Document:

Exhibit 10.13

PROMISSORY NOTE DUE
DECEMBER 31, 2010

EURAND
B.V.

EUR
224,276

Eurand B.V., a private
company with limited liability, incorporated and existing under the laws of the
Netherlands, with registered seat at Amsterdam, the Netherlands and whose business
address is at Eurand B.V., Kerkstraat 232, 1511 EN OOSTZAAN, The Netherlands
(the “Company”) hereby unconditionally promises to pay to Warburg Pincus
Ventures International, L.P., a limited partnership organized and existing
under the laws of Bermuda, having its registered office at Cedar House, 41
Cedar Avenue, Hamilton HM12, Bermuda (“Warburg International”) EUR 224,276 (Two
Hundred Twenty-Four Thousand Two Hundred Seventy Six Euros) by way of wire
transfer of immediately available funds to the bank accounts of Warburg
International.

Each payment becomes
effective upon bank order for such transfer being given by the Company.

The Company also promises to
pay interest (computed on the basis of a 360-day year) on such principal amount
from the date hereof to and including the date this Note is paid in full at a
rate per annum equal to 8.0%.  Interest
shall accrue on the unpaid principal amount of this Note, compounded
semi-annually, from the date of August 6, 2003. 
The unpaid principal amount of this Note shall be payable on December
31, 2010.  Accrued but unpaid interest
due under this Note shall be payable at the time of repayment of this Note.

The holder of this Note may
at its option declare the entire principal balance of this Note, together with
all accrued but unpaid interest thereon to be immediately due and payable
without presentment, demand, notice, or protest (each of which is hereby
waived) upon the occurrence of any one or more of the following events:

(a)           the filing of a petition by the Company
for relief under any applicable insolvency law;

(b)           the filing of a petition against the
Company, which remains unstayed for a period of at least sixty (60) days, for
adjudication of the Company as a bankrupt under any applicable insolvency law;

(c)           the appointment of a receiver for all
or any of the assets of the Company, and such receiver shall not have been
dismissed within sixty (60) days;

(d)           the making by the Company of a
general assignment or similar arrangement for the benefit of its creditors;

(e)           the Company admitting in writing its
inability to pay its debts as they mature; and

 

(f)            the liquidation, dissolution, or
winding up of the Company or the taking by the Company of any action in
furtherance of liquidation, dissolution or winding up.

This Note may be prepaid, in
whole or in part, at any time at the option of the Company at a price equal to
100% of the principal amount being so prepaid plus accrued and unpaid interest
on the principal amount outstanding through the date of prepayment.

Payments of principal of and
interest on this Note shall be made by wire transfer in immediately available
funds to the account specified in writing by the holder hereof to the Company
for such purpose or in such manner and at such other place as the holder hereof
shall designate in writing to the Company, in Euro.

Failure by the holder to
enforce any of its rights and remedies with respect to this Note shall not
constitute a waiver of these rights and remedies.  A waiver of one default, right or remedy shall
not constitute a waiver of any subsequent occurrence of the same or any other
default, right or remedy.

The provisions of this Note
shall be binding upon the Company and its successors and assigns, and shall
inure to the benefit of any holder of this Note.  If any provision of this Note is found
invalid or in violation of any law or ordinance, that provision shall be
severed from this Note, and shall not invalidate the remainder hereof.

This Note shall not entitle
the holder hereof to any voting rights or other rights as a shareholder of the
Company.

Each of the Company and the
holder hereof intends to comply at all times with applicable usury laws.  If at any time such laws would render
usurious any amounts due under this Note under applicable law, then it is each
of the Company’s and such holder’s express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this section shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note, and the provisions hereof shall immediately be reformed and the amounts
thereafter decreased, so as to comply with the then applicable usury law, but
so as to permit the recovery of the fullest amount otherwise due under this
Note.

This Note shall be governed
by, and construed and interpreted in accordance with, the laws of the State of
Delaware, without reference to the law of such State regarding conflicts of
laws.

 

2

 

IN WITNESS THEREOF, the
Company has caused this Note to be executed and delivered by its duly
authorised directors, as of the day and year and place first hereunder written.

 

Signed on October 26, 2006

EURAND B.V.

 

	
  /s/ WILLIAM J. JENKINS

  	
   

  	
  /s/ A. ERDELJAN

  

 

 

3Exhibit 10.14

PROMISSORY NOTE DUE
DECEMBER 31, 2010

EURAND
B.V.

EUR
175,571

Eurand B.V., a private
company with limited liability, incorporated and existing under the laws of the
Netherlands, with registered seat at Amsterdam, the Netherlands and whose business
address is at Eurand B.V., Kerkstraat 232, 1511 EN OOSTZAAN, The Netherlands
(the “Company”) hereby unconditionally promises to pay to Mr. Gearoid Faherty,
an individual residing at Via De Gasperi, 27 20040 Carnate (MI) (“Faherty”) EUR
175,571 (One Hundred Seventy-Five Thousand Five Hundred Seventy One Euros) by
way of wire transfer of immediately available funds to the bank accounts of
Faherty.

Each payment becomes
effective upon bank order for such transfer being given by the Company.

The Company also promises to
pay interest (computed on the basis of a 360-day year) on such principal amount
from the date hereof to and including the date this Note is paid in full at a
rate per annum equal to 8.0%.  Interest
shall accrue on the unpaid principal amount of this Note, compounded
semi-annually, from the date of August 6, 2003. 
The unpaid principal amount of this Note shall be payable on December
31, 2010.  Accrued but unpaid interest
due under this Note shall be payable at the time of repayment of this Note.

The holder of this Note may
at its option declare the entire principal balance of this Note, together with
all accrued but unpaid interest thereon to be immediately due and payable
without presentment, demand, notice, or protest (each of which is hereby
waived) upon the occurrence of any one or more of the following events:

(a)           the filing of a petition by the
Company for relief under any applicable insolvency law;

(b)           the filing of a petition against the
Company, which remains unstayed for a period of at least sixty (60) days, for
adjudication of the Company as a bankrupt under any applicable insolvency law;

(c)           the appointment of a receiver for all
or any of the assets of the Company, and such receiver shall not have been
dismissed within sixty (60) days;

(d)           the making by the Company of a
general assignment or similar arrangement for the benefit of its creditors;

(e)           the Company admitting in writing its
inability to pay its debts as they mature; and

 

(f)            the liquidation, dissolution, or
winding up of the Company or the taking by the Company of any action in
furtherance of liquidation, dissolution or winding up.

This Note may be prepaid, in
whole or in part, at any time at the option of the Company at a price equal to
100% of the principal amount being so prepaid plus accrued and unpaid interest
on the principal amount outstanding through the date of prepayment.

Payments of principal of and
interest on this Note shall be made by wire transfer in immediately available
funds to the account specified in writing by the holder hereof to the Company
for such purpose or in such manner and at such other place as the holder hereof
shall designate in writing to the Company, in Euro.

Failure by the holder to
enforce any of its rights and remedies with respect to this Note shall not
constitute a waiver of these rights and remedies.  A waiver of one default, right or remedy
shall not constitute a waiver of any subsequent occurrence of the same or any
other default, right or remedy.

The provisions of this Note
shall be binding upon the Company and its successors and assigns, and shall
inure to the benefit of any holder of this Note.  If any provision of this Note is found
invalid or in violation of any law or ordinance, that provision shall be
severed from this Note, and shall not invalidate the remainder hereof.

This Note shall not entitle
the holder hereof to any voting rights or other rights as a shareholder of the
Company.

Each of the Company and the
holder hereof intends to comply at all times with applicable usury laws.  If at any time such laws would render
usurious any amounts due under this Note under applicable law, then it is each
of the Company’s and such holder’s express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this section shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note, and the provisions hereof shall immediately be reformed and the amounts
thereafter decreased, so as to comply with the then applicable usury law, but
so as to permit the recovery of the fullest amount otherwise due under this
Note.

This Note shall be governed
by, and construed and interpreted in accordance with, the laws of the State of
Delaware, without reference to the law of such State regarding conflicts of
laws.

 

2

 

IN WITNESS THEREOF, the
Company has caused this Note to be executed and delivered by its duly
authorised directors, as of the day and year and place first hereunder written.

 

Signed on October 26, 2006

EURAND B.V.

 

	
  /s/ WILLIAM J. JENKINS

  	
   

  	
  /s/ A. ERDELJAN

  

 

 

3

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