Exhibit (A)(7)
[LOGO TLC Vision](SM)
To: All Canadian TLC Stock Option Plan Participants
From: Paul Frederick, EVP Human Resources
Re: TLC Vision Corporation Stock Option Plan
Date: July 18, 2002
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In connection with the recent merger between TLC and LaserVision, individuals
holding outstanding TLC stock options, previously granted at an option price
higher than Cdn$13.69, will be given the opportunity to exchange their options
for new options with an option price of Cdn$13.69.
There are many important details regarding this voluntary offer contained in the
Offer to Exchange and other related documents that accompany this letter, and
you are urged to read these materials thoroughly. However, some key elements of
the offer are worth highlighting:
o Only those options with an option price greater than Cdn$13.69 are
affected by this offer. Any outstanding options with an option price at or
below Cdn$13.69 will not be affected.
o Optionholders who elect to participate in the offer will have their old
options cancelled and new options issued to them.
o For eligible options with an option price of over Cdn$63.03, we will grant
one new option for every four eligible options cancelled in the offer.
o For eligible options with an option price of at least Cdn$47.27 but less
than Cdn$63.03, we will grant one new option for every three eligible
options cancelled in the offer.
o For eligible options with an option price of at least Cdn$31.51 but less
than Cdn$47.27, we will grant one new option for every two eligible
options cancelled in the offer.
o For eligible options with an option price of greater than Cdn$13.69 but
less than Cdn$31.51, we will grant one new option for each eligible option
cancelled in the offer.
o The terms and conditions of the new options will be substantially similar
to the terms and conditions of your options that are tendered and
cancelled.
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o If you are eligible and decide to tender any of your eligible options for
cancellation, you must tender all of such options. Of course, the decision
to participate is your own. TLC makes no recommendation as to whether you
should participate in this offer.
Please review the enclosed Offer to Exchange for additional information. You
will also find enclosed a personalized statement summarizing all of your
outstanding options and how many options you will hold if you elect to
participate in the offer. We have also enclosed a Stock Option Q&A and Glossary
of Terms for your reference.
If you decide to tender your eligible options for exchange under this offer, you
must properly complete and submit the signature page to the enclosed acceptance
letter NO LATER THAN 11:59 P.M. eastern daylight savings time, on September 6,
2002, by regular external mail, interoffice mail or facsimile. E-MAIL DELIVERY
CANNOT BE ACCEPTED.
You will be notified in writing after your documents are received.
Submit your forms or forward any questions you might have about the offer to:
Heather McDonald
Human Resources
TLC Vision Corporation
5280 Solar Drive, Suite 300
Mississauga, Ontario
L4W 5M8
Phone: 1-800-852-1033, ext. 3919
Fax: (905) 625-8081
Thank you,
Paul Frederick