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Exhibit 10.4 CONSULTING AGREEMENT This Consulting Agreement (hereinafter Agreement) made and entered into as of the 27th day
of March, 2004 (the Effective Date) by and between aaiPharma Inc., a Delaware corporation, having
its principal place of business at 2320 Scientific Park Drive, Wilmington, North Carolina 28405,
including its subsidiaries, (hereinafter aaiPharma) and Philip S. Tabbiner, with an address of
1403 Quadrant Drive, Wilmington, NC 28405 (hereinafter Consultant). W I T N E S S E T H WHEREAS, aaiPharma desires to have Consultant perform certain consulting services for and on
behalf of aaiPharma; NOW THEREFORE, in consideration of the mutual covenants and agreements set forth hereinafter
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows: ARTICLE I
SERVICES Consultant shall render consulting services as reasonably requested by the Chief Executive
Officer or Executive Chairman involving activities that Consultant was engaged in on behalf of
aaiPharma prior to the Effective Date or as otherwise agreed to by Consultant and aaiPharmas Chief
Executive Officer or Executive Chairman. Consultant agrees that he shall be available during
aaiPharmas normal business hours on business work days at aaiPharmas offices located at 1900
Eastwood Avenue, Suite 5, Wilmington, North Carolina for the period March 29, 2004 through June 30,
2004. Notwithstanding the termination of the Consultants obligations under this Article on June
30, 2004, aaiPharma shall continue to make the Consulting Payments as provided in Article II until
this agreement is terminated in accordance with Article III. ARTICLE II
COMPENSATION aaiPharma Inc. shall pay Consultant the Consulting Payments as that term is defined in the
letter dated March 26, 2004 from aaiPharma to Consultant (the Letter Agreement). ARTICLE III
TERM AND TERMINATION This Agreement shall commence on March 26, 2004 and terminate on June 26, 2005 unless
terminated earlier as set forth in the Letter Agreement.




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CONSULTING AGREEMENT
Page 2 of 2 ARTICLE IV  The terms of the confidentiality provisions contained in paragraph 2 of the Covenant Not to
Compete, dated November 15, 2000 between Consultant and aaiPharma Inc. are incorporated herein by
reference. ARTICLE V
RELATIONSHIP BETWEEN THE PARTIES Consultant is retained only for the purposes and to the extent set forth in the Purpose of
this Agreement, and his relationship to aaiPharma shall be that of an independent contractor. As
such Consultant shall not be entitled to any pension, stock, bonus, profit-sharing, health, or
similar benefits which are available to aaiPharma employees. ARTICLE VI
MISCELLANEOUS This Agreement may be amended only by written instrument executed by both parties. This
Agreement shall be interpreted in accordance with the laws of the State of North Carolina. Neither
party shall be liable for consequential, punitive or exemplary damages with respect to this
Agreement. IN WITNESS WHEREOF, aaiPharma has caused this Agreement to be executed in its corporate name
by a duly authorized officer, and Consultant has set his hand and seal, as of the day and year
first above written. CONSULTANT By:
    
    /s/ Philip S. TabbinerPhilip S. Tabbiner
 aaiPHARMA INC.By:
    
    /s/ Frederick D. SancilioName: Frederick D. Sancilio, Ph.D.Title: Executive Chairman