Document:

EXHIBIT 10.1

                           PERSONAL SERVICES AGREEMENT

This Personal Services Agreement is entered into this 20th day of April, 2005
(the "Effective Date"), by and between Integrated Biopharma, Inc., a Delaware
corporation (the "Company") having its principal place of business at 225 Long
Avenue, Hillside, New Jersey 07205, and Gregory A. Gould ("Executive").

WHEREAS, the Company desires to employ Executive pursuant to the terms and
conditions and for the consideration set forth in this Agreement and Executive
desires to enter the employ of the Company pursuant to such terms and conditions
and for such consideration;

WHEREAS, the provisions of this Agreement are a condition of Executive being
employed by Company, of Executive's having access to confidential business and
technological information and of Executive's being eligible to receive certain
benefits of the Company. This Agreement is entered into, and is reasonably
necessary, to protect confidential information and customer relationships to
which Executive may have access, and to protect the goodwill and other business
interests of the Company; and

WHEREAS, the provisions of this Agreement are also a condition to Executive's
agreement to provide personal services to the Company.

NOW THEREFORE, in consideration of the mutual promises and covenants agreed to
herein, the receipt and sufficiency of which are hereby acknowledged, the
Company and Executive agree as follows:

         1.    Position, Term, Duties, Responsibilities.
               ----------------------------------------

               (a)   Position. Executive shall be employed by the Company in the
         capacity of Senior Vice President and Chief Financial Officer to act in
         accordance with the terms and conditions hereinafter set forth.

               (b)   Duties. The Executive shall, during the term of his
         employment hereunder, devote his full normal working time, energies and
         attention to the duties of his employment, as they may be established
         from time to time by the Board of Directors of the Company (the
         "Board") and the Chief Executive Officer of the Company consistent with
         the position and office occupied by Executive.

               (c)   Term. This Agreement shall be for a term beginning on the
         Effective Date and terminating the earlier of (i) second anniversary of
         the Effective Date, or (ii) the date on which Executive's employment is
         terminated pursuant to Section 3 of this Agreement (the "Initial
         Term"); provided that, unless earlier terminated pursuant to Section 3
         of this Agreement, the Initial Term shall be automatically extended for
         additional one-year terms (each, a "Renewal Term") upon the expiration
         of the Initial Term or any such Renewal Term unless the Company or the
         Executive delivers to the other at least ninety (90) days prior to the
         expiration of the Initial Term or the then current Renewal Term, as the
         case may be, a written notice specifying that the term of the
         Executive's employment will not be renewed at the end of the Initial
         Term or such Renewal Term, as the case may be. The Initial Term or, in
         the event that the Executive's employment hereunder is earlier
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         terminated pursuant to Section 3 or renewed as provided in this Section
         1(c), such shorter or longer period, as the case may be, is hereinafter
         called the "Term."

               (d)   Other Activities. During Executive's employment with the
         Company, Executive shall devote his entire business time, attention and
         energies to the performance of his duties and functions under this
         Agreement; provided, however that nothing in this Agreement shall
         prevent Executive from: (i) serving as a director of another entity
         upon prior written approval of the Board, which shall not be
         unreasonably withheld, provided that Executive shall not so serve for
         more than one other entity at a time; (ii) managing his personal
         investments and affairs and the personal investments and affairs of any
         of his family members; (iii) acquiring any interest in any entity,
         whether or not part of a control group, that is directly or indirectly
         owned or controlled, in whole or in part, by Executive and/or one or
         more members of his family, or a partnership, trust or other entity
         held by or for the benefit of Executive and/or one or more members of
         his family, and/or (iv) performing any services for any entity that is
         directly or indirectly owned or controlled, in whole or in part, by
         Executive and/or one or more members of his family, or a partnership,
         trust or other entity held by or for the benefit of Executive and/or
         one or more members of his family; provided, however, that any service
         shall be insubstantial and shall not include any active involvement in
         the management of such entity.

         2.    Compensation, Bonuses and Benefits.
               ----------------------------------

               (a)   Base Salary. During Executive's employment with the
         Company, the Company shall pay Executive a base annual salary, (the
         "Base Salary") which at the time of the execution of this Agreement is
         Two Hundred Ten Thousand Dollars ($210,000). The Base Salary shall be
         payable in accordance with the Company's normal payroll schedule, less
         all applicable tax withholdings for state and federal income taxes,
         FICA and other deductions as required by law and/or authorized by the
         Executive. The Executive's Base Salary shall be reviewed by the Board
         no less frequently than annually to determine whether or not the same
         should be increased in light of the duties and responsibilities of the
         Executive and the performance thereof, and, if it is determined by the
         Board in its sole discretion that an increase is merited, such increase
         shall be promptly put into effect and the base salary of the Executive
         as so increased shall constitute the base salary of the Executive for
         purposes of this Agreement from and after such date.

               (b)   Incentive Compensation Program. During Executive's
         employment with the Company, the Company shall pay Executive an annual
         bonus in the amount of one percent (1%) of the Company's earnings
         excluding interest expense, federal and state income tax expense and
         benefit, minority interest income or expenses of the consolidated
         subsidiary(ies) and any deemed or actual dividends or payments
         distributed (or deemed to have been distributed) to any preferred stock
         holders or holders of convertible debt securities (determined excluding
         bonuses to employees paid by the Company), ("EBIT") as determined based
         upon the Company's year-end audited financial statements (the "Annual
         Bonus"). The Annual Bonus for any one year will not exceed an amount
         equal to seventy-five percent (75%) of Executive's Base Salary. The
         Annual Bonus shall be payable to Executive within fifteen (15) days
         following the completion of the year-end audit.

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               (c)   Stock Options. At the Effective Date, the Company shall
         grant Executive stock options, which to the extent allowable by
         applicable law shall be Incentive Stock Options, as defined in the
         Internal Revenue Code of 1986, as amended, to purchase 125,000 shares
         of the Company's $.002 par value common stock with an exercise price
         equal to the closing price of the common stock as reported by the
         American Stock Exchange on the Effective Date, or if such date is not a
         date on which such stock is traded, the last day such stock was traded,
         per share (the "Stock Options"). Subject to the provisions of Section 3
         of this Agreement, Executive's Stock Options shall vest on the first
         anniversary of the Effective Date, provided the Executive remains
         employed by the Company. The grant of the Stock Options is conditioned
         upon Executive's execution of the Company's stock option agreement (the
         "Stock Option Agreement") and is subject to its terms and the terms of
         the Company's 2001 Stock Incentive Plan.

               (d)   Benefits. Executive shall also be entitled to participate
         in such employee benefit plans, other than the Company's bonus plans
         and other incentive compensation plans, that the Company provides or
         may establish from time to time for the benefit of senior officers of
         the Company, subject to the terms of each such plan and subject to the
         right of the Company and the Board to modify, revise or eliminate such
         benefit plans from time to time in their sole discretion. Executive
         shall pay for the portion of the cost of such benefits as is from
         time-to-time established by Company as the portion of such cost to be
         paid by senior officers of Company.

               (e)   Automobile Allowance. The Company shall pay Executive an
         automobile allowance of $1,000 per month, payable with the first
         monthly payment of Base Salary.

               (f)   Costs and Expenses. Executive shall be entitled to
         reimbursement for all ordinary reasonable out-of-pocket business
         expenses which are reasonably incurred by him in the furtherance of the
         Company's business, in accordance with the policies adopted from time
         to time by the Company or the Board. Executive will comply with the
         Company's written travel policies as established from time to time by
         the Company or the Board.

               (g)   Vacation. During the Term, Executive shall be entitled to
         three weeks of paid vacation per year so long as the absence of
         Executive does not interfere in any material respect with the
         performance by Executive of Executive's duties hereunder. Executive
         will use his best efforts to schedule vacation periods to minimize
         disruption of the Company's business.

         3.    Termination.
               -----------

               (a)   Mutual Agreement. Executive's employment under this
         Agreement may be terminated at any time by the mutual agreement of the
         Company and Executive, expressed in writing.

               (b)   Voluntary. Executive's employment under this Agreement may
         be terminated by Executive with or without the consent of the Company
         by giving written notice of his intent to terminate with the effective
         date of termination at least forty-five

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         (45) days after the effective date of the notice of termination. After
         such notice the Company may accelerate the date such termination will
         take effect pursuant to this paragraph (b) without being in breach
         hereof.

               (c)   Without Cause. The Company may terminate Executive's
         employment under this Agreement at any time without Cause effective
         immediately upon delivery of written notice to Executive.

               (d)   Disability or Death. The Company may terminate Executive's
         employment under this Agreement upon the death or disability of
         Executive. For purposes of this Agreement, Executive shall be
         considered disabled if he is unable to perform his duties under this
         Agreement as a result of injury, illness or other disability for a
         period of ninety (90) consecutive days, or one hundred eighty (180)
         days in any three hundred sixty-five (365) day period, and the Board
         reasonably determines that Executive has been unable to perform his
         duties for the ninety (90) or the one hundred eighty (180) day period,
         as applicable, as a result of injury, illness or other disability.

               (e)   For Cause by the Company. The Company may terminate
         Executive's employment under this Agreement for "Cause", as defined
         below, effective immediately upon delivery of written notice to
         Executive. "Cause" shall mean:

                     (i)    Willful misfeasance or nonfeasance of duty by
               Executive intended to injure or having the effect of injuring in
               some material fashion the reputation or business of the Company;

                     (ii)   Conviction of Executive with respect to a felony or
               any crime involving moral turpitude, in either case which could
               reflect in some material fashion unfavorably upon the Company;

                     (iii)  Willful or prolonged absence from work by Executive
               (other than by reason of disability due to physical or mental
               illness) without the same being corrected upon ten (10) days
               written notice; or

                     (iv)   If Executive materially violates any term of this
               Agreement and such action or failure is not substantially
               remedied within thirty (30) days of written notice from the
               Company to Executive.

               (f)   Termination After Change of Control. Executive may
         terminate his employment within ninety (90) days after a Change of
         Control upon two weeks prior written notice to the Company.

                     (i)    "Change of Control" shall mean the occurrence of one
               or more of the following:

                            (1)   any person (as defined in Sections 3(a)(9) and
                     13(d)(3) of the Securities Exchange Act of 1934), other
                     than a person who is an existing stockholder of the
                     Company, directly or indirectly, becomes the

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                     "beneficial owner" (as defined in Rule 13d-3 promulgated
                     pursuant to such Securities Exchange Act) of 50% or more of
                     the Voting Stock;

                            (2)   a complete liquidation or dissolution of the
                     Company other than a liquidation or dissolution occurring
                     after any of the following transactions: the merger or
                     consolidation of the Company with an Affiliate, the
                     transfer of 50% or more of the Voting Stock of the Company
                     to an Affiliate or Affiliates or the sale or other transfer
                     of all or substantially all of the assets of the Company to
                     an Affiliate or Affiliates;

                            (3)   the sale of all or substantially all of the
                     Company's assets to a single purchaser or group of
                     affiliate purchasers, other than any Affiliate or
                     Affiliates, in one or a series of related transactions; or

                            (4)   the Company engages in a merger or
                     consolidation with another entity other than an affiliate
                     of the Company and immediately after that merger or
                     consolidation, the persons or entities which were
                     stockholders of the Company immediately prior to that
                     merger or consolidation hold, directly or indirectly, less
                     than 50% of the Voting Stock of the surviving entity.

                     (ii)   "Affiliate" shall mean any corporation, partnership,
               trust or other entity of which the Company and/or any of its
               Affiliates directly or indirectly owns a majority of the
               outstanding shares of any class of equity security of such
               corporation, partnership, trust or other entity and any
               corporation, partnership, trust or other entity which directly or
               indirectly owns a majority of the outstanding shares of any class
               of equity security of the Company or any of its Affiliates.

                     (iii)  "Voting Stock" shall mean, with respect to a
               corporation, the capital stock of any class or classes of that
               corporation having general voting power under ordinary
               circumstances, in the absence of contingencies, to elect
               directors of such corporation and, with respect to any other
               entity, the securities of that entity having such general voting
               power to elect the members of the managing body of that entity.

               (g)   For Good Reason by the Executive. Executive may terminate
         his employment under this Agreement for "Good Reason." For purposes of
         this Agreement, "Good Reason" shall mean any action on the part of the
         Company not consented to by the Executive in writing (which action
         shall not have been cured within 20 days following written notice from
         the Executive to the Board of Directors of the Company specifying that
         such action will give rise to a termination of the Executive's
         employment hereunder for Good Reason) having the following effect or
         effects: (i) a material reduction or degradation of Executive's
         reporting relationship, job duties, title, responsibilities or
         requirements that is inconsistent with the position or positions listed
         in Section 1(a) and the Executive's prior reporting relationship,
         duties, responsibilities or requirements; (ii) a reduction in
         Executive's salary then in effect, other than a reduction comparable to

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         reductions generally applicable to similarly situated employees of the
         Company; (iii) the relocation of Executive to a facility or location
         more than 50 miles from Boulder, Colorado; or (iv) a material breach of
         this Agreement by the Company.

         4.    Payments at Termination.
               -----------------------

               (a)   Without Cause; For Good Reason; Change of Control. Upon
         termination of Executive's employment under this Agreement (i) by the
         Company under Section 3(c) titled "Without Cause," (ii) by Executive
         under Section 3(g) titled "For Good Reason by the Executive," or (iii)
         by Executive under Section 3(f) titled "Termination After Change of
         Control," Executive shall receive monthly payments equal to his Base
         Salary prior to termination ("Applicable Base Salary") for a period of
         twelve (12) months following such termination, provided that in no
         event will the Executive receive such monthly payments extending beyond
         the later of the end of the Initial Term or the then-current Renewal
         Term, as applicable. In any case Executive shall receive all accrued
         compensation and unreimbursed expenses to the date of expiration or
         termination as provided herein, and the Company shall continue to pay
         all benefits payable under Section 2(d) for such twelve-month period.
         The monthly payments provided for in this Section 4(a) shall be paid in
         accordance with the Company's normal payroll schedule, less applicable
         tax withholdings for state and federal taxes and other deductions
         required by law and shall not be reduced by compensation the Executive
         may receive from other sources.

               (b)   Death or Disability. If the Company terminates Executive's
         employment under this Agreement due to death or disability, under
         Section 3(d) titled "Disability or Death," Executive or his estate
         shall not be entitled to any further payments except (i) unreimbursed
         expenses to the date of termination as provided herein, (ii) any
         accrued but unpaid compensation and benefits through the date of
         termination pursuant to Section 4(d), and (iii) in the case of
         disability, the disability payments provided for by the Company's
         disability insurance policy.

               (c)   Mutual, Voluntary or For Cause. If Executive terminates his
         employment under this Agreement without cause under Section 3(b),
         titled "Voluntary", or if this Agreement is terminated under Section
         3(a), titled "Mutual Agreement," or if this Agreement is terminated by
         the Company under Section 3(e) titled "For Cause by the Company,"
         Executive shall not be entitled to any further payments except
         unreimbursed expenses to the date of termination as provided herein and
         any accrued compensation and benefits through the date of termination
         as provided in Section 4(d).

               (d)   Payments Upon Termination. In each of the foregoing cases,
         termination is the date of actual termination, not the date notice of
         termination is given. Other than payments owing under a provision
         providing for payments at a different time, all payments for accrued
         unpaid monthly compensation shall be made within ten (10) days after
         the end of the month following the month in which termination occurred
         and all payments for reimbursement shall be made within forty-five (45)
         days after the end of the month following the month in which
         termination occurred. In the event Executive's employment is terminated
         upon expiration of the Term as provided in Section 1(c), the

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         Company shall have no obligation to pay Executive or provide Executive
         with benefits of any kind beyond such date or the date specified in the
         notice of termination.

               (e)   Vesting of Stock Options upon Certain Terminations. If (i)
         the Company terminates Executive's employment under Section 3(c) titled
         "Without Cause," or (ii) the Executive terminates employment under
         Section 3(g) titled "For Good Reason by the Executive," then the
         Company shall cause 100% of Executive's unvested Stock Options to
         immediately vest effective on the termination date and the Executive
         will have 12 months to exercise the options vested under the provisions
         of this Section 4(e). In addition, in the event of a Change in Control,
         the Company shall cause 100% of Executive's unvested Stock Options to
         immediately vest effective one business day immediately prior to the
         effective date of the Change in Control. Company hereby agrees that the
         Stock Option Agreement will include language with regard to the vesting
         of Executive's unvested Stock Options in accordance with the terms of
         this Section 4(e).

               (f)   Bonus Payment Upon Termination. Unless specified otherwise
         in any bonus plan or bonus agreement, if termination occurs during a
         bonus period pursuant to (i) Section 3(c) titled "Without Cause," (ii)
         Section 3(g) titled "For Good Reason by the Executive" or (iii) Section
         3(f) "Termination After Change of Control," Executive shall be entitled
         to receive a bonus equal to the amount determined by multiplying (x)
         the sum of (A) the Company's EBIT (as defined in Section 2(b)), as
         determined based upon the financial statements contained in the
         Company's most current Quarterly Report on Form 10-Q filed with the
         Securities and Exchange Commission (such quarterly period, the "Current
         Quarter," and such EBIT, the "Current Quarter EBIT") multiplied by the
         number of quarters remaining in the then-current year, including the
         Current Quarter, plus (B) the EBIT determined based upon the financial
         statements contained in the Company's Quarterly Report(s) on Form 10-Q
         filed with the Securities and Exchange Commission for all prior
         quarterly periods in such fiscal year by (y) the number of calendar
         days in the then current bonus period which have elapsed at the date of
         termination and dividing such product by (z) 365. Unless specified
         otherwise in any such bonus plan or bonus agreement, if Executive is
         terminated "For Cause by the Company" (Section 3(e)) or pursuant to
         Section 3(d) titled "Disability or Death", or Executive terminates
         without Cause (Section 3(c)) or Executive after termination violates a
         confidentiality or covenant not to compete agreement with the Company,
         its parent (if any) or a direct or indirect Company subsidiary or
         affiliate, then the Company shall have no obligation to pay any earned
         or unearned bonus or the payments described in the first sentence of
         Section 4(a) hereof.

               (g)   Exclusive Rights Upon Termination. The foregoing rights in
         this Section 4 are Executive's exclusive rights to payment from the
         Company in the event of termination of this Agreement except for
         amounts which the Company is required to pay under applicable statute
         or regulation, payments under insurance policies, and payments owing
         under other written agreement(s) (if any) between the Company and
         Executive.

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         5.    Termination Obligations of Executive.
               ------------------------------------

               (a)   Return of the Company's Property. Executive hereby
         acknowledges and agrees that all personal property, including, without
         limitation, all books, manuals, records, reports, notes, contracts,
         lists, files, disks and other media with Company information,
         blueprints, and other documents, or materials, or copies thereof, and
         equipment furnished to or prepared by Executive in the course of or
         incident to Executive's employment, belong to the Company and shall be
         promptly returned to the Company upon termination of Executive's
         employment.

         6.    Non-Competition.
               ---------------

               (a)   Executive covenants and agrees with the Company that so
         long as he is employed by the Company and for a period of 6 months
         after termination of Executive's employment, provided that either (i)
         Executive's termination is "Voluntary", as described in Section 3(b);
         (ii) Executive is terminated under Section 3(a), titled "Mutual
         Agreement;" or (iii) this Agreement is terminated by the Company under
         Section 3(e) titled "For Cause by the Company," Executive will not
         engage in any business, trade or other enterprise that is a Competitive
         Business (as defined herein), extend credit to or assist in arranging
         credit to establish or conduct any Competitive Business, or permit his
         name, reputation or affiliations to be used in connection with any
         Competitive Business. Notwithstanding the provisions of this Section
         6(a), Executive shall not be prohibited from: (i) providing investment
         management services with respect to its own assets or the assets of the
         members of his immediate family; (ii) directly or indirectly purchasing
         less than five percent (5%) of any class of publicly traded securities
         of any issuer; or (iii) taking any action otherwise prohibited by this
         Section 6(a) if consented to, approved or otherwise permitted by the
         Board in writing. For purposes of this Agreement, only the companies
         identified on Schedule 1, attached hereto, shall be considered a
         "Competitive Business."

               (b)   During the time of Executive's employment and for the
         longer of (i) 12 months after termination of Executive's employment for
         any reason or (ii) the period during which any payments are made to
         Executive or for his benefit following termination of his employment
         pursuant to Section 4 of this Agreement, without the express, prior
         written consent of the Board, Executive shall not directly or
         indirectly engage in any of the following conduct:

                     (i)    request, solicit, induce or attempt to influence any
               current or future officer, employee, consultant, agent or
               representative of the Company (including its affiliates) to
               terminate their employment or business relationship with the
               Company (including its affiliates); or

                     (ii)   request, solicit, induce or attempt to influence any
               current or prospective client of the Company (including its
               affiliates) to withdraw, curtail, limit or cancel its business
               with the Company (including its affiliates) or to redirect its
               business to an entity that competes with the Company (including
               its affiliates). Notwithstanding the foregoing, this restriction
               shall not apply to any

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               person or entity who is no longer a customer at the time of any
               such solicitation by Executive.

         7.    Confidentiality.
               ---------------

               (a)   Confidential Information. Executive acknowledges that he
         has had and will have access to certain information related to the
         business, operations, future plans and customers of the Company, the
         disclosure or use of which could cause the Company substantial losses
         and damages. Accordingly, Executive covenants that during the term of
         his employment with the Company and thereafter he will keep
         confidential all information and documents furnished to him by or on
         behalf of the Company and not use the same to his advantage, except to
         the extent such information or documents are lawfully obtained from
         other sources on a non-confidential (as to the Company) basis or are in
         public domain through no fault on his part or is consented to in
         writing by the Company.

               (b)   Innovations, Patents, and Copyrights. Executive agrees to
         promptly disclose, in writing, all Innovations to the Company.
         Executive further agrees to provide all assistance requested by the
         Company, at its expense, in the preservation of its interests in any
         Innovations (as hereinafter defined), and hereby assigns and agrees to
         assign to the Company all rights, title and interest in and to all
         worldwide patents, patent applications, copyrights, trade secrets and
         other intellectual property rights or "Moral Rights" in any Innovation.
         Furthermore, during the term of this Agreement, the Company may, with
         Executive's written permission (such permission not to be unreasonably
         withheld), use Executive's name and image as appropriate in the conduct
         of its business.

                     (i)    "Innovations" shall mean all developments,
               improvements, designs, original works of authorship, formulas,
               processes, software programs, databases, and trade secrets,
               whether or not patentable, copyrightable or protectable as trade
               secrets, that Executive by himself or jointly with others,
               creates, modifies, develops, or implements during the period of
               Executive's employment which relate in any way to the Company's
               business. The term Innovations shall not include Innovations
               developed entirely on Executive's own time without using the
               Company's equipment, supplies, facilities or Confidential
               Information, and which neither relate to the Company's business,
               nor result from any work performed by or for the Company.

         8.    Right to Injunctive Relief. Executive agrees and acknowledges
that a violation of the covenants contained in Sections 5, 6 and 7 of this
Agreement will cause irreparable damage to the Company, and that it is and may
be impossible to estimate or determine the damage that will be suffered by the
Company in the event of a breach by Executive of any such covenant. Therefore,
Executive further agrees that in the event of any violation or threatened
violation of such covenants, the Company shall be entitled as a matter of course
to an injunction out of any court of competent jurisdiction restraining such
violation or threatened violation by Executive, such right to an injunction to
be cumulative and in addition to whatever other remedies the Company may have.

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         9.    Exclusion of Property of Others. Executive will not bring to the
Company or use in the performance of his duties any documents or materials of a
former employer that are not generally available to the public or that have not
been legally transferred to the Company.

         10.   Use of Executive's Likeness. For so long as Executive is employed
by the Company, Executive authorizes the Company to use, reuse and to reasonably
grant others the right to use and reuse without additional compensation,
Executive's name, photograph, likeness (including caricature), voice and
biographical information and any reproduction or simulation thereof in any media
now known or hereafter developed, for valid business purposes of the Company.

         11.   Legal Expenses. Within thirty (30) days of the Effective Date,
Company shall pay Executive's reasonable attorneys' fees incurred by Executive
in the preparation and negotiation of this Agreement.

         12.   Integration. This Agreement and any exhibits attached hereto
shall constitute the entire Agreement relating to the employment of Executive.

         13.   Unenforceability. If any Section of this Agreement or any part
thereof shall be unenforceable under any applicable laws, notwithstanding such
unenforceability the remainder of this Agreement shall remain in full force and
effect.

         14.   Binding. This Agreement shall inure to the benefit of and be
binding upon, the Company and its affiliates and subsidiaries.

         15.   Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New Jersey, excluding
laws on choice of laws.

         16.   Litigation. Any litigation regarding this Agreement shall only be
brought and heard in the federal or state courts located in (a) if such
litigation is brought by the Company, Denver, Colorado and (b) if such
litigation is brought by Executive, Newark, New Jersey, and no transfer of venue
outside of such applicable area shall be permitted.

         17.   Survival. Terms which by their terms or sense are to survive
termination hereof shall so survive.

         18.   Notice. Any notice, request, instruction or other document to be
given hereunder by a party hereto shall be in writing and shall be deemed to
have been given, (a) upon delivery if given in person or by courier or a courier
service, (b) the next business day following deposit with a nationally
recognized overnight delivery service, (c) on the date of transmission, or if
such date is not a business day the next business day following the date of
transmission if sent by confirmed facsimile or other wire transmission or (d)
four business days after being deposited in the U.S. mail, as certified or
registered mail, postage prepaid, addressed as follows:

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               if to the Company, to:

                     Integrated Biopharma, Inc.
                     225 Long Avenue
                     Hillside, New Jersey 07205
                     Attention:  Chief Executive Officer
                     Fax:  (973) 926-1735

               if to the Executive, to:

                     Gregory A. Gould
                     7513 Blue Water Court
                     Fort Collins, Colorado 80525

               with a copy to:

                     Morrison & Foerster LLP
                     5200 Republic Plaza
                     370 Seventeenth Street
                     Denver, Colorado 80202
                     Attention: Warren L. Troupe, Esq.

or to such other individual or address as a party hereto may designate for
itself by notice given as herein provided.

         19.   Executive Acknowledgment. The parties acknowledge (a) that they
have consulted with or have had the opportunity to consult with independent
counsel of their own choice concerning this Agreement, and (b) that they have
read and understand the Agreement, are fully aware of its legal effect, and have
entered into it freely based on their own judgment and not on any
representations or promises other than those contained in this Agreement.
Executive expressly acknowledges that his counsel also represents the Company,
and Executive expressly represents that he will not assert any claims against
the Company, its officers, directors or agents, alleging in any manner that he
was inadequately represented by counsel or that his counsel had a conflict of
interest that prevented such counsel from properly advising or representing
Executive in all matters associated with the negotiation of this Agreement.
Executive expressly waives, holds harmless and covenants not to sue the Company,
its officers, directors or agents, from any and all claims, demands, causes of
action, judgments and damages arising out of, relating to or alleged to have
resulted from any real or perceived inadequate representation or conflict of
interest involving his counsel.

                                       11
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Personal Services
Agreement as of the Effective Date.

                                              INTEGRATED BIOPHARMA, INC.

                                              By:
                                                  ------------------------------
                                                  Name:
                                                       -------------------------
                                                  Title:
                                                       -------------------------

                                               EXECUTIVE

                                               ---------------------------------
                                               Gregory A. Gould

                                       12EXHIBIT 10.4

                                 AMENDMENT NO. 6
                           TO THE AMENDED AND RESTATED
                       MASTER LOAN AND SECURITY AGREEMENT

            Amendment No. 6, dated as of September 27, 2004 (this "Amendment"),
to the Amended and Restated Master Loan and Security Agreement, dated as of
November 26, 2003 (as amended, restated, supplemented or otherwise modified
prior to the date hereof, the "Existing Loan Agreement"; as amended, hereby and
as further amended, restated, supplemented or otherwise modified and in effect
from time to time, the "Loan Agreement"), by and among American Home Mortgage
Corp. ("AHMC"), AMERICAN HOME MORTGAGE INVESTMENT CORP. ("AHM Investment"),
AMERICAN HOME MORTGAGE HOLDINGS, INC. ("AHM Holdings"), AMERICAN HOME MORTGAGE
ACCEPTANCE, INC. ("AHM Acceptance"), and AMERICAN HOME MORTGAGE SERVICING, INC.,
formerly known as Columbia National, Incorporated ("AHM Servicing" and together
with AHMC, AHM Investment, AHM Holdings and AHM Acceptance, collectively, the
"Borrowers", each, a "Borrower"), the lenders from time to time parties thereto
(the "Lenders") and Morgan Stanley Bank, as agent for the Lenders (in such
capacity, the "Agent"). Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Existing Loan Agreement.

                                    RECITALS

            The Borrowers have requested that the Lenders agree to amend the
Existing Loan Agreement to extend the Termination Date from September 30, 2004
to September 26, 2005 and to effect certain other changes, as set forth in this
Amendment. The Lenders are willing to agree to such amendment, but only on the
terms and subject to the conditions set forth herein.

            NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Borrowers, the Lenders and the Agent hereby agree as follows:

            SECTION 1. Amendments.

            (a) The table of contents in the Existing Loan Agreement is hereby
amended by adding in proper numerical order the following reference to Schedule
8:

                "Schedule 8 Leverage Calculations"

            (b) Section 1.01 of the Existing Loan Agreement is hereby amended by
inserting in proper alphabetical order the following new defined terms:

                "'Recognized Assets' shall mean, at any time, the total amount
         of recognized assets of the Borrowers, determined in accordance with
         the calculations set forth in respect thereof on Schedule 8 hereto."

                "'Sixth Amendment' shall mean that certain Amendment No. 6 and
         Agreement, dated as of September 27, 2004, by and among the Borrowers,
         the Lender and the Agent."

<PAGE>

                "'Sixth Amendment Effective Date' shall mean the "Amendment
         Effective Date", as defined in the Sixth Amendment."

                "'Total Liabilities' shall mean, at any time, the total amount
         of liabilities of the Borrowers, determined in accordance with GAAP on
         a consolidated basis."

            (c) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of "Applicable Collateral Percentage" in its entirety
and substituting in lieu thereof the following new definition:

                "'Applicable Collateral Percentage' shall mean, with respect to
         each Eligible Mortgage Loan, the applicable collateral percentage set
         forth in the chart below opposite the applicable type of Mortgage Loan:

            -------------------------------------------------------------------
                  Type of Mortgage Loan       Applicable Collateral Percentage
            -------------------------------------------------------------------
              Agency Eligible Mortgage Loan                98.0%
               Alternate 'A' Mortgage Loan                 97.0%
             Conduit Eligible Mortgage Loan                97.0%
               Interest-Only Mortgage Loan                 97.0%"
            -------------------------------------------------------------------

            (d) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of "Applicable Margin" in its entirety and substituting
in lieu thereof the following new definition:

                "'Applicable Margin' shall mean 70 basis points (0.70%) per
         annum."

            (e) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting clause (i) from the definition of "Collateral Value" in its entirety
and substituting in lieu thereof the following new clause (i):

                "(i) The aggregate Collateral Value of all Alternate 'A'
         Mortgage Loans included in the Borrowing Base at any time shall not
         exceed 40% of the Maximum Credit at such time;"

            (f) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting clause (iii) from the definition of "Collateral Value" in its entirety
and substituting in lieu thereof the following new clause (iii):

                "(iii) The aggregate Collateral Value of all Interest-Only
         Mortgage Loans with an LTV greater than 80% and less than or equal to
         95% included in the Borrowing Base at any time shall not exceed
         $50,000,000;"

            (g) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of "Termination Date" in its entirety and substituting
in lieu thereof the following new definition:

                                      -2-
<PAGE>

                "'Termination Date' shall mean September 26, 2005 or such
         earlier date on which this Loan Agreement shall terminate in accordance
         with the provisions hereof or by operation of law."

            (h) Section 3.04 of the Existing Loan Agreement is hereby deleted in
its entirety and the following shall be inserted in lieu thereof:

                "3.04 Minimum Usage Fee. If, as tested on the first Business Day
         of each fiscal quarter, the average principal balance of the Loans
         outstanding hereunder ("Average Usage") during the immediately
         preceding fiscal quarter shall be an amount less than $120,000,000, the
         Borrowers hereby agree to pay to the Agent, for the account of the
         Lenders, a minimum usage fee ("Minimum Usage Fee"), computed at the
         rate of 70 basis points (0.70%) per annum on the amount equal to the
         difference between the Maximum Credit and the Average Usage, in each
         case payable quarterly in arrears on the first Business Day of the
         following fiscal quarter and on the Termination Date, such payment to
         be made in dollars in immediately available funds, without deduction,
         set-off or counterclaim, to the Agent at the account set forth in
         Section 3.01(a) hereof."

            (i) Section 6.01 of the Existing Loan Agreement is hereby deleted in
its entirety and the following shall be inserted in lieu thereof:

                "6.01 Legal Name. On the Sixth Amendment Effective Date, the
         exact legal name of the each Borrower is, and during the four months
         immediately preceding the date hereof, such name has been,
         respectively, American Home Mortgage Corp., American Home Mortgage
         Investment Corp., American Home Mortgage Holdings, Inc., American Home
         Mortgage Acceptance, Inc. and in the case of AHM Servicing such legal
         name is American Home Mortgage Servicing, Inc. on the date hereof and
         has also been Columbia National, Incorporated during the four months
         immediately preceding the Sixth Amendment Effective Date; and no
         Borrower has used any previous names, assumed names or trade names
         except as set forth on Schedule 4 attached hereto."

            (j) Section 7.08 of the Existing Loan Agreement is hereby deleted in
its entirety and the following shall be inserted in lieu thereof:

                "7.08 Reports.

                (a) The Borrowers shall provide the Agent with a monthly
         production report, which shall include a summary of all loans closed by
         the Borrowers and all loan applications approved by the Borrowers
         during the preceding calendar month."

                (b) The Borrowers shall provide the Agent with a quarterly
         report, which report shall include, among other items, a summary of the
         Borrower's delinquency and loss experience with respect to mortgage
         loans serviced by the Borrowers, any Servicer or any designee of
         either, plus any such additional reports as the Agent may reasonably
         request with respect to the Borrowers' or any Servicer's servicing
         portfolio or pending originations of mortgage loans."

            (k) Section 8(p) of the Existing Loan Agreement is hereby deleted in
its entirety and the following shall be inserted in lieu thereof:

                                      -3-
<PAGE>

                "Tangible Net Worth of AHM Investment shall at any time be less
         than the sum of $500,000,000 plus 50% of net proceeds from the issuance
         of any equity securities of AHM Investment or any of AHM Investment's
         consolidated Subsidiaries."

            (l) Section 8(q) of the Existing Loan Agreement is hereby deleted in
its entirety and the following shall be inserted in lieu thereof:

                  "The amount of Recognized Assets shall at any time be less
      than the amount of Total Liabilities."

            (m) The Existing Loan Agreement is hereby amended by deleting
Schedule 3 to the Existing Custodial Agreement in its entirety and substituting
in lieu thereof the Schedule 3 attached hereto.

            (n) The Existing Loan Agreement is hereby amended by deleting
Schedule 4 to the Existing Custodial Agreement in its entirety and substituting
in lieu thereof the Schedule 4 attached hereto.

            (o) The Existing Loan Agreement is hereby amended by inserting in
proper numerical order Schedule 8 attached hereto.

            SECTION 2. Conditions Precedent. This Amendment and its provisions
shall become effective on the first date (the "Amendment Effective Date") on
which all of the following conditions precedent shall have been satisfied, and
upon satisfaction of such conditions precedent the Amendment Effective Date
shall be the date of this Amendment:

            2.1 Delivered Documents. On or before the Amendment Effective Date,
the Agent shall have received the following documents, each of which shall be
satisfactory to the Agent in form and substance:

            (a) Amendment. This Amendment, executed and delivered by a duly
authorized officer of each of the Borrowers, the Lenders and the Agent;

            (b) Amendment to Custodial Agreement. An amendment to the Custodial
Agreement providing for a revised Annex 1, executed and delivered by a duly
authorized officer of each of the Borrowers, the Custodian and the Agent;

            (c) Secretary's Certificates of Borrowers. A certificate of the
Secretary or Assistant Secretary of each Borrower, substantially in the form of
Exhibit A hereto, dated as of the date hereof, and

                (i) attaching certificates dated as of a recent date from the
         Secretary of State or other appropriate authority, evidencing the good
         standing of such Borrower in the jurisdiction of its organization,

                (ii) attaching a copy of the resolutions, in form and substance
         satisfactory to the Agent, of the Board of Directors of such Borrower
         authorizing (A) the execution, delivery and performance of this
         Amendment, and (B) the borrowings contemplated under the Loan
         Agreement,

                                      -4-
<PAGE>

                (iii) attaching certified copies of the charter and by-laws (or
         equivalent documents) and all amendments thereto of such Borrower,
         which are in full force and effect as of the date hereof, and

                (iv) certifying as to the incumbency and specimen signature of
         each officer executing this Amendment;

            (d) Legal Opinions. Legal opinions of counsel to the Borrowers; and

            (e) Other Documents. Such other documents as the Agent or counsel to
the Agent may reasonably request.

            2.2 Facility Fee. On or before the Amendment Effective Date, the
Agent shall have received for the account of the Lenders payment from the
Borrowers of an amount equal to 10 basis points (0.10%) times the Maximum
Credit, such payment to be made in Dollars, in immediately available funds,
without deduction, set-off or counterclaim, to the account specified in Section
3.01(a) of the Loan Agreement.

            2.3 Consents, Licenses, Approvals, etc. On or before the Amendment
Effective Date, the Agent shall have received copies certified by the Borrowers
of all consents, licenses and approvals, if any, required in connection with the
execution, delivery and performance by the Borrowers of, and the validity and
enforceability of, the Loan Documents, which consents, licenses and approvals
shall be in full force and effect.

            2.4 No Default. On the Amendment Effective Date, upon giving effect
to the provisions hereof and other than as subject to the Waiver, (i) each
Borrower shall be in compliance with all the terms and provisions set forth in
the Existing Loan Agreement and the other Loan Documents on its part to be
observed or performed, (ii) the representations and warranties made and restated
by each Borrower pursuant to Section 3 of this Amendment shall be true and
complete on and as of such date with the same force and effect as if made on and
as of such date, and (iii) no Default or Event of Default shall have occurred
and be continuing on such date.

            SECTION 3. Representations and Warranties. Each Borrower hereby
represents and warrants to the Agent and the Lenders, as of the date hereof and
as of the Amendment Effective Date, that, upon giving effect to the provisions
hereof and other than as subject to the Waiver, it is in compliance with all the
terms and provisions set forth in the Loan Documents on its part to be observed
or performed, and that no Default or Event of Default has occurred or is
continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 6 of the Loan Agreement.

            SECTION 4. Limited Effect. Except as expressly amended and modified
by this Amendment, the Existing Loan Agreement and each of the other Loan
Documents shall continue to be, and shall remain, in full force and effect in
accordance with its respective terms; provided, however, that upon the Amendment
Effective Date, each reference therein and herein to the "Loan Documents" shall
be deemed to include, in any event, this Amendment and each reference to the
"Loan Agreement" in any of the Loan Documents shall be deemed to be a reference
to the Loan Agreement as amended hereby.

                                      -5-
<PAGE>

            SECTION 5. Counterparts. This Amendment may be executed by each of
the parties hereto on any number of separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this
Amendment in Portable Document Format (PDF) or by facsimile transmission shall
be effective as delivery of a manually executed original counterpart thereof.

            SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                               [SIGNATURES FOLLOW]

<PAGE>

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

                                       BORROWERS
                                       ---------

                                       AMERICAN HOME MORTGAGE CORP.

                                       By:  /s/ Craig Pino
                                          ------------------------------------
                                          Name:  Craig Pino
                                          Title: SVP

                                       AMERICAN HOME MORTGAGE INVESTMENT CORP.

                                       By:  /s/ Craig Pino
                                          ------------------------------------
                                          Name:  Craig Pino
                                          Title: SVP

                                       AMERICAN HOME MORTGAGE HOLDINGS, INC.

                                       By:  /s/ Craig Pino
                                          ------------------------------------
                                          Name:  Craig Pino
                                          Title: SVP

                                       AMERICAN HOME MORTGAGE ACCEPTANCE, INC.

                                       By:  /s/ Craig Pino
                                          ------------------------------------
                                          Name:  Craig Pino
                                          Title: SVP

                                       AMERICAN HOME MORTGAGE SERVICING, INC.
                                          (f/k/a Columbia National,
                                          Incorporated)

                                       By:  /s/ Craig Pino
                                          ------------------------------------
                                          Name:  Craig Pino
                                          Title: SVP

                                 AMENDMENT NO. 6

<PAGE>

                                       AGENT AND LENDER
                                       ----------------

                                       MORGAN STANLEY BANK

                                       By:  /s/ Paul Najarian
                                          ------------------------------------
                                          Name: Paul Najarian
                                          Title: Vice President

                                 AMENDMENT NO. 6

<PAGE>

                                                                       Exhibit A
                                                                       ---------

                         Form of Secretary's Certificate

            Pursuant to Section 2.1(c) of that certain Amendment No. 6, dated as
of September 27, 2004 (the "Sixth Amendment"), to the Amended and Restated
Master Loan and Security Agreement, dated as of November 26, 2003 (as amended,
restated, supplemented or otherwise modified prior to the date hereof, the
"Existing Loan Agreement"; as amended by the Sixth Amendment and as further
amended, restated, supplemented or otherwise modified and in effect from time to
time, the "Loan Agreement"; capitalized terms used but not otherwise defined
herein shall have the meanings assigned thereto by the Loan Agreement), by and
among AMERICAN HOME MORTGAGE CORP. ("AHMC"), AMERICAN HOME MORTGAGE INVESTMENT
CORP. ("AHM Investment"), AMERICAN HOME MORTGAGE HOLDINGS, INC. ("AHM
Holdings"), AMERICAN HOME MORTGAGE ACCEPTANCE, INC. ("AHM Acceptance"), and
AMERICAN HOME MORTGAGE SERVICING, INC., formerly known as Columbia National,
Incorporated ("AHM Servicing" and together with AHMC, AHM Investment, AHM
Holdings and AHM Acceptance, collectively, the "Borrowers", each, a "Borrower"),
the lenders from time to time parties thereto (the "Lenders") and MORGAN STANLEY
BANK, as agent for the Lenders (in such capacity, the "Agent"), the undersigned
hereby certifies on behalf of [AHMC / AHM Investment / AHM Holdings / AHM
Acceptance / AHM Servicing] (the "Specified Borrower") as follows:

            (a) Attached hereto as "Annex A" is an original certificate dated as
of a recent date from the Secretary of State or other appropriate authority
evidencing the good standing of the Specified Borrower in its jurisdiction of
organization;

            (b) Attached hereto as "Annex B" is a true, correct and complete
copy of the resolutions of the Specified Borrower, together with any and all
amendments thereto, authorizing the execution, delivery and performance of the
Sixth Amendment and the borrowings contemplated under the Loan Agreement, such
resolutions having not been amended, modified, revoked or rescinded, and the
same being in full force and effect in the attached form as of the date hereof;

            (c) Attached hereto as "Annex C" is a true, correct and complete
copy of the Certificate of Incorporation of the Specified Borrower and all
amendments thereto, which is in full force and effect in the attached form as of
the date hereof, and no amendment or other document relating to or affecting the
Certificate of Incorporation has been filed with the Secretary of State of the
State of Delaware since ___________, 20__, and no action has been taken by the
Specified Borrower, its stockholders or directors in connection with the filing
of such amendment or other document;

            (d) Attached hereto as "Annex D" is a true, correct and complete
copy of the By-laws of the Specified Borrower and all amendments thereto, which
are in full force and effect in the attached form as of the date hereof, and
such By-laws are the only by-laws of the Specified Borrower and were in full
force and effect at all times from ___________, 20__, through the date hereof
and have not otherwise been revoked, rescinded or modified, and no amendment to
the By-laws has been authorized by the stockholders or directors of the
Specified Borrower; and

<PAGE>

            (e) The following named individuals are duly elected, qualified and
acting officers of the Specified Borrower, each such individual holding the
office(s) set forth opposite his respective name as of the date hereof, and the
signatures set forth beside the respective name and title of said officers and
authorized signatories are true, authentic signatures:

Name                                  Title                    Signature
----                                  -----                    ---------

Michael Strauss             President and Chief
                            Executive Officer             ______________________

Stephen A. Hozie            Executive Vice President
                            and Chief Financial
                            Officer                       ______________________

Alan Horn                   Executive Vice President
                            and General Counsel, and
                            Secretary                     ______________________

Craig Pino                  Senior Vice President and
                            Treasurer                     ______________________

                               [Signatures Follow]

                                       A-2
<PAGE>

            IN WITNESS WHEREOF, the undersigned has hereunto executed this
Secretary's Certificate as of this ___ day of September, 2004.

                                    By:_______________________________________
                                       Name:  Alan Horn
                                       Title: Executive Vice President, General
                                              Counsel and Secretary

The undersigned, Stephen A. Hozie, does hereby certify that he is the duly
elected and presently incumbent Executive Vice President and Chief Financial
Officer of the Specified Borrower and in such capacity does hereby certify to
the Lender that Alan Horn is the duly elected and presently incumbent Secretary
of the Specified Borrower.

                                    By:_______________________________________
                                       Name:  Stephen A. Hozie
                                       Title: Executive Vice President and
                                              Chief Financial Officer

                                       A-3

<PAGE>

                                   Schedule 3

                                  SUBSIDIARIES
                                  ------------

                                 [See attached]

<PAGE>

                                   Schedule 4

                              Borrower Trade Names
                              --------------------

                                 [See attached]

<PAGE>

                                   Schedule 8

                              Leverage Calculations
                              ---------------------

                                 [See attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]