Document:

<PAGE>   1
                                                              EXHIBIT 10.17 (iv)

                        THIRD AMENDMENT TO LOAN AGREEMENT
                        ---------------------------------

                  THIS THIRD AMENDMENT TO LOAN AGREEMENT, dated as of March 30,
2001 (this "Amendment"), is among DIEBOLD, INCORPORATED, an Ohio corporation
(the "COMPANY"), the SUBSIDIARY BORROWERS (as defined in the Loan Agreement
referred to below) (together with the Company, the "BORROWERS"), the lenders set
forth on the signature pages hereof (the "LENDERS"), and BANK ONE, MICHIGAN, a
Michigan banking corporation, as agent for the Lenders (in such capacity, the
"AGENT").

                                    RECITALS
                                    --------

                  A. The Borrowers, the Lenders party thereto and the Agent are
parties to a Loan Agreement dated December 1, 1999, as amended (the "LOAN
AGREEMENT").

                  B. The Borrowers desire to amend the Loan Agreement as set
forth herein, and the Agent and the Lenders are willing to do so in accordance
with the terms hereof.

                                      TERMS

                  In consideration of the premises and of the mutual agreements
herein contained, the parties agree as follows:

                  ARTICLE I. AMENDMENTS. Upon fulfillment of the conditions set
forth in Article III hereof, the Loan Agreement and the other Loan Documents
shall be amended as follows:

         1.1      Section 1.1 is amended as follows:

         (a)      The following definitions are added to Section 1.1 in
appropriate alphabetical order:

                  "SECURITIZATION ENTITY" means a wholly-owned Subsidiary of the
         Company that engages in no activities other than Permitted
         Securitization Transactions and any necessary related activities and
         owns no assets other than as required for Permitted Securitization
         Transactions and (i) no portion of the Indebtedness (contingent or
         otherwise) of which is guaranteed by the Company or any Subsidiary of
         the Company or is recourse to or obligates the Company or any
         Subsidiary of the Company in any way, other than pursuant to customary
         representations, warranties, covenants, indemnities and other
         obligations entered into in connection with a Permitted Securitization
         Transaction, and (ii) to which neither the Company nor any Subsidiary
         of the Company has any material obligation to maintain or preserve such
         entity's financial condition or cause such entity to achieve certain
         levels of operating results.

                  "PERMITTED SECURITIZATION TRANSACTION" is defined in Section
6.10(iii).

         (b)      The definition of Off Balance Sheet Liabilities is amended by
adding the following to the end thereof: ", and including without limitation the
outstanding amount sold or financed under any Permitted Securitization
Transaction."

                                       26
<PAGE>   2

        1.2       Section 2.18 is amended by adding the following to the end
thereof: "Notwithstanding anything herein to the contrary, Securitization
Entities shall not be required to be Guarantors."

        1.3       Clause (iii) of Section 6.10 is re-designated as clause (iv),
and the following new clause (iii) is inserted immediately prior thereto:

                  (iii) Any sale or other transfer of an interest in leases or
                  lease receivables on a limited recourse basis, reasonably
                  acceptable to the Agent, provided that (a) such transfer
                  qualifies as a sale under Agreement Accounting Principles, and
                  (b) the aggregate amount of such financings does not exceed
                  $100,000,000 at any one time outstanding (any such sale or
                  other transfer, a "Permitted Securitization Transaction").

         1.4      Section 6.11(iii) is restated as follows: "(iii) (a)
Investments in existence on December 31, 2000 and (b) Investments in a
Securitization Entity in connection with Permitted Securitization Transactions
and in an aggregate outstanding amount not to exceed 10% of the aggregate amount
of all Permitted Securitization Transactions plus the leases and lease
receivables permitted to be transferred to a Securitization Entity in connection
with Permitted Securitization Transactions."

         1.5      Section 6.12 is amended by adding the following new clause
(viii) to the end thereof: "(vii) Liens incurred in connection with any transfer
of an interest in leases or lease receivables which is permitted pursuant to
Section 6.10(iii) and which Liens are required to consummate such Permitted
Securitization Transaction."

        1.6       Clause (vi) of Section 6.15 is re-designated as clause (vii),
and the following new clause (vi) is inserted immediately prior thereto:

                  (vi) Indebtedness of a Securitization Entity required in
                  connection with Permitted Securitization Transactions.

         1.7      Section 6.16 is amended by adding the following to the end
thereof: "and (e) such restrictions with respect to a Securitization Entity
required in connection with Permitted Securitization Transactions."

         ARTICLE II. REPRESENTATIONS. Each of the Borrowers represents and
warrants to the Agent and the Lenders that:

         2.1      The execution, delivery and performance of this Amendment are
within its powers, have been duly authorized by existing board resolutions or
other necessary corporate action and are not in contravention of any statute,
law or regulation or of any terms of its Articles of Incorporation, Certificate
of Incorporation or By-laws, or of any material agreement or undertaking to
which it is a party or by which it is bound.

                                       27
<PAGE>   3

         2.2      This Amendment is the legal, valid and binding obligation of
it, enforceable against it in accordance with the terms hereof, except as
enforceability may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditors' rights generally and by general
principles of equity.

         2.3      After giving effect to the amendments contained herein, the
representations and warranties contained in Article V of the Loan Agreement are
true on and as of the date hereof with the same force and effect as if made on
and as of the date hereof, except to the extent any such representation or
warranty is stated to relate solely to an earlier date, in which case such
representation or warranty shall be true and correct on and as of such earlier
date.

         2.4      After giving effect to the amendments contained herein, no
Default or Unmatured Default exists or has occurred and is continuing on the
date hereof.

         ARTICLE III. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
effective as of the date hereof when each of the following conditions is
satisfied:

         3.1      The Borrowers, the Required Lenders, the Swing Lender and the
Agent shall have signed this Amendment.

         3.2      The Guarantors shall have signed the consent and agreement to
this Amendment.

         3.3      The Borrowers shall have paid such amendment fees to the Agent
for the benefit of the Lenders in such amounts as separately agreed upon.

         ARTICLE IV.  MISCELLANEOUS.

         4.1      References in the Loan Agreement or in any other Loan Document
to the Loan Agreement shall be deemed to be references to the Loan Agreement as
amended hereby and as further amended from time to time.

         4.2      Except as expressly amended hereby, each of the Borrowers
agrees that the Loan Agreement and the other Loan Documents are ratified and
confirmed, as amended hereby, and shall remain in full force and effect in
accordance with their terms and that they are not aware of any set off,
counterclaim, defense or other claim or dispute with respect to any of the
foregoing. Terms used but not defined herein shall have the respective meanings
ascribed thereto in the Loan Agreement. This Amendment may be signed upon any
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument, and telecopied signatures shall be
effective as originals.

                                       28
<PAGE>   4

         IN WITNESS WHEREOF, the parties signing this Amendment have caused this
Amendment to be executed and delivered as of the day and year first above
written.

                               DIEBOLD, INCORPORATED

                               By:     /s/Gregory T. Geswein
                                  ---------------------------------------------

                               Title:  Senior Vice President & CFO
                                       ----------------------------------------

                               DIEBOLD INTERNATIONAL LIMITED

                               By:     /s/Timothy J. McDannold
                                  ---------------------------------------------

                               Title: Designated Financial Officer
                                      -----------------------------------------

                               DIEBOLD SELF-SERVICE SOLUTIONS S.a.r.l.,
                               GRANGES-PACCOT

                               By:     /s/Timothy J. McDannold
                                  ---------------------------------------------

                               Title: Designated Financial Officer
                                      -----------------------------------------

                               DIEBOLD AUSTRALIA PTY LTD

                               By:     /s/Timothy J. McDannold
                                  ---------------------------------------------

                               Title: Designated Financial Officer
                                      -----------------------------------------

                               BANK ONE, MICHIGAN, as Agent, Swing  Lender,
                               Issuer and Lender

                               By:     /s/Krista J. Flynn
                                  ----------------------------------------------

                               Title:   Vice President
                                     -------------------------------------------

                               KEYBANK NATIONAL ASSOCIATION

                               By:     /s/Marianne T. Meil
                                  ----------------------------------------------

                               Title:  Vice President
                                     -------------------------------------------

                                       29
<PAGE>   5

                               NATIONAL CITY BANK

                               By:     /s/William R. McDonnell
                                  ----------------------------------------------

                               Title:  Vice President
                                     -------------------------------------------

                               ABN AMRO BANK N.V.

                               By:     /s/Mary L. Honda
                                  ----------------------------------------------

                               Title:  Group Vice President
                                     -------------------------------------------

                               By:     /s/Laurie D. Flom
                                  ----------------------------------------------

                               Title:  Senior Vice President
                                     -------------------------------------------

                               BANK OF AMERICA, N.A.

                               By:     /s/Raju N. Patel
                                  ----------------------------------------------

                               Title:  Principal
                                     -------------------------------------------

                               THE CHASE MANHATTAN BANK

                               By:     /s/Henry W. Centa
                                  ----------------------------------------------

                               Title:  Vice President
                                     -------------------------------------------

                               THE BANK OF NEW YORK

                               By:     /s/Kenneth R. McDonnell
                                  ----------------------------------------------

                               Title:  Assistant Vice President
                                      ------------------------------------------

                                       30
<PAGE>   6

                               FIRSTAR BANK

                               By:     /s/David Dannemiller
                                  ----------------------------------------------

                               Title:  Vice President
                                     -------------------------------------------

                               HSBC BANK USA

                               By:     /s/Christopher M. Samms
                                  ----------------------------------------------

                               Title:  First Vice President
                                     -------------------------------------------

                               BANK OF IRELAND

                               By:     /s/Jackie Ovann
                                  ----------------------------------------------

                               Title:  Assistant Account Executive
                                     -------------------------------------------

                                       31
<PAGE>   7

                              CONSENT AND AGREEMENT
                              ---------------------

         As of the date and year first above written, each of the undersigned
hereby:

         (a)      fully consents to the terms and provisions of the above
Amendment and the consummation of the transactions contemplated thereby;

         (b)      agrees that the Guaranty to which it is a party and each other
Loan Document to which it is a party are hereby ratified and confirmed and shall
remain in full force and effect, acknowledges and agrees that it has no setoff,
counterclaim, defense or other claim or dispute with respect the Guaranty to
which it is a party and each other Loan Document to which it is a party; and

         (c)      represents and warrants to the Agent and the Lenders that the
execution, delivery and performance of this Consent and Agreement are within its
powers, have been duly authorized and are not in contravention of any statute,
law or regulation or of any terms of its organizational documents or of any
material agreement or undertaking to which it is a party or by which it is
bound, and this Consent and Agreement is the legal, valid and binding
obligations of it, enforceable against it in accordance with the terms hereof
and thereof. Terms used but not defined herein shall have the respective
meanings ascribed thereto in the Loan Agreement.

                           DIEBOLD INVESTMENT COMPANY

                           By:      /s/Margaret Pulgini
                              -------------------------------------------------

                                    Title:  Vice President/Treasurer

                           DIEBOLD FINANCE COMPANY, INC.

                           By:      /s/Margaret Pulgini
                              -------------------------------------------------

                                    Title:  Vice President/Treasurer

                           DIEBOLD CREDIT CORPORATION

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Vice President and Secretary

                           DIEBOLD SST HOLDING COMPANY, INC.

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Vice President and Secretary

                                       32
<PAGE>   8

                           DIEBOLD SELF-SERVICE SYSTEMS

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Secretary
                                            -----------------------------------

                           DIEBOLD HOLDING COMPANY, INC.

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Assistant Secretary
                                            -----------------------------------

                           DIEBOLD MEXICO HOLDING COMPANY, INC.

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Secretary
                                           ------------------------------------

                           DIEBOLD LATIN AMERICA HOLDING COMPANY,
                                      INC.

                           By:      /s/Charee Francis-Vogelsang
                              -------------------------------------------------

                                    Title:  Secretary
                                           ------------------------------------

                                       33<PAGE>   1

                                                                   Exhibit 10.28

                              EMPLOYMENT AGREEMENT
                              --------------------

            THIS EMPLOYMENT AGREEMENT is entered into at Cleveland, Ohio, this
9th day of July 2001 by and between EMPYREAN BIOSCIENCE, INC. (the "Company")
and BRENDA K. BROWN ("Employee").

                                    RECITALS:
                                    ---------

            A. The Company is in the business of marketing, selling and
distributing innovative personal care products that are intended to prevent the
spread of infectious disease (the "Business");

            B. Employee has certain expertise in connection with certain aspects
of the Company's business and has been employed by the Company.

            C. The Company and Employee wish to formalize the employment
relationship between them by means of this written Employment Agreement.

            NOW, THEREFORE, in consideration of mutual promises and agreements
contained herein and intending to be legally bound hereby, the parties agree as
follows:

            1. EMPLOYMENT. The employment relationship between Employee and the
Company is upon the terms and conditions set forth herein, effective July 9,
2001 ("the Effective Date").

            2. SERVICES. Employee is currently Vice President and Chief
Financial Officer. Employee will devote her full working time, experience and
best efforts to the performance of her duties on behalf of the Company. Employee
shall perform all such duties in accordance with such rules, policies and
procedures as the Company and or its Board of Directors may adopt from time to
time.

                                       1
<PAGE>   2

            3. COMPENSATION.

            3.1 BASE SALARY. The Company shall pay to Employee an annual base
salary of One Hundred Thirteen Thousand Two Hundred Fifty Dollars ($113,250.00)
payable in consecutive, equal, biweekly installments. Employee's annual base
salary shall be reviewed by the Compensation Committee of the Board of Directors
at least annually.

            3.2 CERTAIN BASIC FRINGE BENEFITS. The Company shall provide to
Employee a benefits package upon terms and conditions and in amounts to be
determined by the Board of Directors as part of a package of benefits approved
for senior management of the Company.

            3.3 BUSINESS EXPENSES. The Company shall promptly reimburse Employee
for all reasonable, ordinary and necessary business expenses incurred by her in
the performance of her duties hereunder, and Employee shall submit receipts,
vouchers or other appropriate evidence to substantiate that said expenses were
incurred by Employee in connection with the business of the Company.

            3.4 INCENTIVE COMPENSATION. Employee shall be entitled to
participate in an incentive compensation bonus program for senior management of
the Company pursuant to approval of the Board of Directors.

            4. TERM, TERMINATION.

            4.1 This Agreement may be terminated by the Company at any time "for
cause" or without cause. "For cause" shall mean any termination of the
Employee's employment resulting from Employee's engaging in fraud,
misappropriation of funds or embezzlement against the Company.

                                       2
<PAGE>   3

            4.2 If Employee is terminated from employment without cause, the
Company shall provide to Employee a twelve-month evergreen severance provision
whereby Employee's base salary, bonus, benefits and options shall continue for
twelve months.

            Any termination of Employee's employment resulting from: (i)
Employee's death; (ii) Employee's inability to perform the essential functions
of her job with or without reasonable accommodation for 180 consecutive business
days or 300 of 365 total days; or (iii) Employee's resignation from her
positions with the Company within 30 days after the receipt of written notice
from the Company informing Employee that her base salary rate shall be reduced
below its then current level (the "Salary Reduction Notice"), or within 30 days
of a reduction in duties, title or responsibility, or within 30 days of a change
in location, a change in control or a breach of this Agreement, shall be deemed
to be a termination by the Company without cause. Bonuses to be earned in
accordance with an incentive compensation bonus program applicable to the fiscal
year in which Employee is terminated will be determined by prorating the full
amount of the bonus, which would have been earned, had Employee been employed
for the full fiscal year by the number of days employed during the fiscal year.
Incentive stock options to be vested upon the attainment of certain performance
goals applicable to the fiscal year in which Employee is terminated shall be
accelerated and vested as of the Employee's termination date. Bonus shall be
payable no later than 90 days following the close of the fiscal year that
Employee is terminated.

            Such severance shall be paid to Employee in the form of regular
payroll checks, less deductions for taxes and withholdings, in equal
installments during the severance period following Employee's termination. The
Company shall continue to pay to Employee her salary at the annual rate in
effect immediately prior to such termination (unless such termination occurs as
a result of the Employee's resignation from her positions with the Company
within 30 days after receipt of the

                                       3
<PAGE>   4

Salary Reduction Notice, in which case such payments shall be at the annual
salary rate in effect immediately prior to the receipt of the Salary Reduction
Notice) for the severance period. Employee shall have the option of accepting a
lump sum payment of severance provision calculated by discounting the stream of
payments utilizing a discount rate of fifteen percent (15%).

            In the event that participation in any such benefits package is
barred, the Company shall arrange to provide Employee with benefits during the
severance period substantially similar to those which she is entitled to
receive, or reimburse her for her costs of securing independent benefits
coverage substantially similar to the benefits package available to her prior to
termination, including gross up for any tax cost incurred as a result.

            In the event the Company replaces the benefits package available to
senior officers of the Company during the Employee's severance period, Employee
shall be entitled to participate in any such replacement package, provided,
however, that if the new benefits package is substantially worse, in the
aggregate, than the benefits package available to Employee prior to termination,
the Company shall arrange to provide her with benefits substantially similar to
those which she is entitled to receive, or reimburse her for her costs of
securing independent benefits coverage substantially similar to the benefits
package available to her prior to termination.

            In the event of a breach of this Agreement by the Company, Employee
is eligible, at Employee's option, to receive severance pay in accordance with
the twelve-month evergreen severance provision set forth above. Such severance
payment and acceleration of options as set forth in this Section 4.2 shall be
Employee's sole remedy at law or in equity against Company for any breach of
this agreement and Employee shall sign a full and final release of claims, in a
form acceptable to Company, as a condition of receiving such severance payment.

                                       4
<PAGE>   5

            The Company and Employee mutually agree not to make or utter any
disparaging comments about one another, including the Company's past, present
and future officers, directors and or employees, and both the Company and the
Employee agree not to take any action to injure or harm one another's reputation
or business relationships.

            5. COVENANTS OF EMPLOYEE.

            5.1 Employee acknowledges that during the course of her employment
by the Company she will have access to trade secrets and other confidential
information with respect to the business, operations, accounts, books and
records, sales, customers, pricing, marketing, development, testing, scientific
research and other activities of the Company ("Trade Secrets"). Accordingly,
Employee shall, at all times, keep secret and inviolate all Trade Secrets, which
she now knows or may hereafter come to know. In addition, Employee shall at no
time copy, remove from the premises of the Company or retain, without the prior
consent of the Company, any Trade Secrets, including, but not limited to,
unpublished records, agreements, books of account, corporate documents, work
papers, correspondence, customer lists, memoranda, computer software or
documentation in connection therewith, plans, drawings or copies or extracts
from any of the foregoing, except as may be required in the normal operation of
the Company's business. Upon the termination of Employee's employment, Employee
shall promptly return to the Company all Trade Secrets in her possession or
under her control and shall verify in writing her return of same as a condition
to receipt of any severance pay.

            5.2 Employee agrees that during the term hereof (except as permitted
hereunder) and for a period of time equivalent to the length of Employee's
severance benefit following the termination of her employment, whether by
Company or by Employee, with or without cause, she will not engage in the
Business within any County or State where Company has conducted or may

                                       5
<PAGE>   6

hereafter conduct any activities; or, own, manage, operate, control, or
participate in, or have any ownership interest in a similar business as the
Business described in Recital A, provided, however, that Employee may own any
securities of any publicly owned and traded entity in which Employee owns less
than five percent (5%) interest, which is engaged in the business similar to or
competitive with the business of the Company.

            5.3 Employee agrees that for a period of time equivalent to the
length of Employee's severance benefit following the termination of her
employment, whether by Company or by Employee, with or without cause, she will
not, directly or indirectly, solicit the Company's employees. If during the
severance period, Employee is involved in a similar business as the Business
described in Recital A, Employee will not attempt to divert or take away,
solicit or contact for purposes related to the Business, any of the Company's
customers and she shall refrain from committing any act which would in any way
jeopardize any relationship the Company has with any such customer.

            5.4 Employee hereby assigns to the Company any and all right, title
and interest Employee has or may have in any product, invention, device, method,
technique or formula created (in whole or in part) by her during the term
hereof, if such product, invention, device, method, technique or formula is
created during the hours in which Employee is employed or with the use or
assistance of the Company's facilities, materials or personnel. Employee shall
execute, acknowledge and deliver all documents and/or instruments, which may be
requested by the Company in order to effectuate such assignment.

            5.5 The Company shall have the royalty-free right to use in the
Business and to make, use and sell products and processes derived from any
inventions, discoveries, concepts and ideas (whether or not patentable or
copyrightable), including but not necessarily limited to processes,

                                       6
<PAGE>   7

methods, formulae and techniques, as well as derivatives or improvements thereof
or know-how related thereto, which are conceived or made by Employee during the
term of, during the hours in which Employee is employed by the Company or with
the use or assistance of the Company's facilities, materials or personnel.

            5.6 Company and Employee agree that the remedy at law for any breach
of the foregoing provisions of Section 5 will be inadequate, and either party
shall be entitled to both temporary and permanent injunctive relief enforcing
such provisions, in addition to any other remedy it may have at law or in
equity.

            5.7 The covenants of Company and Employee contained in this Section
5 are separate and independent of any other provisions hereof and shall survive
the termination of this Agreement.

            5.8 Employee has carefully considered the nature and extent of the
restrictions upon her and the rights and remedies conferred upon the Company,
and she hereby acknowledges and agrees that the same are reasonable in time and
territory, are designed to eliminate competition which otherwise would be unfair
to the Company, are fully required to protect the legitimate interest of the
Company, and do not confer a benefit upon the Company disproportionate to the
detriment to Employee.

            6. REPRESENTATIONS BY EMPLOYEE. Employee represents and warrants to
the Company that (a) Employee has the legal right, power and authority to enter
into this Agreement and perform the obligations imposed upon her, (b) there are
no legal proceedings pending, or to the knowledge of Employee, threatened
against Employee which would in any way adversely affect the performance of the
obligations, and (c) Employee is not a party to any restrictive covenant,

                                       7
<PAGE>   8

agreement, contract or instrument which would in any way prohibit Employee from
entering into or performing such obligations.

            7. REPRESENTATIONS BY COMPANY. Company represents and warrants to
the Employee that (a) Company has the legal right, power and authority to enter
into this Agreement and perform the obligations imposed upon it, (b) there are
no legal proceedings pending, or to the knowledge of Company, threatened against
Company which would in any way adversely affect the performance of the
obligations, and (c) Company is not a party to any restrictive covenant,
agreement, contract or instrument which would in any way prohibit Company from
entering into or performing such obligations.

            8. INDEMNIFICATION; INSURANCE. The Company will indemnify Employee
to the maximum extent permitted by law (including advancing expenses where
appropriate) with respect to actions taken by her as an officer or director of
the Company, any of its subsidiaries, or any affiliated entity of the Company or
any of its subsidiaries. The Company's obligation to provide indemnification
shall survive termination of employment. The Company will also maintain in
effect during Employee's employment hereunder directors and officer liability
insurance with minimum coverage of $5,000,000 per occurrence and $5,000,000 in
the aggregate. Employee will remain insured under such policy until the fifth
anniversary of termination of Employee's employment with the Company.

            9. NOTICES. All notices hereunder shall be in writing and shall be
deemed to have been given at the time when mailed in any general or branch of
the United States Post Office enclosed in a registered or certified, postage
prepaid envelope addressed to the address of the respective parties as set forth
below, or to such other address as a party may have fixed by notice as stated
below:

                                       8
<PAGE>   9

            TO EMPLOYEE:                   TO THE COMPANY:
            -----------                    --------------

            Brenda K. Brown                Richard C. Adamany, President and CEO
            13648 Fox Hills Drive          Empyrean Bioscience, Inc.
            Novelty, Ohio 44072            23800 Commerce Park Drive
                                           Suite A
                                           Cleveland, Ohio 44122

            10. SEVERABILITY. The invalidity or unenforceability of any portion
of this Agreement shall not impair or affect the validity or enforceability of
any other portion of this Agreement, which shall remain in full force and
effect.

            11. ASSIGNMENT. Employee shall not assign, transfer, pledge or
encumber this Agreement or any rights or obligations hereunder. The Company may
not assign or transfer this Agreement to successor Company in the event of
merger, consolidation, or transfer or sale of all or substantially all of the
assets of the Company without prior written approval of Employee; provided,
however, that in the case of any such assignment or transfer, this Agreement
shall be binding upon and inure to the benefit of such transferee, which shall
assume and perform all of the obligations of the Company hereunder.

            12. WAIVER. A waiver by either party of a breach of any provisions
of this Agreement shall not operate or be construed to be a waiver of any
subsequent breach.

            13. ARBITRATION. Any controversy, dispute or claim arising out of
Employee's employment or relating to this Agreement, including but not limited
to any such controversy, dispute or claim concerning breach or enforceability of
the Agreement, will be resolved in binding arbitration in Cuyahoga County, Ohio.
Such arbitration will be in accordance with the Commercial Rules of the American
Arbitration Association, and judgment upon the award may be entered in any court
of competent jurisdiction. However, nothing will prevent any of the Parties from
obtaining

                                       9
<PAGE>   10

provisional relief (temporary restraining order, preliminary injunction, or
similar relief) in court as an adjunct to the arbitration proceedings. Each
party in any action, proceeding or arbitration arising out of or relating to
this Agreement will bear its own cost of such action.

            14. MISCELLANEOUS. This Agreement (a) shall be governed by and
interpreted in accordance with the local laws of the State of Ohio, (b) shall
not be modified except in a writing signed by the parties, (c) constitutes the
entire understanding of the parties with respect to the subject matter hereof,
superseding all prior understandings and agreements (both oral and written), and
(d) shall be binding upon and inure to the benefit of the parties hereto, their
heirs, executors, administrators, successors and permitted assigns. The
paragraph headings are for convenience only and shall not affect the
construction or interpretation of this Agreement.

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement
in multiple counterparts at the place and as of the date and year first above
written.

                                      EMPYREAN BIOSCIENCE, INC.        (Company)

                                       By:______________________________________
                                          Richard C. Adamany, President and CEO

                                       _________________________________________
                                       BRENDA K. BROWN                (Employee)

                                       10

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