Document:

Prepared by MerrillDirect

EXHIBIT 10.1

WINLAND ELECTRONICS, INC.

1950 EXCEL DRIVE

MANKATO, MN  56001

May 11, 2001

Mr.
W. Kirk Hankins 

2113 Northridge Drive

North Mankato, Minnesota 56003

Re:        Separation
Agreement and Release

Dear Kirk:

As we have discussed with you, your employment with
Winland Electronics, Inc. (“Winland”) will terminate effective May 31, 2001,
due to the announcement of your retirement. 
Pursuant to Section 4.1(a) of the Employment Agreement between you and
Winland dated January 1, 1999, as amended August 14, 2000, the purpose of this
Separation Agreement and Release letter (“Agreement”) is to set forth the
parties’ agreement concerning your separation from employment and the specific
separation pay and benefits that Winland will provide you in exchange for your agreement
to the terms and conditions of this Agreement.

By your signature below, you agree to the following
terms and conditions:

             1.          End of Employment.

                           a.          You agree to resign your employment
with Winland effective May 31, 2001.  In
addition, effective May 31, 2001, you agree to resign your position as a member
of Winland’s Board of Directors and your position as Chairman of Winland’s
Board of Directors.

                           b.          Upon your receipt of your final
paycheck which includes payment for services through May 31, 2001, less
required deductions and withholding, you will have received all compensation
and bonuses owed to you by virtue of your employment with Winland or
termination thereof.

                           c.          By signing this Agreement, you
acknowledge that Winland has already paid you $10,856.22 as reimbursement for
the costs you incurred in buying-out the lease for the company automobile.  You acknowledge and agree that you are now
the sole owner of the automobile and are responsible for all expenses related
to such automobile including, but not limited to, any expenses for automobile
insurance, repairs and gas.

                           d.          You are not eligible for any other
payments or benefits except for those expressly described in this Agreement,
provided that you sign and do not rescind this Agreement.

             2.          Separation Pay and Benefits.  Specifically in consideration of your
signing this Agreement and subject to the limitations, obligations, and other
provisions contained in this Agreement, Winland agrees as follows:

                           a.          To pay you One hundred Thirty-Eight Thousand
Seven Hundred Twenty-Nine and 00/100 Dollars ($138,729.00), which is the
equivalent of twelve (12) months of your base salary for the period June 1,
2001 through May 31, 2002), less required deductions and withholding, to be
paid as follows according to Winland’s regular payroll procedures beginning on
the first regular payday after the expiration of the rescission periods
described in Paragraph 5 below:

	 	•	$4,934.62,
  less required deductions and withholding, per pay period through January 4,
  2002 (15 total pay periods at this rate);
	 	•	$5,626.93,
  less required deductions and withholding, per pay period from January 5, 2002
  through June 7, 2002 (11 total pay periods at this rate); and
	 	•	$2813.47,
  less required deductions and withholding, on the pay period dated June 21,
  2002 (1 total pay period at this rate).

                           b.          To continue to pay through November
30, 2002 one hundred percent (100%) of the premiums for the family health,
dental and life insurance coverage you were receiving under Winland’s group
plans as of your termination date. 
Winland will discontinue payments under this Paragraph 2.b. before
November 30, 2002 if, and at such time as, you (1) are covered or eligible to
be covered under the health, dental, or life insurance policy of a new employer,
or (2) cease to participate, for whatever reason, in Winland’s group insurance
plans.  By your signature below, you
acknowledge and agree that Winland may modify or terminate its group insurance
plans at any time and that you shall have the same right to participate in
Winland’s group insurance plans only as is provided on an equivalent basis to
the company’s employees.  You further
agree to promptly provide Winland notice if you become covered or eligible to be
covered under the health, dental or life insurance policy of a new
employer.  Notwithstanding the
foregoing, the COBRA period for continuation of your insurance coverage under
Winland’s group plans will begin on August 1, 2002.  After November 30, 2002, and for the remainder of the 18-month COBRA
period, you may elect to continue to participate in Winland’s group insurance
plans at your own cost. 

                           c.          To pay you $16,880.79, less required
deductions and withholding, which represents payment for six (6) weeks (30
business days) of paid vacation at your base salary.  Such payments will be made in substantially equal amounts
according to Winland’s regular payroll procedures beginning on the first
regular payday following the completion of Winland’s full payment of the
severance pay described in Paragraph 2(a) above. 

             3.          Release of Claims.  Specifically in consideration of the
separation pay and benefits described in Paragraph 2, to which you would not
otherwise be entitled, by signing this Agreement you, for yourself and anyone
who has or obtains legal rights or claims through you, agree to the following:

                           a.          You hereby do release, agree not to
sue, and forever discharge Winland (as defined below) of and from any and all
manner of claims, demands, actions, causes of action, administrative claims, liability,
damages, claims for punitive or liquidated damages, claims for attorney's fees,
costs and disbursements, individual or class action claims, or demands of any
kind whatsoever, you have or might have against them or any of them, whether
known or unknown, in law or equity, contract or tort (including but not limited
to any claims for breach of contract arising under the Employment Agreement
between you and Winland dated January 1, 1999, as amended August 14, 2000),
arising out of or in connection with your employment with Winland, or the
termination of that employment, or otherwise, and however originating or
existing, from the beginning of time through the date of your signing this
Agreement.

                           b.          This release includes, without
limiting the generality of the foregoing, any claims you may have for wages,
bonuses, commissions, penalties, deferred compensation, vacation pay,
separation benefits, defamation, invasion of privacy, negligence, improper
discharge (based on contract, common law, or statute, including any federal,
state or local statute or ordinance prohibiting discrimination or retaliation
in employment), alleged violation of the United States Constitution, the
Minnesota Constitution, the Age Discrimination in Employment Act, 29 U.S.C. §
621 et seq., the Minnesota Human Rights Act, Minn. Stat. § 363.01
et seq., Title VII of the Civil Rights Act, 42 U.S.C. § 2000e et
seq., the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.,
the Employment Retirement Income Security Act of 1976, 29 U.S.C. § 1001 et
seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.,
any claim arising under Minn. Stat. Chapters 177 and 181, and any claim for
discrimination or retaliation based on sex, race, color, creed, religion, age,
national origin, marital status, sexual orientation, disability, status with
regard to public assistance, sexual harassment, or any other protected class
status.  You hereby waive any and all
relief not provided for in this Agreement.

                           c.          You affirm that you have not caused or
permitted, and to the full extent permitted by law will not cause or permit to
be filed, any charge, complaint, or action of any nature or type against
Winland, including but not limited to any action or proceeding raising claims
arising in tort or contract, or any claims arising under federal, state, or
local laws, including discrimination laws. 
If you file, or have filed on your behalf, a charge of discrimination,
you agree that the payment described above in Paragraph 2 is in complete
satisfaction of any and all claims in connection with such charge.

                           d.          You are not, by signing this
Agreement, releasing or waiving (1) any vested interest you may have in any
401(k), pension, or profit sharing plan by virtue of your employment with
Winland, (2) any rights or claims that may arise after it is signed, (3) the
post-employment benefits and payments specifically promised to you under this
Agreement, or (4) the right to institute legal action for the purpose of
enforcing the provisions of this Agreement.

                           e.          Winland, as used in this Paragraph 3,
shall mean Winland Electronics, Inc., and its parent, subsidiaries, divisions,
affiliated entities, insurers, and its and their present and former officers,
directors, shareholders, trustees, employees, agents, representatives and
consultants, and the successors and assigns of each, whether in their
individual or official capacities, and the current and former trustees or
administrators of any pension or other benefit plan applicable to the employees
or former employees of Winland Electronics, Inc., in their official and
individual capacities.

             4.          Notice of Right to Consult Attorney
and Twenty-One (21) Day Consideration Period.  By signing this Agreement, you acknowledge and agree that Winland
has informed you by this Agreement that (1) you have the right to consult with
an attorney of your choice prior to signing this Agreement, and (2) you are
entitled to twenty-one (21) days from the receipt of this Agreement to consider
whether the terms are acceptable to you. 
Winland encourages you to use the full 21-day period to consider this
Agreement but you have the right, if you choose, to sign this Agreement prior
to the expiration of the twenty-one (21) day period. 

             5.          Notification of Rights under the
Minnesota Human Rights Act (Minn. Stat. Chapter 363) and the Federal Age
Discrimination in Employment Act (29 U.S.C. § 621 et seq.).  You are hereby notified of your right to
rescind the release of claims contained in Paragraph 3 with regard to claims
arising under the Minnesota Human Rights Act, Minnesota Statutes Chapter 363,
within fifteen (15) calendar days of your signing this Agreement, and with
regard to your rights arising under the federal Age Discrimination in
Employment Act, 29 U.S.C. § 621 et seq., within seven (7) calendar days
of your signing this Agreement.  The two
rescission periods shall run concurrently. 
In order to be effective, the rescission must

                           a.          Be in writing; and

                           b.          Delivered to the Secretary of Winland,
Winland Electronics, Inc., 950 Excel Drive, Mankato, Minnesota 56001, by hand
or mail within the required period; and

                           c.          If delivered by mail, the rescission
must be postmarked within the required period, properly addressed to the
Secretary of Winland, as set forth above, and sent by certified mail, return
receipt requested.

This Agreement will be effective upon the expiration of
the 15-day period without rescission. 
You understand that if you rescind this Agreement in accordance with
this Paragraph 5, you will not receive the separation pay or benefits described
in Paragraph 2 and you will be obligated to return any such  payment(s) already received.

             6.          Return of Property.  By signing this Agreement, you acknowledge
and agree that all documents and materials relating to the business of, or the
services provided by Winland are the sole property of Winland.  By signing this Agreement you further agree
and represent that you have returned to Winland all of its property, including
but not limited to, all customer records and other documents and materials,
whether on computer disc, hard drive or other form, and all copies thereof,
within your possession or control, which in any manner relate to the business
of, or the duties and services you performed on behalf of Winland.

             7.          Confidential and Proprietary
Information.  By signing this
Agreement, you acknowledge and agree that you have had access in your
employment with Winland to confidential and proprietary information of Winland
and further acknowledge and agree that the release or disclosure of any confidential
or proprietary information of Winland will cause Winland irreparable
injury.  By signing this Agreement, you
acknowledge that you have not used or disclosed, and agree that you will not at
any time use or disclose, to any other entity or person, directly or
indirectly, any confidential or proprietary information of Winland.  For purposes of this Agreement, the term
“confidential or proprietary information” shall include, but not be limited to,
customer lists and information pertaining to customer lists; contact lists; and
information about the personal or business affairs of Winland’s customers,
vendors, or employees. 

             8.          Nondisparagement and
Confidentiality.  You promise and
agree not to disparage Winland.  You
also promise and agree not to disclose or discuss, directly or indirectly, in
any manner whatsoever, any information regarding either (1) the contents and
terms of this Agreement, or (2) the substance and/or nature of any dispute
between Winland and any employee or former employee, including yourself.  You agree that the only people with whom you
may discuss this confidential information are your legal and financial advisors
and your spouse, provided they agree to keep the information confidential, or
as otherwise required by law.  

             9.          Remedies.  If you breach any term of this Agreement,
Winland may commence legal action and pursue its available legal and equitable
remedies, including but not limited to suspending and recovering any and all
payments and benefits made or to be made under this Agreement.  If Winland seeks and/or obtains relief from
an alleged breach of this Agreement, all of the provisions of this Agreement
shall remain in full force and effect.

             10.        Non-Admission.  It is expressly understood that this
Agreement does not constitute, nor shall it be construed as, an admission by
Winland or you of any liability or unlawful conduct whatsoever.  Winland and you specifically deny any
liability or unlawful conduct.

             11.        Successors and Assigns.  This Agreement is personal to you and may
not be assigned by you without the written agreement of Winland.  In the event of your death, this Agreement
shall inure to the benefit of your heirs and legal representatives.  The rights and obligations of this Agreement
shall inure to the successors and assigns of Winland.

             12.        Enforceability.  If a court finds any term of this Agreement
to be invalid, unenforceable, or void, the parties agree that the court shall
modify such term to make it enforceable to the maximum extent possible.  If the term cannot be modified, the parties
agree that the term shall be severed and all other terms of this Agreement
shall remain in effect.

             13.        Law Governing.  This Agreement shall be governed and
construed in accordance with the laws of the State of Minnesota.

             14.        Full Agreement.  This Agreement contains the full agreement
between you and Winland and may not be modified, altered, or changed in any way
except by written agreement signed by both parties.  The parties agree that this Agreement supersedes and terminates
any and all other written and oral agreements and understandings between the
parties, except for the provisions of Article 5 of the Employment Agreement
between you and Winland dated January 1, 1999, as amended August 14, 2001,
which shall remain in full force and effect.

             15.        Acknowledgment of Reading and
Understanding.  By signing this
Agreement, you acknowledge that you have read this Agreement, including the
release of claims contained in Paragraph 3, and understand that the release of
claims is a full and final release of all claims you may have against
Winland and the other entities and individuals covered by the release.  By signing, you also acknowledge and agree
that you have entered into this Agreement knowingly and voluntarily.

             The
offer contained in this Agreement shall expire at 5:00 p.m. on June 4,
2001.  After you have reviewed this
Agreement and obtained whatever advice and counsel you consider appropriate
regarding it, please evidence your agreement to the provisions set forth in
this Agreement by dating and signing both copies.  Please then return one copy of this Agreement to me in the
envelope provided by no later than 5:00 p.m. on June 4, 2001.  You should keep the other copy for your
records.

Sincerely,

/s/ Lorin E. Krueger

Winland Electronics, Inc.

By: Lorin E. Krueger

Its: Secretary

ACKNOWLEDGMENT AND SIGNATURE

             By signing below, I, W. Kirk
Hankins, acknowledge and agree that I have read this Separation Agreement and
Release carefully.  I understand all of
its terms.  In signing this Separation
Agreement and Release I have not relied on any statements or explanations made
by Winland Electronics, Inc. except as specifically set forth in this
Separation Agreement and Release.  I
have had adequate time to consider whether to sign this Separation Agreement
and Release and am voluntarily and knowingly releasing my claims against
Winland Electronics, Inc. as defined in this Separation Agreement and
Release.  I intend this Separation
Agreement and Release to be legally binding.

Date I received this Separation Agreement and Release:        May 11, 2001

 

Accepted this 12th day of May, 2001.

	/s/
  W. Kirk Hankins

	W.
  Kirk HankinsPrepared by MerrillDirect

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

AGREEMENT made as of June 4, 2001,
between BIO-TECHNOLOGY GENERAL CORP., a Delaware corporation with an office at
70 Wood Avenue South, Iselin, New Jersey 08830 (the "Company") and
John A. Bond, having a residence at 130 Colket Lane, Devon, PA 19333 (the
"Executive").

W
I T N E S S E T H:

             WHEREAS,
the Company desires that Executive be employed to serve in a senior executive
capacity with the Company, and Executive desires to be so employed by the
Company, upon the terms and conditions herein set forth.

             NOW,
THEREFORE, in consideration of the premises and of the mutual promises,
representations and covenants herein contained, the parties hereto agree as
follows:

1.          EMPLOYMENT.

             The
Company hereby employs Executive and Executive hereby accepts such employment,
subject to the terms and conditions herein set forth.  Executive shall hold the office of Senior Vice President, Finance
and Treasurer, reporting to the Chief Executive Officer of the Company.

2.          TERM.

             The
initial term of employment under this Agreement shall begin on the date hereof
(the "Employment Date") and shall continue for a period of two (2)
years from that date, subject to prior termination in accordance with the terms
hereof.  Thereafter, this Agreement
shall automatically be renewed for successive two (2) year terms unless either
party shall give the other ninety (90) days prior written notice of its intent
not to renew this Agreement.

 

3.          COMPENSATION.

             (a)         As compensation for the employment
services to be rendered by Executive hereunder, including all services as an
officer or director of the Company and any of its subsidiaries, the Company
agrees to pay, or cause to be paid, to Executive, and Executive agrees to
accept, payable in equal installments in accordance with Company practice, an
initial annual salary of $230,000. 
Executive's annual salary hereunder for the remaining years of
employment shall be determined by the Board of Directors in its sole
discretion; provided, however, that Executive's annual salary shall not be
reduced during the term of this Agreement below the highest annual salary paid
to Executive at any time during such term.

             (b)        Executive shall be entitled to bonuses
from time to time in such amounts as may be determined by the Board of
Directors in its sole discretion.

4.          EXPENSES.

             The
Company shall pay or reimburse Executive, upon presentment of suitable
vouchers, for all reasonable business and travel expenses that may be incurred
or paid by Executive in connection with his employment hereunder.  Executive shall comply with such
restrictions and shall keep such records as the Company may deem necessary to
meet the requirements of the Internal Revenue Code of 1986, as amended from
time to time, and regulations promulgated thereunder.

5.          OTHER
BENEFITS.

             Executive
shall be entitled to a vacation allowance of not less than four (4) weeks per
annum and to participate in and receive any other benefits customarily provided
by the Company to its senior management personnel (including any profit
sharing, pension, short and long-term disability insurance, hospital, major
medical insurance, dental insurance and group life insurance plans in
accordance with the terms of such plans) and including stock option and/or
stock purchase plans, all as determined from time to time by the Board of
Directors of the Company.  Unused annual
vacation may not be carried over to other years except that with the consent of
the Chief Executive Officer the Executive may carry over unused vacation in
those instances in which Executive has been unable to utilize fully his annual
vacation entitlement due to exigencies of Company business matters and needs.

 

6.          DUTIES.

             (a)         Executive shall perform such duties and
functions as the President or Chief Executive Officer of the Company shall from
time to time determine in accordance with what it is normal and customary for
an individual holding Executive's position to perform, and Executive shall
comply in the performance of such duties and functions with the policies of the
Board of Directors.

             (b)        Executive agrees to devote his entire
working time, attention and energies to the performance of the business of the
Company and of any of its subsidiaries by which he may be employed; and
Executive shall not without the approval of the Board of Directors, directly or
indirectly, alone or as a member of any partnership or other business
organization, or as an officer, director or employee of any other corporation,
partnership or other business organization, be actively engaged in or concerned
with any other duties or pursuits of a business nature which interfere with the
performance of his duties hereunder, or which, even if non-interfering, may be,
in the reasonable determination of the Board of Directors of the Company in its
sole discretion, inimical, or contrary, to the best interests of the Company.

             (c)         All fees, compensation or commissions
received by Executive during the term of this Agreement for personal services
(including, but not limited to, commissions and compensation received as a
fiduciary or a director, and fees for lecturing and teaching) rendered at the
request of the Company shall be paid to the Company when received by Executive,
except those fees that the Board of Directors determines may be kept by
Executive.

             (d)        Nothing in this Section 6 or elsewhere
in this Agreement shall be construed to prevent Executive from investing or
trading in non-conflicting investments as he sees fit for his own account,
including real estate, stocks, bonds, securities, commodities or other forms of
investments.

             (e)         The principal location at which the
Executive shall perform his duties hereunder shall be at the Company's offices
in Iselin, New Jersey or at such other location as may be designated from time
to time by the Board of Directors of the Company, provided that if the
principal location of Executive's duties is transferred from Iselin, New
Jersey, the new principal location of Executive's duties shall not be
transferred beyond a 50-mile radius of Iselin, New Jersey without Executive's
consent.  Notwithstanding the foregoing,
Executive shall perform such services at such other locations as may be
required from the proper performance of his duties hereunder, and Executive
recognizes that such duties may involve significant travel.

7.          TERMINATION
OF EMPLOYMENT; EFFECT OF TERMINATION.

             (a)         Executive's employment hereunder may be
terminated at any time upon written notice from the Company to Executive:

	 	(i)	upon
  the determination by the Board of Directors, after Executive has received
  notice that his performance is not satisfactory for any reason which would
  not constitute justifiable cause (as defined in 7(d)) and which notice
  specifies with reasonable particularity how such performance is not
  satisfactory, that Executive has failed to remedy such performance to the
  reasonable satisfaction of the Board of Directors within thirty (30) days of
  such notice; or
	 	 	 
	 	(ii)	upon
  the determination by the Board of Directors that there is justifiable cause
  (as defined in 7(d)) for such termination and upon ten (10) days' prior
  written notice of same to Executive.

 

(b)        Executive's employment shall terminate
upon:

(i)          the death of Executive; or

(ii)         the "disability" of Executive
(as defined in 7(c)) pursuant to 7(f) hereof.

             (c)         For the purposes of this Agreement, the
term "disability" shall mean the inability of Executive, due to
illness, accident or any other physical or mental incapacity, substantially to
perform his duties for a period of three (3) consecutive  months or for a total of six (6) months
(whether or not consecutive) in any twelve (12) month period during the term of
this Agreement, as reasonably determined by the Board of Directors of the
Company in its sole discretion after examination of Executive by an independent
physician reasonably acceptable to Executive.

             (d)        For the purposes hereof, the term
"justifiable cause" shall mean and be limited to:

	 	(i)	Executive's
  conviction (which, through lapse of time or otherwise, is not subject to
  appeal) of any crime or offense involving the Company's or its subsidiaries'
  money or other property or which constitutes a felony in the jurisdiction
  involved;
	 	 	 
	 	(ii)	Executive's
  performance of any act or his failure to act, for which it is determined by
  independent counsel retained by the Board of Directors (which counsel shall
  not be an individual or firm which at any time within the prior three (3)
  years has represented the Company, any executive employed by the Company, the
  Board of Directors or any individual Director), after due inquiry in which
  Executive is given the opportunity to be heard and represented by counsel,
  that if Executive were prosecuted, a crime or offense involving money or
  property of the Company or its subsidiaries, or which would constitute a
  felony in the jurisdiction involved, would have occurred and Executive would,
  in all reasonable probability, be convicted; provided, however, that if such
  independent counsel does not make such determination, then the Company shall
  pay Executive's reasonable counsel fees and expenses incurred in defending
  Executive during such inquiry;
	 	 	 
	 	(iii)	any
  disclosure which has not been authorized or subsequently ratified by the
  Company or which is not required to be made pursuant to any judicial
  proceeding or by statute or regulation, by Executive to any person, firm or
  corporation other than the Company, its subsidiaries and its and their
  directors, officers and employees, of any confidential information or trade
  secret of the Company or any of its subsidiaries;
	 	 	 
	 	(iv)	any
  attempt by Executive to secure any improper personal profit in connection
  with the business of the Company or any of its subsidiaries; or
	 	 	 
	 	(v)	Executive's
  repeated and willful failure to comply with his duties under 6(a) or 6(b)
  (other than failure to comply with instructions or policies which are illegal
  or improper) where such conduct shall not have ceased or been cured within
  thirty (30) days following receipt by Executive of written warning from the
  Board of Directors.

Upon termination of Executive's employment
for justifiable cause, this Agreement shall terminate immediately and Executive
shall not be entitled to any amounts or benefits hereunder other than such
portion of Executive's annual salary as has been accrued through the date of
his termination of employment and reimbursement of expenses pursuant to Section
4 hereof.

             (e)         If Executive shall die during the term
of his employment hereunder, this Agreement shall terminate immediately.  In such event, the estate of Executive shall
thereupon be entitled to receive such portion of Executive's annual salary as
has been accrued through the date of his death and such bonus, if any, as the
Board of Directors in its sole discretion may determine to award taking into
account Executive's contributions to the Company prior to his death.  If Executive's death shall occur while he is
on Company business, the estate of Executive shall be entitled to receive, in
addition to the other amounts set forth in this subsection (e), an amount equal
to one-half of his then annual salary.

             (f)         Upon Executive's
"disability", the Company shall have the right to terminate
Executive's employment.  Notwithstanding
any inability to perform his duties, Executive shall be entitled to receive his
compensation (including bonus, if any) as provided herein until he begins to
receive long-term disability insurance benefits under the policy provided by
the Company pursuant to Section 5 hereof (the period during which Executive
continues to receive his compensation hereunder being the "Transition
Period").  During the Transition
Period, the Company shall (i) allow Executive to participate in the Company's
401k plan to the extent permitted by such plan and (ii) at Company's expense
and to the same extent that Executive had participated, prior to termination of
his employment, in the Company's health insurance, dental insurance, life
insurance and disability insurance programs, continue Executive's participation
in such programs.  Any termination
pursuant to this subsection (f) shall be effective on the date thirty (30) days
after which Executive shall have received written notice of the  Company's election to terminate.

 

             (g)        Notwithstanding any provision to the
contrary contained herein, in the event that Executive's employment is
terminated by the Company at any time for any reason other than justifiable
cause, disability or death, or in the event the Company shall fail to renew
this Agreement:

	 	 	(i)	each
  month during the Severance Period, the Company shall pay to Executive, in
  full satisfaction and in lieu of any and all other payments due and owing to
  Executive under the terms of this Agreement (other than any payments
  constituting reimbursement of expenses pursuant to Section 4 hereof), an
  amount equal to one-twelfth of the sum of his then annual salary plus the
  amount of the last bonus awarded to Executive (less all amounts, if any,
  required to be withheld), payable bi-weekly;
	 	 	 	 
	 	(A)	The
  "Severance Period" shall commence on the date of termination and
  shall comprise one month for each month that Executive was employed by
  Company, provided however, that in no event shall such period be less than
  six (6) months nor more than twelve (12) months.
	 	 	 
	 	(ii)	Executive
  shall have a right to exercise any options which are exercisable as of the
  date of termination at any time during a period of six (6) months following
  the effective date of termination;
	 	 	 
	 	(iii)	the
  Company shall continue to allow Executive to participate in the Company's
  401k plan to the extent permitted by such plan for twelve (12) months
  following the effective date of termination; and
	 	 	 
	 	(iv)	the
  Company shall continue to allow Executive to participate, at the  Company's expense and to the same extent
  that Executive had participated prior to termination of his employment, in the
  Company's health insurance, dental insurance, life insurance and disability
  insurance programs, to the extent permitted under such programs, until the
  earlier of the expiration of the Severance Period or until such time as
  Executive becomes eligible to participate in another employer's group health,
  dental and disability insurance plans; provided, however, that Executive
  shall notify the Company of his acceptance of a position with a new employer,
  together with the specific date on which Executive shall become eligible for
  coverage in such new employer's health, dental, life and disability insurance
  programs, such notice to be given within fifteen (15) days following
  commencement of such employment.
						

 

             (h)        Executive may terminate his employment
at any time upon thirty (30) days' prior written notice to the Company.  Upon Executive's termination of his
employment hereunder, this Agreement (other than Sections 4, 7, 10, 11, 12 and
13, which shall survive) shall terminate immediately.  In such event, Executive shall be entitled to receive such
portion of Executive's annual salary as has been accrued to date.  Executive shall be entitled to reimbursement
of expenses pursuant to Section 4 hereof and to participate in the Company's
benefit plans to the extent participation by former employees is required by
law or permitted by such plans, with the expense of such participation to be
specified in such plans for former employees.

8.          REPRESENTATIONS
AND AGREEMENTS OF EXECUTIVE.

             (a)         Executive represents and warrants that
he is free to enter into this Agreement and to perform the duties required
hereunder, and that there are no employment contracts or understandings,
restrictive covenants or other restrictions, whether written or oral,
preventing the performance of his duties hereunder or requiring him to perform
employment, consulting, business related or similar duties for any other
person.

             (b)        Executive agrees to submit to a medical
examination and to cooperate and supply such other information and documents as
may be required by any insurance company in connection with the Company's
obtaining life insurance on the life of Executive, and any other type of
insurance or fringe benefit as the Company shall determine from time to time to
obtain.

9.          REPRESENTATIONS
OF COMPANY.

             The
Company represents and warrants that the Board of Directors has consented to
the Company entering into this Agreement with Executive on the terms set forth
herein and that all written consents, resolutions and approvals required to
give full force and effect to this Agreement and to the Company's obligations
hereunder have been obtained.

10.        NON-INTERFERENCE.

             Executive
agrees that for a period of one year following the termination of Executive's
employment hereunder, Executive shall not, directly or indirectly, request or
cause collaborative partners, universities, governmental agencies, contracting
parties, suppliers or customers with whom the Company or any of its
subsidiaries has a business relationship to cancel or terminate any such business
relationship with the Company or any of its subsidiaries or solicit, interfere
with or entice from the Company any employee (or former employee) of the
Company.

 

11.        INVENTIONS
AND DISCOVERIES.

             (a)         Insofar as is related to the principal
business activities and products of the Company and any of its subsidiaries or
joint ventures, Executive shall promptly and fully disclose to the Company, and
with all necessary detail for a complete understanding of the same, all
developments, know-how, discoveries, inventions, improvements, concepts, ideas,
writings, formulae, processes and methods of a financial or other nature
(whether copyrightable, patentable or otherwise) made, received, conceived,
acquired or written during working hours, or otherwise, by Executive (whether
or not at the request or upon the suggestion of the Company) during the period
of his employment with, or rendering of advisory or consulting services to, the
Company or any of its subsidiaries, solely or jointly with others (collectively
the "Subject Matter").

             (b)        Executive hereby assigns and transfers,
and agrees to assign and transfer, to the Company, all his rights, title and
interest in and to the Subject Matter, and Executive further agrees to deliver
to the Company any and all drawings, notes, specifications and data relating to
the Subject Matter, and to execute, acknowledge and deliver all such further
papers, including applications for copyrights or patents, as may be necessary
to obtain copyrights and patents for any thereof in any and all countries and
to vest title thereto to the Company. 
Executive shall assist the Company in obtaining such copyrights or
patents during the term of this Agreement, and any time thereafter on
reasonable notice and at mutually convenient times, and Executive agrees to
testify in any prosecution or litigation involving any of the Subject Matter;
provided, however, that Executive shall be compensated in a  timely manner at the rate of $250.00 per
hour (with a minimum of $1500 per day), plus out-of-pocket expenses incurred in
rendering such assistance or giving or preparing to give such testimony if it
is required of his employment hereunder.

12.        NON-DISCLOSURE
OF CONFIDENTIAL INFORMATION.

             (a)         Executive shall not, during the term of
this Agreement, or at any time following termination of this Agreement,
directly or indirectly, disclose or make accessible (other than as is required
in the regular course of his duties, including, without limitation, disclosures
to the Company's advisors and consultants), or as may be required by law or
regulation or pursuant to a judicial proceeding (in which case Executive shall
give the Company prior written notice of such required disclosure) or with the
prior written consent of the Board of Directors of the Company), to any person,
firm or corporation, any confidential information acquired by him during the
course of, or as an incident to, his employment or the rendering of his
advisory or consulting services hereunder, relating to the Company or any of
its subsidiaries, or any corporation, partnership or other entity owned or
controlled, directly or indirectly, by any of the foregoing, or in which any of
the foregoing has a beneficial interest, including, but not limited to, the
business affairs of each of the foregoing. 
Such confidential information shall include, but shall not be limited
to, proprietary technology, trade secrets, patented processes, research and
development data, know-how, market studies and forecasts, competitive analyses,
pricing policies, employee lists, personnel policies, the substance of
agreements with customers and others, marketing or dealership arrangements,
servicing and training programs and arrangements, customer lists and any other
documents embodying such confidential information.  This confidentiality obligation shall not apply to any
confidential information which thereafter becomes publicly available other than
pursuant to a breach of this Section 12(a) by Executive.

             (b)        All information and documents relating
to the Company and its affiliates as hereinabove described shall be the
exclusive property of the Company, and Executive shall use commercially
reasonable best efforts to prevent any publication or disclosure thereof.  Upon termination of Executive's employment
with the Company, all such documents, records, reports, writings and other
similar documents containing confidential information, including copies
thereof, then in Executive's possession or control shall be returned and left
with the Company.

 

13.        SPECIFIC
PERFORMANCE.

             Executive
agrees that if he breaches, or threatens to commit a breach of, any of the
provisions of Sections 10, 11 or 12 (the "Restrictive Covenants"),
the Company shall have, in addition to, and not in lieu of, any other rights
and remedies available to the Company under law and in equity, the right to
have the Restrictive Covenants specifically enforced by any court of competent
jurisdiction, it being agreed that any breach or threatened breach of the
Restrictive Covenants would cause irreparable injury to the Company and that
money damages would not provide an adequate remedy to the Company.  Notwithstanding the foregoing, nothing
herein shall constitute a waiver by Executive of his right to contest whether a
breach or threatened breach of any Restrictive Covenant has occurred.

14.        AMENDMENT
OR ALTERATION.

             No
amendment or alteration of the terms of this Agreement shall be valid unless
made in writing and signed by both of the parties hereto.

15.        GOVERNING
LAW.

             This
Agreement shall be governed by the laws of the State of New Jersey applicable
to agreements made and to be performed entirely therein.

16.        SEVERABILITY.

             The
holding of any provision of this Agreement to be invalid or unenforceable by a
court of competent jurisdiction shall not affect any other provision of this
Agreement, which shall remain in full force and effect.

 

17.        NOTICES.

             Any
notices required or permitted to be given hereunder shall be sufficient if in
writing, and if delivered by hand, or sent by certified mail, return receipt
requested, to the addresses set forth above or such other address as either
party may from time to time designate in writing to the other, and shall be
deemed given as of the date of the delivery or date of receipt.

18.        WAIVER
OR BREACH.

             It
is agreed that a waiver by either party of a breach of any provision of this
Agreement shall not operate, or be construed, as a waiver of any subsequent
breach by that same party.

19.        ENTIRE
AGREEMENT AND BINDING EFFECT.

             This
Agreement contains the entire agreement of the parties with respect to the
subject matter hereof and shall be binding upon and inure to the benefit of the
parties hereto and their respective legal representatives, heirs, distributors,
successors and assigns.  Notwithstanding
the foregoing, any prior agreements between Executive and the Company relating
to the confidentiality of information, trade secrets, patents, indemnification,
and stock options shall not be affected by this Agreement.

20.        SURVIVAL.

             The
termination of Executive's employment hereunder or the expiration of this
Agreement shall not affect the enforceability of Sections 4, 7, 9, 10, 11, 12
and 13 hereof.

21.        FURTHER
ASSURANCES.

             The
parties agree to execute and deliver all such further documents, agreements and
instruments and take such other and further action as may be necessary or
appropriate to carry out the purposes and intent of this Agreement.

22.        HEADINGS.

             The
Section headings appearing in this Agreement are for the purposes of easy
reference and shall not be considered a part of this Agreement or in any way
modify, demand or affect its provisions.

 

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

	 	BIO-TECHNOLOGY
  GENERAL CORP.
	 	 	 
	 	 	 
	 	By:
  /s/	Sim
  Fass
	 	 	Sim
  Fass, Chairman and CEO
	 	 	 
	 	Date:	June
  4, 2001
	 	 	

	 	 	 
	 	 	 
	 	/s/	John
  Bond
	 	 	John
  A. Bond
	 	 	 
	 	Date:	June
  4, 2001

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