Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                 FIRST AMENDMENT
                             TO THE CREDIT AGREEMENT
                             -----------------------

            FIRST AMENDMENT, dated as of May 14, 2002 (this "AMENDMENT"), to the
Credit Agreement, dated as of February 19, 2002 (as amended, restated,
supplemented or otherwise modified from time to time, the "CREDIT AGREEMENT"),
by and among Davel Financing Company, L.L.C., a Delaware limited liability
company (the "Davel Borrower"), PhoneTel Technologies, Inc., an Ohio corporation
("PhoneTel"), Cherokee Communications, Inc., a Texas corporation ("Cherokee",
and together with PhoneTel, collectively the "PhoneTel Borrowers" and
individually a "PhoneTel Borrower"), Davel Communications, Inc., a Delaware
corporation (the "Davel Parent"), each of the Domestic Subsidiaries (as defined
herein) of any Borrower or the Davel Parent, Madeleine L.L.C., a Delaware
limited liability company ("Madeleine") and ARK CLO 2000-1, Limited, a Cayman
Islands entity ("ARK" and together with Madeleine and each of their respective
successors and permitted assigns, the "Lenders").

                                    PREAMBLE
                                    --------

            The Borrowers and Guarantors have requested an amendment to the
Minimum EBITDA and the Minimum Adjusted EBITDA covenants set forth in Section
6.01(b) of the Credit Agreement. Accordingly, the parties hereto hereby agree as
follows:

      1. INCORPORATED DEFINITIONS. Any capitalized term used herein which is
defined in the Credit Agreement and not otherwise defined herein shall have the
meaning assigned to it in the Credit Agreement.

      2. AMENDMENTS. (a) Section 6.01(b)(ii) of the Credit Agreement is hereby
amended by (i) deleting the Minimum EBITDA amounts for the months of January
2002 through June 2002 and (ii) inserting the following Minimum EBITDA amounts
for the appropriate months as indicated below:

          PERIOD ENDING                               EBITDA
          -------------                               ------

          January, 2002                           $   (1,199,964)
          February, 2002                              (1,702,410)
          March, 2002                                 (2,845,458)
          April, 2002                                 (1,638,191)
          May, 2002                                   (1,297,609)
          June, 2002                                    (983,789)

      (b) Section 6.01(b)(iii) of the Credit Agreement is hereby amended by (i)
deleting the Minimum Adjusted EBITDA amounts for the months of January 2002
through June 2002 and (ii) inserting the following Minimum Adjusted EBITDA
amounts for the appropriate months as indicated below:
<PAGE>

          PERIOD ENDING                               EBITDA
          -------------                               ------

          January, 2002                           $   (1,199,964)
          February, 2002                              (1,702,410)
          March, 2002                                 (2,845,458)
          April, 2002                                 (2,488,191)
          May, 2002                                   (2,147,609)
          June, 2002                                  (2,683,789)

      3. CONDITIONS. This Amendment shall become effective only upon
satisfaction in full of the following conditions precedent; PROVIDED HOWEVER,
that the first date upon which all such conditions have been satisfied shall be
retroactively applied as of February 19, 2002 (such date being herein called the
"Amendment Effective Date").

            a) The representations and warranties contained in this Amendment
and in Article V of the Credit Agreement and each other Loan Document shall be
correct in all material respects on and as of the Amendment Effective Date as
though made on and as of such date (except where such representations and
warranties relate to an earlier date in which case such representations and
warranties shall be true and correct as of such earlier date).

            b) No Default or Event of Default or, shall have occurred and be
continuing on the Amendment Effective Date or result from this Amendment
becoming effective in accordance with its terms.

            c) The Lenders shall have received counterparts of this Amendment
which bear the signatures of the Borrowers and the Guarantors.

            d) All legal matters incident to this Amendment shall be
satisfactory to the Lenders and their counsel.

      4. REPRESENTATIONS AND WARRANTIES. To induce the Lenders to enter into
this Amendment, each Credit Party hereby represents and warrants to the Lenders
as follows:

            (a) ORGANIZATION, GOOD STANDING, ETC. Each Credit Party (i) is a
corporation, limited liability company or limited partnership duly organized,
validly existing and in good standing under the laws of the state or
jurisdiction of its organization, (ii) has all requisite power and authority to
conduct its business as now conducted and as presently contemplated, and to
execute and deliver this Amendment, and to consummate the transactions
contemplated hereby and by the Credit Agreement, as amended hereby, and (iii) is
duly qualified to do business and is in good standing in each jurisdiction in
which the character of the properties owned or leased by it or in which the
transaction of its business makes such qualification necessary, except in the
case of clause (iii) where the failure to be so qualified would not reasonably
be expected to have a Material Adverse Effect.

            (b) AUTHORIZATION, ETC. The execution, delivery and performance of
this Amendment and each other Loan Document being executed in connection with
this Amendment by each Credit Party that is a party thereto, and the performance
of the Credit Agreement as

                                       2
<PAGE>

amended hereby (i) have been duly authorized by all necessary action, (ii) do
not and will not contravene such Credit Party's charter or by-laws, its limited
liability company or operating agreement or its certificate of partnership or
partnership agreement, as applicable, or any applicable law or any material
contractual restriction binding on or otherwise affecting it or any of its
properties, (iii) do not and will not result in or require the creation of any
Lien (other than pursuant to any Loan Document) upon or with respect to any of
its properties, and (iv) do not and will not result in any default,
noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of
any material permit, license, authorization or approval applicable to its
operations or any of its properties.

            (c) GOVERNMENTAL APPROVALS. No authorization or approval or other
action by, and no notice to or filing with, any Governmental Authority or other
regulatory body is required in connection with the due execution, delivery and
performance by such Credit Party of this Amendment or any other Loan Document to
which it is a party being executed in connection with this Amendment, or for the
performance of the Credit Agreement, as amended hereby.

            (d) ENFORCEABILITY OF LOAN DOCUMENTS. Each of this Amendment, the
Credit Agreement, as amended hereby, and each other Loan Document to which such
Credit Party is a party is a legal, valid and binding obligation of such Credit
Party, enforceable against such Credit Party in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws of general
application relating to the enforcement of creditor's rights and by general
equitable principles.

            (e) REPRESENTATIONS AND WARRANTIES; NO EVENT OF DEFAULT. The
representations and warranties herein, in Article V of the Credit Agreement and
in each other Loan Document, certificate or other writing delivered on or on
behalf of any Credit Party to the Collateral Agent or any Lender pursuant to the
Credit Agreement or any other Loan Document on or prior to the Amendment
Effective Date are true and correct on and as of the Amendment Effective Date as
though made on and as of such date (except where such representations and
warranties relate to an earlier date in which case such representations and
warranties shall be true and correct as of such earlier date), and no Default or
Event of Default has occurred and is continuing as of the Amendment Effective
Date or would result from this Amendment becoming effective in accordance with
its terms.

      5. COSTS AND EXPENSES. The Credit Parties agree to pay upon demand all
reasonable expenses, including reasonable attorneys' and legal assistants' fees,
all recording fees and charges, or other fees or charges incurred by the Lenders
in connection with the preparation, negotiation and execution of this Amendment
and all documents related thereto and any document required to be furnished
herewith.

      6. CONTINUED EFFECTIVENESS OF THE CREDIT AGREEMENT AND LOAN DOCUMENTS.
Each Credit Party hereby (a) acknowledges and consents to this Amendment, (b)
confirms and agrees that each Loan Document to which it is a party is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed in
all respects except that on and after the date hereof all references in any such
Loan Document to "the Credit Agreement", "thereto", "thereof", "thereunder" or
words of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended by this Amendment, and (c) confirms and agrees that to the
extent that

                                       3
<PAGE>

any such Loan Document purports to assign or pledge to the Collateral Agent, or
to grant a security interest in or lien on, any collateral as security for the
obligations of the Borrowers from time to time existing in respect of the Credit
Agreement, such pledge, assignment or grant of the security interest or lien is
hereby ratified and confirmed in all respects.

      7. MISCELLANEOUS.

            (a) This Amendment may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart by telefacsimile
shall be equally effective as delivery of an original executed counterpart of
this Amendment. Any party delivering an executed counterpart of this Amendment
also shall deliver an original executed counterpart of this Amendment, but the
failure to deliver an original executed counterpart shall not affect the
validity, enforceability and binding effect of this Amendment.

            (b) Section and paragraph headings herein are included for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

            (c) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PREPARED IN THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

            (d) Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining portions hereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

                                       4
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered as of the date set forth on the first page hereof.

BORROWERS:                            DAVEL FINANCING COMPANY, L.L.C.,
---------                             a Delaware limited liability company

                                      By: DAVEL COMMUNICATIONS, INC.,
                                            its sole managing member

                                          By: /s/ Marc S. Bendesky
                                              Name: Marc S. Bendesky
                                              Title: Chief Financial Officer

                                      PHONETEL TECHNOLOGIES, INC.,
                                      an Ohio corporation

                                      By: /s/ Richard P. Kebert
                                          Name: Richard P. Kebert
                                          Title: Chief Financial Officer

                                      CHEROKEE COMMUNICATIONS, INC.,
                                      a Texas corporation

                                      By: /s/ Richard P. Kebert
                                          Name: Richard P. Kebert
                                          Title: Chief Financial Officer

DAVEL PARENT GUARANTOR:               DAVEL COMMUNICATIONS, INC.,
----------------------                a Delaware corporation

                                      By: /s/ Marc S. Bendesky
                                          Name: Marc S. Bendesky
                                          Title: Chief Financial Officer

SUBSIDIARY GUARANTORS:                DAVEL COMMUNICATIONS GROUP, INC.,
---------------------                 an Illinois corporation

                                      ADTEC COMMUNICATIONS, INC.,
                                      a Florida corporation

                                      CENTRAL PAYPHONE SERVICES, INC.,
                                      a Georgia corporation

                                      COMMUNICATIONS CENTRAL INC.,
                                      a Georgia corporation
<PAGE>

                                      COMMUNICATIONS CENTRAL OF GEORGIA, INC.,
                                      a Georgia corporation

                                      DAVEL COMMUNICATIONS GROUP, INC.,
                                      an Illinois corporation

                                      DAVEL MEDIA, INC.,
                                      a Delaware corporation

                                      DAVEL MEXICO, LTD.,
                                      an Illinois corporation

                                      DAVELTEL, INC.,
                                      An Illinois corporation

                                      DF MERGER CORP.,
                                      a Delaware corporation

                                      INTERSTATE COMMUNICATIONS, INC.,
                                      a Georgia corporation

                                      INVISION TELECOM, INC.,
                                      a Georgia corporation

                                      PEOPLES ACQUISITION CORPORATION,
                                      a Pennsylvania corporation

                                      PEOPLES COLLECTORS, INC.,
                                      a Delaware corporation

                                      PEOPLES TELEPHONE COMPANY, INC.,
                                      a New York corporation

                                      PEOPLES TELEPHONE COMPANY, INC.,
                                      a New Hampshire corporation

                                      PT MERGER CORP.,
                                      an Ohio corporation

                                      PTC CELLULAR, INC.,
                                      a Delaware corporation

                                      PTC SECURITY SYSTEMS, INC.,
                                      a Florida corporation
<PAGE>

                                      SILVERADO COMMUNICATIONS CORP.,
                                      a Colorado corporation

                                      TELALEASING ENTERPRISES, INC.,
                                      an Illinois corporation

                                      T.R.C.A., INC.
                                      an Illinois corporation

                                      By: /s/ Marc S. Bendesky
                                          Name: Marc S. Bendesky
                                          Title: Treasurer

                                      By  ______________________________
                                          Name:
                                          Title:
<PAGE>

LENDERS:                              MADELEINE L.L.C.
-------

                                       By: /s/ Kevin P. Genda
                                           Name: Kevin P. Genda
                                           Title: Vice President

                                       ARK CLO 2000-1, LIMITED

                                       BY: PATRIARCH PARTNERS, LLC
                                           ITS COLLATERAL MANAGER

                                           By: /s/ Lynn Tilton
                                               Name: Lynn Tilton
                                               Title: Authorized Signatory

                                       ARK INVESTMENT PARTNERS II, L.P.

                                       BY: PATRIARCH PARTNERS III, LLC
                                           ITS INVESTMENT ADVISOR

                                       By: /s/ Lynn Tilton

                                       Name: Lynn Tilton
                                       Title  Authorized Signatory<PAGE>

                                                                  EXHIBIT 10(ii)

                              EMPLOYMENT AGREEMENT

         This Agreement is entered into this 18th day of March, 2002 by and
between MYMETICS CORPORATION, a Delaware corporation (hereinafter referred to as
the "Company"), and Dr. Joseph D. Mosca (hereinafter referred to as "Executive")
under the following terms and conditions:

                                    RECITALS:

         WHEREAS, the Company and Executive desire to set forth the terms and
conditions on which (i) the Company shall employ Executive, (ii) Executive shall
render services to the Company, and (iii) the Company shall compensate Executive
for such services; and

         WHEREAS, in connection with the employment of Executive by the Company,
the Company desires to restrict Executive's rights to compete with the business
of the Company;

         NOW, THEREFORE, in consideration of the mutual promises, covenants and
agreements hereinafter set forth and intending to be legally bound hereby, the
parties hereto agree as follows:

                                    AGREEMENT

         1.       EMPLOYMENT.

         The Company hereby employs Executive and Executive hereby accepts
employment with the Company upon the terms and conditions hereinafter set forth.

         2.       TERM.

                  2.1 The initial term of this Agreement (the "Initial Term")
shall be for a one (1) year period commencing on the Effective Date (as defined
in Subsection 2.3 below) of this Agreement, subject, however, to termination as
provided herein in Section 6 below.

                  2.2 Each year, prior to the anniversary date, the Company and
Executive shall meet to determine any additional compensation, if any, for the
remaining contract term.

                  2.3 The effective date of this Agreement shall be
[__________], 2002 (the "Effective Date").

<PAGE>

         3.       COMPENSATION.

                  3.1 For all services rendered by Executive under this
Agreement, the Company shall pay or cause one or more of its subsidiaries to pay
Executive during the term hereof a salary at the rate of One Hundred Twenty Five
Thousand Dollars ($125,000) per year. The Company shall pay such compensation to
Executive monthly in accordance with its standard practice for payment of
compensation to its employees.

                  3.2 Executive shall be entitled to periodic cash bonuses in
addition to stock bonuses in accordance with the Company's stock option and
incentive plans now in effect or hereafter adopted, any other incentive bonus
plans or other forms of compensation, at the discretion of the Company's Board
of Directors, dependent upon Employee's performance.

                  3.3 Executive shall be entitled to normal benefits for all
Company employees, plus additional benefits which may be added as the benefits
plan is developed.

                  3.4 All compensation shall be subject to customary withholding
tax and other employment taxes as are required with respect to compensation paid
by a corporation to an employee.

         4.       DUTIES AND RESPONSIBILITIES.

                  4.1 Executive shall, during the Term of this Agreement unless
otherwise agreed by management, devote his full attention and expend his best
efforts, energies, and skills on a full-time basis, to the business of the
Company and any corporation controlled by the Company (each, a "Subsidiary").
The Company acknowledges that Executive may from time to time be engaged in
other business activities separate from and outside the scope of the business of
the Company. The Company agrees that the devotion of reasonable amounts of time
to such other business activities will not violate the terms of this Agreement
on the conditions that (i) such activities are not corporate opportunities of
the Company; and (ii) such activities do not interfere with the performance of
Executive's duties hereunder. For purposes of this Agreement, the term the
"Company" shall mean the Company and all Subsidiaries.

                  4.2 During the Term of this Agreement, Executive shall serve
as the Vice-President of Development of the Company or in such other capacities
as determined by the Board of Directors of the Company. In the performance of
all of his responsibilities hereunder, Executive shall be subject to all of the
Company's policies, rules, and regulations applicable to its executive of
comparable status and shall report directly to, and shall be subject to, the
direction and control of the Board of Directors and the President of the Company
and shall perform such duties as shall be assigned to him by the Board of
Directors and the President of the Company. In performing such

<PAGE>

duties, Executive will be subject to and abide by, and will use his best efforts
to cause other employees of the Company to be subject to and abide by, all
policies and procedures developed by the Board of Directors and the President of
the Company.

                  4.3 To induce the Company to enter into this Agreement,
Executive represents and warrants to the Company that (i) Executive is not a
party or subject to any employment agreement or arrangement with other person,
firm, company, corporation or other business entity, (ii) Executive is subject
to no restraint, limitation or restriction by virtue of any law or rule of law
or otherwise which would impair Executive's right or ability (a) to enter the
employ of the Company, or (b) to perform fully his duties and obligations
pursuant to this Agreement.

         5.       RESTRICTIVE COVENANTS.

                  5.1 Executive acknowledges that (i) he has a major
responsibility for the operation, administration, development and growth of the
Company's business, (ii) the Company's business has become international in
scope, (iii) his work for the Company has brought him and will continue to bring
him into close contact with confidential information of the Company and its
customers, and (iv) the agreements and covenants contained in this Subsection
5.1 are essential to protect the business interests of the Company and that the
Company will not enter into this Agreement but for such agreements and
covenants. Accordingly, Executive covenants and agrees as follows:

                      5.1.1 Except as otherwise provided for in this Agreement,
during the Term of this Agreement and for a period of two years thereafter
Executive shall not, directly or indirectly, compete with respect to any
services or products of the Company which are either offered or are being
developed by the Company as of the date of termination; or, without limiting the
generality of the foregoing, by or become, or agree to be or become, interested
in or associated with, in any capacity (whether as a partner, shareholder,
owner, officer, director, Executive, principal, agent, creditor, trustee,
consultant, co-venturer or otherwise) any individual, corporation, firm,
association, partnership, joint venture or other business entity, which competes
with respect to any services or products of the Company which are either offered
or are being developed by the Company as of the date of termination; provided,
however, that Executive may own, solely as an investment, not more than one
percent (1%) of any class of securities of any publicly held corporation in
competition with the Company whose securities are traded on any securities
exchange.

                      5.1.2 During the Term of this Agreement and, for a period
of two years thereafter (the "Termination Period"), Executive shall not,
directly or indirectly, (i) induce or attempt to influence any employee of the
Company to leave its employ, (ii)

<PAGE>

aid or agree to aid any competitor, customer or supplier of the Company in any
attempt to hire any person who shall have been employed by the Company within
the one (1) year period preceding such requested aid, (iii) induce or attempt to
influence any person or business entity who was a customer or supplier of the
Company during any portion of said period to transact business with a competitor
of the Company in Company's business, or (iv) induce or attempt to influence any
of the research partners and contract researchers of the Company, which had a
contractual relationship with the Company during the term of this Agreement, to
terminate or otherwise adversely affect their relationship with the Company or
any affiliate of the Company.

                      5.1.3 During the Term of this Agreement, the Termination
Period and any time thereafter, Executive shall not disclose to anyone any
information about the confidential or proprietary affairs of the Company,
including, without limitation, trade secrets, trade "know-how", inventions,
customer lists, business plans, operational methods, pricing policies, marketing
plans, sales plans, identity of suppliers or customers, sales, profits or other
financial information, which is confidential to the Company or is not generally
known in the relevant trade, nor shall Executive make use of any such
information for his own benefit.

                  5.2 If Executive breaches Subsection 5.1 (the "Restrictive
Covenants"), the Company shall have the following rights and remedies, each of
which shall be enforceable, and each of which is in addition to, and not in lieu
of, any other rights and remedies available to the Company at law or in equity.

                      5.2.1 Executive acknowledges and agrees that in the event
of a violation or threatened violation of any of the provisions of Subsection
5.1.1, the Company shall have no adequate remedy at law and shall therefore be
entitled to enforce each such provision by temporary or permanent injunctive or
mandatory relief obtained in any court of competent jurisdiction without the
necessity or proving damages, posting any bond or other security, and without
prejudice to any other rights and remedies which may be available at law or in
equity.

                  5.3 If any of the Restrictive Covenants, or any part thereof,
is held to be invalid or unenforceable, the same shall not affect the remainder
of the covenant or covenants, which shall be given full effect, without regard
to the invalid or unenforceable portions. Without limiting the generality of the
foregoing, if any of the Restrictive Covenants, or any part thereof, is held to
be unenforceable because of the duration of such provision or the area covered
thereby, the parties hereto agree that the court making such determination shall
have the power to reduce the duration and/or area of such provision and, in its
reduced form, such provision shall then be enforceable.

<PAGE>

                  5.4 The parties hereto intend to and hereby confer
jurisdiction to enforce the Restrictive Covenants upon the courts of any
jurisdiction within the geographical scope of such Restrictive Covenants. In the
event that the courts of any one or more of such jurisdictions shall hold such
Restrictive Covenants wholly unenforceable by reason of the breadth of such
scope or otherwise, it is the intention of the parties hereto that such
determination not bar or in any way affect the Company's right of the relief
provided above in the courts of any other jurisdictions within the geographical
scope of such Restrictive Covenants, as to breaches of such covenants in such
other respective jurisdictions, the above covenants as they relate to each
jurisdiction being, for this purpose, severable into diverse and independent
covenants.

         6.       TERMINATION.

                  6.1 Following the Initial Term, this Agreement shall
automatically be renewed for additional one-year terms on the anniversary date
of this Agreement (each a "Renewal Term" and, together with each Initial Term,
the "Term"), unless the Company or the Executive elects to terminate the
Agreement by giving 60 days prior written notice. At any time during the Initial
Term or any Renewal Term, either party may terminate this Agreement, for any
reason or no reason at all, upon 60 days prior written notice to the other
party; provided, that if the Company terminates the Executive during the Initial
Term for reasons other than for "Cause" (defined below), compensation as defined
in Sections 3.1 (base salary) above, shall continue for the remainder of the
Initial Term or six months, whichever is greater. If the Company terminates the
Executive during any Renewal Term for reasons other than for "Cause",
compensation as defined in Sections 3.1 (base salary) above, shall continue for
a period of 12 months from the effective date of such termination.

                  6.2 The Company also may terminate Executive's employment
under this Agreement effective immediately at any time for Cause. "Cause" shall
exist for such termination if Executive (i) is adjudicated guilty of illegal
activities involving moral turpitude by a court of competent jurisdiction, (ii)
commits any act of fraud or intentional misrepresentation that may harm the
Company, (iii) has engaged in serious misconduct, which conduct has, or would,
if generally known, materially adversely affect the good will or reputation of
the Company, (iv) is in material breach under this Agreement, or (v) Executive
habitually fails to perform the duties and responsibilities of his employment as
set forth in Section 4 of this Agreement or as may be assigned or delegated to
him from time to time by the Company, the Board, or the Executive Committee of
the Board.

                  6.3 If the Company terminates Executive's employment under
this Agreement pursuant to the provisions of Subsections 6.2, Executive shall
not be entitled to receive any severance pay.

                  6.4 If Executive's employment with the Company is terminated
as the result of Executive's purely voluntary resignation, Executive shall not
be entitled to compensation after the effective date of such resignation.

<PAGE>

         7.       EXPENSES.

                  7.1 Executive shall be entitled to reimbursement of all
reasonable expenses actually incurred in the course of his employment. Executive
shall submit to the Company a standardized expense report form, provided by the
Company, and shall attach thereto receipts for all expenditures. Expenses shall
include business travel.

                  7.2 The Company shall reimburse Executive within thirty (30)
days after submission by Executive of his expense report in correct and
appropriate form.

         8.       THE COMPANY'S AUTHORITY.

                  Executive agrees to observe and comply with the reasonable
rules and regulations of the Company as adopted by the Company's Board of
Directors, either orally or in writing, respecting performances of his duties
and to carry out and perform orders, directions, and policies stated by the
Board of Directors, to him from time to time, either orally or in writing.

         9.       PAID VACATION; SICK LEAVE; INSURANCE.

                  9.1 Executive shall be entitled to a paid vacation each year
equal to not less than four (4) weeks per year in addition to the paid holidays
on which the Company's offices are closed pursuant to Company policy relating to
paid holidays.

                  9.2 Executive shall be entitled to reasonable periods of paid
sick leave during the Term of the Agreement in accordance with the Company's
policy regarding such sick leave.

                  9.3 The Company shall provide Executive, at the Company's
expense, participation in group medical, accident, disability and health
insurance, and life insurance plans of the Company as may be provided by the
Company from time to time to Company executives of comparable status, subject
to, and to the extent that, Executive is eligible under such benefit plans in
accordance with their respective terms.

<PAGE>

         10.      LEGAL DEFENSE; AND INDEMNIFICATION.

                  The Company acknowledges that the medical/pharmaceutical
industry is a litigious industry whereby many regulatory fines, penalties and
third-party suits are directed at the individuals involved in ownership and
operations. The Company agrees to pay all legal fees, judgments, awards, bonds,
fines, penalties and costs related to the defense and outcome whereby Executive
was acting in his corporate capacity. The Company acknowledges that from time to
time the Executive becomes contingently liable for obligations of the Company.
The Company will make whole the Executive in case such contingent obligations
becomes direct. Also, in the event that Executive leaves the employ of the
Company for any reason, the Company will use its best efforts to remove the
Executive from such liabilities, whether contingent or direct.

         11.      MISCELLANEOUS.

                  11.1 The Company may, from time to time, apply for and take
out, in its own name and at its own expense, life, health, accident, disability
or other insurance upon Executive in any sum or sums that it may deem necessary
to protect its interests, and Executive agrees to aid and cooperate in all
reasonable respects with the Company in procuring any and all such insurance,
including without limitation, submitting to the usual and customary medical
examinations, and by filling out, executing and delivering such applications and
other instruments in writing as may be reasonably required by an insurance
company or companies to which an application or applications for such insurance
may be made by or for the Company.

                  11.2 This Agreement is a personal contract, and the rights and
interests of Executive hereunder may not be sold, transferred, assigned, pledged
or hypothecated except as otherwise expressly permitted by the provisions of
this Agreement. Executive shall not under any circumstances have any option or
right to require payment hereunder otherwise than in accordance with the terms
hereof. Except as otherwise expressly provided herein, Executive shall not have
any power of anticipation, alienation or assignment of payments contemplated
hereunder, and all rights and benefits of Executive shall be for the sole
personal benefit of Executive, and no other person shall acquire any right,
title or interest hereunder by reason of any sale, assignment, transfer, claim
or judgment or bankruptcy proceedings against Executive; provided, however, that
in the event of Executive's death, Executive's estate, legal representative or
beneficiaries (as the case may be) shall have the right to receive all of the
benefit that accrued to Executive pursuant to, and in accordance with, the terms
of this Agreement.

                  11.3 The Company shall have the right to assign this Agreement
to any successor of substantially all of its business or assets, and any such
successor and Executive shall be bound by all of the provisions hereof.

<PAGE>

         12.      NOTICES.

                  All notices, requests, demands and other communications
provided for by this Agreement shall be in writing and (unless otherwise
specifically provided herein) shall be deemed to have been given three (3) days
after having been mailed in any general or branch United States Post office,
enclosed in a registered or certified postpaid envelope, addressed to the
parties stated below or to such changed address as such party may have fixed by
notice:

               TO THE COMPANY:  Mymetics Corporation
                                At the then current office address
                                for the Secretary or Acting Secretary

                      COPY TO:  James D. Chiafullo, Esq.
                                Cohen & Grigsby, P.C.
                                11 Stanwix Street, 15th Floor
                                Pittsburgh, PA 15222

                    EXECUTIVE:  Dr. Joseph D. Mosca
                                4201 Blue Barrow Ride
                                Ellicott City, MD  21042

         13.      ENTIRE AGREEMENT.

                  This Agreement supersedes any and all Agreements, whether oral
or written, between the parties hereto, with respect to the employment of
Executive by the Company and contains all of the covenants and Agreements
between the parties with respect to the rendering of such services in any manner
whatsoever. Each party to this Agreement acknowledges that no representations,
inducements, promises or agreements, orally or otherwise, have been made by any
party, or anyone acting on behalf of any party, which are not embodied herein,
and that no other agreement, statement or promise with respect to such
employment not contained in this Agreement shall be valid or binding. Any
modification of this Agreement will be effective only if it is writing and
signed by the parties hereto.

         14.      PARTIAL INVALIDITY.

                  If any provision in this Agreement is held by a court of
competent jurisdiction to be invalid, void, or unenforceable, the remaining
provisions shall nevertheless continue in full force and effect without being
impaired or invalidated in any way.

<PAGE>

         15.      ATTORNEYS FEES.

                  Except with respect to paragraphs 5.3 and 5.4 which issues are
reserved for the court, any dispute regarding the negotiations leading up to the
execution of this Release and/or the interpretation or application of this
Agreement or the alleged breach hereof, or any act which allegedly has, or
would, violate any provision of this Agreement must be submitted to arbitration
before a neutral arbitrator. The arbitration shall be conducted in accordance
with the rules of American Arbitration Association. A written demand for
arbitration pursuant to Section 638 of the Code of Civil Procedure must be made
within sixty (60) days of the alleged breach. The results of arbitration will be
the exclusive, final and binding remedy for such claim or dispute.

         16.      GOVERNING LAW.

                  This Agreement will be governed by and construed in accordance
with the laws of the State of Delaware.

         17.      BINDING NATURE.

                  This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective representatives, heirs, successors
and assigns.

         18.      WAIVER.

                  No waiver of any of the provisions of this Agreement shall be
deemed, or shall constitute a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a continuing waiver. No waiver shall be
binding unless executed in writing by the party making the waiver.

         19.      CORPORATE APPROVALS.

                  The Company represents and warrants that the execution of this
Agreement by its corporate officer named below has been duly authorized by the
Board of Directors of the Company, is not in conflict with any Bylaw or other
agreement and will be a binding obligation of the Company, enforceable in
accordance with its terms.

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date above written.

                              MYMETICS CORPORATION

                              By:  /s/ Dr. Peter P. McCann
                                   ------------------------------------------
                                   Dr. Peter P. McCann, President and CEO

                              EXECUTIVE:

                                   /s/ Dr. Joseph D. Mosca
                                   ------------------------------------------
                                   Dr. Joseph D. Mosca

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