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                                                                    EXHIBIT 10.3

                                 PROMISSORY NOTE

                                     3/28/03
                                     (DATE)

FOR VALUE RECEIVED, Neose Technologies, Inc. an other located at the address
stated below ("Maker") promises, jointly and severally if more than one, to pay
to the order of General Electric Capital Corporation or any subsequent holder
hereof (each, a "Payee") at its office located at 401 Merritt 7 Suite 23,
Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of Two Million Nine Hundred Fifty Four Thousand
Four Hundred Twenty Five and 34/00 Dollars ($2,954,425.34), with interest on the
unpaid principal balance, from the date hereof through and including the dates
of payment, at a fixed interest rate of Eight and Thirty Five Hundredths percent
(8.35%) per annum, to be paid in lawful money of the United States, in Forty Two
(42) consecutive monthly installments of principal and interest as follows:

        Periodic
       Installment                 Amount
      --------------            ------------

      Forty One (41)            $  81,365.08

each ("Periodic Installment") and a final installment which shall be in the
amount of the total outstanding principal and interest. The first Periodic
Installment shall be due and payable on 5/1/03 and the following Periodic
Installments and the final installment shall be due and payable on the same day
of each succeeding month (each, a "Payment Date"). Such installments have been
calculated on the basis of a 360 day year of twelve 30-day months. Each payment
may, at the option of the Payee, be calculated and applied on an assumption that
such payment would be made on its due date.

The acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee's
right to receive payment in full at such time or at any prior or subsequent
time.

The Maker hereby expressly authorizes the Payee to insert the date value is
actually given in the blank space on the face hereof and on all related
documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage, pledge
agreement or like instrument (each of which is hereinafter called a "Security
Agreement").

Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after
its due date, the Maker agrees to pay, in addition to the amount of each such
installment or other sum, a late payment charge of five percent (5%) of the
amount of said installment or other sum, but not exceeding any lawful maximum.
If (i) Maker fails to make payment of any amount due hereunder within ten (10)
days after the same becomes due and payable; or (ii) Maker is in default under,
or fails to perform under any term or condition contained in any Security
Agreement, then the entire principal sum remaining unpaid, together with all
accrued interest thereon and any other sum payable under this Note or any
Security Agreement, at the election of Payee, shall immediately become due and
payable, with interest thereon at the lesser of eighteen percent (18%) per annum
or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment).

Notwithstanding anything to the contrary contained herein or in the Security
Agreement, Maker may not prepay in full or in part any indebtedness hereunder
without the express written consent of Payee in its sole discretion.

It is the intention of the parties hereto to comply with the applicable usury
laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or
any Security Agreement require the payment or permit the collection of interest
in excess of the maximum amount permitted by applicable law. If any such excess
interest is contracted for, charged or received under this Note or any Security
Agreement, or if all of the principal balance shall be prepaid, so that under
any of such circumstances the amount of interest contracted for, charged or
received under this Note or any Security Agreement on the principal balance
shall exceed the maximum amount of interest permitted by applicable law, then in
such event (a) the provisions of this paragraph shall govern and control, (b)
neither Maker nor any other person or entity now or hereafter liable for the
payment hereof shall be obligated to pay the amount of such interest to the
extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be
either applied as a credit against the then unpaid principal balance or refunded
to Maker, at the option of the Payee, and (d) the effective rate of interest
shall be automatically reduced to the maximum lawful contract rate allowed under
applicable law as now or hereafter construed

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by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted
for, charged or received under this Note or any Security Agreement which are
made for the purpose of determining whether such rate exceeds the maximum lawful
contract rate, shall be made, to the extent permitted by applicable law, by
amortizing, prorating, allocating and spreading in equal parts during the period
of the full stated term of the indebtedness evidenced hereby, all interest at
any time contracted for, charged or received from Maker or otherwise by Payee in
connection with such indebtedness; provided, however, that if any applicable
state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a
greater interest per annum rate than is presently allowed, the Maker agrees
that, on the effective date of such amendment or preemption, as the case may be,
the lawful maximum hereunder shall be increased to the maximum interest per
annum rate allowed by the amended state law or the law of the United States of
America.

The Maker and all sureties, endorsers, guarantors or any others (each such
person, other than the Maker, an "Obligor") who may at any time become liable
for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions
or releases of, security or of any party primarily or secondarily liable on this
Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and
maintained against any one or more of them, at the election of Payee without
joinder of any other as a party thereto, and that Payee shall not be required
first to foreclose, proceed against, or exhaust any security hereof in order to
enforce payment of this Note. The Maker and each Obligor hereby waives
presentment, demand for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, and all other notices in connection herewith, as
well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted by
law) all expenses incurred in collection, including Payee's actual attorneys'
fees. Maker and each Obligor agrees that fees not in excess of twenty percent
(20%) of the amount then due shall be deemed reasonable.

Maker hereby irrevocably authorizes and empowers the Prothonotary or Clerk, or
any attorney for any Court of record to appear for Maker in such Courts, at any
time, and confess a judgement against Maker, without process, in favor of any
holder hereof, without the filing of a declaration of default, with release of
errors, without stay of execution, for such amount as may appear from the face
hereof to be due hereunder (or, if such attorney so elects, for the amount which
may be due hereon as evidenced by an affidavit signed by a representative of
holder setting forth the amount then due) together with charges, attorney's fees
and costs as herein provided, and Maker hereby waives and releases all benefits
and relief from any and all appraisement, stay or exemption laws of any state,
now in force or hereafter to be passed. If a copy hereof, verified by an
affidavit, shall have been filed in said proceeding, it shall not be necessary
to file the original as a warrant of attorney. No single exercise of the
foregoing warrant and power to confess judgement shall be deemed to exhaust the
power, whether or not such exercise shall be held by any Court to be invalid,
voidable, or void, but the power shall continue undiminished and may be
exercised from time to time as often as the holder hereof shall elect, until all
sums payable or that may become payable hereunder by Maker have been paid in
full.

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

This Note and any Security Agreement constitute the entire agreement of the
Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied.

No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

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Any provision in this Note or any Security Agreement which is in conflict with
any statute, law or applicable rule shall be deemed omitted, modified or altered
to conform thereto.

                                           NEOSE TECHNOLOGIES, INC.

                                           By: /s/ A. Brian Davis
__________________________________            -------------------
(Witness)

                                           Name: A. Brian Davis
__________________________________              ---------------
(Print name)

                                           Title: Vice President, Finance
__________________________________               ------------------------
(Address)

                                           Federal Tax ID#: 13-3549286

                                           Address: 102 Witmer Rd, Horsham,
                                           Montgomery County, PA 19044<PAGE>

                                                                    EXHIBIT 10.4

                     CONFIDENTIALITY, INTELLECTUAL PROPERTY
                          AND NON-COMPETITION AGREEMENT

          THIS CONFIDENTIALITY, INTELLECTUAL PROPERTY AND NON-COMPETITION
AGREEMENT (this "Agreement") is made as of the 29th day of March, 2003 by and
between NEOSE TECHNOLOGIES, INC. (the "Company") and STEPHEN A. ROTH, Ph.D.
("Dr. Roth").

          WHEREAS, Dr. Roth has served as a consultant to the Company and as
Chief Executive Officer and Chairman of the Board of the Company, positions of
substantial authority and responsibility in which he has had access to the
Company's customers, vendors, trade secrets, proprietary information, and
intellectual property;

          WHEREAS, the Company desires to obtain certain assurances from Dr.
Roth that he will not harm the Company's business interests;

          NOW THEREFORE, in consideration of these premises and intending to be
legally bound hereby, the parties agree as follows:

SECTION 1.       Definitions. To the extent not defined in the preamble of this
Agreement, capitalized terms used herein will have the meanings provided below:

          1.1.   "Business" means research, development, manufacture, supply,
marketing, licensing, use and sale of biologic, pharmaceutical and therapeutic
materials and products and related process technology including, without
limitation, research, development, manufacture, supply, marketing, licensing,
use and sale or products and technology directed to (a) the enzymatic synthesis
of complex carbohydrates for use in food, cosmetic, therapeutic, consumer and
industrial applications, (b) enzymatic synthesis or modification of the
carbohydrate portion of proteins or lipids, and (c) carbohydrate-based
therapeutics.

          1.2.   "Board" means the Board of Directors of the Company.

          1.3.   "Effective Date" means March 29, 2003.

          1.4.   "Restricted Period" means the two-year period commencing on the
Effective Date.

          1.5.   "Restrictive Covenants" means the provisions contained in
Section 3 of this Agreement.

SECTION 2.       Consideration. In consideration for the covenants described in
Section 3, subject to Section 5.2:

          2.1.   The Company will pay to Dr. Roth $39,622 on March 31, 2003 and
on the last day of each of the first 23 months thereafter;

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          2.2.   Notwithstanding the terms of the Company's equity incentive
plans and any stock option award agreement between Dr. Roth and the Company,
solely for purposes of the vesting and expiration of the options to purchase
shares of the Company's common stock held by Dr. Roth as of the Effective Date,
Dr. Roth will be treated as continuing in the service of the Company until the
later of (a) the second anniversary of the Effective Date and (b) the end of Dr.
Roth's service as a member of the Board; and

          2.3.   In light of the compensation paid to Dr. Roth under this
Agreement, during the term of this Agreement, Dr. Roth will not be entitled to
any separate compensation for his service as a member of the Board of Directors
of the Company. Accordingly, Section 3.2 of the Separation and Consulting
Agreement made as of March 29, 2002 is hereby amended by deleting the second
sentence thereof.

SECTION 3.       Restrictive Covenants. In consideration of all the payments and
benefits provided under this Agreement, Dr. Roth covenants that, during the
Restricted Period, he will not (except in his capacity as a consultant of the
Company) do any of the following, directly or indirectly, anywhere in the world:

          3.1.   engage or participate in any business competitive with the
Business (as defined below);

          3.2.   become interested in (as owner, stockholder, lender, partner,
co-venturer, director, officer, employee, agent or consultant) any person, firm,
corporation, association or other entity engaged in any business competitive
with the Business. Notwithstanding the foregoing, Dr. Roth may hold up to 4.9%
of the outstanding securities of any class of any publicly-traded securities of
any company;

          3.3.   engage in any business, or solicit or call on any customer,
supplier, licensor, licensee, contractor, agent, representative, advisor,
strategic partner, distributor or other person with whom the Company shall have
dealt or any prospective customer, supplier, licensor, licensee, contractor,
agent, representative, advisor, strategic partner, distributor or other person
that the Company shall have identified and solicited at any time during Dr.
Roth's employment or retention by the Company for a purpose competitive with the
Business;

          3.4.   influence or attempt to influence any employee, consultant,
customer, supplier, licensor, licensee, contractor, agent, representative,
advisor, strategic partner, distributor or other person to terminate or modify
any written or oral agreement, arrangement or course of dealing with the
Company; or

          3.5.   solicit for employment or employ or retain (or arrange to have
any other person or entity employ or retain) any person who has been employed or
retained by the Company within the 12 months preceding the application of this
provision to that person.

SECTION 4.       Acknowledgements. Dr. Roth acknowledges that the Restrictive
Covenants are reasonable and necessary to protect the legitimate interests of
the Company and its affiliates and that the duration and geographic scope of the
Restrictive Covenants are reasonable given the nature of this Agreement and Dr.
Roth's relationship

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with the Company. Dr. Roth further acknowledges that the Restrictive Covenants
are included herein in order to induce the Company to make the payments provided
for herein and that the Company would not have entered into this Agreement in
the absence of the Restrictive Covenants.

SECTION 5.       Remedies and Enforcement Upon Breach.

          5.1.   Specific Enforcement. Dr. Roth acknowledges that any breach by
him, willfully or otherwise, of the Restrictive Covenants will cause continuing
and irreparable injury to the Company for which monetary damages would not be an
adequate remedy. Dr. Roth will not, in any action or proceeding to enforce any
of the provisions of this Agreement, assert the claim or defense that such an
adequate remedy at law exists. In the event of any such breach by Dr. Roth, the
Company will have the right to enforce the Restrictive Covenants by seeking
injunctive or other relief in any court, without any requirement that a bond or
other security be posted, and this Agreement will not in any way limit remedies
of law or in equity otherwise available to the Company.

          5.2.   Termination of Payments and Vesting Service. If Dr. Roth
breaches Section 3 in any respect, then (a) he will not be entitled to any
further payments under this Agreement, (b) he will immediately cease to treated
as continuing in the service of the Company for purposes of vesting and
expiration of his Company stock options, and (c) all of his entitlements under
this Agreement will cease.

          5.3.   Extension of Restricted Period. If Dr. Roth breaches Section 3
in any respect, the Restricted Period will be extended for a period equal to the
period that Dr. Roth was in breach.

          5.4.   Accounting. If Dr. Roth breaches any of the Restrictive
Covenants, the Company will have the right and remedy to require Dr. Roth to
account for and pay over to the Company all compensation, profits, monies,
accruals, increments or other benefits derived or received by Dr. Roth as the
result of such breach. This right and remedy will be in addition to, and not in
lieu of, any other rights and remedies available to the Company under law or in
equity.

          5.5.   Judicial Modification. If any court determines that any of the
Restrictive Covenants, or any part thereof, is unenforceable because of the
duration or geographical scope of such provision, such court will have the power
to modify such provision and, in its modified form, such provision will then be
enforceable.

          5.6.   Enforceability. If any court holds the Restrictive Covenants
unenforceable by reason of their breadth or scope or otherwise, it is the
intention of the parties hereto that such determination not bar or in any way
affect the right of the Company to the relief provided above in the courts of
any other jurisdiction within the geographic scope of such Restrictive
Covenants.

          5.7.   Disclosure of Restrictive Covenants. Dr. Roth agrees to
disclose the existence and terms of the Restrictive Covenants to any entity to
whom Dr. Roth provides services during the Restricted Period.

                                        3

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SECTION 6.       Miscellaneous.

          6.1.   Claims Against Officers or Directors. Dr. Roth hereby (a)
waives any right to claim payment of amounts owed to him, now or in the future,
pursuant to this Agreement from directors or officers of the Company in the
event the Company becomes insolvent, and (b) fully and forever releases and
discharges the Company's officers and directors from any and all claims,
demands, liens, actions, suits, causes of action or judgments arising out of any
present or future claim for such amounts.

          6.2.   Successors and Assigns. This Agreement will inure to the
benefit of and be binding upon the Company and Dr. Roth and their respective
successors, executors, administrators, heirs. The Company may assign this
Agreement to any successor to all or substantially all of its assets and
business by means of liquidation, dissolution, merger, consolidation, transfer
of assets, or otherwise. Dr. Roth may not assign his rights or obligations under
this Agreement.

          6.3.   Notice. Any notice or communication required or permitted under
this Agreement will be made in writing and (a) sent by overnight courier, (b)
mailed by certified or registered mail, return receipt requested or (c) sent by
telecopier, addressed as follows:

                 If to Dr. Roth:

                          Stephen A. Roth, Ph.D.
                          1105 Rose Glen Road
                          Gladwyne, PA 19035

                 with a copy to:

                          Steven L. Gershman, Esq.
                          407 East Lancaster Avenue
                          Wayne, PA  19087
                          Fax: 610-971-2660

                 If to Company:

                          Neose Technologies, Inc.
                          102 Witmer Road
                          Horsham PA 19044
                          Attn: General Counsel
                          Fax: 215-441-5896

                                        4

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                 with a copy to:

                          Pepper Hamilton LLP
                          3000 Two Logan Square
                          18th & Arch Streets
                          Philadelphia, PA 19103
                          Attn: Barry M. Abelson, Esquire
                          Fax: 215-981-4750

or to such other address as either party may from time to time duly specify by
notice given to the other party in the manner specified above.

          6.4.   Entire Agreement; Amendments. This Agreement contains the
entire agreement and understanding of the parties hereto relating to the subject
matter hereof, and merges and supersedes all prior and contemporaneous
discussions, agreements and understandings of every nature relating to the
subject matter hereof. This Agreement may not be changed or modified, except by
an agreement in writing signed by each of the parties hereto.

          6.5.   Waiver. Any waiver by either party of any breach of any term or
condition in this Agreement will not operate as a waiver of any other breach of
such term or condition or of any other term or condition, nor will any failure
to enforce any provision hereof operate as a waiver of such provision or of any
other provision hereof or constitute or be deemed a waiver or release of any
other rights, in law or in equity.

          6.6.   Severability. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or the effectiveness or validity of any provision in any
other jurisdiction, and this Agreement will be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.

          6.7.   Governing Law. This Agreement will be governed by, and enforced
in accordance with, the laws of the Commonwealth of Pennsylvania, without regard
to the application of the principles of conflicts of laws.

          6.8.   Enforcement. Any legal proceeding arising out of or relating to
this Agreement will be instituted in the United States District Court for the
Eastern District of Pennsylvania, or if that court does not have or will not
accept jurisdiction, in any court of general jurisdiction in the Commonwealth of
Pennsylvania, and Dr. Roth and the Company hereby consent to the personal and
exclusive jurisdiction of such court(s) and hereby waive any objection(s) that
they may have to personal jurisdiction, the laying of venue of any such
proceeding and any claim or defense of inconvenient forum.

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          6.9.   Section Headings. The section headings in this Agreement are
for convenience only; they form no part of this Agreement and will not affect
its interpretation.

          6.10.  Counterparts and Facsimiles. This Agreement may be executed,
including execution by facsimile signature, in one or more counterparts, each of
which will be deemed an original, and all of which together will be deemed to be
one and the same instrument.

                 IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer, and Dr. Roth has executed this
Agreement, in each case as of the date first above written.

                                       NEOSE TECHNOLOGIES, INC.

                                       By: /s/ C. Boyd Clarke
                                           ------------------
                                           C. Boyd Clarke
                                           President & Chief Executive Officer

                                       STEPHEN A. ROTH, Ph.D.

                                       /s/ Stephen A. Roth
                                       -------------------

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