A tool and a method for preparing a donor material used in sutureless corneal transplants uses a first cutting portion to prepare a donor blank having tabbed portions extending outwardly radially. A second cutting portion is used to cut the central portion of the blank. The tool is used as a guide member for the second cutting portion. In one embodiment the tool has slits laterally defined therethrough which allow the tabbed portions of the donor material to be thinned to a desired thickness using a scalpel. In an another embodiment the second cutting portion is a round trephine which is used to simultaneously trim each of the tabbed portions.