Document:

Exhibit 10.6

                                                            EMPLOYMENT AGREEMENT

                  This  EMPLOYMENT  AGREEMENT,  dated as of January 1, 2000 (the
"Effective Date"), is entered into by and between Unigene Laboratories,  Inc., a
Delaware  corporation having offices at 110 Little Falls Road,  Fairfield,  N.J.
07004 (the "Company"),  and Warren Levy, whose address is 110 Little Falls Road,
Fairfield, NJ 07004 (the "Executive").

                                   WITNESSETH:
                                   ----------
                  WHEREAS,  the Company  desires to employ the  Executive and to
enter into this Agreement embodying the terms of such employment; and

                 WHEREAS,  the Executive  desires to enter into this  Agreement
and to accept  such  employment,  subject  to the terms and  provisions  of this
Agreement;

                  NOW,  THEREFORE,  the parties hereto,  intending to be legally
bound, hereby agree as follows:

                  1. Engagement. The Company hereby employs the Executive as its
President and Chief  Executive  Officer,  and the Executive  hereby accepts such
employment, on the terms and conditions hereinafter set forth.

                 2. Term.  This  Agreement  is for an initial term of two years
commencing on the date hereof,  subject to earlier  termination  as provided for
herein. This Agreement will be automatically  renewed annually after its initial
term for an additional  one-year term, and on a year-to-year  basis  thereafter,
unless  either  party  notifies  the  other of the  desire  not to so renew  the
Agreement no later than three months prior to scheduled termination date.

                  3. Duties.  During the term of this  Agreement,  the Executive
shall serve as the  Company's  President and Chief  Executive  Officer and shall
have such duties and  responsibilities  as are set forth in the Company's Bylaws
and such other executive responsibilities as may be assigned to him from time to
time by the Board of  Directors.  The  Executive  shall use his best  efforts to
perform,  and shall act in good faith in performing,  all duties  required to be
performed by him under this Agreement.

                  4.  Availability.  During  the  term  of  this  Agreement  the
Executive  shall  not be  engaged  in any other  business  activity  that  would
interfere with the  performance of his duties to the Company without the express
written  approval of the Board of Directors,  except that,  without such written
approval,  the  Executive  may  engage  in a  reasonable  level of  professional
activities  such as are typical for  individuals  of a  comparable  professional
stature.

                  5.  Business   Expenses.   The  Company  shall  reimburse  the
Executive, promptly upon presentation of itemized vouchers, for all ordinary and
necessary  business expenses incurred by the Executive in the performance of his
duties hereunder.

                  6.  Compensation.  As  compensation  for  the  services  to be
rendered hereunder, the Company agrees as follows:

                  (a) to pay the Executive an annual  salary of $160,000  during
the initial year of this Agreement;
<PAGE>
                  (b)  for  the  second  year  of  this  Agreement,  and  if the
Agreement is renewed automatically for subsequent years thereafter in accordance
with Section (2) above,  to provide the Executive with an annual salary approved
by the Compensation Committee,  and which shall not be less than the Executive's
annual salary for the preceding year;

                  (c) to participate in such employee  benefit plans as are made
available by the Company to its employees generally.  The Executive acknowledges
that salary and all other  compensation  payable under this  Agreement  shall be
subject  to  withholding  for income  and other  applicable  taxes to the extent
required by law.

                  7. Ownership of Intellectual  Property.  All rights, title and
interest of every kind and nature whatsoever in and to discoveries,  inventions,
improvements,  patents (and applications therefor), copyrights, ideas, know-how,
notes,  creations,  properties and all other proprietary rights arising from, or
in any way related to, the  Executive's  employment  hereunder  shall become and
remain the exclusive  property of the Company,  and the Executive  shall have no
interest therein.

                  8. Trade Secrets.  The Executive covenants and agrees with the
Company  that he will not,  during  the term of this  Agreement  or  thereafter,
disclose to anyone (except to the extent reasonably  necessary for the Executive
to perform his duties  hereunder or as may be required by law) any  confidential
information  concerning  the  business  or  affairs  of the  Company  (or of any
affiliate or subsidiary  of the Company),  including but not limited to lists of
customers,  business  plans,  financial or cost  information,  and  confidential
scientific and clinical  information (whether of the Company or entrusted to the
Company by a third party under a  confidentiality  agreement or  understanding),
which the  Executive  shall have  acquired in the course of, or incident to, the
performance of his duties pursuant to the terms of this Agreement or pursuant to
his prior  employment  by the Company (or any  affiliate  or  subsidiary  of the
Company).  In the event of a breach or threatened breach by the Executive of the
provisions  of this  Section 8, the Company  shall be entitled to an  injunction
restraining the Executive from disclosing, in whole or in part, such information
or from rendering any services to any person, firm, corporation,  association or
other entity to whom such  information has been disclosed or is threatened to be
disclosed.  Nothing  herein shall be construed as  prohibiting  the Company from
pursuing  any  other  remedies  available  to the  Company  for such  breach  or
threatened breach, including the recovery of damages from the Executive. Nothing
herein shall be construed as prohibiting the Executive from disclosing to anyone
any information which is, or which becomes,  available to the public (other than
by reason of a  violation  of this  Section  8) or which is a matter of  general
business knowledge or experience.

                  9.  Termination  For Cause.  The  Company  may  terminate  the
employment  of the  Executive for cause in the event that the Board of Directors
determines  that the  Executive  has engaged in (a) any willful or unlawful  act
that  causes  material  injury  to the  Company;  or (b) any  criminal  act that
adversely affects the ability of the executive to perform effectively his duties
under this Agreement. If the employment of the Executive under this Agreement is
terminated  under this  Section 9, the Company  shall be relieved of all further
obligations  under this Agreement,  except for the payment of accrued salary and
reimbursement  under  Section  5 for  reimbursable  expenses  incurred  prior to
termination. Notwithstanding such termination of employment, the Executive shall
continue  to be  bound  by the  provisions  in  Sections  7, 8,  and 13.  If the
Executive's  employment  is  terminated  pursuant to this Section 9, the Company
shall provide to the Executive a statement in reasonable detail of the Company's
reasons for such termination.
<PAGE>
                  10.  Termination  Without Cause. The Company may terminate the
employment  of the Executive  without  cause,  subject to  compliance  with this
Section 10.

                  (a) In the  event the  Executive's  employment  is  terminated
without cause, the Executive shall be entitled to:

                  (1) a severance payment consisting of:

                      (a) a  lump-sum  payment  equal  to the  salary  that  the
executive  would have earned for the remaining  term of this  Agreement,  if the
remaining  term  (either the initial term or as extended) is more than one year;
or (b) a lump-sum payment equal to the executive's  then-current  annual salary,
if the remaining term of the employment agreement (either the initial term or as
extended) is one year or less.

                  (2) a payment in cash  equal to the cash value of all  accrued
vacation days.

                      (b) Termination of employment  under this Section 10 shall
not terminate the Executive's obligations under Sections 7, 8 or 13.

                  11. Resignation by the Executive for Good Reason.

                      (a) The  Executive  may resign  for good  reason if one or
both of the following occur:

                      (1)  a  Change  of  Control  at  Unigene  (as  defined  in
paragraph (d) below); or

                  (2) a material diminution in the Executive's  responsibilities
without the Executive's consent.

                      (b) In the  event  that  the  Executive  resigns  for good
reason, the Executive shall be entitled to:

                  (1)  a severance payment consisting of:

                      (a) a  lump-sum  payment  equal  to the  salary  that  the
executive  would have earned for the remaining  term of this  Agreement,  if the
remaining  term  (either the initial term or as extended) is more than one year;
or (b) a lump-sum payment equal to the executive's  then-current  annual salary,
if the remaining term of the employment agreement (either the initial term or as
extended) is one year or less.

                  (2) a payment in cash  equal to the cash value of all  accrued
vacation days.

                      (c) Termination of employment  under this Section 10 shall
not terminate the Executive's obligations under Sections 7, 8 or 13.

                      (d) For  the  purpose  of this  Agreement,  a  "Change  of
Control" shall have occurred if:
<PAGE>
                      (i) any individual, entity or group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Securities  Exchange Act of 1934, as
amended (the "Exchange Act")) acquires beneficial  ownership (within the meaning
of Rule l3d-3 promulgated under the Exchange Act) of more than 50% of either (A)
the then outstanding  shares of Common Stock or (B) the combined voting power of
the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "Voting Securities");  provided, however, that
any acquisition by the Company,  by any employee benefit plan (or related trust)
of the Company,  or by any  corporation  with respect to which,  following  such
acquisition,  more than 50% of,  respectively,  the then  outstanding  shares of
common  stock of such  corporation  and the  combined  voting  power of the then
outstanding voting securities of such corporation  entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of the Common  Stock and Voting  Securities  immediately
prior  to such  acquisition  in  substantially  the  same  proportion  as  their
ownership, immediately prior to such acquisition, of the Common Stock and Voting
Securities, as the case may be, shall not constitute a Change of Control;

                      (ii) individuals who, as of the Effective Date, constitute
the  Board  of  Directors  (the  "Incumbent  Board")  cease  for any  reason  to
constitute  at least a majority  of the Board of  Directors,  provided  that any
individual  becoming a director  subsequent to the Effective Date whose election
was approved by a vote of at least a majority of the directors  then  comprising
the  Incumbent  Board  shall be  deemed a member  of the  Incumbent  Board,  but
excluding,  for this purpose,  any such individual  whose initial  assumption of
office is in settlement of an actual or threatened  election contest relating to
the election of the directors of the Company; or

                      (iii)  the  stockholders  of  the  Company  approve  (A) a
reorganization, merger or consolidation, in each case, with respect to which all
or substantially all of the persons who were the respective beneficial owners of
the  Common  Stock  and  the  Voting   Securities   immediately  prior  to  such
reorganization,  merger or consolidation do not, following such  reorganization,
merger or consolidation, beneficially own, directly or indirectly, more than 50%
of,  respectively,  the then outstanding shares of common stock and the combined
voting  power  of the  then  outstanding  voting  securities  entitled  to  vote
generally in the election of directors,  as the case may be, of the  corporation
resulting from such  reorganization,  merger or  consolidation or (B) a complete
liquidation or dissolution of the Company or of the sale or other disposition of
all or substantially all of the assets of the Company.

                  12.  Disability  of the  Executive.  In  the  event  that  the
Executive  during the period while employed  under this  Agreement  shall at any
time become unable, due to ill-health,  accident, injury or other disability, to
carry out his duties under this Agreement with reasonable accommodation provided
by the Company,  the Company,  upon a lump-sum payment to the Executive equal to
the  Executives  then-current  annual salary may terminate this Agreement and be
relieved of all further obligations  hereunder.  Termination of employment under
this Section 12 shall not terminate the Executive's  obligations  under Sections
7, 8 or 13.

                  13.  Non-Competition.  The Executive  hereby agrees that for a
period of one year  following the  termination  for any reason of his employment
under  this  Agreement,  he will  not,  directly  or  indirectly,  engage in any
business  involving  (a) the  development,  production  or  sale  of  Calcitonin
products  or (b)  the  development,  production  or sale  of  amidated  peptides
<PAGE>
anywhere in the world.  The Executive agrees that the provisions of this Section
13 are  necessary  and  reasonable  to protect the Company in the conduct of its
business.  If any restriction contained in this Section 13 shall be deemed to be
invalid or unenforceable  by reason of the extent,  duration of geographic scope
thereof, then the Company shall have the right to reduce such extent,  duration,
geographic  scope or other  provisions  thereof,  and in their reduced form such
restrictions shall then be enforceable in the manner contemplated hereby.

                  14.  Capacity.  The Executive  represents  and warrants to the
Company  that he is not now under any  obligation,  of a  contractual  nature or
otherwise, to any person, firm, corporation, association or other entity that is
inconsistent or in conflict with this Agreement or which would prevent, limit or
impair in any way the performance by him of his obligations hereunder.

                  15. Waiver.  No act,  delay,  omission or course of dealing on
the part of any party hereto in exercising any right,  power or remedy hereunder
shall  operate as, or be construed as, a waiver  thereof or otherwise  prejudice
such party's rights, powers and remedies under this Agreement.

                  16.  Arbitration.  The  Executive  agrees to submit to binding
arbitration  all claims  arising out of his  employment  with the Company and/or
this  Agreement,  including  all claims  under  federal law  (including  but not
limited  to Title VII of the  Civil  Rights  Act of 1967) as well as all  claims
under state law  (including  but not limited to claims  under the New Jersey Law
Against Discrimination).  This arbitration shall take place in New Jersey, under
the then prevailing rules of the American Arbitration Association.

                  17. Assignability. The rights and obligations contained herein
shall be binding on and inure to the  benefit of the  successors  and assigns of
the Company.  The Executive may not assign his rights or  obligations  hereunder
without the express written consent of the Company.

                  18.  Completeness.  This  Agreement  sets  forth  all,  and is
intended by each party to be an integration of all, of the promises,  agreements
and understandings between the parties hereto with respect to the subject matter
hereof.

                  19.  Counterparts.  This Agreement may be executed in multiple
counterparts,  each of which shall be deemed to be an original, and all of which
together shall constitute one agreement binding on the parties hereto.

                  20.  Severability.  Each provision of this Agreement  shall be
considered  severable and if for any reason any provision  that is not essential
to the  effectuation  of the basic  purpose of the Agreement is determined to be
invalid or contrary  to any  existing or future  law,  such  provision  shall be
deemed to be omitted from this  Agreement and such  invalidity  shall not impair
the operation of or affect those provisions of this Agreement that are valid.

                  21.  Headings.   Headings  contained  in  this  Agreement  are
inserted for reference and convenience only and in no way define,  limit, extend
or describe the scope of this Agreement or the meaning or construction of any of
the provisions hereof.

                  22. Survival of Terms. If this Agreement is terminated for any
reason, the provisions of Sections 7, 8 and 13 shall survive,  and the Executive
and the  Company,  as the case may be,  shall  continue to be bound by the terms
thereof to the extent provided therein.
<PAGE>
                  IN WITNESS  WHEREOF,  the parties  hereto have  executed  this
Agreement to day and year first above written.

                                              UNIGENE LABORATORIES, INC.

/s/Warren Levy                                By: /s/Jay Levy
--------------                                    ------------
Warren Levy                                       Jay Levy
                                                  ChairmanExhibit 10.7

                                                            EMPLOYMENT AGREEMENT

                  This  EMPLOYMENT  AGREEMENT,  dated as of January 1, 2000 (the
"Effective Date"), is entered into by and between Unigene Laboratories,  Inc., a
Delaware  corporation having offices at 110 Little Falls Road,  Fairfield,  N.J.
07004 (the "Company"),  and Ronald Levy, whose address is 110 Little Falls Road,
Fairfield, NJ 0004 (the "Executive").

                                   WITNESSETH:
                                   ----------

                  WHEREAS,  the Company  desires to employ the  Executive and to
enter into this Agreement embodying the terms of such employment; and

                  WHEREAS,  the Executive  desires to enter into this  Agreement
and to accept  such  employment,  subject  to the terms and  provisions  of this
Agreement;

                  NOW,  THEREFORE,  the parties hereto,  intending to be legally
bound, hereby agree as follows:

                  1. Engagement. The Company hereby employs the Executive as its
Executive Vice President,  and the Executive hereby accepts such employment,  on
the terms and conditions hereinafter set forth.

                  2. Term.  This  Agreement  is for an initial term of two years
commencing on the date hereof,  subject to earlier  termination  as provided for
herein. This Agreement will be automatically  renewed annually after its initial
term for an additional  one-year term, and on a year-to-year  basis  thereafter,
unless  either  party  notifies  the  other of the  desire  not to so renew  the
Agreement no later than three months prior to scheduled termination date.

                  3. Duties.  During the term of this  Agreement,  the Executive
shall serve as the Company's Executive Vice President and shall have such duties
and  responsibilities  as are set forth in the  Company's  Bylaws and such other
executive  responsibilities  as may be  assigned to him from time to time by the
Board of Directors or the Chief Executive  Officer.  The Executive shall use his
best efforts to perform,  and shall act in good faith in performing,  all duties
required to be performed by him under this Agreement.

                  4.  Availability.  During  the  term  of  this  Agreement  the
Executive  shall  not be  engaged  in any other  business  activity  that  would
interfere with the  performance of his duties to the Company without the express
written  approval of the Board of  Directors,  except  that,  with such  written
approval,  the  Executive  may  engage  in a  reasonable  level of  professional
activities  such as are typical for  individuals  of a  comparable  professional
stature.

                  5.  Business   Expenses.   The  Company  shall  reimburse  the
Executive, promptly upon presentation of itemized vouchers, for all ordinary and
necessary  business expenses incurred by the Executive in the performance of his
duties hereunder.

                  6.  Compensation.  As  compensation  for  the  services  to be
rendered hereunder, the Company agrees as follows:
<PAGE>
                  (a) to pay the Executive an annual  salary of $155,000  during
the initial year of this Agreement;

                  (b)  for  the  second  year  of  this  Agreement,  and  if the
Agreement is renewed automatically for subsequent years thereafter in accordance
with Section (2) above,  to provide the Executive with an annual salary approved
by the Compensation Committee,  and which shall not be less than the Executive's
annual salary for the preceding year;

                  (c) to participate in such employee  benefit plans as are made
available by the Company to its employees generally.  The Executive acknowledges
that salary and all other  compensation  payable under this  Agreement  shall be
subject  to  withholding  for income  and other  applicable  taxes to the extent
required by law.

                  7. Ownership of Intellectual  Property.  All rights, title and
interest of every kind and nature whatsoever in and to discoveries,  inventions,
improvements,  patents (and applications therefor), copyrights, ideas, know-how,
notes,  creations,  properties and all other proprietary rights arising from, or
in any way related to, the  Executive's  employment  hereunder  shall become and
remain the exclusive  property of the Company,  and the Executive  shall have no
interest therein.

                  8. Trade Secrets.  The Executive covenants and agrees with the
Company  that he will not,  during  the term of this  Agreement  or  thereafter,
disclose to anyone (except to the extent reasonably  necessary for the Executive
to perform his duties  hereunder or as may be required by law) any  confidential
information  concerning  the  business  or  affairs  of the  Company  (or of any
affiliate or subsidiary  of the Company),  including but not limited to lists of
customers,  business  plans,  financial or cost  information,  and  confidential
scientific and clinical  information (whether of the Company or entrusted to the
Company by a third party under a  confidentiality  agreement or  understanding),
which the  Executive  shall have  acquired in the course of, or incident to, the
performance of his duties pursuant to the terms of this Agreement or pursuant to
his prior  employment  by the Company (or any  affiliate  or  subsidiary  of the
Company).  In the event of a breach or threatened breach by the Executive of the
provisions  of this  Section 8, the Company  shall be entitled to an  injunction
restraining the Executive from disclosing, in whole or in part, such information
or from rendering any services to any person, firm, corporation,  association or
other entity to whom such  information has been disclosed or is threatened to be
disclosed.  Nothing  herein shall be construed as  prohibiting  the Company from
pursuing  any  other  remedies  available  to the  Company  for such  breach  or
threatened breach, including the recovery of damages from the Executive. Nothing
herein shall be construed as prohibiting the Executive from disclosing to anyone
any information which is, or which becomes,  available to the public (other than
by reason of a  violation  of this  Section  8) or which is a matter of  general
business knowledge or experience.

                  9.  Termination  For Cause.  The  Company  may  terminate  the
employment  of the  Executive for cause in the event that the Board of Directors
determines  that the  Executive  has engaged in (a) any willful or unlawful  act
that  causes  material  injury  to the  Company;  or (b) any  criminal  act that
adversely affects the ability of the executive to perform effectively his duties
under this Agreement. If the employment of the Executive under this Agreement is
terminated  under this  Section 9, the Company  shall be relieved of all further
obligations  under this Agreement,  except for the payment of accrued salary and
<PAGE>
reimbursement  under  Section  5 for  reimbursable  expenses  incurred  prior to
termination. Notwithstanding such termination of employment, the Executive shall
continue  to be  bound  by the  provisions  in  Sections  7, 8,  and 13.  If the
Executive's  employment  is  terminated  pursuant to this Section 9, the Company
shall provide to the Executive a statement in reasonable detail of the Company's
reasons for such termination.

                  10.  Termination  Without Cause. The Company may terminate the
employment  of the Executive  without  cause,  subject to  compliance  with this
Section 10.

                  (a) In the  event the  Executive's  employment  is  terminated
without cause, the Executive shall be entitled to:

                  (1) a severance payment consisting of:

                  (a) a lump-sum  payment equal to the salary that the executive
would have earned for the  remaining  term of this  Agreement,  if the remaining
term (either the initial  term or as  extended) is more than one year;  or (b) a
lump-sum  payment equal to the executive's  then-current  annual salary,  if the
remaining  term of the  employment  agreement  (either  the  initial  term or as
extended) is one year or less.

                  (2) a payment in cash  equal to the cash value of all  accrued
vacation days.

                  (b) Termination of employment  under this Section 10 shall not
terminate the Executive's obligations under Sections 7, 8 or 13.

                  11. Resignation by the Executive for Good Reason.

                  (a) The Executive may resign for good reason if one or both of
the following occur:

                      (1)  a  Change  of  Control  at  Unigene  (as  defined  in
paragraph (d) below); or

                      (2)   a   material    diminution   in   the    Executive's
responsibilities without the Executive's consent.

                  (b) In the event that the  Executive  resigns for good reason,
the Executive shall be entitled to:

                      (1) a severance payment consisting of:

                         (a) a lump-sum  payment  equal to the  salary  that the
executive  would have earned for the remaining  term of this  Agreement,  if the
remaining  term  (either the initial term or as extended) is more than one year;
or (b) a lump-sum payment equal to the executive's  then-current  annual salary,
if the remaining term of this Agreement (either the initial term or as extended)
is one year or less.

                      (2) a  payment  in cash  equal  to the  cash  value of all
accrued vacation days.
<PAGE>
                  (c) Termination of employment  under this Section 10 shall not
terminate the Executive's obligations under
Sections 7, 8 or 13.

                  (d) For the purpose of this  Agreement,  a "Change of Control"
shall have occurred if:

                         (i) any individual, entity or group (within the meaning
of Section 13(d)(3) or Section 14(d)(2) of the Securities  Exchange Act of 1934,
as amended (the  "Exchange  Act"))  acquires  beneficial  ownership  (within the
meaning of Rule l3d-3  promulgated  under the Exchange  Act) of more than 50% of
either  (A) the then  outstanding  shares  of Common  Stock or (B) the  combined
voting power of the then outstanding  voting  securities of the Company entitled
to vote  generally  in the  election of  directors  (the  "Voting  Securities");
provided,  however, that any acquisition by the Company, by any employee benefit
plan (or related trust) of the Company,  or by any  corporation  with respect to
which,  following such  acquisition,  more than 50% of,  respectively,  the then
outstanding  shares of common stock of such  corporation and the combined voting
power of the then outstanding voting securities of such corporation  entitled to
vote generally in the election of directors is then beneficially owned, directly
or indirectly,  by all or substantially  all of the individuals and entities who
were the  beneficial  owners,  respectively,  of the  Common  Stock  and  Voting
Securities  immediately  prior to such  acquisition  in  substantially  the same
proportion as their ownership,  immediately  prior to such  acquisition,  of the
Common Stock and Voting  Securities,  as the case may be, shall not constitute a
Change of Control;

                         (ii)   individuals  who,  as  of  the  Effective  Date,
constitute the Board of Directors (the  "Incumbent  Board") cease for any reason
to constitute  at least a majority of the Board of Directors,  provided that any
individual  becoming a director  subsequent to the Effective Date whose election
was approved by a vote of at least a majority of the directors  then  comprising
the  Incumbent  Board  shall be  deemed a member  of the  Incumbent  Board,  but
excluding,  for this purpose,  any such individual  whose initial  assumption of
office is in settlement of an actual or threatened  election contest relating to
the election of the directors of the Company; or

                         (iii) the  stockholders  of the  Company  approve (A) a
reorganization, merger or consolidation, in each case, with respect to which all
or substantially all of the persons who were the respective beneficial owners of
the  Common  Stock  and  the  Voting   Securities   immediately  prior  to  such
reorganization,  merger or consolidation do not, following such  reorganization,
merger or consolidation, beneficially own, directly or indirectly, more than 50%
of,  respectively,  the then outstanding shares of common stock and the combined
voting  power  of the  then  outstanding  voting  securities  entitled  to  vote
generally in the election of directors,  as the case may be, of the  corporation
resulting from such  reorganization,  merger or  consolidation or (B) a complete
liquidation or dissolution of the Company or of the sale or other disposition of
all or substantially all of the assets of the Company.

                  12.  Disability  of the  Executive.  In  the  event  that  the
Executive  during the period while employed  under this  Agreement  shall at any
time become unable, due to ill-health,  accident, injury or other disability, to
carry out his duties under this Agreement with reasonable accommodation provided
by the Company,  the Company,  upon a lump-sum payment to the Executive equal to
the Executive's  then-current annual salary, may terminate this Agreement and be
relieved of all further obligations  hereunder.  Termination of employment under
this Section 12 shall not terminate the Executive's  obligations  under Sections
7, 8 or 13.
<PAGE>
                  13.  Non-Competition.  The Executive  hereby agrees that for a
period of one year  following the  termination  for any reason of his employment
under  this  Agreement,  he will  not,  directly  or  indirectly,  engage in any
business  involving  (a) the  development,  production  or  sale  of  Calcitonin
products  or (b)  the  development,  production  or sale  of  amidated  peptides
anywhere in the world.  The Executive agrees that the provisions of this Section
13 are  necessary  and  reasonable  to protect the Company in the conduct of its
business.  If any restriction contained in this Section 13 shall be deemed to be
invalid or unenforceable  by reason of the extent,  duration of geographic scope
thereof, then the Company shall have the right to reduce such extent,  duration,
geographic  scope or other  provisions  thereof,  and in their reduced form such
restrictions shall then be enforceable in the manner contemplated hereby.

                  14.  Capacity.  The Executive  represents  and warrants to the
Company  that he is not now under any  obligation,  of a  contractual  nature or
otherwise, to any person, firm, corporation, association or other entity that is
inconsistent or in conflict with this Agreement or which would prevent, limit or
impair in any way the performance by him of his obligations hereunder.

                  15. Waiver.  No act,  delay,  omission or course of dealing on
the part of any party hereto in exercising any right,  power or remedy hereunder
shall  operate as, or be construed as, a waiver  thereof or otherwise  prejudice
such party's rights, powers and remedies under this Agreement.

                  16.  Arbitration.  The  Executive  agrees to submit to binding
arbitration  all claims  arising out of his  employment  with the Company and/or
this  Agreement,  including  all claims  under  federal law  (including  but not
limited  to Title VII of the  Civil  Rights  Act of 1967) as well as all  claims
under state law  (including  but not limited to claims  under the New Jersey Law
Against Discrimination).  This arbitration shall take place in New Jersey, under
the then prevailing rules of the American Arbitration Association.

                  17. Assignability. The rights and obligations contained herein
shall be binding on and inure to the  benefit of the  successors  and assigns of
the Company.  The Executive may not assign his rights or  obligations  hereunder
without the express written consent of the Company.

                  18.  Completeness.  This  Agreement  sets  forth  all,  and is
intended by each party to be an integration of all, of the promises,  agreements
and understandings between the parties hereto with respect to the subject matter
hereof.

                  19.  Counterparts.  This Agreement may be executed in multiple
counterparts,  each of which shall be deemed to be an original, and all of which
together shall constitute one agreement binding on the parties hereto.

                  20.  Severability.  Each provision of this Agreement  shall be
considered  severable and if for any reason any provision  that is not essential
to the  effectuation  of the basic  purpose of the Agreement is determined to be
invalid or contrary  to any  existing or future  law,  such  provision  shall be
deemed to be omitted from this  Agreement and such  invalidity  shall not impair
the operation of or affect those provisions of this Agreement that are valid.

                  21.  Headings.   Headings  contained  in  this  Agreement  are
inserted for reference and convenience only and in no way define,  limit, extend
or describe the scope of this Agreement or the meaning or construction of any of
the provisions hereof.
<PAGE>
                  22. Survival of Terms. If this Agreement is terminated for any
reason, the provisions of Sections 7, 8 and 13 shall survive,  and the Executive
and the  Company,  as the case may be,  shall  continue to be bound by the terms
thereof to the extent provided therein.

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

                                             UNIGENE LABORATORIES, INC.

/s/Ronald Levy                               By:  /s/Warren P. Levy
---------------                                   ------------------
Ronald Levy                                       Warren P. Levy
                                                  President and Chief
                                                  Executive Officer

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