Document:

Exhibit
      10.2 

    
       

    

    EMPLOYMENT
      AGREEMENT

    

    This
      Agreement by and between Keryx
      Biopharmaceuticals, Inc.
      ("Keryx"), a Delaware corporation having an address at 750 Lexington Avenue,
      New
      York, New York 10022, and Beth
      F. Levine,
      an
      individual residing at 40 Dalmeny Road, Briarcliff Manor, NY 10510
      (“Levine”).

    

    WITNESSETH:

    

    WHEREAS,
      the Corporation desires to employ Levine and Levine desires to be employed
      by
      the Corporation as Senior Vice President, General Counsel, Chief Compliance
      Officer and Secretary of Keryx, all pursuant to the terms and conditions
      hereinafter set forth;

    

    NOW
      THEREFORE, in consideration of the foregoing and the mutual promises and
      covenants herein contained, it is agreed as follows:

    

    
      	1.	
              EMPLOYMENT
                DUTIES

            

    

    

    Keryx
      hereby engages and employs Levine, and Levine accepts engagement and employment,
      as Senior Vice President, General Counsel, Chief Compliance Officer and
      Secretary of Keryx, to direct, supervise and have responsibilities for the
      legal, compliance and human resource matters of Keryx and for any other
      appropriate areas and tasks which may be assigned to her including, without
      limitation those associated with her role as corporate secretary. Levine will
      devote her entire business time, energy, abilities and experience to the
      performance of her duties, effectively and in good faith. Further, during the
      Term, Levine shall not render services as an employee, consultant or otherwise,
      whether or not during regular business hours, for pay to any other party other
      than the Corporation without the written permission of the Chief Executive
      Officer. Levine acknowledges and agrees that the performance by Levine of her
      duties hereunder may require significant domestic and international travel
      by
      Levine. 

     

    
      	2.	
              TERM

            

    

    

    This
      Agreement shall commence on April 18, 2007 (the “Effective Date”) and shall
      continue unless sooner terminated as hereinafter provided in Paragraph 8 (the
      “Term”).

     

    
      	3.	
              COMPENSATION

            

    

    

    (a) As
      compensation for the performance of her duties on behalf of Keryx, Levine shall
      be compensated as follows:

    

    (i) Base
      Salary and Annual Increases. Levine
      shall receive an annual gross base salary of three hundred thousand dollars
      ($300,000) per year (the “Base Salary”) payable in accordance with the
      Corporation’s payroll policies and subject to standard payroll deductions and
      withholdings; provided that Levine’s Base Salary may be increased annually in
      accordance with corporate policy. 

     

    (ii) Bonus.
      Levine
      shall be eligible to earn an annual performance bonus of up to 50% of the Base
      Salary (the “Annual Cash Incentive Pay” or “ACIP”) based on annual target
      performance objectives to be agreed upon by the Corporation’s Chief Executive
      Officer (the “CEO”), and Levine not later than the end of the first quarter of
      the fiscal year for which the ACIP shall be applicable, except for the annual
      target performance objectives in the first year of this agreement, which shall
      be agreed upon on or before May 30. The primary performance measures for Levine
      shall be the Corporate goals and objectives approved by the Compensation
      Committee at the beginning of each fiscal year. Each year, the CEO will evaluate
      the performance of Levine and recommend to the Compensation Committee a personal
      evaluation measure which may decrease the ACIP or increase by the way of a
      special performance bonus recommendation. ACIP and bonuses are paid in
      accordance with the Corporations bonus policy (typically in March of the year
      following the year in which the bonus is earned) and Levine must be an employee
      of the Corporation when the bonus is paid to be entitled to receive a bonus.
      In
      2007, Levine will be eligible for up to the full potential bonus.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii) Options.
      Pursuant
      to the General Counsel Incentive Plan (the “GC Plan”), Levine shall receive
      options (the “Options”) to purchase shares of common stock of the Corporation as
      outlined on Exhibit B. From time to time, at the discretion of the Board of
      Directors, Levine may be eligible for additional stock option grants, including,
      without limitation, on annual basis Levine shall be eligible for additional
      stock option grants of up to 25% of Levine’s initial Options as set forth in
      Exhibit B based on the achievement of annual target performance objectives
      as
      set forth in 3(a)(ii) above. 
      Notwithstanding anything to the contrary, the Options described in Exhibit
      B
      will all accelerate and vest upon your termination without Cause, your
      resignation for a Good Reason or in the event of a Change in Control (as those
      terms are defined herein and in Exhibit A). Additionally, regardless of such
      termination, your stock Options shall remain exercisable until the earlier
      of:
      (i) 2 years following such termination and (ii) for the full term of such
      Options. Such vesting and extension of exercisability provisions shall be
      conditioned on the execution by Levine of a waiver and release of claims
      substantially in the form set forth in Attachment B, attached
      hereto.

    

    (iv) Restricted
      Stock. Levine
      shall receive 15,000 restricted shares (the “Restricted Shares”) of common stock
      of the Corporation granted under, and pursuant to the terms and conditions
      of,
      the Company’s 2004 Long-Term Incentive Plan. The Restricted Shares shall vest
      one-third (1/3) on the second anniversary, one-third (1/3) on the third
      anniversary and one -third (1/3) on the fourth anniversary of the Effective
      Date, assuming Levine is an employee on such date. Notwithstanding anything
      to
      the contrary, the Restricted Shares will all accelerate and vest upon your
      termination without Cause, your resignation for a Good Reason or in the event
      of
      a Change in Control (as those terms are defined herein and in Exhibit A). Such
      vesting provisions shall be conditioned on the execution by Levine of a waiver
      and release of claims substantially in the form set forth in Attachment B,
      attached hereto.

    

    

    (b) Expenses.
      Keryx
      shall reimburse Levine for all normal, usual and necessary expenses incurred
      by
      Levine in furtherance of the business and affairs of Keryx, including travel
      and
      entertainment and professional fees associated with your maintaining your legal
      credentials (e.g. registration fees, bar association fees and CLE costs),
      against receipt by Keryx of appropriate vouchers or other proof of Levine's
      expenditures and otherwise in accordance with such Expense Reimbursement Policy
      as may from time to time be adopted by the Board of Directors of
      Keryx.

    

    (c) Annual
      Leave and Holidays. Levine
      shall be entitled to twenty (20) business days of leave per calendar year.
      Any
      leave not taken in a particular calendar year will be forfeited and not carried
      forward into the next calendar year. In addition, Levine shall be entitled
      to
      those holidays set forth, from time to time, by the Company.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (d) Employee
      Benefits. 
      During
      the Term of her employment, Levine shall be entitled to participate in all
      employee and fringe benefit plans and programs generally offered to other
      members of the Corporation’s management who are similarly situated, including,
      without limitation, any pension, profit sharing, incentive, retirement,
      insurance, health and disability benefits and plans, to the extent that Levine
      is eligible under and subject to the provisions of such plans. The Corporation
      reserves its right to modify or terminate any of its employee and fringe benefit
      plans and programs at any time. 

     

    

    
      	4.	
              REPRESENTATIONS
                AND WARRANTIES BY LEVINE AND
                KERYX

            

    

    

    (a) Levine
      hereby represents and warrants to Keryx as follows:

    

    (i)
       Neither
      the execution and delivery of this Agreement nor the performance by Levine
      of
      her duties and other obligations hereunder violate any statute, law,
      determination or award, or conflict with or constitute a default under (whether
      immediately, upon the giving of notice or lapse of time or both) any prior
      employment agreement, contract, or other instrument to which Levine is a party
      or by which she is bound.

    

    (ii) Levine
      has the full right, power and legal capacity to enter and deliver this Agreement
      and to perform her duties and other obligations hereunder. This Agreement
      constitutes the legal, valid and binding obligation of Levine enforceable
      against her in accordance with its terms. No approvals or consents of any
      persons or entities are required for Levine to execute and deliver this
      Agreement or perform her duties and other obligations hereunder.

    

    (b) Keryx
      hereby represents and warrants to Levine as follows:

    

    (i) Keryx
      is
      duly organized, validly existing and in good standing under the laws of the
      State of Delaware, with all requisite corporate power and authority to own
      its
      properties and conduct its business in the manner presently
      conducted.

    

    (ii) Keryx
      has
      the full power and authority to enter into this Agreement and to incur and
      perform its obligations hereunder.

    

    (iii) The
      execution, delivery and performance by Keryx of this Agreement does not conflict
      with or result in a material breach or violation of or constitute a material
      default under (whether immediately, or upon the giving of notice or lapse of
      time or both) the certificate of incorporation or by-laws of Keryx, or any
      agreement or instrument to which Keryx is a party or by which Keryx or any
      of
      its properties may be bound or affected.

    

    
      	5.	
              CONFIDENTIAL
                INFORMATION

            

    

    

    Levine
      agrees to sign and comply with the Corporation’s Proprietary Information and
      Inventions Agreement, annexed hereto as Attachment A.

    

    
      	6.	
              NON-COMPETITION

            

    

    

    (a) Levine
      understands and recognizes that her services to Keryx are special and unique
      and
      agrees that, during the Term, and for a period of 12 months from the date of
      termination of her employment hereunder, she shall not in any manner, directly
      or indirectly, on behalf of herself or any person, firm, partnership, joint
      venture, corporation or other business entity ("Person"), enter into or engage
      in any business “Directly Competitive” with Keryx's business, either as an
      individual for her own account, or as a partner, joint venturer, treasurer,
      agent, consultant, salesperson, employee, officer, director or shareholder
      of a
      Person operating or intending to operate within the area that Keryx is, at
      the
      date of termination, conducting its business (the "Restricted Businesses")
      without the prior written consent of Keryx; provided, however, that nothing
      herein will preclude Levine from holding one percent (1%) or less of the stock
      of any publicly traded corporation. For a business to be Directly Competitive,
      it would have to be developing a drug in the same class and for the same
      indication as the drugs under development at that the end of the Term. For
      example, a company developing a GAG for Diabetic Nephropathy would be considered
      Directly Competitive by this clause, however, a company developing a GAG for
      another disease or developing a drug other than a GAG for Diabetic Nephropathy
      would not be deemed Directly Competitive.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b) In
      the
      event that Levine breaches any provisions of this Section 6 or there is a
      threatened breach, then, in addition to any other rights which Keryx may have,
      Keryx shall be entitled, without the posting of a bond or other security, to
      injunctive relief to enforce the restrictions contained herein. In the event
      that an actual proceeding is brought in equity to enforce the provisions of
      this
      Section 6, Levine shall not argue as a defense that there is an adequate remedy
      at law nor shall Keryx be prevented from seeking any other remedies that may
      be
      available.

    

    
      	7.	
              NON-SOLICITATION
                AND NON-INTERFERENCE

            

    

    

    During
      the Term, and for 12 months thereafter, Levine shall not, directly or
      indirectly, without the prior written consent of Keryx:

    

    (a) solicit
      or induce any employee of Keryx or any subsidiary, parent, affiliate or
      successor (“Affiliate”) of Keryx to leave the employ of Keryx or any Affiliate
      or hire for any purpose any employee of Keryx or any Affiliate or any employee
      who has left the employment of Keryx or any Affiliate within six months of
      the
      termination of said employee's employment with Keryx; or

    

    (b) interfere
      with or disrupt or attempt to disrupt Keryx's or its Affiliates’ business
      relationship with any of their partners, service providers, clients, customers
      and/or suppliers. 

    

    
      	8.	
              TERMINATION

            

    

    

    (a)  Either
      party may terminate Levine’s employment with the Corporation any time upon
      ninety (90) days’ notice, provided, however that if such termination occurs
      without Cause or for Good Reason in the first twelve (12) months following
      the
      Effective Date, the Corporation shall pay Levine her full salary and
      reimbursement of the cost of COBRA to maintain health benefits (excluding bonus)
      until the first anniversary of the Effective Date, as a lump-sum payment within
      30 days of such termination. The Corporation shall have the right, in its sole
      discretion, to require Levine to continue working for the Corporation during
      the
      notice period.

    

    (b)  If
      Levine’s employment is terminated without Cause or Levine terminates for Good
      Reason in anticipation of or within 12 months following a Qualified Change
      in
      Control then Levine shall be entitled to a lump-sum payment equal to: (i) one
      (1) year's Base Salary; plus (ii) any earned and unpaid bonus as of the date
      of
      termination, payable
      within 30-days of such termination.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c)  Such
      payment, contained in 8(b), shall be conditioned on the execution by Levine
      of a
      waiver and release of claims substantially in the form set forth in Attachment
      B, attached hereto

     

    (d) In
      the
      event Levine’s employment is terminated by her death or disability, she shall be
      entitled to continue to receive her base salary for three (3) months following
      her last day of actual employment by the Corporation. (For purposes of this
      section, “disability” shall be deemed to have occurred if Levine is unable, due
      to any physical or mental disease or condition, to perform her normal duties
      of
      employment for 120 consecutive days or 180 days in any twelve-month period.)
      In
      addition, the Board of Directors shall take the necessary steps so that the
      period during which the Employee shall be permitted to exercise such Options
      shall be extended to the earlier of: (A) two (2) years from the effective date
      of her termination and (B) the expiration date of such Options. Should the
      Employee’s employment be terminated as a result of her death, the benefits
      granted herein, shall be granted instead to her lawful heir or heirs. In either
      case (disability or death), extended exercise of the options will only be
      granted if Levine or, in the case of her death, her legal successor, together
      with her lawful heir or heirs, execute a waiver and release of claims
      substantially in the form set forth in Attachment B hereto.

    

    (e) “Cause.”
      Notwithstanding the foregoing, the Corporation may terminate Levine immediately
      and without prior notice (for “Cause’) in the following circumstances: (a) a
      material breach of Levine’s obligations and/or warranties pursuant to Sections
      4(a), 5, 6 and/or 7; (b) a material breach by Levine of any other provision
      of
      this Agreement, which is not cured by Levine within fifteen (15) days after
      receiving notice thereof from the Corporation containing a description of the
      breach or breaches alleged to have occurred; (c) the habitual neglect or gross
      failure by Levine to adequately perform the duties of her position, unless
      cured
      within 15 days after receiving notice thereof; (d) any act of moral turpitude
      or
      criminal action connected to her employment with the Corporation or her place
      of
      employment; or (e) Levine’s repetitive refusal to comply with or her violation
      of lawful instructions of the Chief Executive Officer or the Board of Directors,
      unless cured within 15 days after receiving notice thereof.

    

    (f)  “Good
      Reason”. Notwithstanding the foregoing, Levine may resign for a “Good Reason”
within 90 days of the occurrence of one of the following circumstances in the
      following circumstances: (A) a material diminution in her duties, or the
      assignment to her of duties materially inconsistent with her authority,
      responsibilities and reporting requirements as set forth in Section 1 of this
      Agreement; or (B) a material breach by the Corporation of its obligations to
      you
      under the terms of this Agreement.
      Anything hereinabove to the contrary notwithstanding, in the event you elect
      to
      terminate your employment for Good Reason, you agree to provide the Corporation
      with thirty (30) days prior written notice of your intent to leave the
      Corporation and the alleged condition or breach constituting Good Reason. In
      the
      event the Corporation cures such condition or breach within thirty (30) days
      following receipt of such notice, any such termination based on such alleged
      breach or condition shall not be considered a termination by you for Good
      Reason.

    

    (g) In
      the
      event that Levine’s employment has been terminated for Cause by the Corporation
      or without Good Reason by Levine, then Levine shall not be entitled to receive
      any of the benefits set forth in Section 8(a) above.

    

    
      	9.	
              INDEMNIFICATION

            

    

    

    The
      Corporation shall take whatever steps are necessary to establish a policy of
      indemnifying its officers, including, but not limited to Levine, for all actions
      taken in good faith in pursuit of their duties and obligations to the
      Corporation. Such steps shall include, but shall not necessarily be limited
      to,
      the obtaining of an appropriate level of Directors and Officers Liability
      coverage.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	10.	
              NOTICES

            

    

    

    Any
      notice or other communication under this Agreement shall be in writing and
      shall
      be deemed to have been given when delivered personally against receipt thereof;
      two (2) business days after being sent by Federal Express or similar
      internationally recognized courier service; or seven (7) business days after
      being mailed registered or certified mail, postage prepaid, return receipt
      requested, to either party at the address set forth above, and to:

    

    Beth
      Levine

    40
      Dalmeny Road

    Briarcliff
      Manor, NY 10510

    

    or
      to
      such other address as such party shall give by notice hereunder to the other
      party.

    

    
      	11.	
              SEVERABILITY
                OF PROVISIONS

            

    

     

    If
      any
      provision of this Agreement shall be declared by a court of competent
      jurisdiction to be invalid, illegal or incapable of being enforced in whole
      or
      in part, the remaining conditions and provisions or portions thereof shall
      nevertheless remain in full force and effect and enforceable to the extent
      they
      are valid, legal and enforceable, and no provision shall be deemed dependent
      upon any other covenant or provision unless so expressed herein.

    

    
      	12.	
              ENTIRE
                AGREEMENT; MODIFICATION

            

    

    

    This
      Agreement contains the entire agreement of the parties relating to the subject
      matter hereof, and the parties hereto have made no agreements, representations
      or warranties relating to the subject matter of this Agreement that are not
      set
      forth herein. No modification of this Agreement shall be valid unless made
      in
      writing and signed by the parties hereto.

    

    
      	13.	
              BINDING
                EFFECT

            

    

    

    The
      rights, benefits, duties and obligations under this Agreement shall inure to,
      and be binding upon, Keryx, its successors and assigns, including in the event
      of a change of control of Keryx by way of a merger, acquisition of, or a
      majority investment in Keryx, and upon Levine and her legal representatives.
      This Agreement constitutes a personal service agreement, and the performance
      of
      Levine's obligations hereunder may not be transferred or assigned by Levine.
      

    

    
      	14.	
              NON-WAIVER

            

    

    

    The
      failure of either party to insist upon the strict performance of any of the
      terms, conditions and provisions of this Agreement shall not be construed as
      a
      waiver or relinquishment of future compliance therewith, and said terms,
      conditions and provisions shall remain in full force and effect. No waiver
      of
      any term or condition of this Agreement on the part of either party shall be
      effective for any purpose whatsoever unless such waiver is in writing and signed
      by such party.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	15.	
              GOVERNING
                LAW

            

    

    

    This
      Agreement shall be governed by, and construed and interpreted in accordance
      with, the laws of the State of New York without regard to principles of
      conflicts of law. Additionally, the prevailing party in any litigation shall
      be
      entitled to an additional award of its attorney fees, cost and
      expenses.

    

    
      	16.	
              REMEDIES
                FOR BREACH

            

    

    

    Levine
      understands and agrees that any breach of Sections 4(a) 5, 6 and/or 7 of this
      Agreement by her could cause irreparable damage to Keryx and to the Affiliates,
      and that monetary damages alone would not be adequate and, in the event of
      such
      breach, Keryx shall have, in addition to any and all remedies of law, the right
      to an injunction, specific performance or other equitable relief to prevent
      or
      redress the violation of Keryx's rights under such Sections.

    

    
      	17.	
              HEADINGS

            

    

    

    The
      headings of paragraphs are inserted for convenience and shall not affect any
      interpretation of this Agreement.

    

    
      	18.	
              LEGAL
                REPRESENTATION

            

    

    

    The
      Corporation shall reimburse Levine up to $7,500 for legal costs associated
      with
      the review and execution of this Agreement.

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

    

     

    
      	 	
              EMPLOYEE:

              
 

              By:
                /s/ Beth F.
                Levine                    
                

              Name:
                Beth F. Levine

              
 

              KERYX
                BIOPHARMACEUTICALS, INC.

               

              

              By:
                /s/ Michael S.
                Weiss                               
                

              Name: Michael
                S. Weiss

              Title:
                Chairman and Chief Executive
                Officer

            

    

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Certain
      Definitions

    

    A
      “Change
      in Control,”
shall
      mean either: (i) a Merger (as defined below), except for a transaction the
      principal purpose of which is to change the State of incorporation, (ii) the
      sale, transfer or other disposition of all or substantially all of the assets
      of
      the Corporation; or (iii) any other corporate reorganization or business
      combination (including, but not limited to, a merger in which the Corporation
      is
      the surviving entity) in which more than fifty percent (50%) of the
      Corporation’s then outstanding voting stock is transferred to different holders
      in a single transaction or a series of related transactions.

     

    A
      “Merger”
shall
      mean a merger or consolidation of the Corporation with any other corporation
      or
      entity, other than a merger or consolidation which would result in the voting
      securities of the Corporation outstanding immediately prior thereto continuing
      to represent (either by remaining outstanding or by being converted into voting
      securities of the surviving entity) more than fifty (50%) percent of the total
      voting power represented by the voting securities of the Corporation or such
      surviving entity outstanding immediately after such merger or
      consolidation.

     

    A
      “Qualified
      Change in Control”
shall
      be a Change in Control which places a value on the Corporation of in excess
      of
      $1.5 billion.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Exhibit
      B

     

    

     

    The
      Corporation will grant Levine options (the “Options”) to purchase a total of
      150,000 shares of the common stock of the Corporation (the “Initial Grant”) at
      an exercise price equal to the closing price of the Corporation’s Common Stock
      on Nasdaq on the date the grant is approved by the Compensation Committee (the
      “Exercise Price”), which options shall be exercisable, only after vesting, for a
      period of ten (10) years from the date of issuance. Levine's Options will be
      granted under the GC Plan (the "Plan") and will be subject to the terms and
      conditions thereof, including any stock option agreement entered into by Levine
      and the Corporation thereunder; provided, however, that if any provisions of
      this Agreement are inconsistent with the terms and conditions of the Plan and
      any such stock option agreement, the terms of this Agreement shall control.
      In
      accordance with the Plan, should any change be made to the Common Stock by
      reason of any stock split, stock dividend, extraordinary cash dividend,
      recapitalization, combination of shares, exchange of shares or other change
      affecting the outstanding Common Stock as a class without the Corporation’s
      receipt of consideration, appropriate adjustments shall be made to (A) the
      total
      number and/or class of securities subject to such options and (B) the Exercise
      Price in order to reflect such change and thereby preclude a dilution or
      enlargement under such options. The Initial Grant shall vest as follows
      (provided that Levine is employed as a service provider (as defined in the
      plan)
      on the date of vesting): 

     

    

     

    
      	
               

              Months
                of Employment

            	
               

              Number
                of Options Vested 

            
	
              12

            	
              37,500

            
	
              15

            	
              9,375

            
	
              18

            	
              9,375

            
	
              21

            	
              9,375

            
	
              24

            	
              9,375

            
	
              27

            	
              9,375

            
	
              30

            	
              9,375

            
	
              33

            	
              9,375

            
	
              36

            	
              9,375

            
	
              39

            	
              9,375

            
	
              42

            	
              9,375

            
	
              45

            	
              9,375

            
	
              48

            	
              9,375

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    ATTACHMENT
      A

    

    Proprietary
      Information and Inventions Agreement

    

    In
      consideration of my employment or continued employment by Keryx
      Biopharmaceuticals, Inc. (together with any subsidiary of Keryx
      Biopharmaceuticals, Inc., the “Company”), and the compensation now and hereafter
      paid to me, I hereby agree as follows:

    

    1.
      Recognition of Company’s Rights; Nondisclosure.
      At all
      times during the term of my employment and thereafter, I will hold in strictest
      confidence and will not disclose, use, lecture upon or publish any of the
      Company’s Proprietary Information (defined below), except as such disclosure,
      use or publication may be required in connection with my work for the Company,
      or unless an officer of the Company expressly authorizes such in
      writing.

    

    The
      term
“Proprietary Information” shall mean trade secrets, confidential knowledge, data
      or any other proprietary information of the Company. By way of illustration
      but
      not limitation, “Proprietary Information” includes (a) inventions, mask works,
      trade secrets, ideas, processes, formulas, source and object codes, data,
      programs, other works of authorship, know-how, improvements, discoveries,
      developments, designs and techniques (hereinafter collectively referred to
      as
“Inventions”); and (b) information regarding plans for research, development,
      new products, regulatory matters, marketing and selling, business plans, budgets
      and unpublished financial statements, licenses, prices and costs, suppliers
      and
      customers; and information regarding the skills and compensation of other
      employees of the Company. “Proprietary Information” shall not include anything
      which has become or shall become public except through my breach of this
      agreement.

    

    2.
      Third Party Information.
      I
      understand, in addition, that the Company has received, and in the future will
      receive, from third parties confidential or proprietary information (“Third
      Party Information”) subject to a duty on the Company’s part to maintain the
      confidentiality of such information and to use it only for certain limited
      purposes. During the term of my employment and thereafter, I will hold Third
      Party Information in the strictest confidence and will not disclose to anyone
      (except in connection with my work for the Company), unless expressly authorized
      by an officer of the Company in writing. “Third Party Information” shall not
      include anything which has become or shall become public except through my
      breach of this agreement.

    

    3.
      Assignment of Inventions

    

    3.1
      Assignment

    

    (a)
      I
      hereby assign to the Company all my right, title and interest in and to any
      and
      all Inventions and all patent rights, copyrights, mask work rights, trademarks,
      trade secret rights, all other rights throughout the world in connection
      therewith, and the goodwill associated with all of the foregoing (collectively,
      “Proprietary Rights”), whether or not patentable or registrable under patent,
      copyright, trademark or similar statutes, made or conceived or reduced to
      practice or learned by me, either alone or jointly with others, during the
      period of my employment with the Company. Inventions assigned to, or as directed
      by, the Company under this Paragraph 3 are hereinafter referred to as “Company
      Inventions”. I agree, upon request, to execute, verify and deliver assignments
      of the Proprietary Rights to the Company or its designee and I hereby appoint
      the Company my attorney-in-fact with respect to the Proprietary Rights for
      the
      purpose of effecting any or all of the Company’s rights to the Proprietary
      Rights.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    3.1
      Government.
      I also
      agree to assign to or as directed by the Company all my right, title and
      interest in and to any and all Inventions, full title to which is required
      to be
      assigned to the United States of America by a contract between the Company
      and
      United States of America or any of its agencies.

    

    3.2
      Works for hire.
      I
      acknowledge that all original works of authorship which are made by me (solely
      or jointly with others) within the scope of my employment and which are
      protectable by copyright are “works made for hire”, as that term is defined in
      the United States Copyright Act (17 U.S.C. Section 101).

    

    

    4.
      Enforcement of Proprietary Rights.
      From
      time to time, I will assist the Company in every proper way to obtain and
      enforce United States and foreign Proprietary Rights relating to Company
      Inventions in any and all countries. My obligation to assist the Company with
      respect to Proprietary Rights relating to such Company Inventions in any and
      all
      countries shall continue beyond the termination of my employment, but the
      Company shall compensate me at a reasonable rate after my termination for the
      time and expenses actually spent by me at the Company’s request on such
      assistance.

    

    I
      hereby
      waive and quitclaim to the Company any and all claims, of any nature whatsoever,
      which I now or may hereafter have for infringement of any Proprietary Rights
      assigned hereunder to the Company.

    

    5.
      Obligation to Keep Company Informed.
      During
      the period of my employment, I will promptly disclose all Inventions to the
      Company fully and in writing and will hold such Inventions in trust for the
      sole
      right and benefit of the Company. In addition, after termination of my
      employment, I will promptly disclose all patent applications filed by me within
      a year after termination of employment with regard to Inventions.

    

    6.
      Prior Inventions.
      Inventions, if any, patented or unpatented, which I made prior to the
      commencement of my employment with the Company are excluded from the scope
      of
      this Agreement. To preclude any possible uncertainty, I have set forth in
      Exhibit A attached hereto a complete list of all Inventions (i) that I have,
      alone or jointly with others, conceived, developed or reduced to practice or
      caused to be conceived, developed or reduced to practice prior to the
      commencement of my employment with the Company, (ii) that I consider to be
      my
      property or the property of third parties and (iii) that I wish to have excluded
      from the scope of this Agreement. If disclosure of any such Invention on Exhibit
      A would cause me to violate any prior confidentiality agreement, I understand
      that I am not to list such Inventions in Exhibit A but am to inform the Company
      that all such Inventions have not been listed for that reason.

    

    7.
      No Improper Use of Materials.
      During
      my employment by the Company, I will not improperly use or disclose any
      confidential information or trade secrets, if any, of any former employer or
      any
      other person to whom I have an obligation of confidentiality, and I will not
      bring onto the premises of the Company any unpublished documents or any property
      belonging to any former employer or any other person to whom I have an
      obligation of confidentiality unless consented to in writing by that former
      employer or person.

    

    8.
      No Conflicting Obligation.
      I
      represent that my performance of all the terms of this Agreement and my
      performance of my duties as an employee of the Company do not and will not
      breach any agreement to keep in confidence information acquired by me in
      confidence or in trust prior to my employment by the Company. I have not entered
      into, and I agree I will not enter into, any agreement either written or oral
      in
      conflict herewith.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    9.
      Return of Company Documents.
      When I
      leave the employ of the Company, I will deliver to the Company any and all
      drawings, notes, memoranda, specifications, devices, formulas, molecules, cells,
      storage media, including software, documents and computer printouts, together
      with all copies thereof, and any other material containing or disclosing any
      Company Inventions, Third Party Information or Proprietary Information of the
      Company. I further agree that any property situated on the Company’s premises
      and owned by the Company, including disks and other storage media, filing
      cabinets or other work areas, is subject to inspection by Company personnel
      at
      any time with or without notice. Prior to leaving, I will cooperate with the
      Company in completing and signing the Company’s termination statement for
      technical and management personnel.

    

    10.
      Legal and Equitable Remedies. Because
      my services are personal and unique and because I may have access to and may
      become acquainted with the Proprietary Information of the Company, the Company
      shall have the right to enforce this Agreement and any of its provisions by
      injunction, specific performance or other equitable relief, without bond,
      without prejudice to any other rights and remedies that the Company may have
      for
      a breach of this Agreement, and I waive the claim or defense that the Company
      has an adequate remedy at law. I shall not, in any action or proceeding to
      enforce any of the provisions of this Agreement, assert the claim or defense
      that such an adequate remedy at law exists.

    

    11.
      Notices. Any
      notices required or permitted hereunder shall be given to me at the address
      specified below 

    

    

    Beth
      Levine

    40
      Dalmeny Road

    Briarcliff
      Manor, NY 10510

    

    

    or
      at
      such other address as I shall specify in writing. Such notice shall be deemed
      given upon personal delivery to the appropriate address or if sent by certified
      or registered mail, three days after the date of mailing.

    

    
      	12.  	
              General
                Provisions.

            

    

    

    12.1
      Governing Law. This
      Agreement is executed under seal and will be governed by and construed according
      to the laws of the State of New York.

    

    12.2
      Entire Agreement. This
      Agreement is the final, complete and exclusive agreement of the parties with
      respect to the subject matter hereof and supersedes and merges all prior
      discussions between us. No modification or amendment of this Agreement, nor
      any
      waiver of any rights under this Agreement, will be effective unless in writing,
      signed by the party to be charged. Any subsequent change or changes in my
      duties, salary or compensation will not affect the validity or scope of this
      Agreement. As used in this Agreement, the period of my employment includes
      any
      time during which I may be retained by the Company as a consultant.

    

    12.3
      Severability. If
      one or
      more of the provisions in this Agreement are deemed unenforceable by law, then
      the remaining provisions will continue in full forced and effect.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    12.4
      Successors and Assigns. This
      Agreement will be binding upon my heirs, executors, administrators and other
      legal representatives and will be for the benefit of the Company, its
      successors, and its assigns. I may not assign any of my rights, or delegate
      any
      of my obligations, under this Agreement.

    

    12.5
      Survival. The
      provisions of this Agreement shall survive the termination of my employment
      and
      the assignment of this Agreement by the Company to any successor in interest
      or
      other assignee.

    

    12.6
      Employment. I
      agree
      and understand that nothing in this Agreement shall confer on me any right
      with
      respect to continuation of my employment with the Company, or shall it interfere
      in any way with my right or the Company’s right to terminate my employment at
      any time, with or without cause.

    

    12.7
      Waiver. No
      waiver
      by the Company of any breach of this Agreement shall be a waiver of any
      preceding or succeeding breach. No waiver by the Company of any right under
      this
      Agreement shall be construed as a wavier of any other right. The Company shall
      not be required to give notice to enforce strict adherence to all terms of
      this
      Agreement.

    

    12.8
      Counterparts. This
      Agreement may be executed in counterparts, all of which together shall for
      all
      purposes constitute one Agreement, binding on each of the parties hereto
      notwithstanding that each such party shall not have signed the same
      counterpart.

    

    12.9
      Jurisdiction and Venue; Waiver of Jury Trial. In
      case
      of any dispute hereunder, the parties will submit to the exclusive jurisdiction
      and venue of any court of competent jurisdiction sitting in New York County,
      New
      York, and will comply with all requirements necessary to give such court
      jurisdiction over the parties and the controversy. EACH PARTY HEREBY WAIVES
      ANY
      RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE DAMAGES.

    

    12.10
      Disclosure. I
      shall
      disclose the existence and terms of this Agreement to any employer or other
      person that I may work for or be engaged by after the termination of my
      employment or engagement at the Company. I agree that the Company may, after
      notification to me, provide a copy of this Agreement to any business or
      enterprise (i) which I may directly or indirectly own, manage, operate, finance,
      join, control or participate in the ownership, management, operation, financing,
      or control of, or (ii) with which I may be connected with as an officer,
      director, employee, partner, principal, agent, representative, consultant or
      otherwise, or in connection with which I may use or permit my name to be used.
      I
      will provide the names and addresses of any of such persons or entities as
      the
      Company may from time to time reasonably request.

    

    This
      Agreement shall be effective as of the first day of my employment with the
      Company, namely April 18, 2007.

    

    

    I
      UNDERSTAND THAT THIS AGREEMENT AFFECTS MY RIGHTS TO INVENTIONS I MAKE DURING
      MY
      EMPLOYMENT, AND RESTRICTS MY RIGHTS TO DISCLOSE OR USE THE COMPANY’S
      CONFIDENTIAL INFORMATION DURING OR SUBSEQUENT TO MY
      EMPLOYMENT.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    I
      HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS.

    

    

    

    Signature:

    

    /s/
      Beth F.
      Levine                                  

    Beth
      F.
      Levine

    Date:
      April 26, 2006

     

    

    ACCEPTED
      AND AGREED TO:

    Keryx
      Biopharmaceuticals, Inc.

    

    By:
      /s/
      Michael S.
      Weiss                        

    Name:
      Michael S. Weiss 

    Title:
      Chairman and Chief Executive Officer 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    ATTACHMENT
      B

    

    Employee
      Agreement And Release

    

    Except
      for the consideration, compensation and benefits to which I am or may become
      entitled, including my right to indemnification, directors and officers
      insurance and any vested equity or equity that will vest as otherwise set forth
      in the Employment Agreement dated April 18, 2007, this Employee Agreement and
      Release (the "Agreement") between the undersigned and Keryx Biopharmaceuticals,
      Inc. (the "Corporation"), hereby releases, acquits and forever dischargesthe
      Corporation, its parents, affiliates and subsidiaries, and their officers,
      directors, agents, servants, employees, attorneys, shareholders, successors,
      assigns and affiliates, of and from any and all claims, liabilities, demands,
      causes of action, costs, expenses, attorneys fees, damages, indemnities and
      obligations of every kind and nature, in law, equity, or otherwise, known and
      unknown, suspected and unsuspected, disclosed and undisclosed, arising out
      of or
      in any way related to agreements, events, acts or conduct at any time prior
      to
      and including the execution date of this Agreement, including but not limited
      to: all such claims and demands directly or indirectly arising out of or in
      any
      way connected with my employment with the Corporation or the termination of
      that
      employment; claims or demands related to salary, bonuses, commissions, stock,
      stock options, or any other ownership interests in the Corporation, vacation
      pay, fringe benefits, expense reimbursements, severance pay, or any other form
      of compensation; claims pursuant to any federal, state or local law, statute,
      or
      cause of action including, but not limited to, Title VII of the Civil Rights
      Act
      of 1964, 42 U.S.C. § 2000e et
      seq.,
      the Age
      Discrimination in Employment Act, 29 U.S.C. § 621 et
      seq.
      (“ADEA”), the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101
et seq.,
      and the
      New York Human Rights Law, N.Y. Exec. Law, Art. 15, § 290 et seq.
      and the
      New York City Human Rights Law, N.Y.C. Admin. Code § 8-101 et seq.,
      all as
      amended, and all claims arising out of the Fair Credit Reporting Act, 15 U.S.C.
      § 1681 et seq.,
      the
      Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001
et seq.;
      tort
      law; contract law; wrongful discharge; discrimination; harassment; retaliation;
      fraud; defamation; emotional distress; and breach of the implied covenants
      of
      good faith and fair dealing.

    

    I
      acknowledge that I am knowingly and voluntarily waiving and releasing any rights
      I may have under ADEA. I also acknowledge that the consideration given for
      the
      waiver and release in the preceding paragraph hereof is in addition to anything
      of value to which I was already entitled. I further acknowledge that I have
      been
      advised by this writing, as required by the ADEA, that; (a) my waiver and
      release do not apply to any rights or claims that may arise after the execution
      date of this Agreement; (b) I have been advised hereby that I have the right
      to
      consult with an attorney prior to executing this Agreement; (c) I have
      twenty-one (21) days to consider this Agreement (although I may choose to
      voluntarily execute this Agreement earlier); (d) I have seven (7) days following
      the execution of this Agreement by the parties to revoke the Agreement; and
      (e)
      this Agreement shall not be effective until the date upon which the revocation
      period had expired, which shall be the eighth day after this Agreement is
      executed by me.

    

    In
      giving
      this release, which includes claims that may be unknown to me at present, I
      hereby expressly waive and relinquish all rights and benefits under any law
      of
      any jurisdiction with respect to my release of any such presently unknown claims
      I may have against the Corporation.

    

    /s/
      Beth
      Levine                           

    Beth
      Levine

    Dated:
      April 26, 2007

     

     

    
      
        
        

      

      
        15Exhibit
      10.3 

    

    April
      25,
      2007

    

    I.
      Craig
      Henderson, M.D.

    c/o
      Keryx
      Biopharmaceuticals, Inc.

    750
      Lexington Avenue, 20th
      Floor

    New
      York,
      NY 10022

    

    Dear
      Dr.
      Henderson:

    

    This
      letter agreement (this “Agreement”) will confirm your employment (“Executive” or
“you”) with Keryx Biopharmaceuticals, Inc. (the “Corporation”), under the
      following terms and conditions and for the following consideration:

    

    1. Term
      of Agreement; Compensation.
      (a) This
      agreement shall continue until April 25, 2009
      (the
      “Employment Term”),
      unless
      terminated at an earlier date in accordance with the provisions of Section
      9,
      below. In addition, the Employment Term shall be automatically renewed for
      a
      period of one year on each expiration date unless either party provides six
      months prior written notice of non-renewal to the other party. This agreement
      supercedes the employment agreement between you and the Corporation dated
      January 31, 2004, set to expire on January 31, 2007.

    

    (b) Executive
      shall be paid $315,000 per year (the “Base Salary”), payable on a bi-monthly
      basis in arrears;
      provided
      that Executive’s Base Salary shall be increased annually in accordance with
      corporate policy but no less than the Consumer Price Index announced for the
      previous calendar year. 

    

    (c) Executive
      shall be eligible to an annual performance bonus of up to 50% of the Base Salary
      (the “Performance Bonus”) based on (i) annual target performance objectives to
      be agreed upon by the Corporation’s Chief Executive Officer (the “CEO”) and the
      Executive on or before the December 15 immediately preceding fiscal year for
      which the Performance Bonus shall be applicable and (ii) approved by the
      Compensation Committee of the Board of Directors. 

    

    (d) You
      shall
      receive the restricted stock (the “Restricted Stock”) and the potential
      milestone bonuses (the “Milestone Bonuses”) as set forth on Exhibit
      B.

    

    (e) From
      time
      to time, at the discretion of the Board of Directors, you may be eligible for
      additional stock option and restricted stock grants.

     

    2. Position
      and Responsibilities. 
      (a) Subject
      to the terms and conditions set forth herein, the Corporation hereby engages
      and
      employs the Executive, and the Executive hereby accepts engagement and
      employment, as President of the Corporation. As such he shall have such
      responsibilities and duties as delegated by the CEO. Executive shall report
      directly to the CEO.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
       Executive
      will devote substantially all of his gainful time to the discharge of his duties
      and responsibilities under this Agreement. 

    

    (c)
       Executive
      acknowledges and agrees that the performance by Executive of his duties
      hereunder may require significant domestic and international travel by
      Executive. 

    

    3. Vacation. Executive
      shall
      be
      entitled to four (4) weeks of paid vacation during each calendar
      year.

    

    4. Non-Competition. Executive
      understands and recognizes that his services to the Corporation are special
      and
      unique and agrees that, during the Employment Term and for a period of one
      (1)
      year from the date of termination of the Employment Term, Executive shall not
      in
      any manner, directly or indirectly, on behalf of Executive or any person, firm,
      partnership, joint venture, corporation or other business entity (“Person”),
      enter into, engage in or consult for any commercial business that operates
      a
      proprietary product development business, a clinical research business, site
      management organization, and/or clinical research network , in each case which
      is competitive with the business of the Corporation, either as an individual
      for
      his/her own account, or as a proprietor, partner, member, joint venturer,
      employee, consultant, agent, salesperson, officer, director or shareholder
      (the
“Restricted Businesses”) within the geographic area of the Corporation’s
      business; provided, however, that nothing shall prevent the Executive from
      purchasing shares of any company in the public market or for working for a
      company that conducts a Restrictive Business, so long as Executive works in
      a
      division of such company that is not engaged in a Restricted Business. Executive
      acknowledges and agrees that given the services to be provided hereunder that
      this non-compete clause is reasonable. Notwithstanding the foregoing, Executive
      may perform advisory and speaker activities on behalf of other pharmaceutical
      and medical communications companies and the Corporation explicitly agrees
      that
      those activities are not prohibited by this Section 4. 

    

    5. Confidential
      Information. (a) Executive
      agrees that during the course of the Employment Term or at any time after
      termination, Executive will keep in strictest confidence and will not disclose
      or make accessible to any other person without the prior written consent of
      the
      Corporation, the Corporation's products, services, business plan, manner of
      doing business and technology, both current and under development, promotion,
      marketing and educational programs, customer and other lists, trade secrets
      and
      other confidential and proprietary business information of the Corporation
      or
      any of its clients and third parties including, without limitation, Proprietary
      Information (as defined in Section 6) (all the foregoing collectively being
      referred to herein as the “Confidential Information”). Executive agrees: (i) not
      to use any such Confidential Information for himself or others, (ii) not to
      disclose or publish any of the Confidential Information and (iii) not to take
      any such material or reproductions thereof from the Corporation's facilities
      at
      any time during the Employment Term except, in each case, as required in
      connection with Executive's duties to the Corporation.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (b) Upon
      written notice by the Corporation, Executive shall promptly redeliver to the
      Corporation, or, if requested by the Corporation, promptly destroy all written
      or electronic Confidential Information and any other written or electronic
      material containing any information included in the Confidential Information
      (whether prepared by the Corporation, Executive, or a third party), and will
      not
      retain any copies, extracts or other reproductions in whole or in part of such
      written or electronic Confidential Information (and upon request certify such
      redelivery or destruction to the Corporation in a written instrument reasonably
      acceptable to the Corporation and its counsel).

    

    6. Ownership
      Of Proprietary Information. (a) Executive
      agrees that all information, materials and/or inventions created, discovered
      or
      developed by Executive under this Agreement (collectively, the “Inventions”), by
      the Corporation, its subsidiaries, affiliates or licensors or made known to
      the
      Corporation or any of its affiliates by Executive during the Employment Term
      and
      information relating to the Corporation's customers, suppliers, consultants,
      and
      licensees, and/or in which property rights have been assigned or otherwise
      conveyed to the Corporation or its affiliates, shall be the sole property of
      the
      Corporation or the affiliates, as applicable, and the Corporation or the
      affiliates, as the case may be, shall be the sole owner of all patents,
      copyrights and other rights in connection therewith, including without
      limitation the right to make application for statutory protection. All of the
      aforementioned information is hereinafter called “Proprietary Information.” By
      way of illustration, but not limitation, Proprietary Information includes web
      pages, computer programs, trade secrets, processes, discoveries, structures,
      inventions, designs, ideas, works of authorship, copyrightable works,
      trademarks, copyrights, formulas, data, know-how, show-how, improvements,
      inventions, product concepts, techniques, information or statistics contained
      in, or relating to, marketing plans, strate-gies, forecasts, blueprints,
      sketches, records, notes, devices, drawings, customer lists, patent
      applications, continuation applications, continuation-in-part applications,
      file
      wrapper continuation applications and divisional applications and information
      about the Corporation's or its affiliates' employees and/or consultants
      (including, without limitation, the compensation and job responsibility of
      such
      employees and/or consultants).

    

    (b) Executive
      shall maintain and furnish to the Corporation complete and current records
      of
      all such Inventions and disclose to the Corporation in writing all such
      Inventions. Executive: (i) hereby assigns, sets over and transfers to the
      Corporation all of his right, title, and interest in and to such Inventions;
      and
      (ii) agrees that Executive and his agents shall, during and after the period
      Executive is retained by the Corporation, upon reasonable request of the
      Corporation, cooperate fully in obtaining patent, trademark, service mark,
      copyright or other proprietary protection for such Inventions, all in the name
      of the Corporation (but only at Corporation expense), and, without limitation,
      shall execute all requested applications, assignments and other documents,
      and
      take such other measures as the Corporation shall reasonably request in order
      to
      perfect and enforce the Corporation's rights in such Inventions, and hereby
      appoints the Corporation as Executive’s attorney to execute and deliver any such
      applications, assignments or other documents on Executive’s behalf in the event
      that the Executive fails or refuses to execute and deliver any such
      applications, assignments or other documents requested by the
      Corporation.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (c) In
      addition, Executive agrees to execute the Corporation’s standard form
      Proprietary Information and Inventions Agreement.

    

    7. Non-Solicitation.
      During
      the Employment Term, and for one (1) year thereafter, Executive shall not,
      directly or indirectly, without the prior written consent of the Corporation:
      (a) interfere with, disrupt or attempt to disrupt any past, present or
      prospective relationship, contractual or otherwise, between the Corporation
      and
      any of its licensors, licensees, clients, customers, suppliers, employees,
      consultants or other related parties, or (b) solicit or induce for hire any
      of
      the employees, agents, consultants or advisors of the Corporation or any such
      individual who in the past was employed or retained by the Corporation, within
      six (6) months of the termination of said individual's employment or retention
      by the Corporation; provided, however,
      that
      this prohibition shall not apply to consultants or advisors so long as Executive
      is not in violation of his non-compete agreement and such consultants and
      advisors do not terminate their relationship with the Corporation as a result
      of
      their involvement with the Executive, or (c) solicit or accept employment or
      be
      retained by any party who, at any time during the Employment Term, was a
      customer or supplier of the Corporation or any of its affiliates or any licensor
      or licensee thereof where such person’s position will be related to a Restricted
      Business (as such term is defined in paragraph 4 above); or (d) solicit or
      accept the business of any customer or supplier of the Corporation or any
      affiliate of the Corporation with respect to products similar to those supplied
      by the Corporation or such affiliate.

    

    8. Expenses
      & Benefits.  (a) The
      Corporation will promptly reimburse Executive for all reasonable and necessary
      business expenses incurred by him/her in connection with providing the
      employment services under this Agreement.

    

    (b) The
      Corporation shall make available to Executive similar health benefits and other
      benefits that it makes available to its other senior executives. 

    

    9. Termination;
      Severance and Accelerated Vesting. (a)
      If
      the Corporation terminates your employment without Just Cause (as defined in
      Exhibit A hereto) or you terminate your employment for Good Reason (as defined
      in Exhibit A hereto), then Executive will be entitled to receive the amounts
      set
      forth under paragraph 9(b) below and Executive shall receive one additional
      year
      of vesting on all time-based stock options and Restricted Stock granted to
      you;
      provided, however, if your employment is terminated in accordance with this
      paragraph 9(a) in anticipation of or within 12 months following a Qualified
      Change in Control (as defined in Exhibit A hereto) then you shall be entitled
      to
      immediate vesting of all remaining unvested stock options, Restricted Stock
      and
      Milestone Bonuses (as defined in Exhibit B hereto). Additionally, regardless
      of
      such termination, your stock options shall provide that they remain exercisable
      until the earlier of: (i) 2 years following such termination and (ii) for the
      full term of such options. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (b) In
      the
      event your employment is terminated in accordance with paragraph 9(a), you
      shall
      receive a lump-sum payment equal to: (i) one (1) year’s Base Salary; (ii) any
      earned and unpaid bonus as of the date of termination; and (iii) any incurred
      and unpaid expenses; provided, however, if your employment is terminated in
      accordance with paragraph 9(a) in anticipation of or within 12 months following
      a Qualified Change in Control then you instead will be entitled to a lump-sum
      payment equal to: (i) two (2) year’s Base Salary; (ii) any earned and unpaid
      bonus as of the date of termination; and (iii) any incurred and unpaid
      expenses.

    

    (c) In
      the
      event that your employment is terminated as a result of death or Disability
      (as
      defined in Exhibit A) of the Executive, then Executive or his estate
      or
      legal representative shall receive a lump-sum payment equal to (a) Base Salary
      through the date of termination, (b) any earned and unpaid bonus and (c) any
      incurred and unpaid expenses. 

    

    (d)
       Notwithstanding
      the foregoing, the Corporation may terminate the Executive immediately and
      without prior notice for Just Cause. In the event that the Executive’s
      employment has been terminated for Just Cause, the Executive shall not be
      entitled to receive any of the severance benefits set forth in this Section
      9,
      but he shall be entitled to any unpaid wages, bonuses, and any benefits under
      the benefit and compensation plans, policies and arrangements of the Corporation
      in which in he participates, which have accrued through his date of
      termination.

    

    (e) Code
      Section 409A.
      Notwithstanding
      anything
      in this Agreement to the contrary, if any amount or benefit that would
      constitute “deferred compensation” for purposes of Section 409A of the Internal
      Revenue Code of 1986, as amended (the “Code”) would otherwise be payable or
      distributable under this Agreement by reason of Executive’s separation from
      service, then if and to the extent necessary to comply with Code Section 409A:
      (i) if the payment or distribution of such amount or benefit is payable in
      a
      lump sum, such payment or distribution will be delayed until the first day
      following the six-month anniversary of Executive’s separation from service, and
      (ii) if the payment or distribution of such amount or benefit is payable over
      time, the amount that would otherwise be payable during the six-month period
      immediately following Executive’s separation from service will be accumulated
      and paid to Executive on the first day following the six-month anniversary
      of
      Executive’s separation from service, whereupon the normal payment or
      distribution schedule will resume. In the case of any such delayed payment,
      the
      Corporation shall pay interest on the deferred amount at 100% of the short-term
      applicable federal rate as in effect for the month in which the Date of
      Termination occurred (the “AFR”).

    

    10.  Indemnification.
      The
      Corporation shall defend and indemnify Executive in his capacity as President
      and Director of the Corporation against any and all claims, judgments, damages,
      liabilities, costs and expenses (including reasonable attorney’s fees) arising
      out of, based upon or related to the Executive’s performance of services
      hereunder, except to the extent that such claims arise out of Executive’s (a)
      willful misconduct, (b) bad faith, (c) gross negligence or (d) reckless
      disregard of the duties involved in the conduct of Executive’s position, or such
      indemnification would violate applicable law or the Corporation’s bylaws or
      Certificate of Incorporation.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11. Entire
      Agreement; Waiver. This
      Agreement contains the entire understanding of the parties with respect to
      the
      retention of Executive by the Corporation. There are no restrictions,
      agreements, promises, warranties, covenants or undertakings between the parties
      with respect to the subject matter herein other than those expressly set forth
      herein. This Agreement may not be altered, modified, or amended except by
      written instrument signed by the parties hereto. 

    

    12. Governing
      Law.
      This
      Agreement shall be governed by, and construed and interpreted in accordance
      with, the laws of the State of New York without regard to such State’s
      principles of conflict of laws. The parties hereto consent to the exclusive
      jurisdiction of the courts of the State of New York or any district court
      sitting in the State of New York for any disputes arising under this letter
      agreement. 

    

    13.
       Remedies.
       The
      Executive understands and agrees that any breach of Sections 5, 6 and/or 7
      of
      this Agreement by him could cause irreparable damage to the Corporation and
      its
      affiliates, and that monetary damages alone would not be adequate and, in the
      event of such breach, the Corporation shall have, in addition to any and all
      remedies of law, the right to an injunction, specific performance or other
      equitable relief to prevent or redress the violation of the Corporation’s rights
      under such Sections. 

    

    14. Headings.
      The
      headings of the Sections are inserted for convenience of reference only and
      shall not affect any interpretation of this Agreement.

    

    15. Severability
      of Provisions.
      If any
      provision of this Agreement shall be declared by a court of competent
      jurisdiction to be invalid, illegal or incapable of being enforced in whole
      or
      in part, such provision shall be interpreted so as to remain enforceable to
      the
      maximum extent permissible consistent with applicable law. The remain-ing
      condi-tions and provisions or portions thereof shall neverthe-less remain in
      full force and effect and enforceable to the extent they are valid, legal and
      enforce-able, and no provision shall be deemed dependent upon any other
      cove-nant or provision unless so expressed herein.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Letter Agreement as of the day and year first
      written above.

    

    

    
      	
               

              EXECUTIVE:

               

               

               

              by:/s/
                I. Craig
                Henderson                        
                

              Name:
                I. Craig Henderson, M.D.

            	
               

              CORPORATION:

               

              KERYX
                BIOPHARMACEUTICALS, INC.

               

              by:/s/
                 Michael S.
                Weiss                             
                

              Name:
                Michael S. Weiss

              Title: Chairman
                & CEO

            

    

    

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

    

    Certain
      Definitions

    

    
      	
              1.

            	
              Just
                Cause.
                Any of the following actions by the Executive shall constitute just
                cause
                for termination by the Chairman of the Board of Directors of the
                Corporation:

            

    

     

    
      	 	
              (A)

            	
              Material
                breach by the Executive of the confidentiality, non-compete, ownership
                of
                inventions and non-solicitation covenants contained in this Agreement;
                or

            

    

     

    
      	 	
              (B)

            	
              Any
                action by the Executive constituting willful misconduct in respect
                of the
                Executive’s obligation to the Corporation that has or is likely to result
                in material, economic damage to the Corporation;
                or

            

    

     

    
      	 	
              (C)

            	
              The
                willful and continual failure or refusal by the Executive to perform
                his
                duties as under this Agreement (other than by reason of death or
                Disability, as defined below, or other reasons beyond Executive’s
                control), provided such failure or refusal continues for a period
                of 30
                days after receipt of written notice thereof from the CEO in reasonable
                detail of such failure or refusal;
                or

            

    

     

    
      	 	
              (D)

            	
              Conviction
                of any crime which involves (i) an intentional wrongful act or (ii)
                an act
                of moral turpitude that (a) is intended to result in substantial
                personal
                enrichment of the Executive at the expense of the Corporation or
                (b) may
                have a material adverse impact on the business or reputation of the
                Corporation.

            

    

     

    
      	
              2.

            	
              Good
                Reason.
                Any of the following actions or omissions by the Corporation shall
                constitute good reason for termination by
                Executive:

            

    

     

    
      	 	
              (A)

            	
              Material
                breach by the Corporation of any provision of this Agreement which
                is not
                cured by the Corporation within 30 days of notice thereof from the
                Executive; or 

            

    

     

    
      	 	
              (B)

            	
              A
                failure to reappoint or reelect, as the case may be, the Executive
                to the
                office of President and Director of the Corporation or other diminution
                of
                the Executive’s function, duties or responsibilities in each case without
                the Executive’s written consent; or

            

    

     

    
      	 	
              (C)

            	
              Reduction
                in Executive’s Base Salary or incentives or other fringe benefits of a
                material economic effect; or 

            

    

     

    
      	 	
              (D)

            	
              Termination
                of the Executive’s employment in anticipation of or within 12 months
                following a Change in Control (as defined below) if such termination
                is
                initiated by the Corporation (or such successor corporation) without
                Just
                Cause or by the Executive for Good Reason (other than as set forth
                in this
                subparagh (D)). A Change in Control, shall mean either: (i) a Merger
                (as
                defined below), except for a transaction the principal purpose of
                which is
                to change the State of incorporation, (ii) the sale, transfer or
                other
                disposition of all or substantially all of the assets of the Corporation;
                or (iii) any other corporate reorganization or business combination
                (including, but not limited to, a Merger in which the Corporation
                is the
                surviving entity) in which more than fifty percent (50%) of the
                Corporation’s then outstanding voting stock is transferred to different
                holders in a single transaction or a series of related transactions;
                or

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	 	
              (E)

            	
              Relocation
                of Executive, without his prior consent, to a facility or location
                that is
                more than fifty (50) miles away from the Executive’s then present
                location.

            

    

     

    
      	
              3.

            	
              Disability.
                Shall mean (i) the suffering of any mental or physical illness, disability
                or incapacity that shall in all material respects preclude the Executive
                from performing his employment duties or (ii) the Executive’s absence from
                employment by reason of any mental or physical illness, disability
                or
                incapacity for a period of four and one-half months during any nine-month
                period; provided that such illness, disability or incapacity shall
                be
                reasonably determined by the Chairman of the Board of Directors of
                the
                Corporation to be of a permanent nature based on the foregoing
                standards.

            

    

     

    
      	
              4.

            	
              Merger.
                Shall mean a merger or consolidation of the Corporation with any
                other
                corporation or entity, other than a merger or consolidation which
                would
                result in the voting securities of the Corporation outstanding immediately
                prior thereto continuing to represent (either by remaining outstanding
                or
                by being converted into voting securities of the surviving entity)
                more
                than fifty (50%) percent of the total voting power represented by
                the
                voting securities of the Corporation or such surviving entity outstanding
                immediately after such merger or
                consolidation.

            

    

     

    
      	
              5.

            	
              Qualified
                Change in Control.
                Shall mean a Change in Control”, which places a value on the Corporation
                of in excess of $500 million.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Exhibit
      B

     

    

     

    The
      Corporation will grant Executive 150,000 shares of restricted stock (the
“Restricted Stock”) common stock of the Corporation (the “Initial Grant”).
      Fifty-thousand shares of Executive's Restricted Stock will be granted under
      the
      Corporation's 2004 Long Term Incentive Plan (the "2004 Plan") and pursuant
      to
      the terms of a restricted stock agreement to be issued under the Plan and will
      be subject to the terms and conditions thereof and the remaining 100,000 shares
      of Restricted Stock will be granted subject to and pursuant to the approval
      of a
      new long-term incentive plan (the “New Plan”) for which the Corporation will
      seek to have approved by the stockholders at the next annual meeting; provided,
      however, that if any provisions of this Agreement are inconsistent with the
      terms and conditions of the 2004 Plan or the New Plan and any such restricted
      stock agreement related thereto, then the terms of this Agreement shall control.
      In accordance with the Plan, should any change be made to the common stock
      of
      the Corporation by reason of any stock split, stock dividend, extraordinary
      cash
      dividend, recapitalization, combination of shares, exchange of shares or other
      change affecting the outstanding Common Stock as a class without the
      Corporation’s receipt of consideration, appropriate adjustments shall be made to
      (A) the total number and/or class of securities subject to the Restricted Stock.
      The Initial Grant shall vest as follows (provided that Executive is employed
      as
      a service provider (as defined in the plan) on the date of vesting):

     

    
      	 	
              (A)

            	
              50,000
                upon execution of this Agreement; 

            

    

     

    
      	 	
              (B)

            	
              50,000
                twelve months following the execution of this Agreement;
                and

            

    

     

    
      	 	
              (C)

            	
              50,000
                twenty-four months following the execution of this
                Agreement.

            

    

     

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    In
      addition to the Restricted Stock above, the Executive shall receive the
      following Milestone Bonuses (payable in cash or stock, at the Corporation’s
      option), upon the achievement of the milestones set forth below (provided that
      Executive is employed as a “service provider” (as defined in the New Plan) on
      the date of the achievement of the milestone event:

     

    
      	
              Milestone
                Event

            	
              Bonus
                Amount

            
	
              1.
                Upon the first NDA approval by the FDA for any Keryx drug candidate,
                either in the portfolio today or later acquired or licensed
                

            	
              $1,000,000

            
	
              2.
                Upon the second NDA approval by the FDA for any other Keryx drug
                candidate, either in the portfolio today or later acquired or
                licensed

            	
              $1,000,000

            
	
              3.
                Upon commencement of the first pivotal clinical trial under SPA (or
                similar agreement from the FDA) for an oncology compound in
                2007

            	
              $250,000
                (plus an additional $50,000 for each additional pivotal clinical
                trial
                under SPA (or similar agreement with the FDA) for the same oncology
                compound)

            
	
              4.
                Upon completion of the first pivotal clinical trial under SPA (or
                similar
                agreement from the FDA) for the oncology compound referred to in
                3 above.
                

            	
              $250,000

            
	
              5.
                Upon commencement of the first pivotal clinical trial under SPA (or
                similar agreement from the FDA) for a second oncology compound
                

            	
              $250,000
                (plus an additional $50,000 for each additional pivotal clinical
                trial
                under SPA (or similar agreement with the FDA) for the same oncology
                compound)

            
	
              6.
                Upon completion of the first pivotal clinical trial under SPA for
                the
                second oncology compound referred to in 5 above. 

            	
              $250,000

            

    

    

     

    The
      Milestone Bonus shall be paid within thirty days after the Compensation
      Committee of the Board of Directors determines whether and to what extent
      milestones were achieved, but no later than March 31 next following the end
      of
      the year for which the Milestone Bonus, if any, was earned.

     

     

    
      
        
        

      

      
        11

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