Document:

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                                                                   EXHIBIT 10.11

[FORRESTER LOGO]

                              EMPLOYMENT AGREEMENT

THE UNDERSIGNED:

   1.  FORRESTER RESEARCH B.V., having a registered office in Amsterdam, The
       Netherlands hereinafter referred to as "the Employer";

and

   2.  ROBERT DAVIDSON, residing at Keizersgracht 369B , 1016 EJ Amsterdam, The
       Netherlands, hereinafter referred to as "the Employee";

WHEREAS:

-     the Employee has been employed with the Employer since 5 June 2001. Solely
      for calculating the length of service of the Employee with the Employer
      this date shall be taken;

-     the Employer whishes to employ the Employee as Managing Director, Europe
      and also as director of its affiliated company in the United Kingdom and a
      member of the "Executive Team" of its affiliated company in the United
      States;

-     the other sister companies we refer to above are the following:

      *     Forrester Research Limited, established in United Kingdom;

      *     Forrester Research Inc., established in United States;

-     parties wish to enter into an employment agreement which will also
      constitute the basis for the Employer and the Employee and the sister
      companies to set out the total (employment) relationship;

-     if one or more of the positions of the Employee within a sister company of
      Forrester Research B.V. ends, the Employer will again employ the Employee
      for the portion of duties that the Employee has ceased performing
      activities for the sister company;

-     if this employment agreement is terminated then the employment
      relationship with the sister companies will automatically terminate;

-     the Employee accepts the employment in the aforementioned position;

-     the Employer and the Employee wish to lay down in writing the agreed
      provisions and employee benefits;

-     the underlying agreement replaces and proceeds all prior agreements and
      arrangements between parties.

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                                      - 2 -

AGREE AS FOLLOWS:

ARTICLE 1 Commencement, duration and termination

   1. The employment shall be entered into for an indefinite period commencing
      on January 1, 2003.

   2. Each party can terminate this employment agreement taking into
      consideration the statutory notice period.

   3. The employment agreement terminates in any case, without any notice being
      required on the day that the Employee reaches the pensionable age
      mentioned in his pension scheme and/or on the last day of the month in
      which the employee reaches the age of 65.

ARTICLE 2. Position

   1. The Employee shall hold the position of Managing Director, Europe, and has
      been appointed by the General Meeting of Shareholders of Forrester
      Research B.V. on June 5, 2001.

   2. The Employee shall perform the duties assigned by the Employer management.

   3. The Employee will perform approximately 70% of his working time on behalf
      of Forrester Research B.V. in The Netherlands in the capacity of Managing
      Director.

   4. The Employee will perform approximately 15% of his working time on behalf
      of Forrester Research Limited in The United Kingdom in the capacity of
      Managing Director.

   5. The Employee will perform approximately 15% of his working time on behalf
      of Forrester Research Inc in The United States in the capacity of member
      of the "Executive Team".

   6. The Employee shall also perform the functions reasonably assigned to the
      Employee by the Employer for any companies affiliated with the Employer.
      Such functions shall be governed by the terms and conditions contained in
      this Agreement and shall not entitle the Employee to any further
      remuneration.

   7. Absent the Employer's prior written consent, the Employee shall not
      perform any other work for pay during the employment term, nor shall the
      Employee,

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                                      - 3 -

      alone or with other persons, directly or indirectly, establish or conduct
      a business which is competitive with the Employer's business, whatever its
      form, or take any financial interest in or perform work gratuitously or
      for remuneration for such a business.

   8. The Employee shall not accept any monies or other remuneration from third
      parties in connection with the Employee's activities for the Employer
      and/or the companies affiliated with the Employer.

ARTICLE 3. Salary

   1. The Employee shall receive a gross salary of (euro) 157,730 annually to be
      paid in twelve equal monthly installments, payable in arrears on the last
      day of every calendar month. The Employee's 8% holiday allowance is
      included in this amount.

   2. With reference to Article 2 the total gross salary will be paid in
      accordance to the activities performed for Forrester Research B.V. and its
      sister companies. As a result the salary will be paid as follows:

         a) Forrester Research B.V. in The Netherlands will pay a gross amount
            of EUR 110,411;

         b) Forrester Research Ltd. in the United Kingdom will pay a gross
            amount of EUR 23,659.50;

         c) Forrester Research Inc. in the United States will pay a gross amount
            of EUR 23,659.50;

   3. Additional compensation. You will be eligible (provided you are employed
      by Forrester on a full-time, active basis) for a fiscal year 2003 target
      bonus of (euro)45,378 year, prorated to your start date in accordance with
      Forrester's standard bonus payment plan. The exact amount of your bonus
      earned will be measured and determined quarterly by Forrester's total
      company performance and your achievement of team and individual goals. As
      a result, you may earn more or less than the above eligibility amount
      depending upon Forrester's, your team's, and your individual performance.

   4. With Reference to Article 2, Forrester Research B.V. will pay 70% of the
      bonus, Forrester Research Limited will pay 15% of the bonus and Forrester
      Research Inc. will pay 15% of the bonus.

ARTICLE 4. Working hours and work place

   1. The working week shall run from Monday to Friday. The usual office hours
      shall run from 8:30 a.m. to 5:30 p.m.

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                                      - 4 -

   2. The Employee shall perform the Employee's work at the Employer's
      establishment in Amsterdam. The Employer shall he entitled to relocate the
      work place, if the Employer's interests so require.

   3. The Employee covenants that, at the Employer's request, the Employee shall
      work overtime outside the normal working hours whenever a proper
      performance of duties so require. With respect to said overtime, no
      remuneration shall be paid.

ARTICLE 5. Disturbance Allowance

   1. The Employee shall receive an annual disturbance allowance of EUR 34,033.

   2. With Reference to Article 2, Forrester Research B.V. will pay 70% of the
      disturbance allowance, Forrester Research Limited will pay 15% of the
      disturbance allowance and Forrester Research Inc. will pay 15% of the
      disturbance allowance.

ARTICLE 6. Pension

   1. The Employer shall take out a pension insurance policy for the Employee
      (eligibility requires the employee be 25 years or older). The costs
      involved in the pension shall be divided between the Employer and
      Employee. The Employer's contribution has been determined at 50% of these
      costs. The Employee authorises the Employer to withhold his contribution
      from the salary in equal and consecutive installments, if possible. The
      Employer shall ensure payment of the total premium to the insurance
      company.

   2. The sister company of Forrester Research B.V. in the United Kingdom and
      the United States will award the Employee a sum to contribute to a pension
      in a way that will allow him to continue his pension on a normal basis in
      The Netherlands under the conditions currently valid for him.

ARTICLE 7. Holiday

   1. The Employee shall be entitled to 25 days paid holiday a year, accrued on
      a monthly basis. Holidays may be taken only in consultation and after
      written approval in advance by the Employee's direct line management.

   2. The Employee's holiday entitlement should be taken in the year in which
      the holidays are accrued.

ARTICLE 8. Illness and incapacity for work

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                                     - 5 -

   1. If the Employee is ill or unable to perform work for any reason, the
      Employee shall be obliged to inform the Employer thereof before 9:00 a.m.
      on the first day of absence.

   2. In the event of the Employee's incapacity to work on account of illness or
      disablement the Employer shall for a maximum period of twelve months, but
      until no later than the date when the Employee's employment hereunder ends
      (if that date is the earlier), continue payment only to that extent
      provided for herein. For the first three (3) months of the Employee's
      incapacity to work on account of illness, the Employer shall pay the
      lesser of (a) 100% of salary set forth in Section 3.1 or (b) the minimum
      amount the Employer is obligated to pay for by law. For the subsequent
      nine (9) months of the Employee's incapacity to work on account of
      illness, the Employer shall pay the lesser of (a) 70% of salary set forth
      in Section 3.1 or (b) the minimum amount the Employer is obligated to pay
      for by law.

   3. On pain of forfeiture of entitlement to continued payment of salary
      pursuant to this Article 8, the Employee must strictly comply with the
      guidelines and instructions given by or on behalf of the Employer
      regarding sick leave (of which the Employee declares to be familiar with)
      and if so requested must co-operate in any medical examination with regard
      thereto. Forfeiture of the right on continued payment as provided above
      shall not prejudice the application of other sanctions in this respect.

   4. For the purpose of this Employment Agreement, periods of incapacity to
      work following each other at intervals of less than four weeks shall be
      regarded as one consecutive period of incapacity to work.

ARTICLE 9. Health insurance

      The Employer shall compensate 50% of the Employee's premium payable for a
      health insurance approved by the Employer.

ARTICLE 11. Confidentiality

   1. Neither during the employment term nor upon termination of the employment
      -- irrespective of the manner in which and the reasons for which
      employment may be terminated -- shall the Employee inform any third party
      in any form, directly or indirectly, of any particulars concerning or
      related to the business conducted by the Employer or its affiliated
      companies, which the Employee could reasonably have known were not
      intended for third parties, regardless of the manner in which the Employee
      learned of the particulars.

   2. In the event that the Employee is suspended and upon termination of his
      employment hereunder -- irrespective of the manner in which and the
      reasons
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            for which the employment may be terminated -- the Employee shall at
            the Employer's first request to that effect surrender to the
            Employer all property of the Employer in the Employee's possession
            as well as all documents which in any way whatever relate to the
            Employer and/or the companies affiliated with the Employer and/or
            its customers and other business relations, all this in the broadest
            sense, as well as all copies of such documents (whether or not
            recorded on data carriers) and property.

      3.    Any violation of the obligation to maintain confidentiality as set
            forth in paragraph 1 shall carry a penalty of Euros 4,500
            immediately payable by the Employee to the Employer and without
            prejudice to any other claims which the Employer may have, including
            the right to full damages.

ARTICLE 12. Anti-competition clause

      1.    For a period of twelve (12) months after termination of employment
            hereunder -irrespective of the manner in which and the reasons for
            which employment has been terminated - the Employee shall not
            without prior written approval of the Employer be permitted to do
            any of the following in the territory of the European Union:

            a)    to work for or be involved with, in any manner, whether
                  directly or indirectly and whether paid or unpaid, any person,
                  organization, company or enterprise pursuing activities in
                  competition with or similar or related to the activities of
                  the Employer and/or the companies affiliated with the
                  Employer, or to have or take any interest in such
                  organization, company or enterprise;

            b)    to maintain in any manner whatsoever, whether directly or
                  indirectly, business contacts with any person, organization,
                  company or enterprise with whom during the last two years
                  preceding the termination of the Employee's employment the
                  Employer has had any business contact;

            c)    to induce present employees of the Employer and/or companies
                  affiliated with the Employer or persons who in the period of
                  two years preceding the termination of the Employee's
                  employment have been or were employed by the Employer and/or
                  the companies affiliated with the Employer to terminate their
                  employment and/or to hire such present or former employees.

      2.    For each violation of any of the prohibitions as set forth above,
            the Employee shall either forfeit to the Employer a penalty of Euros
            4,500 as well as Euros 450 for each day that the Employee continues
            to be in violation, or the Employer shall exercise its right to
            claim full damages.

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      3.    Article 7:650 sections 3 and 5 of the Dutch civil code do not apply
            to the penalties as set forth in article 11 and 12 of this
            Agreement.

ARTICLE 13. Restitution

            Upon termination of the employment relation, the Employee shall be
            obliged to immediately return to the Employer any materials,
            documents, information copied in whatever form, articles, keys and
            any other things belonging to the Employer.

ARTICLE 14. Intellectual and industrial property rights

      1.    The Employee agrees that the employment relation between the parties
            vests, by operation of law, certain intellectual property rights in
            and to work that the Employee creates during the normal course of
            employment ("Work"). The Employee further covenants that he shall
            transfer to the Employer, insofar as possible, any other
            intellectual property rights in and to the Work, both in the
            Netherlands and abroad.

      2.    The Employee acknowledges that his salary includes reasonable
            compensation for the loss of intellectual and industrial property
            rights.

ARTICLE 15. Conversion Clause

            The remainder of this agreement the validity of the remainder of
            this employment agreement will not be effected if any article of
            this employment agreement or part thereof is declared null and void
            or is otherwise enforceable.

ARTICLE 16. Governing law

            This agreement shall be governed by the laws of the Netherlands.

ARTICLE 17. Miscellaneous

            No amendment to this employment contract shall be effective unless
            it is made in writing and signed by or on behalf of the parties.

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Drawn up in duplication originals and signed in Amsterdam on 18th April 2003.

FORRESTER RESEARCH B.V.                        CANDIDATE NAME

/s/ George F. Colony                           /s/ Robert Davidson
----------------------                         -----------------------

George F. Colony                               Robert Davidson
Chairman, Chief Executive Officer<PAGE>
                                                                    EXHIBIT 10.1

                 SEVERANCE AND SETTLEMENT AGREEMENT AND RELEASE

      This AGREEMENT is entered into by and between Penwest Pharmaceuticals Co.
(the "Company") and Tod R. Hamachek (the "Employee").

      WHEREAS, the parties wish to resolve amicably the Employee's separation
from the Company and establish the terms of the Employee's severance
arrangement;

      NOW, THEREFORE, in consideration of the promises and conditions set forth
herein, the sufficiency of which is hereby acknowledged, the Company and the
Employee agree as follows:

      1. Resignation Date. The Employee's effective date of resignation from the
Company as Chief Executive Officer and Chairman of the Board of Directors and as
a member of the Board of Directors is February 14, 2005 (the "Resignation
Date").

      2. Monetary Consideration. In return for the execution of this Agreement
and the agreements of the Employee hereunder,

            (a) The Company shall pay the Employee eighteen (18) months of base
salary ($594,000) less all applicable state and federal taxes as severance pay.
This severance pay will be paid to the Employee in accordance with the Company's
regular payroll practices, with the first payment to be paid on the later of (i)
the eighth (8th) day after execution of this Agreement and (ii) March 4, 2004.
Notwithstanding the foregoing, if, as of December 31, 2005, the payment to the
Employee of the severance payment contemplated hereby would be deemed "deferred
compensation" under Section 409A of the Internal Revenue Code of 1986, as
amended, and subject the Employee to an excise tax thereunder, then, on or prior
to December 31, 2005, the Company shall pay to the Employee in one lump sum an
amount equal to the balance of the severance pay then owing to the Employee. The
Employee shall not be paid a bonus for fiscal year 2004; and

            (b) If the Employee elects to continue group medical insurance
pursuant to the federal "COBRA" law, 29 U.S.C. Section 1161 et seq., then the
Company shall pay all premium costs for such COBRA continuation for a period of
eighteen (18) months.

      3. Equity Consideration. Upon the effectiveness of this Agreement, the
vesting schedule of all options to purchase the Company's common stock
("Options") held by the Employee shall be accelerated in full. Subject to the
terms of the Company's stock incentive plans under which the Options were
granted and the option agreements evidencing the Options, the Options shall
remain exercisable until the earlier of (a) the date the Options expire by their
terms and (b) February 14, 2007.

      4. Release. In consideration of the payment of the severance benefits
contemplated by Section 2, the equity consideration contemplated by Section 3
and the other consideration provided to the Employee hereunder, which the
Employee acknowledges he would not otherwise be entitled to receive, the
Employee hereby fully, forever, irrevocably and unconditionally releases,
remises and discharges the Company, its officers, directors, stockholders,
corporate

<PAGE>
affiliates, subsidiaries, parent companies, agents and employees (each in their
individual and corporate capacities), all employee benefit plans and plan
fiduciaries (hereinafter, the "Released Parties") from any and all claims,
charges, complaints, demands, actions, causes of action, suits, rights, debts,
sums of money, costs, accounts, reckonings, covenants, contracts, agreements,
promises, doings, omissions, damages, executions, obligations, liabilities, and
expenses (including attorneys' fees and costs), of every kind and nature which
the Employee ever had or now has against the Released Parties, including but not
limited to, any and all claims arising out of the Employee's employment with
and/or separation from the Company, including, but not limited to, all
employment discrimination claims under Title VII of the Civil Rights Act of
1964, 42 U.S.C. Section 2000e et seq., the Age Discrimination in Employment Act,
29 U.S.C. Section 621 et seq., the Americans With Disabilities Act of 1990, 42
U.S.C., Section 12101 et seq., the Connecticut Human Rights and Opportunities
Act, Conn. Gen. Stat. Section 46A-51 et seq., the Connecticut Equal Pay Law,
Conn. Gen. Stat. Section 31-75 et seq., Conn. Gen. Stat. Section 38a-543, all
claims arising out of the Family and Medical Leave Act, 29 U.S.C. Section 2601
et seq., the Fair Credit Reporting Act, 15 U.S.C. Section 1681 et seq., the
Employee Retirement Income Security Act of 1974 ("ERISA"), 29 U.S.C. Section
1001 et seq., the Connecticut Family and Medical Leave Law, Conn. Gen. Stat.
Section 31-51kk et seq., the Connecticut Whistleblower Protection Law, Conn.
Gen. Stat. Section 31-51m, all as amended, all common law claims including, but
not limited to, actions in tort, defamation and breach of contract; all claims
to any non-vested ownership interest in the Company, contractual or otherwise,
including but not limited to claims to stock or stock options; and any claim or
damage arising out of the Employee's employment with or separation from the
Company (including a claim for retaliation) under any common law theory or any
federal, state or local statute or ordinance not expressly referenced above,
excepting any vested amounts to which the Employee is entitled under the
Company's Savings Plan, the Penwest Pharmaceuticals Co. Supplemental Executive
Retirement Plan and the Penwest Pharmaceuticals Co. Deferred Compensation Plan,
the express obligations of the Company to the Employee under this Agreement and
the obligations of the Company to the Employee under Article VIII of the
Company's Amended and Restated By-laws or any applicable insurance policy; and,
provided, however, that nothing in this Agreement prevents the Employee from
filing, cooperating with, or participating in any proceeding before the EEOC or
a state Fair Employment Practices Agency (except that the Employee acknowledges
that he may not be able to recover any monetary benefits in connection with any
such claim, charge or proceeding). As of the date of execution of this
Agreement, the Board of Directors of the Company does not have actual knowledge
of any conduct of the Employee as a result of which the Board of Directors
expects a legal claim by the Company against the Employee to arise.

      5. Company Car. The Employee shall either (a) immediately return the car
leased by the Company and the Employee under the Motor Vehicle Lease Agreement
dated October 30, 2002 (the "Lease") among Weeks Automobile Corp. ("Weeks"), the
Company and the Employee, which is currently in the Employee's possession,
custody or control, to the Company; or (b) make arrangements with Weeks to
assume the Lease (without any liability remaining with the Company) as of the
Resignation Date. Upon either event, the Company shall pay the Employee a lump
sum of $11,000 reflecting the aggregate amount that would otherwise have been
paid to the Employee in connection with the Lease. The Employee shall be
responsible for any costs or damages incurred after the Resignation Date if he
fails to return the car to the Company.

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<PAGE>

      6. Return of Company Property. Except as provided in Section 5 and for the
paintings in his office for which the Employee shall have the option of paying
the Company a total of $5,000 if he wants to take possession of them, the
Employee agrees to return all Company property and equipment in his possession
or control, including, but not limited to, all Company files and documents. The
Employee further agrees to leave intact all electronic Company documents
including those which he developed or helped develop during his employment. The
Employee also agrees to cancel within seven (7) days of the Resignation Date all
accounts for his benefit, if any, in the Company's name, including but not
limited to, credit cards, telephone charge cards, cellular phone and/or pager
accounts and computer accounts.

      7. Use of E-Mail and Voice-Mail. During the period ending 90 days after
the Resignation Date, the Company shall continue to provide the Employee with
access to his voice-mail through the Company's proprietary voice-mail system and
shall forward to the Employee's personal e-mail address (as provided to the
Company by the Employee) all e-mails that are delivered to his current e-mail
address at the Company during such 90-day period.

      8. Post-Termination Confidentiality Obligations. The Employee acknowledges
and reaffirms his obligation to keep confidential and not to disclose or use any
and all non-public information concerning the Company which he acquired during
the course of his employment with the Company, including but not limited to
business and marketing plans and strategy, financial information, product
information, technical information and personnel data.

      9. Business Expenses and Compensation. The Employee agrees to submit
within seven (7) days of the Resignation Date any and all documentation for any
reimbursements he claims are owed to him in conjunction with his employment with
the Company. The Employee acknowledges that upon receipt of the unpaid base
salary due him as of the resignation date ($16,753.85 in gross salary) and
$6,092.32 for his accrued but unused vacation, he will have been provided with
all compensation and benefits due to him as of the Resignation Date, including,
but not limited to, any and all wages, salary, bonuses, commissions, and payment
for accrued but unused vacation time, and that he is not eligible or entitled to
participate in any of the Company's employee benefits plans and programs or
receive any consideration in excess of the benefits provided herein, excepting
only the Employee's legal rights under the Company's Savings Plan and
participation in the Company's group health plan pursuant to COBRA.

      10. Cooperation. The Employee agrees to cooperate fully with the Company
in the defense or prosecution of any claims or actions now in existence or which
may be brought in the future against or on behalf of the Company. The Employee's
full cooperation in connection with such claims or actions shall include, but
not be limited to, his being available to meet with Company counsel to prepare
for trial or discovery or an administrative hearing and to act as a witness when
requested by the Company at reasonable times designated by the Company.
Concerning the aforementioned cooperation associated with an actual, potential
or threatened legal claim in which the Employee will be a witness, the Company
shall reimburse the Employee only for reasonable out-of-pocket costs such as
travel and lodging incurred by the Employee. In the event that the Company
requests that the Employee consult with it on matters other than those
referenced in the preceding sentence, the Company shall, in addition to
reimbursing the

                                      - 3 -
<PAGE>

Employee for out-of-pocket costs, compensate the Employee for his consultation
time at a reasonable hourly rate to be agreed upon by the Employee and the
Company.

      11. Legal Fees. Promptly following the eighth (8th) day following
execution of this Agreement, the Company will reimburse the Employee for his
reasonable attorneys' fees in negotiating this Agreement up to a maximum of
$2,500.

      12. Nature of Agreement. The Employee understands and agrees that this
Agreement is a severance and settlement agreement and does not constitute an
admission of liability or wrongdoing on the part of the Company.

      13. Amendment. This Agreement shall be binding upon the parties and may
not be abandoned, supplemented, changed or modified in any manner, orally or
otherwise, except by an instrument in writing of concurrent or subsequent date
signed by a duly authorized representative of the parties hereto. This Agreement
is binding upon and shall inure to the benefit of the parties and their
respective agents, assigns, heirs, executors, successors and administrators.

      14. Validity. Should any provision of this Agreement be declared or be
determined by any court of competent jurisdiction to be illegal or invalid, the
validity of the remaining parts, terms, or provisions shall not be affected
thereby and said illegal and invalid part, term or provision shall be deemed not
to be a part of this Agreement.

      15. Confidentiality of Agreement. To the extent permitted by law, the
Employee understands and agrees that the terms and contents of this Agreement,
and the contents of the negotiations and discussions resulting in this
Agreement, shall be maintained as confidential by the Employee, his agents and
representatives, and none of the above shall be disclosed except to the extent
required by federal or state law or as otherwise agreed to in writing by the
authorized agent of each party.

      16. Non-Disparagement. The Employee understands and agrees that as a
condition for payment to him of the consideration herein, he shall not make any
false, disparaging or derogatory statements in public or private to any person
or media outlet regarding the Company or any of its directors, officers,
employees, agents, or representatives or the Company's business affairs and
financial condition. The Company agrees to direct its officers and directors not
to make any false, disparaging or derogatory statements in public or private to
any person or media outlet regarding the Employee.

      17. Response To Inquires. The Company and the Employee shall respond to
inquiries from third parties concerning the Employee's separation from the
Company in a manner consistent with the press release to be mutually agreed upon
by the parties.

      18. Applicable Law and Consent to Jurisdiction. This Agreement shall be
interpreted and construed in accordance with the laws of the State of
Connecticut, without regard to conflict of laws provisions. The Employee hereby
irrevocably submits to and acknowledges and recognizes the jurisdiction of the
courts of the State of Connecticut, or if appropriate, a federal court located
in Connecticut (which courts, for purposes of this Agreement, are the only
courts of

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<PAGE>

competent jurisdiction) over any suit, action or other proceeding arising out
of, under or in connection with this Agreement or its subject matter.

      19. Acknowledgments. The Employee acknowledges that he has been given
twenty-one (21) days to consider this Agreement and that the Company advised him
to consult with any attorney of his own choosing prior to signing this
Agreement. The Employee may revoke this Agreement for a period of seven (7) days
after the execution of this Agreement, and the Agreement shall not be effective
or enforceable until the expiration of this seven (7) day revocation period.

      20. Assignment. The rights and obligations of the Company shall inure to
the benefit of and shall be binding upon the successors and assigns of the
Company. The rights and obligations of the Employee are not assignable except
that those payments that are payable to the Employee after the Employee's death
shall be made to the Employee's estate.

      21. Voluntary Assent. The Employee affirms that no other promises or
agreements of any kind have been made to or with him by any person or entity
whatsoever to cause him to sign this Agreement, and that he fully understands
the meaning and intent of this Agreement. The Employee states and represents
that he has had an opportunity to fully discuss and review the terms of this
Agreement with an attorney. The Employee further states and represents that he
has carefully read this Agreement, understands the contents herein, freely and
voluntarily assents to all of the terms and conditions hereof, and signs his
name of his own free act.

      22. Entire Agreement. This Agreement contains and constitutes the entire
understanding and agreement between the parties hereto with respect to the
severance and settlement and cancels all previous oral and written negotiations,
agreements, commitments, and writings in connection therewith.

      IN WITNESS WHEREOF, all parties have set their hand and seal to this
Agreement as of the date written below.

Tod R. Hamachek

/s/ Tod R. Hamachek                      Date: February 14, 2005
-----------------------------

Penwest Pharmaceuticals Co.

By: /s/ Paul E. Freiman                  Date: February 14, 2005
   --------------------------

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