Document:

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                                                                   EXHIBIT 10.15

                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT, dated as of April 12, 2002 (the
"Agreement"), by and between EYETECH PHARMACEUTICALS, INC., a Delaware
corporation (the "Company"), and ANTHONY P. ADAMIS, M.D. (the "Employee").

                                 R E C I T A L S

         WHEREAS, the Company desires to hire the Employee, and the Employee
desires to become an employee of the Company;

         NOW, THEREFORE, in consideration of the premises and the agreements and
provisions hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Employee and
the Company agree as follows:

         SECTION 1. Engagement of Employee; Title; Reporting Responsibilities.
(a) The Company hereby engages the Employee, and the Employee hereby agrees to
serve, as and with the title "Senior Vice President - Research and Chief
Scientific Officer," reporting directly to the Chief Executive Officer, who is,
as of the date of this letter, David R. Guyer (the "Supervisor"). The Employee
will perform such duties as directed by the Supervisor, including, without
limitation: (1) overall responsibility for Company's pre-clinical program,
including identification of compounds for development and clinical research in
accordance with the Company's goals and objectives and (2) such other duties as
the Supervisor and the Company may assign (collectively, the "Duties"). The
Company agrees that the Employee will be given the highest title for those
employees reporting directly to the Chief Executive Officer, whether Senior Vice
President, Executive Vice President, or otherwise, as may be determined from
time to time; in any event, the Employee's title will not be reduced from Senior
Vice President to a lower ranking title.

                  (b)      Employee hereby represents and warrants to the
Company that, to the best of his information and belief, no other party has
exclusive rights to Employee's services in the areas described in Section 1(a)
above and that Employee's performance of all the terms of this Agreement does
not and will not (i) breach or conflict with any prior agreement or contract to
which Employee is bound, (ii) compromise any right or trust relationship between
Employee and a third party or (iii) create a conflict of interest for the
Employee or the Company. Employee shall promptly disclose to the Company any
circumstance or relationship with any third party that constitutes a conflict of
interest or breach of this Agreement. Employee agrees that he will enter into a
Non-Disclosure and Proprietary Information Agreement with the Company as a
condition to the effectiveness of this Agreement.

         SECTION 2. Compensation. (a) SALARY: In consideration of the Employee's
services to the Company, the Company will pay Employee a salary of $275,000 per
year (the "Salary"). The Salary will be paid bi-weekly (i.e., in two
installments per month) in accordance with the Company's payroll procedures. The
Salary will be subject to and be paid net of all applicable withholding taxes
and deductions. Employee will be eligible for merit salary and other salary
adjustments/increases to the same extent as other senior executives of the
Company, but in no event shall the Employee's salary ever be reduced.

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                  (b)      BONUS. Employee shall be eligible to receive an
annual bonus, based on his performance and the Company's results, as determined
in the sole discretion of the Company's Board of Directors and/or the Company's
senior management upon recommendation of the Supervisor. The Bonus will be paid
at such time and manner as is consistent with the Company's bonus policy for all
other employees at a level comparable to that of the Employee. Unless this
Agreement shall be terminated earlier in accordance with the termination
provision herein, Employee shall be entitled to an annual bonus in an amount
equal to 30% of his Salary (the "Guaranteed Bonus"). Company will pay Employee
the Guaranteed Bonus promptly following the completion of Employee's first full
year of service and promptly following each anniversary date thereafter. If this
Agreement terminates for any reason other than Cause (as defined below) or the
Employee's notice to terminate, the Employee shall be entitled to a pro rata
portion of the Guaranteed Bonus. Employee shall also by entitled to a "signing
bonus" of $50,000 payable promptly following the date the Employee signs this
Agreement.

                  (c)      EQUITY. In addition to the Salary, Employee shall be
granted the option to purchase 225,000 shares of Common Stock, on terms and
conditions (including, without limitation, exercise price and vesting)
established by the Company's Board of Directors. In addition, effective as of
the Start Date, the Company will sell to Employee an additional 75,000 shares of
the Company's Common Stock ("Restricted Stock"), at par value of $.01 for $1.36
per share (for a total of $102,000), which Restricted Stock shall be deemed
fully vested as of the Start Date. Employee shall pay Company for the Restricted
Stock by executing a promissory note (the "Note") on behalf of Company and shall
also pledge the Restricted Stock to secure Employee's obligations under the
Note. In the event that this Agreement is terminated for Cause (as defined
below) or the Employee's notice to terminate, the Employee shall not be entitled
to receive any of the Options that have not vested as of the date this Agreement
terminates. In the event the Employee is terminated Without Cause (as defined
below) within the first 12 months from the Start Date, Employee shall not be
entitled to receive any of the Options that have not vested as of the date this
Agreement terminates. In the event that Employee is terminated Without Cause
after the first 12 months from the Start Date, Employee shall be entitled to all
options that have vested as of the date this Agreement terminates and 12.5% of
the total options granted to Employee pursuant to this Section (representing 6
months of vesting at 2.0833% per month). The terms and conditions of the Options
granted to Employee in connection with this Agreement as determined and approved
by the Company's Board of Directors shall be set forth in a Notice of Stock
Option Grant. The terms and conditions of the Restricted Stock shall be set
forth in a Notice of Restricted Stock Grant or similar documentation to be sent
to Employee after the date hereof. The Notice of Stock Option Grant shall
provide terms no less favorable to the Employee than the following: (i) that the
exercise price per share shall be no greater than $1.36, (ii) that the vesting
commencement date shall be the Start Date, (iii) that all of the options shall
vest over four years at the rate of 2.0833% per month provided however that the
first 25% of such options shall not be deemed vested until the Employee has
completed one full year of service from the Start Date. Employee shall also be
eligible to participate in any additional employee stock option plan to the same
extent as other senior executives of the Company.

                  (d)      BENEFITS; VACATION; PERSONAL DAYS. You shall be
eligible to receive all benefits made available to other employees of the
Company, including, without limitation, health care, disability and 401(k)
savings plans (collectively, the "Benefits"). Notwithstanding the benefits
currently available to other employees of the Company, the Company agrees to
provide the

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following additional benefits: (i) the Company agrees to reimburse the Employee
for his premiums for supplemental disability insurance, and (ii) the Company
agrees to reimburse the Employee for reasonable attorneys' fees incurred in
connection with the negotiation of this Agreement and the Non-Disclosure and
Proprietary Information Agreement for Employees. Please call the Company's
director of Human Resources, Ms. Fran Chiagouris, at 212-582-8376, x. 132, for
additional details about the Benefits for which you are eligible. Consistent
with the Company's vacation policy, you shall also be entitled to take a total
of 15 vacation days per year and 5 additional sabbatical days during the Term,
which may be taken at any time upon prior approval of your Supervisor. The
vacation and sabbatical days shall vest in full at the beginning of each year of
employment. In addition, you will be entitled to take 2 paid personal days per
year during the Term, which personal days may be taken at any time.

         SECTION 3. Term and Termination. (a) TERM - The Employee's retention
under this Agreement shall be for a term (the "Term") commencing on July 1, 2002
(the "Start Date") and ending on July 1, 2006 (or, if July 1, 2006 is not a
business day, the next business day thereafter), unless earlier terminated as
provided below or upon mutual agreement of the Parties. In addition, the Term
may be extended upon mutual agreement of the Parties.

                  (b)      Termination Events - This Agreement shall terminate
upon the occurrence of any of the following events:

                           (i)      Death or Disability. This Agreement, and
Employee's obligations under this Agreement, shall terminate immediately upon
Employee's death or initial receipt of long-term disability benefits. In the
event of Employee's death or initial receipt of long-term disability benefits,
Employee or his estate shall be entitled to receive the amount of any Options
(as hereinafter defined) vested as of the death or disability date and any daily
fees earned as of such date as well as reimbursement of all reasonable Expenses
incurred on or prior to such date; or

                           (ii)     Cause. The Company's obligations under this
Agreement shall terminate if Employee engages in gross negligence or egregious
misconduct in connection with his employment, but only after giving the Employee
written notice setting forth in reasonable detail the facts upon which the
Company bases its allegations of Cause, and after affording the Employee an
opportunity to be heard by the Board, with counsel, within 30 days after such
notice. For purposes of this agreement, gross negligence or egregious misconduct
shall mean (a) any material violation by the Employee of any provision of this
Agreement which violation is not cured by the Employee within ten days after
written notice thereof is received by the Employee from the Company; or (b) any
act of dishonesty by the Employee that relates in any way to the business of the
Company, the Employee's chronic addiction to alcohol or drugs that adversely
affects work performance, any instance of gross negligence by the Employee which
has a material adverse effect on the Company, or the commission of any
misdemeanor or crime which has a material adverse effect on the Company.
Employee shall forfeit all unvested Options and any unearned Salary as of the
date of termination; or

                           (iii)    Without Cause. The Company may terminate
this Agreement without cause. In such event, and following the Employee's
receipt of written notice of termination,

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the Employee will be entitled to salary and benefit continuation (in the same
amounts and to the same extent to which he was entitled as of the date of the
notice of termination) for a period of 360 days ("Salary Continuation Period").
During the Salary Continuation Period, the Employee will not be required to
perform any duties or services for the Company but shall be permitted to retain
his title. A material decrease in the Employee's title or duties, or any other
material breach of this Agreement by the Company, shall constitute termination
without cause; in such event, the Employee will provide written notice to the
Company that there has been such a termination, and the Salary Continuation
Period shall begin as of the date of that notice; or

                           (iv)     Notice By Employee. The Employee gives 30
days notice of intent to terminate, other than a notice provided pursuant to
(iii) above.

         SECTION 4. Expense Reimbursement. Employee shall be entitled to
reimbursement for reasonable and necessary travel and other expenses (including
reasonable commuting expenses from the Employee's home, for so long as the
Employee continues to live in the Greater Boston area, to the Company's
principal office in New York City or elsewhere outside of the Greater Boston
area) incurred by Employee in connection with his performance of the Duties;
provided that such expenses (i) are incurred for or on behalf of the Company in
the performance of the Employee's duties under this Agreement; and (ii) are
documented in compliance with the Company's expense reimbursement procedures so
as to verify the amount, nature and date of such expenses. The Company will
promptly reimburse Employee for such expenses upon receipt of the supporting
documentation referred to above and in accordance with the Company's
reimbursement policies and procedures.

         SECTION 5. Relocation Expenses. Employee acknowledges that Company may
request that Employee relocate to the New York/New Jersey metropolitan area. The
Company agrees that it will consult with Employee prior to making any such
request and that the timing and nature of such relocation will be mutually
agreed. In the event that the Employee relocates to the New York/New Jersey
metropolitan area (the "New Home"), the Company agrees: (i) to reimburse
employee for reasonable moving expenses (including, without limitation, hotel
charges for Employee and his family incurred in connection locating a New Home),
upon receipt of supporting documentation from Employee, (ii) to provide Employee
with a loan not to exceed $200,000, the actual principal amount to be equal to
the amount of the sales price of the New Home minus the value of (or sales price
of, if known) the Current Home, which loan shall be due in a lump sum 6 years
from date of loan, interest-free (the loan shall be secured by a second mortgage
on the New Home and a pledge of the Employee's exercised stock) and (iii)
reimburse Employee for closing costs associated with the purchase of the New
Home and the sale of the Current Home, including brokers' fees, but not
including consequential costs associated with the sale of Employee's Current
Home, promptly upon receipt of supporting documentation from Employee.

         SECTION 6. Press Release. Notwithstanding that the Start Date may be
later than the date this Agreement is executed, Employee acknowledges and agrees
that the Company may issue a press release promptly after the date this
Agreement is executed. The release shall state, among other things, that
Employee has accepted the position of Senior Vice President - Research and
Development and Chief Scientific Officer of Company and indicate his prior
service at Massachusetts Eye and Ear Infirmary and other professional
accomplishments. Employee shall be

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given the opportunity to review and comment on the press release and the press
release shall be reasonably satisfactory to Employee.

         SECTION 7. Continuing Obligations after Termination. The Employee and
the Company hereby acknowledge and agree that they shall become party to the
Non-Disclosure and Proprietary Information Agreement, which has been provided to
employee contemporaneous with this Agreement, and that the terms, conditions and
covenants contained in such agreement remain in full force and effect and is not
in any way modified by the execution of this Agreement by the Employee and the
Company.

         SECTION 8. Miscellaneous. (a) All notices and other communications made
in connection with this Agreement shall be in writing and shall be deemed to
have been duly given if (i) mailed by first-class, registered or certified mail,
return receipt requested, postage prepaid, (ii) transmitted by hand delivery,
(iii) sent by next-day or overnight mail or delivery, or (iv) sent by fax,
telecopy or telegram, addressed as follows:

                                    if to the Company:

                                    EyeTech Pharmaceuticals, Inc.
                                    666 Fifth Avenue, 35th Floor
                                    New York, New York 10103
                                    Phone: (212) 582-8376
                                    Fax:   (212) 582-2645
                                    Attn:  Chief Executive Officer

                                    if to Employee:

                                    15 Pond Circle
                                    Boston, Massachusetts 02130

or, in each case, at such other address as may be specified in writing to the
other parties hereto.

                  (b)      No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing, and is signed by Employee and the Company. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof has been made by any party hereto which is not set forth
expressly in this Agreement. This Agreement supersedes all prior agreements
between the parties hereto with respect to the subject matter hereof.

                  (c)      This Agreement shall be governed in all respects,
including as to validity, interpretation and effect, by the internal laws of the
State of New York without giving effect to the conflict of laws rules thereof.

                  (d)      EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY

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TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OR ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS
AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO
THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF
THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH
SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION.

                  (e)      This Agreement shall bind and inure to the benefit of
and be enforceable by the Company and Employee and their respective successors
and assigns; provided, however, neither the Company nor Employee may assign this
Agreement without the prior written consent of the other party.

                  (f)      This Agreement may be amended from time to time only
by written agreement of the Company and the Employee. No terms or provisions of
this Agreement may be waived or modified unless such waiver or modification is
in writing and signed by the party against whom such waiver or modification is
sought to be enforced. No failure on the part of the Company or the Employee to
exercise and no delay in exercising, any right, power or remedy under this
Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right under this Agreement preclude any other or further
exercise thereof or the exercise of any other right. The remedies provided in
this agreement are cumulative and not exclusive of any remedies provided by law.

                  (g)      Neither the Company nor Employee is the agent or
representative of the other, and nothing in this Agreement shall be construed to
make either the Company or Employee liable to any third party for services
performed by such third party or for debts or claims accruing to such third
party against either the Company or Employee. Nothing contained in this
Agreement or the acts of the parties hereto shall be construed to create a
partnership, agency or joint venture.

                  (h)      No recourse under this Agreement shall be had
against, and no personal liability shall attach to, any officer, director,
affiliate or shareholder of the Company, as such, by the enforcement of any
assessment of by any legal or equitable proceeding, by virtue of any statute or
otherwise in respect of this Agreement, it being expressly agreed and understood
that this Agreement is solely a corporate obligation of the Company, and that
any and all personal liability, either at common law or in equity or by statute
or constitution, of every such officer, director, employee, affiliate or
shareholder of the Company for breaches by any party to this Agreement of any
obligations under this Agreement is hereby expressly waived by Employee as a
condition of and in consideration for the execution and delivery of this
Agreement by the Company.

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                  (i)      The invalidity or unenforceability of any provision
or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement which shall remain in full force and
effect.

                  (j)      This Agreement may be executed in counterparts, each
of which shall be deemed to be an original but both of which shall together
constitute one and the same instrument

                  (k)      The headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

                  (l)      The Company represents that it has purchased a
directors and officers liability insurance policy, currently with a $10,000,000
coverage limit, and that the Employee will be covered under that policy as an
officer to the same extent as all other officers of the Company.

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         IN WITNESS WHEREOF, the parties have executed this agreement as of the
year and date first above written.

                                             EYETECH PHARMACEUTICALS, INC.

                                             By: /s/ DAVID GUYER
                                                 ---------------
                                                 Name: David Guyer
                                                 Title: CEO

                                             EMPLOYEE:

                                                 /s/ ANTHONY P. ADAMIS
                                                 ---------------------
                                                 Anthony P. Adamis, M.D.

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                                                                   Exhibit 10.17
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of this 25th
day of August, 2003 (the "Effective Date"), by and between Douglas H. Altschuler
("Executive") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"Company").

         WHEREAS, the Company desires to employ Executive to provide personal
services to the Company, and wishes to provide Executive with certain
compensation and benefits in return for such services; and

         WHEREAS, Executive wishes to be employed by the Company and provide
personal services to the Company in return for certain compensation and
benefits.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, it is hereby agreed by and between the parties hereto as
follows:

1.       Employment By The Company.

         1.1      The Company agrees to employ Executive in the position of
                  General Counsel of the Company. During Executive's employment
                  with the Company, Executive will devote his devote his best
                  efforts and substantially all of his business time and
                  attention to the business of the Company.

         1.2      Executive shall serve in an executive capacity and shall
                  perform such duties as are customarily associated with his
                  then current title, consistent with the Bylaws of the Company
                  and as required by the Company's Board of Directors (the
                  "Board") or the Company's Chief Executive Officer.

         1.3      The employment relationship between the parties shall also be
                  governed by the general employment policies and practices of
                  the Company, including those relating to protection of
                  confidential information and assignment of inventions, except
                  that when the terms of this Agreement differ from or are in
                  conflict with the Company's general employment policies or
                  practices, this Agreement shall control.

         1.4      The Company and Executive each acknowledge that either party
                  has the right to terminate Executive's employment with the
                  Company at any time for any reason whatsoever, with or without
                  Cause or advance notice. This at-will employment relationship
                  cannot be changed except in a writing signed by both Executive
                  and the Chief Executive Officer.

2.       Compensation.

         2.1      Salary. Executive shall receive, for services to be rendered
                  under this Agreement, a base salary ("Base Salary") at the
                  annualized rate of $250,000.00, less applicable federal and
                  state withholdings. Such Base Salary shall commence as of the
                  Effective Date, and shall be payable in installments
                  consistent with the Company's regular payroll practices.
                  Executive's Base Salary shall be reviewed
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                  at least annually by the Board, and in the Board's sole
                  discretion, may be adjusted at any time upon thirty (30) days
                  written notice to the Executive.

2.2      Termination.

         (a)      In the event Executive's employment terminates as a result of
                  a voluntary termination by Executive for Good Reason, or a
                  termination by the Company without Cause, upon execution of an
                  effective general release of all claims against the Company,
                  its employees, officers, directors and agents, in a form
                  reasonably acceptable to the Company: (i) Executive shall
                  receive twelve (12) monthly payments each equal in amount to
                  one-twelfth (1/12th) of Executive's then Base Salary, less
                  applicable state and federal withholdings; and (ii) for a
                  period of twelve (12) months (or until comparable benefits
                  coverage becomes available to Executive, if sooner), the
                  Company shall reimburse Executive (or pay him directly, at the
                  Company's option) the costs associated with the continuation
                  of Executive's and his dependents' medical and dental benefits
                  under the Consolidated Omnibus Budget Reconciliation Act of
                  1985, as amended ("COBRA") as in effect immediately prior to
                  Executive's termination of employment. In addition, in the
                  event Executive's employment is terminated by the Company
                  without Cause within the first twelve (12) months following
                  the Effective Date, and after signing the release described
                  above, any stock option he receives from the Company at the
                  commencement of employment shall become pro rata vested at the
                  rate of 1/48th of such option for each completed month of
                  service the Executive has provided to the Company.

         (b)      For purposes of this Agreement, "Good Reason" means that any
                  of the following are undertaken without Executive's express
                  written consent: (i) the assignment to Executive of any duties
                  or responsibilities which result in any material diminution or
                  adverse change of Executive's position, status or
                  circumstances of employment; (ii) the taking of any action by
                  the Company which would adversely affect Executive's
                  participation in, or reduce Executive's benefits under, the
                  Company's benefit plans (including equity benefits) as of the
                  time this Agreement is executed, except tot the extent the
                  benefits of all other executive officers of the Company are
                  similarly reduced; (iii) a relocation of Executive's principal
                  office to a location more than thirty-five (35) miles from
                  Manhattan, New York, except for required travel by Executive
                  on the Company's business; or (iv) any failure by the Company
                  to obtain the assumption of this Agreement by any successor or
                  assign of the Company. For purposes of this Agreement, "Cause"
                  means: (V) an intentional action or intentional failure to act
                  by Executive which was performed in bad faith and to the
                  material detriment of the Company; (W) Executive intentionally
                  refuses or intentionally fails to act in accordance with any
                  lawful and proper direction or order of the Board; (X)
                  Executive willfully and habitually neglects the duties of his
                  employment; (Y) Executive violates Sections 3, 4 or 5 of this
                  Agreement;

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                  or (Z) Executive is convicted of a felony crime involving
                  moral turpitude; provided, however, that in the event that any
                  of the foregoing events under clauses (V), (W), (X) or (Y)
                  above is capable of being cured, the Company shall provide
                  written notice to Executive describing the nature of such
                  event and Executive shall thereafter have ten (10) business
                  days to cure such event.

         (c)      In the event Executive's employment terminates as a result of
                  termination of Executive by the Company or its successor
                  without Cause, or by the Executive voluntarily for Good
                  Reason, within the three (3) months before or twelve (12)
                  months following a Change in Control Event, upon execution of
                  an effective general release of all claims against the
                  Company, its employees, officers, directors and agents, in a
                  form reasonably acceptable to the Company: (i) Executive shall
                  receive, within fifteen (15) days of such termination, one
                  lump sum payment equivalent to fifteen (15) months of his then
                  Base Salary, less applicable state and federal withholdings;
                  (ii) Executive's unvested equity rights shall become vested
                  and exercisable as set forth in Section 2.3(b); and (iii) for
                  a period of fifteen (15) months (or until comparable benefits
                  coverage becomes available to the Executive, if sooner), the
                  Company shall reimburse Executive (or pay him directly at the
                  Company's option) the costs associated with the continuation
                  of Executive's and his dependents' medical and dental benefits
                  under COBRA as in effect immediately prior to Executive's
                  termination of employment. Fur purposes of this paragraph,
                  Executive's "Base Salary" shall be the greater of the amount
                  in effect either immediately prior to the Change in Control
                  Event or the termination date of Executive's employment. The
                  benefits provided under this Section 2.2(c) shall be in lieu
                  of any benefits the Executive would have otherwise been
                  entitled to pursuant to Section 2.2(a) of this Agreement.

         (d)      For purposes of this Agreement, a "Change in Control Event"
                  shall mean:

                  (i)      The acquisition by an individual, entity or group
                           (within the meaning of Section 13(d)(3) or 14(d)(2)
                           of the Exchange Act)(a "Person") of beneficial
                           ownership of any capital stock of the Company if,
                           after such acquisition, such Person beneficially owns
                           (within the meaning of Rule 13d-3 promulgated under
                           the Exchange Act) 50% or more of either (x) the
                           then-outstanding shares of common stock of the
                           Company (the "Outstanding Company Common Stock") or
                           (y) the combined voting power of the then-outstanding
                           securities of the Company entitled to vote generally
                           in the election of directors (the "Outstanding
                           Company Voting Securities"); provided, however, that
                           for purposes of this subsection (i), the following
                           acquisitions shall not constitute a Change in Control
                           Event: (A) any acquisition directly from the Company
                           (excluding an acquisition pursuant to the exercise,
                           conversion or exchange of any security exercisable
                           for, convertible

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                           into or exchangeable for common stock or voting
                           securities of the Company, unless the Person
                           exercising, converting or exchanging such security
                           acquired such security directly from the Company or
                           an underwriter or agent of the Company), (B) any
                           acquisition by any employee benefit plan (or related
                           trust) sponsored or maintained by the Company or any
                           corporation controlled by the Company, or (C) any
                           acquisition by an corporation pursuant to a Business
                           Combination (as defined below) which complies with
                           clauses (x) and (y) of subsection (iii) of this
                           definition; or

                  (ii)     Such time as the Continuing Directors (as defined
                           below) do not constitute a majority of the Board (or,
                           if applicable, the Board of Directors of a successor
                           corporation to the Company), where the term
                           "Continuing Director" means at any date a member of
                           the Board (x) who was a member of the Board on the
                           date of the initial adoption of this Agreement by the
                           Board or (y) who was nominated or elected subsequent
                           to such date by at least a majority of the directors
                           who were Continuing Directors at the time of such
                           nomination or election or whose election to the Board
                           was recommended or endorse by at least a majority of
                           the directors who were Continuing Directors at the
                           time of such nomination or election; or

                  (iii)    The consummation of a merger, consolidation,
                           reorganization, recapitalization or share exchange
                           involving the Company or a sale or other disposition
                           of all or substantially al of the assets of the
                           Company (a "Business Combination"), unless,
                           immediately following such Business Combination, each
                           of the following two conditions is satisfied: (x) all
                           or substantially all of the individuals and entities
                           who were the beneficial owners of the Outstanding
                           Company Common Stock and Outstanding Company Voting
                           Securities immediately prior to such Business
                           Combination beneficially own, directly or indirectly,
                           more than 50% of the then-outstanding shares of
                           common stock and the combined voting power of the
                           then-outstanding securities entitled to vote
                           generally in the election of directors, respectively,
                           of the resulting or acquiring corporation or other
                           form of entity in such Business Combination (which
                           shall include, without limitation, a corporation
                           which as a result of such transaction owns the
                           Company or substantially all of the Company's assets
                           either directly or through one or more subsidiaries)
                           (such resulting or acquiring corporation or entity is
                           referred to herein as the "Acquiring Corporation") in
                           substantially the same proportions as their ownership
                           of the Outstanding Company Common Stock and
                           Outstanding Company Voting Securities, respectively,
                           immediately prior to such Business Combination and
                           (y) no Person (excluding the Acquiring Corporation or
                           any employee benefit

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<PAGE>
                           plan (or related trust) maintained or sponsored by
                           the Company or by the Acquiring Corporation)
                           beneficially owns, directly or indirectly, 30% or
                           more of the then-outstanding shares of common stock
                           of the Acquiring Corporation, or of the combined
                           voting power of the then-outstanding securities of
                           such corporation entitled to vote generally in the
                           election of directors (except of the extent that such
                           ownership existed prior to the Business Combination).

                  (iv)     Notwithstanding the foregoing, a Change in Control
                           Event will not be deemed to have occurred in the case
                           of a Management Buy Out. A "Management Buy Out" is
                           any event which would otherwise be deemed a "Change
                           in Control Event", in which the Executive, directly
                           or indirectly (as a beneficial owner) acquires equity
                           securities, including any securities convertible into
                           or exchangeable for equity securities, of the Company
                           or the Acquiring Corporation in connection with an
                           Change in Control Event.

2.3      Treatment of Equity Upon Change in Control Event. Upon a Change in
         Control Event, as defined in Section 2.2(d):

         (a)      50% of all of the Executive's unvested equity rights shall
                  become vested and immediately exercisable; and

         (b)      If Executive's employment terminates as a result of the
                  circumstances outlined in Section 2.2(c), and provided that
                  Executive executes an effective general release as required by
                  Section 2.2(c), 100% of the Executive's unvested equity rights
                  shall then become vested and immediately exercisable.

2.4      Golden Parachute Taxes. Notwithstanding anything contained in this
         Agreement to the contrary, to the extent that payments and benefits
         provided under this Agreement to Executive and benefits provided to, or
         for the benefit of, Executive under any other Company plan or agreement
         (such payments or benefits of, Executive under any other Company plan
         or agreement (such payments or benefits are collectively referred to as
         the "Payments") would be subject to the excise tax (the "Excise Tax")
         imposed under Section 4999 of the Internal Revenue Code of 1986, as
         amended (the "Code"), the Payments shall be reduced (but not below
         zero) to the extent necessary so that no Payment to be made or benefit
         to be provided to the Executive shall be subject to the Excise Tax, but
         only if, by reason of such reduction, the net after-tax benefit
         received by Executive shall exceed the net after-tax benefit received
         by him if no such reduction was made. For purposes of this Section 2.4,
         "net after-tax benefit" shall mean (a) the Payments which Executive
         receives or is then entitled to receive from the Company that would
         constitute "parachute payments" within the meaning of Section 280G of
         the Code, less (b) the amount of all federal, state and local income
         taxes payable with respect to the foregoing calculated at the maximum

                                       5
<PAGE>
         marginal income tax rate for each year in which the foregoing shall be
         paid Executive (based on the rate in effect for such year as set forth
         in the Code as in effect at the time of the first payment of the
         foregoing), less (c) the amount of excise taxes imposed with respect to
         the payments and benefits described in (a) above by Section 4999 of the
         Code. The foregoing determination will be made by a nationally
         recognized accounting firm (the "Accounting Firm") selected by the
         Company (which may be, but will not be required to be, the Company's
         independent auditors). The Company will direct the Accounting Firm to
         submit its determination and detailed supporting calculations to both
         the Executive and the Company within fifteen (15) days after the date
         of termination of his employment. If the Accounting Firm determines
         that such reduction is required by this Section 2.4, the Executive, in
         his sole and absolute discretion, may determine which Payments shall be
         reduced to the extent necessary so that no portion thereof shall be
         subject to the excise tax imposed by Section 4999 of the Code, and the
         Company shall pay such reduced amount to him. The fees and expenses of
         the Accounting Firm for its services in connection with the
         determinations and calculation contemplated by this Section 2.4 will be
         borne by the Company.

2.5      Discretionary Incentive Compensation. Executive will be eligible to
         participate in any discretionary incentive compensation programs that
         the Company establishes and makes available to executives, in its sole
         discretion, from time to time. Executive's discretionary compensation
         will range from 0 to 35% of his then current annual base salary. As
         this is discretionary, any failure by the Board to provide compensation
         under this section shall not give rise to any claim by the Executive
         for unpaid compensation.

2.6      Medical and Dental Coverage. The Company shall provided Executive with
         medical and dental coverage which is no less favorable than that
         provided to any other executive of the Company.

2.7      Standard Company Benefits. Executive shall be entitled to participate
         in any benefit programs which may be in effect from time to time and
         provided by the Company to its employees generally and/or to its
         management and executive employees in particular, provided that
         Executive is eligible to participate under the terms and conditions of
         any such benefits plans.

2.8      Expenses. Executive shall be entitled to receive prompt reimbursement
         of all reasonable and necessary business expenses incurred by Executive
         in performing Company services, provided that Executive furnishes the
         Company with adequate records and other documentary evidence of such
         expenses for which Executive seeks reimbursement. Such expenses shall
         be accounted for under the policies and procedures established by the
         Company.

2.9      Vacation and Sick Leave. Executive shall be eligible for vacation and
         sick leave in accordance with policies as periodically established by
         the Company for Company officers.

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<PAGE>
3.       Confidential Information Obligations and Conflicts.

         3.1      Executive agrees that all information and know-how, whether or
                  not in writing, of a private, secret or confidential nature
                  concerning the Company's business or financial affairs
                  (collectively, "Proprietary Information") is and shall be the
                  exclusive property of the Company. By way of illustration, but
                  no limitation, Proprietary Information may include inventions,
                  products, processes, methods, techniques, formulas,
                  compositions, compounds, projects developments, plans,
                  research data, clinical data, financial data, personnel data,
                  computer programs, and customer and supplier lists. Executive
                  will not disclose any Proprietary Information to others
                  outside the Company or use the same for any unauthorized
                  purposes without written approval by an officer of the
                  Company, either during or after his employment, unless and
                  until such Proprietary Information has become public knowledge
                  without fault by the Executive.

         3.2      Executive agrees that all files, letters, memoranda, reports,
                  records, data, sketches, drawings, laboratory notebooks,
                  program listings, or other written, photographic, or other
                  tangible material containing Proprietary Information, whether
                  created by the Executive or others, which shall come into his
                  custody or possession, shall be and are the exclusive property
                  of the Company to be used by the Executive only in the
                  performance of his duties for the Company.

         3.3      Executive agrees that his obligation not to disclose or use
                  information, know-how and records of the types set forth in
                  paragraphs 3.1 and 3.2 above, also extends to such types of
                  information, know-how, records and tangible property of
                  customers of the Company or suppliers to the Company or other
                  third parties who may have disclosed or entrusted the same to
                  the Company or to the Executive in the course of the Company's
                  business.

         3.4      During Executive's employment, Executive agrees not to
                  acquire, assume, or participate in (directly or indirectly)
                  any position, investment or interest known by him to be
                  adverse or antagonistic to the Company, its business, or its
                  prospects, financial or otherwise or which may otherwise
                  create a conflict in Executive's interests. Nothing in this
                  paragraph shall bar Executive from owning securities of nay
                  competitor corporation as a passive investor after the
                  termination of his employment, so long as his aggregate direct
                  holdings in any such corporation shall not constitute more
                  than one percent (1%) of the voting stock of that corporation.

4.       Developments.

         4.1      Executive will make full and prompt disclosure to the Company
                  of all inventions, improvements, discoveries, methods,
                  developments, software, and works of authorship, whether
                  patentable or not, which are created, made, conceived or
                  reduced to practice by the Executive or under his direction or
                  jointly with others during his employment by the Company,
                  whether or not during normal working

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<PAGE>
                  hours or on the premises of the Company (all of which are
                  collectively referred to in this Agreement as "Developments").

         4.2      Executive agrees to assign and does hereby assign to the
                  Company (or any person or entity designated by the Company)
                  all his right, title and interest in and to all Developments
                  and all related patents, patent applications, copyrights and
                  copyright applications. However, this Section 4.2 shall not
                  apply to Developments which do not relate to the present or
                  planned business or research and development of the Company
                  and which are made and conceived by the Executive not during
                  normal working hours, not on the Company's premises and not
                  using the Company's tools, devices, equipment or Proprietary
                  Information.

         4.3      Executive agrees to cooperate fully with the Company, both
                  during and after his employment with the Company, with respect
                  to the procurement, maintenance and enforcement of copyrights,
                  patents and all other legal rights (both in the United States
                  and foreign countries) relating to Developments. Executive
                  shall sign all papers, including, without limitation,
                  copyright applications, patent applications, declarations,
                  oaths, formal assignments, assignment of priority rights, and
                  powers of attorney, which the Company may deem necessary or
                  desirable in order to protect its rights and interest in any
                  Development.

5.       General Provisions.

         5.1      Other Agreements. Executive hereby represents that he is not
                  bound by the terms of any agreement with any previous employer
                  or other party to refrain from using or disclosing any trade
                  secret or confidential or proprietary information in the
                  course of his employment with the Company or to refrain from
                  competing, directly or indirectly, with the business of such
                  previous employer or any other party. Executive further
                  represents that his performance of all terms of this Agreement
                  and as an employee of the Company does not and will not breach
                  any agreement to keep in confidence proprietary information,
                  knowledge or data acquired by him in confidence or in trust
                  prior to his employment with the Company.

         5.2      Notices. Any notices provided hereunder must be in writing and
                  shall be deemed effective upon the earlier of (i) personal
                  delivery (including delivery by overnight courier) or (ii) the
                  third day after mailing by first-class mail, to the Company at
                  its primary office location and the Executive at his address
                  as then listed in the Company's payroll records.

         5.3      Severability. Whenever possible, each provision of this
                  Agreement will be interpreted in such manner as to be
                  effective and valid under applicable law, but if any provision
                  of this Agreement is held to be invalid, illegal, or
                  unenforceable in any respect under any applicable law or rule
                  in any jurisdiction, such invalidity, illegality, or
                  unenforceability will not affect any other provision or any
                  other jurisdiction, but this Agreement will be reformed and
                  construed in such

                                       8
<PAGE>
                  jurisdiction so as to render it enforceable under applicable
                  law insofar as possible consistent with the intent of the
                  parties.

         5.4      Waiver. If either party should waive any breach of any
                  provisions of this Agreement, that party shall not thereby be
                  deemed to have waived any preceding or succeeding breach of
                  the same or any other provision of this Agreement.

         5.5      Complete Agreement. This Agreement constitutes the entire
                  agreement between Executive and the Company and it is the
                  complete, final, and exclusive embodiment of their agreement
                  with regard this subject matter and supersedes all prior
                  agreements and understandings between the parties. It is
                  entered into without reliance on any promise or representation
                  other than those expressly contained herein, and it cannot be
                  modified or amended except in a writing signed by both the
                  Executive and a duly authorized signatory of the Company.

         5.6      Counterparts. This Agreement may be executed in separate
                  counterparts, any one of which need not contain signatures of
                  more than one party, but all of which taken together will
                  constitute one and the same Agreement.

         5.7      Headings. The headings of the sections hereof are inserted for
                  convenience only and shall not be deemed to constitute a party
                  hereof nor to affect the meaning thereof.

         5.8      Successors and Assigns. This Agreement is intended to bind and
                  inure to the benefit of and be enforceable by Executive and
                  the Company, and their respective successors, assigns, heirs,
                  executors and administrators, except that Executive may not
                  assign any duties hereunder and may not assign any rights
                  hereunder without the written consent of the Company, which
                  shall not be withheld unreasonably.

         5.9      Choice of Law. All questions concerning the construction,
                  validity and interpretation of this Agreement will be governed
                  by the law of the State of New York, without regard to such
                  state's conflict-of-laws rules.

         5.10     Non-Publication. To the extent permitted by law, the parties
                  mutually agree not to disclose publicly the terms of this
                  Agreement except to the extent that disclosure is mandated by
                  applicable law or such disclosure is to be parties' respective
                  attorneys, accountants other advisors, and immediate family.

         5.11     Agreement Controls. In the event of a conflict between the
                  text of this Agreement and any summary, description or other
                  information regarding this Agreement, the text of this
                  Agreement shall control.

         5.12     Tax Withholding. All payments made pursuant to this agreement
                  shall be subject to all applicable federal, state and local
                  income and employment tax withholding.

         5.13     No Duty to Seek Employment. Executive and the Company
                  acknowledge and agree that nothing contained in this Agreement
                  shall be construed as requiring

                                       9
<PAGE>
                     Executive to seek or accept alternative or replacement
                     employment in the event of his termination of employment by
                     the Company for any reason, and no payment or benefit
                     payable hereunder shall be conditioned on Executive's
                     seeking or accepting such alternative or replacement
                     employment.

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

                                     EYETECH PHARMACEUTICALS, INC.

                                     By: /s/ DAVID GUYER
                                     -------------------------------
                                     Name:  David Guyer
                                     Title: CEO

                                     /s/ DOUGLAS ALTSCHULER
                                     -------------------------------
                                     DOUGLAS ALTSCHULER

                                       10

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