Document:

MEADWESTVACO - AMENDMENT NO. 1 TO 5 YEAR AGREEMENT

Exhibit 10-5

AMENDMENT NO. 1

TO

FIVE-YEAR CREDIT AGREEMENT

AMENDMENT NO. 1, dated as of January 7, 2002 (this "Amendment"), to the Five-Year Credit Agreement, dated as of December 21, 2001, among MW Holding Corporation (which, after the consummation of the Initial Transactions, shall be known as MeadWestvaco Corporation), the Banks party thereto, The Bank of New York, as Administrative Agent, Bank One, NA, as Syndication Agent, JP Morgan Chase Bank, Citicorp USA, Inc. and Bank of America, N.A., as Documentation Agents, Barclays Bank plc, Commerzbank AG New York and Grand Cayman Branches, Fleet National Bank, The Bank of Nova Scotia and Wachovia Bank, as Managing Agents, and Sumitomo Mitsui Banking Corporation and Suntrust Bank, as Co-Agents (the "Credit Agreement").

RECITALS

A.Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

B.The Borrower has requested that the Administrative Agent and Required Banks agree to amend the Credit Agreement upon the terms and conditions contained herein, and the Administrative Agent and Required Banks are willing so to agree.

Accordingly, in consideration of the Recitals and the terms and conditions hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are acknowledged, the parties hereto agree as follows:

	Section 1.5 of the Credit Agreement is hereby amended by inserting the reference "5.12," immediately after the reference "5.7," appearing therein.

	Section 3.3(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(d)the fact that the representations and warranties of the Loan Parties contained in the Loan Documents (other than the representations and warranties set forth in Sections 4.4(c), (f) and (h) and Section 4.5) shall be true on and as of the date of such Borrowing.

	Section 5.7 of the Credit Agreement is hereby amended by (i) inserting immediately prior to the first word contained in clause (5) of subsection (a) the phrase "convey or otherwise transfer any of the capital stock of any Guarantor to any Person (other than the Borrower or another Guarantor) or", (ii) deleting the phrase "clauses (1) - (5)" contained in the ninth line of subsection (a) and inserting in its place the phrase "clauses (1) - (4)", (iii) deleting in its entirety paragraph (C) of subsection (a), and (iv) deleting the phrase "paragraphs (B) and (C)" contained in the ninth line of paragraph (B) of subsection (a) and inserting in its place the phrase "this paragraph (B)".

	The Credit Agreement is amended by adding a new Section 5.12 thereto as follows:

Section 5.12. Subsidiary Debt. Subject to Section 1.5, the Borrower will not at any time allow Subsidiary Total Debt to exceed 30% of Consolidated Net Worth; provided that in the case of any particular incurrence of an item constituting a part of Subsidiary Total Debt, Subsidiary Total Debt shall be determined on a pro forma basis for such incurrence, the substantially contemporaneous application of proceeds therefrom and the substantially contemporaneous consummation of any related transactions.  For purposes of this Section:

"Subsidiary Total Debt" means Total Debt of the Borrower and its Consolidated Subsidiaries on a consolidated basis, excluding, without duplication, any Total Debt of the Borrower and the Guarantors; and

"Consolidated Net Worth" means, with respect to the Borrower as of any date of calculation, all items included under shareholders' equity on the most recent consolidated balance sheet of the Borrower delivered pursuant to Section 5.1(a) or (b), as the case may be.

	Sections 6.1(a) and (b) of the Credit Agreement are hereby amended and restated in their entirety as follows:

(a)the Borrower shall fail to pay when due any principal of any Loan, or shall fail to pay within three days of the due date thereof any interest on any Loan, any fees or any other amount payable hereunder;

(b)(i) the Borrower shall fail to observe or perform any covenant or agreement contained in Section 5.5, 5.6, 5.7, 5.8, 5.9, 5.10 or 5.12 for 30 days after written notice thereof has been given to the Borrower by the Administrative Agent at the request of any Bank, or (ii) any Loan Party shall fail to observe or perform any covenant or agreement contained in any Loan Document (other than those covered by clauses (a) and (b)(i) above) for 30 days after written notice thereof has been given to the Borrower by the Administrative Agent at the request of any Bank;

	Paragraphs 1 through 5 hereof shall not be effective until such time as the prior or simultaneous satisfaction of the following conditions precedent:

(a)the Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Guarantors, the Administrative Agent and Required Banks.

(b)Amendment No. 1 to the 364-Day Credit Agreement, dated as of the date hereof, shall have become effective.

	Each Loan Party (a) reaffirms and admits the validity and enforceability of each of Loan Document to which it is a party and all of its obligations thereunder, (b) agrees and admits that it has no defense to or offset against any such obligation, and (c) represents and warrants that, as of the date of the execution and delivery hereof by such Loan Party, no Default has occurred and is continuing, and that each of the representations and warranties made by it in such Loan Documents is true and correct with the same effect as though such representation and warranty had been made on such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct on and as of such earlier date.

	In all other respects, the Loan Documents shall remain in full force and effect, and no amendment in respect of any term or condition of any Loan Document shall be deemed to be an amendment in respect of any other term or condition contained in any Loan Document.

	This Amendment may be executed in any number of counterparts all of which, when taken together, shall constitute one agreement. In making proof of this Amendment, it shall only be necessary to produce the counterpart executed and delivered by the party to be charged.

	THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed and delivered by their proper and duly authorized persons as of the day and year first above written.
MW HOLDING CORPORATION

THE BANK OF NEW YORK, as a Bank and as the Administrative Agent

BANK ONE, NA

BANK OF AMERICA, N.A.

JP MORGAN CHASE BANK

CITICORP USA, INC.

BARCLAYS BANK PLC

COMMERZBANK AG NEW YORK AND GRAND CAYMAN BRANCHES 

FLEET NATIONAL BANK

THE BANK OF NOVA SCOTIA

WACHOVIA BANK

SUMITOMO MITSUI BANKING CORPORATION

SUNTRUST BANK

BANK OF TOKYO-MITSUBISHI TRUST COMPANY

BNP PARIBAS

ING (U.S.) CAPITAL LLC

MELLON BANK NA

NATIONAL CITY BANK

THE NORTHERN TRUST COMPANY

THE ROYAL BANK OF SCOTLAND PLC

UBS AG, STAMFORD BRANCH

FIFTH THIRD BANK

 

Acknowledged and Agreed to:

THE MEAD CORPORATION

WESTVACO CORPORATIONExhibit 10

                                                              June 21, 2002

[Name and Address of Executive Officer]

Dear [Executive Officer]:

This letter agreement shall serve to extend the term of the agreement (the
"Agreement"), dated as of [Date of Original Agreement], by and between you and
Overseas Shipholding Group, Inc., a corporation incorporated under the laws of
Delaware with its principal office at 511 Fifth Avenue, New York, New York
10017, and extended by letter agreement dated as of March 24, 1999 [this
reference is not included in those agreements relating to an Original Agreement
which is dated March 24, 1999], as set forth in Section 2 of such Agreement, by
amending the first sentence of Section 2 to read as follows:

      "This Agreement shall commence on the date hereof and shall expire on the
      earliest of (i) October 21, 2005, subject to the right of the Board of
      Directors of the Company (the "Board") and the Executive to extend it,
      provided that if a Change of Control takes place prior to October 21,
      2005, the duration of this Agreement under this subpart (i) shall be until
      two (2) years after the Change of Control whether such two (2) year period
      ends before or after October 21, 2005; (ii) the date of the death of the
      Executive or retirement or other termination of the Executive's employment
      (voluntarily or involuntarily) with the Company prior to a Change of
      Control other than as a result of a termination by the Company without
      Cause (as defined below) or by the Executive for Good Reason (as defined
      below); or (iii) one hundred twenty (120) days after a termination by the
      Company without Cause or by the Executive with Good Reason if a Change of
      Control does not occur on or prior to such date."

All other terms and conditions contained in the referenced Agreement shall
remain in full force and effect.

                                   Very truly yours,

                                   OVERSEAS SHIPHOLDING GROUP, INC.

                                   By:
                                       -----------------------------------------
                                   Name:  [Name of Executive Officer]
                                        ----------------------------------------
                                   Title:    [Title of Executive Officer]
                                          --------------------------------------

I agree and accept the above terms:

------------------------------------
[Name of Executive Officer]Exhibit 10.1

                              EMPLOYMENT AGREEMENT

      This Agreement, dated as of November 26, 2001, by and between Keryx
Biopharmaceuticals, Inc. ("Keryx"), a Delaware corporation having an address at
101 Main Street, Cambridge, Massachusetts, United States of America, and Morris
Laster, M.D., an individual residing at Reuven Sheri 11, Jerusalem, Israel (the
"Employee")

WITNESSETH:

      WHEREAS, the Corporation desires to employ the Employee as Chairman of
Keryx and the Employee desires to be employed by Keryx as Chairman 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

      (a) Keryx hereby engages and employs the Employee, and the Employee
accepts engagement and employment, as Chairman of Keryx, responsible for working
with the Chief Executive Officer and President to promote the research and
development and scientific activities of the Company. He shall report directly
to the Board of Directors. The description of responsibilities set forth herein
shall serve as a general statement of the duties, responsibilities and authority
of the Employee. The Board of Directors may assign additional duties,
responsibilities and authority to the Employee from time to time in its
discretion. The Employee acknowledges and agrees that the performance by the
Employee of his duties hereunder may require significant domestic and
international travel by the Employee. In addition, the Employee realizes that he
may be required to spend a substantial amount of time in Jerusalem, Israel.

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

2. TERM

      The Employee's employment hereunder shall commence on the Effective Date
and continue thereafter unless sooner terminated as hereinafter provided.

3. COMPENSATION

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

            (i) Keryx will grant the Employee options (the "Options") to
      purchase 75,000 shares of the Common Stock of the Corporation at an
      exercise price equal to $5.31 per share (the "Exercise Price"), which
      options shall be exercisable for a period of 10 years from the date of
      issuance. Should any change be made to the Common Stock by reason of any
      stock split, stock 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 (i) the total number and/or

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      class of securities subject to such options and (ii) the Exercise Price in
      order to reflect such change and thereby preclude a dilution or
      enlargement under such options.

            (ii) One-twelfth of the stock options shall vest each quarter over
      three years following the actual date of grant.

            (iii) At the discretion of the Board of Directors, the Employee
      shall be entitled to an annual grant of subsequent stock options each of
      which shall have the same antidilution protection as described in Section
      3 paragraph (a)(i) above.

      (b) Keryx shall reimburse the Employee for all normal, usual and necessary
expenses incurred by the Employee in furtherance of the business and affairs of
Keryx, including travel and entertainment, against receipt by Keryx of
appropriate vouchers or other proof of the Employee'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) The Employee shall be, during the term of this Agreement, entitled to
thirty (30) working days of vacation.

      (e) Keryx shall maintain as part of the its Bylaws a broad form indemnity
of all actions taken in good faith by its officers and directors.

      (e) Subject to Section 10(b) below, the Employee must be an employee of
Keryx at the time any compensation is due in order to receive such compensation.
In addition, no options shall vest after the termination of this Agreement.

4. REPRESENTATIONS AND WARRANTIES BY THE EMPLOYEE AND KERYX

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

            (i) Neither the execution and delivery of this Agreement nor the
      performance by the Employee of his 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 the Employee is a party or by which he is bound.

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

      (b)   Keryx hereby represents and warrants to the Employee 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 described.

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            (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 breach or violation of or
      constitute a 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

      (a) The Employee agrees that during the course of his employment and at
any time thereafter, he will not disclose or make accessible to any other
person, Keryx's products, services and technology, both current and under
development, promotion and marketing programs, lists, trade secrets and other
confidential and proprietary business information of Keryx or any of its
clients. The Employee agrees: (i) not to use any such information for himself or
others; and (ii) not to take any such material or reproductions thereof from
Keryx's facilities at any time during his employment by Keryx, except as
required in the Employee's duties to Keryx. The Employee agrees immediately to
return all such material and reproductions in his possession to Keryx upon
request and in any event upon termination of employment. Nothing in the
foregoing shall be construed to prevent the Employee from disclosing or using
any information which the Employee can show by written documentation was in the
public domain or enters into the public domain through no improper act on the
Employee's part or on the part of any of Keryx's employees or was in his
possession prior to his joining Keryx or disclosed properly to the Employee
after leaving Keryx.

      (b) Except with prior written authorization by Keryx, the Employee agrees
not to disclose or publish any of the confidential, technical or business
information or material of Keryx, its clients or any other party to whom Keryx
owes an obligation of confidence, at any time during or for a period of two
years after his employment with Keryx except in the event of involuntary no
cause termination by Keryx or a termination by the Employee for cause.

6. NON-COMPETITION

      (a) The Employee understands and recognizes that his services to Keryx are
special and unique and agrees that, during the term of this Agreement, and for a
period of 12 months from the date of termination of his employment hereunder, he
shall not in any manner, directly or indirectly, on behalf of himself 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 his own account, or as a partner,
joint venturer, Employee, agent, consultant, salesperson, 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"); provided, however, that nothing herein will preclude the Employee
from holding one percent (1%) or less of the stock of any publicly traded
company or from holding a position with a Person who does not engage in a
business directly competitive with the Restrictive Businesses so long as the
Employee works in a division of such Person which carries on a bona fide
business which is not directly competitive with the Restricted Businesses.

      (b) For a period of 12 months after the termination of this Agreement, the
Employee shall not interfere with or disrupt or attempt to disrupt Keryx's
business relationship with any of its customers, or solicit any of the employees
of Keryx.

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      (c) In the event that the Employee 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, the Employee shall not argue as a defense that
there is an adequate remedy at law nor shall Keryx be prevented from seeking any
other remedies which may be available.

7. OWNERSHIP OF PROPRIETARY INFORMATION

      (a) The Employee agrees that all information that has been created,
discovered or developed by Keryx, its subsidiaries, affiliates, successors or
assigns (collectively, the "Affiliates") (including, without limitation,
information relating to the development of Keryx's business created, discovered,
developed or made know to Keryx or the Affiliates by Employee during the Term
and information relating to Keryx's customers, suppliers, consultants, and
licensees) and/or in which property rights have been assigned or otherwise
conveyed to Keryx or the Affiliates, shall be the sole property of Keryx or the
Affiliates, as applicable, and Keryx or the Affiliates, as the case may be,
shall be the sole owner of all patents, copyrights and other rights in
connection therewith, including but not limited to 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 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, strategies, forecasts, blueprints,
sketches, records, notes, devices, drawings, customer lists, patent
applications, continuation applications, continuation-in-part appications, file
wrapper continuation applications and divisional applications and information
about Keryx's or the Affiliates' employees and/or consultants (including,
without limitation, the compensation, job responsibility and job performance of
such employees and/or consultants).

      (b) The Employee further agrees that at all times, both during the Term
and after the termination of this Agreement, he will keep in confidence and
trust all Proprietary Information, and he will not use or disclose any
Proprietary Information or anything directly relating to it without the written
consent of Keryx or the Affiliates, as appropriate, except as may be necessary
in the ordinary course of performing his duties hereunder and except for
academic, non-commercial research purposes with the prior written approval of
the Board of Directors. The Employee acknowledges that the Proprietary
Information constitutes a unique and valuable asset of Keryx and each Affiliate
acquired at great time and expense, which is secret and confidential and which
will be communicated to Employee, if at all, in confidence in the course of his
performance of his duties hereunder, and that any disclosure or other use of the
Proprietary Information other than for the sole benefit of Keryx or the
Affiliates would be wrongful and could cause irreparable harm to Keryx or the
Affiliates, as the case may be.

      Notwithstanding the foregoing, the parties agree that, at all such times,
Employee is free to use (i) information in the public domain not as a result of
a breach of this Agreement, (ii) information lawfully received from a third
party and (iii) Employee's own skill, knowledge, know-how and experience to
whatever extent and in whatever way he wishes, in each case consistent with his
obligations as Employee and that, at all times, Employee is free to conduct any
non-commercial research not relating to Keryx's business.

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8. DISCLOSURE AND OWNERSHIP OF INVENTIONS

      (a) During the Term, the Employee agrees that he will promptly disclose to
Keryx, or any persons designated by Keryx, all improvements, inventions,
designs, ideas, works of authorship, copyrightable works, discoveries,
trademarks, copyrights, trade secrets, formulas, processes, structures, product
concepts, marketing plans, strategies, customer lists, information about Keryx's
or the Affiliates' employees and/or consultants (including, without limitation,
job performance of such employees and/or consultants), techniques, blueprints,
sketches, records, notes, devices, drawings, know-how, data, whether or not
patentable, patent applications, continuation applications, continuation-in-part
applications, file wrapper continuation applications and divisional
applications, made or conceived or reduced to practice or learned by him, either
alone or jointly with others, during the Term (all said improvements,
inventions, designs, ideas, works of authorship, copyrightable works,
discoveries, trademarks, copyrights, trade secrets, formulas, processes,
structures, product concepts, marketing plans, strategies, customer lists,
information about Keryx's or the Affiliates' employees and/or consultants,
techniques, blueprints, sketches, records, notes, devices, drawings, know-how,
data, patent applications, continuation applications, continuation-in-part
applications, file wrtapper continuation applications and divisional
applications shall be collectively hereinafter called "Inventions").

      (b) The Employee agrees that all Inventions shall be the sole property of
Keryx to the maximum extent permitted by applicable law and to the extent
permitted by law shall be "works made for hire" as that term is defined in the
United States Copyright Act (17 USCA, Section 101). Keryx shall be the sole
owner of all patents, copyrights, trade secret rights, and other intellectual
property or other rights in connection therewith. Employee hereby assigns to
Keryx all right, title and interest he may have or acquire in all Inventions.
Employee further agrees to assist Keryx in every proper way (but at Keryx's
expense) to obtain and from time to time enforce patents, copyrights or other
rights on said Inventions in any and all countries, and to that end the Employee
will execute all documents necessary:

            (i) to apply for, obtain and vest in the name of Keryx alone (unless
      Keryx otherwise directs) letters patent, copyrights or other analogous
      protection in any country throughout the world and when so obtained or
      vested to renew and restore the same; and

            (ii) to defend any opposition proceedings in respect of such
      applications and any opposition proceedings or petitions or applications
      for revocation of such letters patent, copyright or other analogous
      protection.

      (c) The Employee's obligation to assist Keryx in obtaining and enforcing
patents and copyrights for the Inventions in any and all countries shall
continue beyond the Term, but Keryx agrees to compensate the Employee at his
normal and usual rate after the expiration of the Term for time actually spent
by the Employee at Keryx's request on such assistance.

9. NON-SOLICITATION

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

      (a) solicit or induce any employee of Keryx or any Affiliate 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

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      (b) solicit or accept employment or be retained by any party who, at any
time during the Term, was a customer or supplier of Keryx or any Affiliate where
his position will be related to the business of Keryx; or

      (c) solicit or accept the business of any customer or supplier of Keryx or
any Affiliate with respect to products similar to those supplied by Keryx.

10. TERMINATION

      (a) This Employee's employment hereunder shall begin on the Effective Date
and shall continue for the period set forth in Section 2 hereof unless sooner
terminated upon the first to occur of the following events:

            (i)   (A) The death of the Employee; or

                  (B) the total disability of the Employee.

            (ii) Termination by the Board of Directors of Keryx for just cause.
      Any of the following actions by the Employee shall constitute just cause:

                  (A) Material breach by the Employee of Sections 5, 6, 7, 8, or
                  9 of this Agreement; or

                  (B) Material breach by the Employee of any provision of this
                  Agreement other than Sections 5, 6, 7, 8 or 9 which is not
                  cured by the Employee within 30 days of notice from Keryx; or
                  in the event the breach is not curable within 30 days; the
                  commencement of action(s) to cure within said 30 days and the
                  diligent pursuit of the cure thereafter, provided such breach
                  may be completely cured; or

                  (C) Any action by the Employee constituting gross negligence,
                  recklessness or willful misconduct in respect of the
                  Employee's obligation to Keryx which has or is likely to
                  result in material, economic damage to Keryx.

            (iii) Termination by the Employee for just cause. Any of the
      following actions or omissions by Keryx shall constitute just cause.

                  (A) Material breach by Keryx of any provision of this
                  Agreement which is not cured by Keryx within 30 days of notice
                  thereof from the Employee; or

                  (B) A failure to elect or reelect the Employee to the office
                  of Employee of Keryx or other change by Keryx of the
                  Employee's function, duties or responsibilities such that the
                  Employee is no longer the highest ranking Officer of Keryx; or

                  (C) A "change in control," which shall mean a merger or
                  consolidation in which either more than 50% of the voting
                  power of Keryx is transferred or Keryx is not the surviving
                  entity, or sale or other disposition of all or substantially
                  all the assets of Keryx; or

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                  (D) Termination of the Employee's employment other than for
                  serious, willful misconduct in respect of the Employee's
                  obligations to the Corporation, including, but not limited to,
                  final conviction for a felony or perpetration of a common-law
                  fraud which has or is likely to result in material economic
                  damage to the Corporation; or

                  (E) Relocation to a geographic area without the Employee's
                  prior consent.

            (iv) Termination by Keryx without cause. Notwithstanding anything in
      this Agreement, Keryx may terminate the Employee's employment without
      cause upon 90 days prior notice.

      (b) Upon termination by Keryx for any reason other than the reasons set
forth in subparagraph (i) or (ii) of paragraph (a) above, or upon termination by
the Employee for any reason set forth in subparagraph (iii) of paragraph (a)
above, then the Options shall immediately vest and become exercisable at the
option of the Employee.

11. 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; one (1) business day after being sent by Federal Express or
similar overnight delivery; or three (3) business days after being mailed
registered or certified mail, postage prepaid, return receipt requested, to
either party at the address set forth above, or to such other address as such
party shall give by notice hereunder to the other party.

12. 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.

13. 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
which are not set forth herein. No modification of this Agreement shall be valid
unless made in writing and signed by the parties hereto.

14. BINDING EFFECT

      The rights, benefits, duties and obligations under this Agreement shall
inure to, and be binding upon, Keryx, its successors and assigns, and upon the
Employee and his legal representatives. This Agreement constitutes a personal
service agreement, and the performance of the Employee's obligations hereunder
may not be transferred or assigned by the Employee.

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15. 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.

16. GOVERNING LAW

      This Agreement shall be governed by, and construed and interpreted in
accordance with, the laws of the Commonwealth of Massachusetts without regard to
principles of conflicts of law. Any litigation commenced pursuant to the terms
of the Agreement shall only be prosecuted and defended in the Boston,
Massachusetts. Additionally, the prevailing party in any litigation shall be
entitled to an additional award of the recoupment of its attorney fees, cost and
expenses.

17. REMEDIES FOR BREACH

      The Employee understands and agrees that any breach of Sections 5, 6, 7, 8
or 9 of this Agreement by the Executive 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.

18. HEADINGS

      The headings of paragraphs are inserted for convenience and shall not
affect any interpretation 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/ Morris Laster
                                         ---------------------------------
                                      Name:  Morris Laster, M.D.

                                      KERYX BIOPHARMACEUTICALS, INC.

                                      By:    /s/ Benjamin Corn
                                         ---------------------------------
                                      Name:  Benjamin Corn, M.D.
                                      Title: CEO & President

                                       8

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