become available.
4. RELEASE OF SECURITY
-------------------
Lender agrees to provide the loan in the amount of $20,000 and agrees to return
the ownership of the Patents as set forth in Schedule A when the $20,000 Loan,
the second loan and interest thereto is paid in full.
5. TERM
----
The term of this Agreement shall commence as of the effective date set forth
above and shall continue until the Loan of $20,000 plus said interest is
completely paid, whereupon the Agreement shall terminate, unless terminated
sooner in accordance herewith.
6. DEFAULTS
--------
The Company will be in default of this Loan in the event of (i) bankruptcy, (ii)
the Company making payments, other than that for obtaining debt financing,
payroll or taxes, for other obligations before the Loan of $20,000 plus said
interest is repaid unless the Company is released of this obligation in writing
by Lender, and (iii) failure of the Company to repay the Loan in the amount of
$20,000 plus said interest within 60 days.
7. GENERAL
-------
a. All notices, requests, demands and other communications required or
permitted to be given under the terms of this Agreement shall be in writing and
shall be deemed to have been duly given if delivered personally, given by
facsimile, or mailed first class, postage prepaid or by registered or certified
mail.
b. The Lender shall have no claim under this Agreement or otherwise against
the Company relating to the Loan for any employee benefits or withholding
obligations, all of which shall be the sole responsibility of Lender. The
Parties further agree that nothing in this Agreement creates the relationship of
partnership, joint venture, sales agency or principal and agent.
c. The terms and provisions of this Agreement shall be binding on the
Lender, and shall inure to the benefit of the heirs, legal representatives,
successors and assigns of the Company. This Agreement is not assignable or
transferable and any attempt of such assignment, in whole or in part, shall be
null and void.
d. This Agreement, including the Schedule(s) attached hereto, contains the
entire understanding and agreement of the Parties with respect to this loan, and
there are no representations, warranties, promises or undertakings other than
those contained in this Agreement. This Agreement does not supersede, affect nor
cancel any previous agreements, rights or obligations between the parties. No
course of conduct or dealing between the parties shall act as a modification or
waiver of any provision of this Agreement, and only a modification or waiver
which is contained in a written agreement, signed by both parties, shall be
effective.
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e. This Agreement shall be governed and construed in accordance with the
laws of the State of Florida, U.S.A., and the parties agree that it is executed
and delivered in that state.
f. The Lender and the Company agree that all disputes arising out of or
concerning the terms of this Agreement will be subject solely to binding
arbitration. The arbitrator selection and conduct of the arbitration will be
pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. The place of the arbitration shall be in Orange County, Florida and
judgment on the award may be entered in any court having jurisdiction thereof.
If either party believes it is necessary to undertake discovery on asserted
statutory claims, such party shall apply to the arbitrator or arbitrators for
rights to undertake discovery, and the arbitrator shall allow discovery
sufficient for either party to adequately arbitrate, vindicate, or defend the
statutory claims, including access to essential documents and witnesses. At the
conclusion of the arbitration, the arbitrator or arbitrators shall issue a
decision in writing setting forth the essential findings and conclusions, and
this decision is subject to review, confirmation, correction, or vacation
pursuant to the provisions Code of Civil Procedure 1285 through 1288.8 in effect
at the time the decision is rendered.
g. If any provision of this Agreement should be held to be void or
unenforceable, in whole or in part, such provision or part thereof shall be
treated as severable, leaving valid the remainder of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.
DATED: _______________ LENDER:
By: ____________________________
Xxxxxxx Xxxxxx, Ph.D.
DATED: ________________ SURGILIGHT, INC
By: ____________________________
Xxxxxxx X. Xxxx
Senior Vice President
Chief Operating Officer
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PATENTS
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SCHEDULE A
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EXHIBIT A1
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LICENSED PATENTS
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
Case Number Title of Invention Country Appl. No. Filing Patent No. Issue Date
Date
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.001FW1* MEDICAL LASER INTERCONNECT SYSTEM USA 07/568,549 8/16/90 5,116,329 5/26/92
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.001VCA* " CANADA 2,000,916 10/18/89 2,000,916 1/17/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.001VEP* " EUROPE 89310520.5 10/13/89 0365228 12/14/94
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.001VJP* " JAPAN 282,818/89 10/30/89 3,084,029 6/30/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.002FW1* FIBER OPTIC APPARATUS FOR USE WITH USA 07/803,919 12/6/91 5,207,673 5/4/93
MEDICAL LASERS
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.002VAU* " AUSTRALIA 56,921/90 6/7/90 613,560 12/11/91
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.002VCA* " CANADA 2,018,450 6/7/90 2,018,450 5/9/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.009DV1* LASER SURGICAL PROBE USA 08/841,865 5/5/97
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.009FW4* TRANSPARENT LASER SURGICAL PROBE USA 08/419,511 4/7/95 5,688,261 11/18/97
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.009QCA* " CANADA 2,107,687 4/3/92
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.009QEP* " EUROPE 92910340.6 4/3/92 0578756 8/30/000
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.011DV1* CONTACT TIP FOR LASER SURGERY USA 08/455,061 5/31/95 6,110,167 8/29/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.011FW4* " USA 08/457,992 6/1/95 5,707,368 1/13/98
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.018DV1* MULTIWAVELENGTH MEDICAL LASER METHOD USA 07/917,589 7/17/92 5,304,167 4/19/94
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
*previously licensed to SurgiLight for Erbium Ophthalmic field of use
- A1 -
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
Case Number Title of Invention Country Appl. No. Filing Patent No. Issue Date
Date
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.018FW2 MULTIWAVELENGTH MEDICAL LASER SYSTEM USA 07/754,327 9/4/91 5,139,494 8/18/92
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.018VAU " AUSTRALIA 44,520/89 11/9/89 626,339 2/1/93
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.018VCA " CANADA 2,002,453 11/8/89 2,002,453 1/17/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.018FW4 METHOD OF LASER SURGERY USING MULTIPLE USA 08/422,648 4/14/95 5,540,676 7/30/96
WAVELENGTHS
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050A* HIGH REPETITION RATE MID-INFRARED LASER USA 08/240,255 5/10/94 5,422,899 6/6/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VAU* " AUSTRALIA 17,964/95 5/9/95 688,593 5/7/98
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VCA* " CANADA 2,148,395 5/2/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VEP* " EUROPE 95302891.7 4/28/95 0682389 9/2/98
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VKR* " KOREA 11,234/1995 5/9/95
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VIL* HIGH PULSE REPETITION AND ITS USE ISRAEL 113,501 4/26/95 113,501 5/19/97
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.050VJP* PULSED, OPTICALLY PUMPED LASER AND JAPAN 110,517/1995 5/9/95
SURGICAL METHOD USING THE SAME
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
"
PREMLS.050DV2* USA 08/931,600 9/17/97 6,122,300 9/19/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.081A* SINGLE DOMINANT SPIKE OUTPUT ERBIUM LASER USA 09/360,588 7/26/99
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.081VPC* " WO PCTUS00/20241 7/26/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.112A OPTICAL SOURCE AND METHOD USA 09/303,697 5/3/99
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.112VAU " AUSTRALIA 46981/00 5/3/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.112VCA " CANADA 5/3/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.112VEP " EUROPE 00928801.0 5/3/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.112VJP " JAPAN 5/3/00
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
*previously licensed to SurgiLight for Erbium Ophthalmic field of use
- A2 -
EXHIBIT A2
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NEW ASSIGNED PATENT
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
Case Number Title of Invention Country Appl. No. Filing Patent No. Issue Date
Date
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
PREMLS.055FW3 LASER SURGICAL METHOD USING TRANSPARENT USA 08/391,612 2/21/95 5,722,970 3/3/98
PROBE
--------------------- ------------------------------------------ ------------- -------------- ---------- ------------- -------------
- B1 -
INVENTORY
SCHEDULE B
SCHEDULE A -- Page 1
