Document:

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                                                                     EXHIBIT 4.5

                               [Face of Debenture]

         The following legend applies if this Security is a Global Security:
Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or such other entity as is requested by an authorized representative
of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.

         This Security is not a deposit or other obligation of a depository
institution and is not insured by the Federal Deposit Insurance Corporation, the
Bank Insurance Fund or any other governmental agency.

CUSIP NO. 949746 CJ 8                            PRINCIPAL AMOUNT:  $463,917,550
REGISTERED NO. 1

                              WELLS FARGO & COMPANY

             6.95% JUNIOR SUBORDINATED DEBENTURES DUE APRIL 15, 2032

         WELLS FARGO & COMPANY, a corporation duly organized and existing under
the laws of the State of Delaware (hereinafter called the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Bank One Trust Company, N.A., as
Property Trustee (which term includes any successor Property Trustee) under the
Amended and Restated Declaration of Trust and Trust Agreement of Wells Fargo
Capital VI dated as of March 27, 2002, or registered assigns, the principal sum
of FOUR HUNDRED SIXTY-THREE MILLION NINE HUNDRED SEVENTEEN THOUSAND FIVE HUNDRED
FIFTY Dollars ($463,917,550) on April 15, 2032; provided, however, that the
Company may accelerate or extend the Stated Maturity of the principal of this
Security subject to the conditions specified on the reverse hereof. The Company
further promises to pay interest on the principal sum from March 27, 2002 or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for quarterly (subject to deferral as set forth herein) on January
15, April 15, July 15 and October 15 of each year commencing July 15, 2002 at
the rate of 6.95% per annum, together with Additional Sums, if any, as provided
in Section 1007 of the Indenture, until the principal hereof is paid or made
available for payment; provided, however, that any overdue installment of
interest (after giving effect to any Extension Period permitted by this
Security) shall bear Additional Interest at the rate of 6.95% per annum (to the
extent that the payment of such interest shall be legally enforceable),
compounded quarterly, from the date such installment was due until it is paid or
made available for payment. The amount of interest payable for any period less
than a full quarterly interest period shall be computed on the basis of a
360-day year of twelve 30-day months and the actual days elapsed in a partial
month in such period.
<PAGE>

The amount of interest payable for any full quarterly interest period shall be
computed by dividing the applicable rate per annum by four. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the 15th
calendar day (whether or not a Business Day, as defined below) next preceding
such Interest Payment Date. If an Interest Payment Date is not a Business Day,
interest on this Security shall be payable on the next day that is a Business
Day, with the same force and effect as if made on such Interest Payment Date,
and without any interest or other payment with respect to the delay. "Business
Day" as used hereinabove is a day other than a Saturday, a Sunday or any other
day on which banking institutions in Minneapolis, Minnesota, Wilmington,
Delaware or New York, New York are authorized or required by law or executive
order to remain closed.

         Any interest not punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

         So long as no Event of Default has occurred and is continuing, the
Company shall have the right, at any time during the term of this Security, from
time to time to defer the payment of interest on this Security for up to 20
consecutive quarterly interest payment periods with respect to each deferral
period (each an "Extension Period"), during which Extension Period the Company
shall have the right to make a partial payment of interest on any Interest
Payment Date, at the end of which the Company shall pay all interest then
accrued and unpaid including any Additional Interest, as provided below;
provided, however, that no Extension Period shall extend beyond the Maturity of
the principal of this Security and no such Extension Period may end other than
at the end of a full quarterly interest period; and provided, further, however,
that during any such Extension Period, the Company shall not (i) make any
payment of principal of or interest or premium, if any, on or repay, repurchase
or redeem any debt securities of the Company that rank pari passu in all
respects with or junior in interest to this Security (except for any partial
payments of interest with respect to and permitted under the Securities of this
series), or (ii) declare or pay any dividends or distributions on, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of the
Company's capital stock (other than (a) repurchases, redemptions or other
acquisitions of shares of capital stock of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more employees, officers, directors, consultants or
independent contractors, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, (b) as a result of an exchange, redemption
or conversion of any class or series of the Company's capital stock (or any
capital stock of a subsidiary of the Company) for any other class or series of
the Company's capital stock or of any class or series of the Company's
indebtedness for any class or series of the Company's capital stock, (c) the

                                       2
<PAGE>

purchase of fractional interests in shares of the Company's capital stock
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (d) any declaration of a dividend in
connection with any Rights Plan, or the issuance of rights, stock or other
property under any Rights Plan, or the redemption or repurchase of rights
pursuant thereto, (e) payments by the Company under the Guarantee Agreement, or
(f) any dividend in the form of stock, warrants, options or other rights where
the dividend stock or the stock issuable upon exercise of such warrants, options
or other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock). Prior to the termination of any
such Extension Period, the Company may further defer the payment of interest,
provided that no Extension Period shall exceed 20 consecutive quarterly interest
payment periods, extend beyond the Maturity of the principal of this Security or
end other than at the end of a full quarterly interest period. Upon the
termination of any such Extension Period and upon the payment of all accrued and
unpaid interest and any Additional Interest then due on any Interest Payment
Date, the Company may elect to begin a new Extension Period, subject to the
above conditions. No interest or Additional Interest shall be due and payable
during an Extension Period, except at the end thereof, but each installment of
interest that would otherwise have been due and payable during such Extension
Period shall bear Additional Interest (to the extent that the payment of such
interest shall be legally enforceable) at the rate of 6.95% per annum,
compounded quarterly and calculated as set forth in the first paragraph of this
Security, from the dates on which amounts would otherwise have been due and
payable until paid or made available for payment. The Company shall give the
Holder of this Security and the Trustee notice of its election to begin any
Extension Period at least one Business Day prior to the next succeeding Interest
Payment Date on which interest on this Security would be payable but for such
deferral or, so long as such Securities are held by or on behalf of Wells Fargo
Capital VI, at least one Business Day prior to the earlier of (i) the next
succeeding date on which Distributions on the Capital Trust Securities of such
Issuer Trust would be payable but for such deferral, and (ii) the date on which
the Property Trustee of such Issuer Trust is required to give notice to holders
of such Capital Trust Securities of the record date or the date such
Distributions are payable.

         Payment of interest, including Additional Interest, on this Security
will be made in immediately available funds at the office or agency of the
Company maintained for that purpose in the City of Minneapolis, Minnesota, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check
mailed to the Person entitled thereto at such Person's last address as it
appears in the Security Register or, upon written request of a Holder of
$1,000,000 or more in aggregate principal amount of Securities of this series
not less than 15 calendar days prior to the applicable Interest Payment Date, by
wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest, including Additional Interest, on this
Security at Maturity will be made against presentation of this Security at the
office or agency of the Company maintained for that purpose in the City of
Minneapolis, Minnesota.

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

                                       3
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature or its duly
authorized agent under the Indenture referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

DATED:  March 27, 2002

                                               WELLS FARGO & COMPANY

                                               By:
                                                  -----------------------------
                                                  Paul D. Ardleigh
                                                  Senior Vice President

[SEAL]
                                               Attest:
                                                      -------------------------
                                                      Laurel A. Holschuh
                                                      Secretary

TRUSTEE'S CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the
series designated therein referred to
in the within-mentioned Indenture.

Bank One Trust Company, N.A.,
         as Trustee

By:
   ----------------------------------
     Authorized Signature

OR

Wells Fargo Bank Minnesota, N.A., as
Authenticating Agent for the Trustee

By:
   ----------------------------------
     Authorized Signature

                                       5
<PAGE>

                             [Reverse of Debenture]

                              WELLS FARGO & COMPANY

             6.95% JUNIOR SUBORDINATED DEBENTURES DUE APRIL 15, 2032

         This Security is one of a duly authorized issue of junior subordinated
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an indenture dated as of August 29, 2001, as
amended or supplemented from time to time (herein called the "Indenture"),
between the Company and Bank One Trust Company, N.A., as Trustee (herein called
the "Trustee", which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof, limited in aggregate principal amount to $463,917,550.

         Subject to any required prior approval of the Primary Federal
Regulator, the Company may at any time, at its option, on or after April 15,
2007, and subject to the terms and conditions of Article Eleven of the
Indenture, redeem the Securities of this series in whole at any time or in part
from time to time, at a Redemption Price equal to 100% of the principal amount
thereof, together, in the case of any such redemption, with accrued but unpaid
interest, including any Additional Interest, to but excluding the Redemption
Date.

         In addition, upon the occurrence and during the continuation of a Tax
Event, an Investment Company Event or a Capital Treatment Event in respect of
Wells Fargo Capital VI, the Company may, at its option, at any time within 90
days of the occurrence and during the continuation of such Tax Event, Investment
Company Event or Capital Treatment Event, as the case may be, subject to any
required prior approval of the Primary Federal Regulator, redeem the Securities
of this series, in whole but not in part, subject to the terms and conditions of
Article Eleven of the Indenture, at a Redemption Price equal to 100% of the
principal amount thereof, together, in the case of any such redemption, with
accrued but unpaid interest, including any Additional Interest, to but excluding
the Redemption Date.

         In addition, if a Tax Event occurs, then the Company will have the
right prior to the termination of Wells Fargo Capital VI, to accelerate the
Stated Maturity of the principal of the Securities of this series to the minimum
extent required in order to allow for the payments of interest (including
Additional Interest) in respect of the Securities of this series to continue to
be tax deductible, but in no event shall the resulting Stated Maturity of the
Securities of this series be less than 15 years from the date of original
issuance thereof. The Stated Maturity shall be accelerated only if, in the
opinion of counsel to the Company, experienced in such matters, (a) after
advancing the Stated Maturity, interest paid on the Securities of this series
will be

                                       6
<PAGE>

deductible for United States federal income tax purposes and (b) accelerating
the Stated Maturity will not result in a taxable event to the holders of the
Capital Trust Securities.

         The Company may extend the Stated Maturity of the principal of the
Securities of this series to a date no later than April 15, 2051 so long as at
the time such election is made and at the time such extension commences (x) no
Event of Default has occurred and is continuing; (y) Wells Fargo Capital VI is
not in arrears on payments of distributions on its Capital Trust Securities and
no deferred distributions have accumulated on its Capital Trust Securities; and
(z) the Securities of this series are, and after such extension will be, rated
at least BBB- by Standard & Poor's Ratings Services, at least Baa3 by Moody's
Investors Service, Inc. or at least the equivalent by any other nationally
recognized statistical rating organization.

         The Securities of this series are not subject to repayment at the
option of the Holder hereof. The Securities of this series will not be entitled
to any sinking fund.

         The indebtedness evidenced by the Securities of this series is, to the
extent and in the manner set forth in the Indenture, subordinate and subject in
right of payment to the prior payment in full of the principal of and premium,
if any, and interest on all Senior Debt of the Company, and each Holder of the
Securities of this series, by accepting the same, agrees to and shall be bound
by the provisions of the Indenture with respect hereto. The Securities of this
series shall, not in limitation of the preceding sentence, rank junior to debt
securities issued under the indenture dated August 30, 1999 between the Company
and Bank One Trust Company, N.A. (as successor in interest to The First National
Bank of Chicago). The Securities of this series shall rank on a parity with all
Trust Related Securities, including without limitation, the Guarantee Agreement
related to the 6.95% Capital Securities of Wells Fargo Capital VI.

         If an Event of Default, as defined in the Indenture, with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected, acting together. The
Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together, on behalf of
the Holders of all Securities of such series, to waive compliance by the Company
with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series.
All of the rights of the Holders set forth in this paragraph are subject to the
rights of the holders of Capital Trust Securities as set forth in the Indenture.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

                                       7
<PAGE>

         The provisions contained in Section 403 and Article Seventeen of the
Indenture for defeasance of the entire indebtedness on this Security and certain
restrictive covenants and certain Events of Default do not apply to this
Security. The provisions contained in Section 401 of the Indenture for
defeasance of the entire indebtedness on this Security in certain circumstances
shall apply to this Security.

         Upon due presentment for registration of transfer of this Security at
the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series in authorized denominations of $25 or
integral multiples thereof for an equal aggregate principal amount will be
issued to the transferee in exchange herefor, as provided in the Indenture and
subject to the limitations provided therein and to the limitations described
below, without charge except for any tax or other governmental charge imposed in
connection therewith.

         If this Security is a Global Security, this Security is exchangeable
for definitive Securities in registered form only if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for this
Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a
successor depositary is not appointed within 90 days, (y) the Company in its
sole discretion determines that this Security shall be exchangeable for
definitive Securities in registered form and notifies the Trustee thereof, or
(z) an Event of Default with respect to the Securities represented hereby has
occurred and is continuing. If this Security is exchangeable pursuant to the
preceding sentence, it shall be exchangeable for definitive Securities in
registered form, bearing interest, including Additional Interest, at the same
rate, having the same date of issuance, redemption provisions, Stated Maturity
and other terms and of authorized denominations aggregating a like amount.

         If this Security is a Global Security, this Security may not be
transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor of the
Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this global Security will not be entitled to receive
physical delivery of Securities in definitive form and will not be considered
the Holders hereof for any purpose under the Indenture.

         Subject to the rights of holders of Senior Debt of the Company set
forth in this Security and the indenture referred to above, no reference herein
to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and interest, including any Additional
Interest, on this Security at the times, place and rate, and in the coin or
currency, herein prescribed, except as otherwise provided in this Security and
except that in the event the Company deposits money or Eligible Instruments as
provided in Section 401 of the Indenture, such payments will be made only from
proceeds of such money or Eligible Instruments.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

                                       8
<PAGE>

         No recourse shall be had for the payment of the principal of or the
interest, including Additional Interest, on this Security, or for any claim
based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

         The Company and, by its acceptance of this Security or a beneficial
interest herein, the Holder of, and any Person that acquires a beneficial
interest in, this Security, agree that for United States Federal, state and
local tax purposes it is intended that this Security constitute indebtedness.

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture unless otherwise
defined in this Security.

                                       9
<PAGE>

                                 ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  --  as tenants in common

TEN ENT  --  as tenants by the entireties

JT TEN   --  as joint tenants with right
             of survivorship and not
             as tenants in common

UNIF GIFT MIN ACT  --  _____________________ Custodian _________________________
                              (Cust)                         (Minor)

Under Uniform Gifts to Minors Act

-----------------------------
          (State)

         Additional abbreviations may also be used though not in the above list.

         FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

Please Insert Social Security or
Other Identifying Number of Assignee

-----------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

                                      10
<PAGE>

the within Security of WELLS FARGO & COMPANY and does hereby irrevocably
constitute and appoint __________________ attorney to transfer the said Security
on the books of the Company, with full power of substitution in the premises.

Dated:
       -----------------------------

                                         ------------------------------------

                                         ------------------------------------

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever.

                                      11<PAGE>

                                                                   EXHIBIT 10.12

EMPLOYMENT AGREEMENT
--------------------------------------------------------------------------------

                                    between

Permatec Pharma AG                    and              Dr. Dario Carrara
Hardstrasse 18                                         Storchenweg 3
4132 Muttenz                                           4104 Oberwil

("Employer")                                           ("Manager")

--------------------------------------------------------------------------------

Function:         The functional position is as Head of Development, to be
                  changed as of January 1, 2001 to Head of Corporate Research &
                  Development. The Manager reports directly to the CEO of the
                  employer and/or the Permatec Group.

Place of
Employment:       Primary place of employment shall be in the Basle, Switzerland
                  area. The Manager shall also travel from time to time,
                  visiting licensors, customers and other members of the
                  Permatec Group in Europe, the United States and South America.

Duties of
Manager:          During the term of the employment the Manager shall exercise
                  the required managerial duties and functions and other
                  activities usually required from a head of R&D such other
                  activities as may be reasonably required by the superiors and
                  the board of directors from time to time. The Manager shall
                  use his reasonable best efforts to perform all such managerial
                  services at the standard of performance as is customary in
                  Switzerland and as reasonably requested by the superiors and
                  the board of directors.

Work week:        The work-hours amount to 40 hours per week, in accordance with
                  the Company's internal regulations. Due to the executive
                  position of the Manager any extra hours are not additionally
                  compensated and are already considered in the salary
                  structure.

Salary:           The salary amounts to CHF 13,076.-- per month.
                  A thirteenth payment amount one month's salary is also payable
                  in December (pro rata temporis)

Bonuses:          The payment of bonuses is entirely in the discretion of the
                  board of directors of the Employer.

Stock Options:    Upon completion of a merger of the employer with a public
                  company or upon completion of an IPO, the Manager shall
                  participate in a stock option program of the employer's group
                  of companies and shall receive as further compensation for his
                  services, a reasonable number of stock options, reflecting the
                  importance of the Manager for the Company, such options to be
                  granted by the option committee of the board of directors of
                  the public group.

Expenses:         The Manager shall receive a general flat expense compensation
                  of CHF 800.-- per month for which the Manager does not need to
                  account.
<PAGE>

                  The employer pay the costs of two round trips Switzerland-
                  Buenos Aires-Switzerland (coach class) per year for the
                  Manager and his direct family members.

                  All other business expenses are reimbursed to the Manager in
                  accordance with the expense regulations of the Employer
                  applicable from time to time and against justification by
                  vouchers.

Relocation
Expenses:         The Employer pays for up to CHF 3,000 towards the lodging and
                  rental expenses of the Manager and his family in Switzerland.

                  The Employer pays for up to CHF 6,500 of the fees of a
                  relocation consulting company during the first 24 month of the
                  employment.

                  The Employer contributes towards the cost of German language
                  training of the Manager and his family with an amount of up to
                  CHF 10,000 during the first 12 month of the employment.

School Allowance: The company contributes towards the private school costs of
                  the two children of the Manager an amount of up to CHF 25,000
                  per year.

Company Car:      The Employer puts at the disposal of the Manager a company
                  car, presently Audi A6 or equivalent, for business and private
                  use. Fuel consumption for private use is to be paid by the
                  Manager.

Pension Fund:     The manager is entitled to join the executive pension fund
                  plan (Beletage) of the Employer at the same terms and
                  conditions as the other executive managers of the Employer.

Insurance:        The Employer includes the manager in its accidence insurance
                  plan.

Deductions:       The statutory premiums for social security, insurances,
                  pension fund and income tax withholding will be deducted from
                  the salary each month.

Vacation:         Vacation entitlement amount to 20 working days per calendar
                  year (pro rata temporis).

Sick Leave:       The base salary is paid for up to an aggregate of 5 (five)
                  weeks per calendar year of absences for sickness of the
                  Manager, or such other longer time periods which may be
                  prescribed by the applicable laws.

Duration and
Termination:      This contract shall come into force on April 1, 2000 and is
                  entered into for an indeterminate period. The trial period is
                  waived. The employment may be terminated by either party by
                  giving the other party 3 month written notice, effective at
                  the end of any month.

Non-Competition:  The Manager shall refrain during the entire term of employment
                  from engaging in any other occupation or activity against
                  compensation, including paid memberships on board of

                                      -2-
<PAGE>

                  directors, unless the board gives its written consent thereto
                  which consent may not be unreasonably withheld. In addition,
                  upon termination of the employment and for a period of 12
                  month from the effective date of termination, the Manager
                  shall abstain from engaging directly or indirectly into any
                  activity competing with the activities of the employer or the
                  enlarged Permatec Group; the area of this non-compete covenant
                  shall be restricted to Switzerland, Germany, France, Italy and
                  the United States of America.

Obligation of
Secrecy:          The Manager herewith commits himself during the entire period
                  of his employment, and also after the term of the employment
                  of this Agreement, to treat as strictly confidential any and
                  all company business documentation and also any and all
                  information to which he becomes privy, to the extent that such
                  documentation of information is not specifically declared as
                  free for public dissemination. Such documentation and
                  information will not be put to personal use, nor made
                  available to third parties. Upon termination of the employment
                  the employee commits himself to return to the Company all
                  documentation which have come into the Manager's possession in
                  connection with the performance of his duties; the Manager
                  shall not retain in his possession any copies and shall
                  execute a written declaration of this fact upon termination of
                  the employment.

Intellectual
Property:         The Manager shall not have any rights in or entitlement to or
                  ownership in any inventions, patent applications, patents or
                  any other intellectual property rights which are derived by
                  the employer with the contribution of the Manager. All
                  intellectual property rights, inventions and patents,
                  including all inventions mentioned in section 332 paragraph 1
                  and paragraph 2 of the Swiss Code of Obligations belong
                  exclusively to the Employer, regardless of the contributions
                  to or participation of the Manager in the creation of any
                  inventions or intellectual property rights. The remuneration
                  of the invention and patents is included in the salary. The
                  Manager has the right to be listed as an "inventor" in the
                  patent applications in the name of the employer or a group
                  company for those inventions where the Manager has personally
                  substantially contributed.

Other contractual
conditions:       To the extent not specifically stated or overridden by the
                  terms and conditions of this contract the Swiss Code of
                  Obligations, the Swiss Employment Laws and the pertinent
                  federal and cantonal regulations will apply. The Manager is
                  also bound by the employer's general rules and regulation as
                  communicated to the employees and managers from time to time.

Place of
Jurisdiction:     All disputes arising in connection with the employment shall
                  be submitted to the exclusive jurisdiction of the courts in
                  the Canton Basle-Land.

                                      -3-
<PAGE>

Muttenz, May 31, 2000                        Permatec Pharma AG

/s/ Dr. Dario Carrara                        /s/ Dr. Jacques Conella
--------------------------------             ----------------------------------
Dr. Dario Carrara                            Dr. Jacques Conella
                                             Executive Chairman

                                             /s/ Dr. T.M. Rinderknecht
                                             ----------------------------------
                                             Dr. T.M. Rinderknecht
                                             Director

                                      -4-

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