Document:

<PAGE> 116

EXHIBIT 10.2       PULASKI FINANCIAL CORP. DEFERRED COMPENSATION PLAN

<PAGE> 117

                             PULASKI FINANCIAL CORP.
                           DEFERRED COMPENSATION PLAN

                                    ARTICLE 1
                           EFFECTIVE DATE AND PURPOSE

        1.1    Effective Date.  The Pulaski Financial Corp. Deferred
               --------------
Compensation Plan (the "Plan") is effective as of January 1, 2002.

        1.2  Purpose.  The Plan is a deferred  compensation  plan,  the  primary
             -------
purpose of which is to provide  directors and key employees of Pulaski Bank (the
"Bank") and its affiliated companies with the opportunity to voluntarily defer a
portion of their compensation, subject to the terms of the Plan. By adopting the
Plan,  Pulaski  Financial  Corp.  (the "Company") and the Bank desire to enhance
their  ability to attract and retain  employees  of  outstanding  competence  by
providing such individuals with an opportunity to increase their equity interest
in the Company by investing deferrals in shares of Company common stock ("Common
Stock").

                                    ARTICLE 2
                                 ADMINISTRATION

        2.1    The Committee. The Plan shall be administered by the Compensation
               -------------
Committee of the Board or any other successor committee appointed by the Board
(the "Committee").

        2.2   Authority of the  Committee.  The Committee  shall have authority
              ---------------------------
to select eligible employees of the Bank for participation in the Plan;
determine the terms and conditions of each employee's participation in the Plan;
interpret the Plan; establish, amend, or waive rules and regulations for the
Plan's administration; and, subject to Article 8 herein, amend the terms and
conditions of the Plan and any agreement entered into under the Plan. Further,
the Committee shall make all other determinations which may be necessary or
advisable for the administration of the Plan. As permitted by law, the Committee
may delegate any of its authority granted under the Plan to such other person or
entity it deems appropriate, including but not limited to, senior management of
the Bank.

        2.3    Guidelines.  Subject to the provisions herein, the Committee may
               ----------
adopt written guidelines for the implementation and administration of the Plan.

        2.4    Decisions Binding. All determinations and decisions of the
               -----------------
Committee arising under the Plan shall be final binding, and conclusive upon
all parties.

<PAGE> 118

                                    ARTICLE 3
                          ELIGIBILITY AND PARTICIPATION

        3.1 Eligibility. Subject to Sections 3.2 and 3.3, persons eligible to be
            -----------
selected to participate in the Plan in any fiscal year (a "Year") shall include
full-time, salaried or commission- based employees of the Bank, its
subsidiaries, and affiliates who are key employees, as determined by the
Committee in its sole discretion.

        3.2 Limitation on Eligibility.  It is the intent of the Company that the
            -------------------------
Plan qualify for treatment as a "top hat" plan under the Employee Retirement
Income Security Act of 1974, as amended from time to time, or any successor Act
thereto ("ERISA"). Accordingly, to the extent required by ERISA to obtain such
"top hat" treatment, eligibility shall be extended only to those executives who
comprise a select group of management or highly compensated employees. Further,
the Committee may place such additional limitations on eligibility as it deems
necessary and appropriate under the circumstances.

        3.3  Participation.  Participation  in the Plan and the  extent  of such
             -------------
participation shall be determined by the Committee based upon the criteria set
forth in Sections 3.1 and 3.2 herein. An employee who is chosen to participate
in the Plan in any Year (a "Participant") shall be so notified in writing. In
the event a Participant selected to participate in the Plan no longer meets the
criteria for participation, such Participant shall become an inactive
Participant, retaining all the rights described under the Plan, except the right
to make any further deferrals, until such time that the Participant again
becomes an active Participant.

        3.4  Partial Year Eligibility.  In the event that an  individual  first
             ------------------------
becomes eligible to participate in the Plan during a Year, such individual
shall, within thirty (30) calendar days of becoming eligible, be notified by the
Bank of his or her eligibility to participate, and the Bank shall provide each
such individual with an Election Form, which must be completed by the individual
as provided in Section 4.2 herein.

        3.5    No Right to Participate.  Except as otherwise set forth  in a
               -----------------------
Participant's Deferred Compensation Agreement, no employee shall have the right
to be selected as a Participant, or having been so selected for any given Year,
to be selected again as a Participant for any other Year.

                                       2
<PAGE> 119

                                    ARTICLE 4
                              DEFERRAL OPPORTUNITY

        4.1    Deferrals
               ---------

        (a) AMOUNT WHICH MAY BE DEFERRED BY A  PARTICIPANT.  A  Participant  may
elect to defer, in any Year, the eligible components of Compensation (as
described below); provided, however, that the Committee shall have sole
discretion to designate which components of Compensation are eligible for
deferral elections under the Plan in any given Year. In addition, the Committee
may, in its sole discretion, designate the maximum or minimum amount or
increments of any single eligible component of Compensation which may be
deferred in any Year or establish any other limitations as it deems appropriate
in any Year.

        The components of  "Compensation"  shall include (i) "Salary" defined as
all regular, basic wages, before reduction for amounts deferred pursuant to the
Plan or any other plan of the Bank or the Company, payable in cash to a
Participant for services to be rendered, exclusive of any Bonus, other special
fees, awards, or incentive compensation, allowances, or amounts designated by
the Bank as payment toward or reimbursement of expenses, (ii) "Bonus" defined as
any incentive award based on an assessment of performance, payable by the Bank
to a Participant with respect to the Participant's services during a Year, and
(iii) "Commissions" defined as fees earned in connection with loan originations
and other transactions with the Bank or its affiliates.

(b) NON-ELECTIVE DEFERRALS. In addition to any elective deferral contributions
made by a Participant under subsection (a) hereof, the Bank, in it sole
discretion, may, but shall not be required to, credit to a Participant's Account
as a nonelective deferral contribution (a "Bank Contribution") any amount it
determines appropriate. The amount so credited, if any, may vary from
Participant to Participant and may be zero even if a contribution is made on
behalf of another Participant. The Bank may also express a Bank Contribution as
a matching contribution equal to a percentage of the Participant's annual
elective deferral contributions, if any. Subject to a written agreement between
the Company, the Bank and the Participant, the Bank may require deferral of a
portion of the Participant's Compensation on a non-elective basis and such
deferral shall be treated as a Bank Contribution.

        4.2 Time of Deferral  Election.  An  election  to defer a  component  of
            --------------------------
Compensation  permitted by the Committee to be deferred by a  Participant  under
the Plan shall be given effect in accordance with the following timing rules:

        (a) An  election  to defer  Salary or  Commissions  shall  apply only to
Salary or Commissions earned for payroll periods beginning after a properly
executed Election Form has been filed with the Committee.

        (b) An election to defer a Bonus for any Year shall apply only if a
properly executed Election Form has been filed with the Committee before the
beginning of the Year to which the Bonus relates.

                                       3

<PAGE> 120

        4.3  Content of  Deferral  Election.  All  deferral  elections  shall be
             ------------------------------
irrevocable, and shall be made on a form or forms prescribed by the Committee
(an "Election Form"), as described herein. Participants shall make the following
irrevocable elections on each Election Form:

        (a)    The amount to be deferred with respect to each eligible component
of Compensation for the Years;

        (b) The length of the  deferral  period  with  respect to each  eligible
component of Compensation, subject to the terms of Section 4.4 herein; and

        (c) The method of  distribution to be made to the Participant at the end
of the deferral period(s), subject to the terms of Section 4.5 herein.

Notwithstanding the amounts requested to be deferred pursuant to subparagraph
(a) above, the limits on deferrals set forth in Section 4.1 herein shall apply
to the requested deferrals each Year.

        A Participant  may, from time to time,  modify a deferral  election with
respect to previously deferred amounts, including a modification as to the
length of the deferral period or the form of distribution at the end of such
period; provided, however, that a modification of the terms of a prior deferral
election shall only be effective one (1) year after the date on which it is
submitted in writing to the Bank and subject to the approval of the Committee.

        4.4 Length of Deferral. The deferral periods elected by each Participant
            ------------------
with respect to deferrals of Compensation for any Year shall be at least equal
to one (1) year following the end of the Year to which the deferral relates,
unless such deferral is a Bank Contribution subject to a vesting schedule.

       4.5  Distribution of Deferred Amounts.  Participants shall be entitled to
            --------------------------------
elect to receive distribution of deferred amounts, at the end of the deferral
period in a single lump sum distribution, by means of installments, or in such
other format approved by the Committee.

        (a) Lump Sum Distribution.  Such distribution  shall be made in the form
            ---------------------
of whole shares of Common Stock within one hundred and twenty (120) calendar
days of the date specified by the Participant as the date for distribution of
deferred amounts as described in Sections 4.3 and 4.4 hereof, or as soon
thereafter as practicable.

        (b) Installment  Distribution.  Participants  may elect  distribution in
            -------------------------
annual installments, with a minimum number of installments of two (2) and a
maximum of ten (10). The initial distribution shall be made in the form of
shares of Common Stock within one hundred and twenty (120) calendar days after
the commencement date selected by the Participant pursuant to Sections 4.3 and
4.4 hereof, or as soon thereafter as practicable. The remaining distributions
shall be made in shares of Common Stock each year thereafter, until the
Participant's entire deferred compensation account has been distributed. The
number of shares distributable with respect to each installment shall be equal
to the balance of the number of Common Stock Units remaining in the
Participant's deferred compensation account immediately prior to each such
distribution, multiplied by a fraction, the numerator of which is one (1), and
the denominator of which is the number of installments remaining.

                                        4

<PAGE> 121

        (c)  Alternative   Schedule.  A  participant  may  submit  an  alternate
             ----------------------
distribution schedule to the Committee for approval; provided, however, that no
such alternate schedule shall be permitted unless approved by the Committee.

        (d) Limitation on Form of  Distribution.  Distributions  under this Plan
            -----------------------------------
shall be made solely in the form of whole shares of Common Stock and the Company
shall be under no obligation to distribute any amount in cash.

        (e) Death  Benefits;  Beneficiary  Designation.  If a  Participant  dies
            ------------------------------------------
before the end of a deferral period or prior to termination of employment, or
after distribution of the Participant's account has commenced but prior to the
distribution of all amounts to which the Participant is entitled under the Plan,
the Participant's account shall be distributable or shall continue to be
distributed in accordance with the Participant's election under this Section 4.5
to the person or persons designated pursuant to this subsection (e). A
Participant may from time to time designate in writing on a form prescribed by
the Committee for such purpose a person or persons (named contingently or
successively) to receive benefits distributable under this Plan upon or after
the Participant's death. Such designation may be changed from time to time by
the Participant by filing a new designation. Each designation shall revoke all
prior designations by the Participant. In the absence of a valid beneficiary
designation, the Participant's benefits shall be distributable to his or her
surviving spouse, or, if the Participant is not survived by a spouse, to his or
her estate.

        4.6 Financial Hardship.  The Committee shall have the authority to alter
            ------------------
the timing or form of distribution of deferred amounts in the event that the
Participant establishes, to the satisfaction of the Committee, severe financial
hardship. In such event, the Committee may, in its sole discretion:

        (a)    Authorize the cessation of deferrals by such Participant under
the Plan, or

        (b) Provide that all or a portion of the amount  previously  deferred by
the Participant shall immediately be paid in a lump sum distribution in the form
of shares of Common Stock; or

        (c) Provide  that all or a portion of the  installments  payable  over a
period of time shall immediately be paid in a lump sum distribution of shares of
Common Stock; or

        (d) Provide for such other installment schedule as deemed appropriate by
the Committee under the circumstances.

        For purposes of this Section 4.6, "severe  financial  hardship" shall be
determined by the  Committee,  in its sole  discretion,  in accordance  with all
applicable  laws.  The  Committee's  decision  with  respect to the  severity of
financial hardship and the manner in which, if at all, the Participant's  future
deferral  opportunities  shall be ceased,  and/or the manner in which if at all,
the  distribution  of deferred  amounts of the  Participant  shall be altered or
modified shall be final, conclusive, and not subject to appeal.

        4.7. Special Change in Control Election. In addition to the elections
             ----------------------------------
described in Section 4.3 of this Plan, each Participant may make an election
applicable solely in the event of a Change in Control of the Bank or the Company
with respect to the length of the deferral period for all

                                        5

<PAGE> 122

deferrals under the Plan and the form of distribution of such deferrals. Such
election must be made in writing at least three (3) months prior to the
consummation of any transaction constituting a Change in Control. In the absence
of an election pursuant to this Section 4.7, a Participant's benefits under this
Plan shall be payable in accordance with the Participant's elections under
Section 4.3. For purposes of this Plan, a "Change in Control" shall mean an
event of a nature that: (i) would be required to be reported in response to Item
1(a) of the current report on Form 8-K, as in effect on the date hereof,
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
"Exchange Act"); or (ii) results in a Change in Control of the Bank or the
Holding Company within the meaning of the Change in Bank Control Act and the
Rules and Regulations promulgated by the Federal Deposit Insurance Corporation
("FDIC") at 12 C.F.R. ss. 303.4(a), with respect to the Bank, and the Rules and
Regulations promulgated by the Office of Thrift Supervision ("OTS") (or its
predecessor agency), with respect to the Holding Company, as in effect on the
date of this Agreement; or (iii) without limitation such a Change in Control
shall be deemed to have occurred at such time as (A) any "person" (as the term
is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of voting securities of the Bank or the Holding Company
representing 20% or more of the Bank's or the Holding Company's outstanding
voting securities or right to acquire such securities except for any voting
securities of the Bank purchased by the Holding Company and any voting
securities purchased by any employee benefit plan of the Holding Company or its
Subsidiaries, or (B) individuals who constitute the Board on the date hereof
(the "Incumbent Board") cease for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to the date
hereof whose election was approved by a vote of at least three-quarters of the
directors comprising the Incumbent Board, or whose nomination for election by
the Holding Company's stockholders was approved by a Nominating Committee solely
composed of members which are Incumbent Board members, shall be, for purposes of
this clause (B), considered as though he were a member of the Incumbent Board,
or (C) a plan of reorganization, merger, consolidation, sale of all or
substantially all the assets of the Bank or the Holding Company or similar
transaction occurs or is effectuated in which the Bank or Holding Company is not
the resulting entity, or (D) a proxy statement has been distributed soliciting
proxies from stockholders of the Holding Company, by someone other than the
current management of the Holding Company, seeking stockholder approval of a
plan of reorganization, merger or consolidation of the Holding Company or Bank
with one or more corporations as a result of which the outstanding shares of the
class of securities then subject to such plan or transaction are exchanged for
or converted into cash or property or securities not issued by the Bank or the
Holding Company shall be distributed, or (E) a tender offer is made for 20% or
more of the voting securities of the Bank or Holding Company then outstanding.

                                    ARTICLE 5
                         DEFERRED COMPENSATION ACCOUNTS

        5.1 Participant Accounts. The Company shall establish and maintain an
            --------------------
individual bookkeeping account for deferrals made by each Participant under
Article 4 herein. Each account shall be credited as of the date the amount
deferred otherwise would have become due and payable to the Participant, or as
otherwise determined in the Participant's Deferred Compensation Agreement.

                                        6

<PAGE> 123

        5.2 Valuation of Deferred Amounts. Amounts credited to a Participant's
            -----------------------------
deferred compensation account shall be credited solely in the form of "Common
Stock Units" with each unit equivalent to one (1) share of Common Stock.

        The following additional rules shall apply to Common Stock Units:

        (a) The number of Common Stock Units credited to a Participant's Account
with respect to contributions made to his or her Account shall equal the dollar
amount of such contributions divided by the average of the high and low trading
prices of the Common Stock for the seven (7) trading days prior to the date the
contributions were made.

        (b) The Participant's Account shall also be credited with additional
Common Stock Units equal to the dollar amount of dividends or other
distributions paid from time to time during the deferral period on a number of
shares of Common Stock equal to the number of Common Stock Units then credited
to the Participant's Account divided by the average of the high and low trading
prices of the Common Stock on the payment date.

        (c) In the event of any change in the outstanding shares of the Common
Stock by reason of any stock dividend or split, recapitalization, merger,
consolidation, spin-off, reorganization, combination or exchange of shares,
Change in Control or other similar corporate change, then an equitable
equivalent adjustment shall be made in the Common Stock Units credited to
Accounts under the Plan.

        (d) When distribution of a Participant's Account occurs, such
distribution shall be made solely by transferring to the Participant or
beneficiary a number of shares of the Common Stock equal to the number of whole
units then distributable from the Participant's Account. On any distribution
date, fractional Common Stock Units shall be rounded up to the nearest whole
unit.

        5.3 Charges Against Accounts. There shall be charged against each
            ------------------------
Participant's deferred compensation account any distributions made to the
Participant or to his or her beneficiary.

                                    ARTICLE 6
                             RIGHTS OF PARTICIPANTS

        6.1 Contractual Obligation. The Plan shall create a contractual
            ----------------------
obligation on the part of the Company to make distributions from the
Participant's accounts when due.

        6.2 Unsecured Interest. No Participant or party claiming an interest in
            ------------------
amounts deferred by a Participant shall have any interest whatsoever in any
specific asset of the Company or the Bank. To the extent that any party acquires
a right to receive distributions under the Plan, such right shall be equivalent
to that of an unsecured general creditor of the Company or the Bank.

        6.3 Authorization for Trust. The Company may, but shall not be required
            -----------------------
to, establish one or more trusts, with such trustee as the Committee may
approve, for the purpose of providing for the distribution of deferred amounts.
Such trust or trusts may be irrevocable, but the assets thereof shall be subject
to the claims of the creditors of the Bank or Company. To the extent any amounts
deferred under the Plan are actually paid from any such trust, the Company shall
have no

                                        7

<PAGE> 124

further obligation with respect thereto, but to the extent not so paid, such
deferred amounts shall remain the obligation of, and shall be paid by, the
Company or the Bank.

        6.4 Employment. Nothing in the Plan shall interfere with nor limit, in
            ----------
any way, the right of the Bank or any affiliate of the Bank to terminate any
Participant's employment at any time, nor confer upon any Participant any right
to continue in the employ of the Bank or any affiliate of the Bank.

                                    ARTICLE 7
                              WITHHOLDING OF TAXES

        The Company shall have the right to require Participants to remit to the
Company an amount sufficient to satisfy any withholding tax requirements or to
deduct from all distributions made pursuant to the Plan amounts sufficient to
satisfy withholding tax requirements.

                                    ARTICLE 8
                            AMENDMENT AND TERMINATION

        The Company hereby reserves the right to amend, modify, or terminate the
Plan at any time by action of the Board, provided, however, that no such
amendment or termination shall in any material manner adversely affect any
Participant's rights to amounts previously deferred hereunder without the
consent of the Participant.

                                    ARTICLE 9
                                CLAIMS PROCEDURE

        (a) Claim. A person who believes that he is being denied a benefit to
            -----
which he is entitled under this Plan (hereinafter referred to as a "Claimant")
may file a written request for such benefit with the Company, setting forth his
claim. The request must be addressed to the Secretary of the Board at the
Company's then principal place of business.

        (b) Claim Decision. Upon receipt of a claim, the Committee shall advise
            --------------
the Claimant that a reply will be forthcoming within ninety (90) days and shall,
in fact, deliver such reply within such period. The Committee may, however,
extend the reply period for an additional ninety (90) days for reasonable cause.
If the claim is denied in whole or in part, the Committee shall adopt a written
opinion, using language calculated to be understood by the Claimant, setting
forth:

               (i)    The specific reason or reasons for such denial;

               (ii)   The specific reference to pertinent provisions of this
                      Plan on which such denial is based;

               (iii)  A description  of any  additional  material or information
                      necessary for the Claimant to perfect his claim and an
                      explanation why such material or such information is
                      necessary;

                                        8

<PAGE> 125

               (iv)   Appropriate information as to the steps to be taken if the
                      Claimant wishes to submit the claim for review; and

               (v)    The time limits for requesting a review of the decision
                      and for review of the decision.

        (c) Request for Review. With sixty (60) days after the receipt by the
            ------------------
Claimant of the written opinion described above, the Claimant may request in
writing that the Board review the determination of the Committee. Such request
must be addressed to the Secretary of the Board, at its then principal place of
business. The Claimant or his duly authorized representative may, but need not,
review the pertinent documents and submit issues and comments in writing for
consideration by the Committee. If the Claimant does not request a review of the
Committee's determination by the Board within such sixty (60) day period, he
shall be barred and stopped from challenging the Committee's determination.

        (d) Review of Decision. Within sixty (60) days after receipt of a
            ------------------
request for review, the Board will review the Committee's determination. After
considering all materials presented by the Claimant, the Board will provide the
Claimant with a written opinion, written in a manner calculated to be understood
by the Claimant, setting forth the specific reasons for the decision and
containing specific references to the pertinent provisions of this Plan on which
the decision is based. If special circumstances require that the sixty (60) day
time period be extended, the Secretary of the Board will so notify the Claimant
and will render the decision as soon as possible, but no later than one hundred
twenty (120) days after receipt of the request for review.

                                   ARTICLE 10
                                  MISCELLANEOUS

        10.1 Notice. Except as otherwise provided herein, any notice or filing
             ------
required or permitted to be given to the Company under the Plan shall be
sufficient if in writing and hand delivered, or sent by registered or certified
mail to the Secretary of the Company. Notice to the Secretary, if mailed, shall
be addressed to the principal executive offices of the Company. Notice mailed to
a Participant shall be at such address as is given in the records of the
Company. Notices shall be deemed given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark on the receipt
for registration or certification.

        10.2 Nontransferability. Participant's rights to deferred amounts
             ------------------
credited hereunder the Plan may not be sold, transferred, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and
distribution. In no event shall the Company make any distribution under the Plan
to any assignee or creditor of a Participant.

        10.3 Severability. In the event any provision of the Plan shall be held
             ------------
illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provision had not been included.

        10.4. Costs of the Plan. All costs of implementing and administering the
              -----------------
Plan shall be borne by the Company or an affiliate of the Company.

                                        9

<PAGE> 126

        10.5 Status under ERISA. The Plan is intended to be an unfunded plan
             ------------------
which is maintained primarily to provide deferred compensation benefits for a
select group of "management or highly compensated employees" within the meaning
of Sections 201, 301, and 401 of ERISA, and to therefore be exempt from the
provisions of Parts 2, 3, and 4 of Title 1 of ERISA.

        10.6 Applicable Law. The Plan shall be governed by and construed in
             --------------
accordance with the laws of the State of Missouri.

        10.7 Successors. All obligations of the Company or the Bank under the
             ----------
Plan shall be binding on any successor to the Bank or the Bank, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Bank or the Company.

                                       10<PAGE>

                                                              EXHIBIT 10.45

                                October 16, 2001

VIA HAND DELIVERY
-----------------

Mr. Walter Ogier
433 Main Street
Winchester, MA 01890

Dear Walter,

     As you know from our meeting on October 11, BioTransplant, Inc.
("BioTransplant" or the "Company") is terminating your employment effective
October 31, 2001. Between today and October 31, 2001, you shall be responsible
primarily for assisting designated Company employees with transitional matters
on an as needed basis. You have agreed to resign as a member of the Company's
Board of Directors on or before October 31, 2001.

     As we discussed, the Company will provide you with the enhanced severance
benefits described below if you sign and return this letter agreement (the
"Agreement") ON OR BEFORE NOVEMBER 7, 2001. By timely signing and returning this
Agreement, you will be agreeing to the terms and conditions set forth in the
numbered sections below, including the release of claims set forth in Section 3.
Therefore, you are advised to consult with an attorney before signing this
Agreement and you may take up to twenty-one (21) days to do so. If you sign this
Agreement, you may change your mind and revoke your assent during the seven (7)
day period after you have signed the Agreement (the "Revocation Period") by
notifying me of your revocation in writing. If you do not revoke your assent to
the Agreement before the expiration of the Revocation Period, this Agreement
will become a binding document between you and the Company. If you choose not to
sign and return this Agreement ON OR BEFORE NOVEMBER 7, 2001, or if you sign the
Agreement but revoke your consent during the Revocation Period, you shall not
receive any enhanced severance benefits from the Company.

     Regardless of signing this Agreement, you may elect to continue receiving
group medical insurance pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985 ("COBRA"). If you are eligible for COBRA and elect
COBRA coverage, all group medical insurance premium costs will be paid by you on
a monthly basis for as long as, and to the extent that, you remain covered under
COBRA. You will receive additional information regarding COBRA under separate
cover.

     Also, regardless of signing this Agreement, pursuant to the terms of the
Amendment and Restatement of the Management Equity Incentive Plan of Eligix,
Inc., dated December 8, 2000, as amended by a Letter Agreement by and between
the Company and Eligix dated May 15, 2001 (the "Management Incentive Plan"),
your portion of the Stock Consideration (as defined in the Management Incentive
Plan) shall vest on October 31, 2001. A schedule of the shares that you are
eligible to receive in accordance with the Management Incentive Plan, along with
a listing of your existing Company stock options (together with the relevant
expiration date(s) and exercise price(s)), is attached to this Agreement as
Exhibit 1.

                                  Page 1 of 8

<PAGE>

     The following numbered sections set forth the terms and conditions which
will apply if you sign and return this Agreement ON OR BEFORE NOVEMBER 7, 2001
and do not revoke your consent to the Agreement within the Revocation Period:

1.   TERMINATION DATE - Your effective date of termination as an employee and an
     officer of the Company will be October 31, 2001 (the "Termination Date").
     As of the Termination Date, all salary payments from the Company will cease
     and any benefits you may have under Company-provided benefit plans,
     programs, or practices will terminate, except as required by the terms of
     the Offer Letter and the Management Incentive Plan, by federal or state
     law, or as otherwise described below. In addition, you agree to resign as a
     member of the Company's Board of Directors on or before October 31, 2001.

2.   DESCRIPTION OF ENHANCED SEVERANCE BENEFITS - In return for your timely
     execution and non-revocation of this Agreement, including the release of
     claims in Section 3 below, the Company agrees to provide you with the
     following enhanced severance benefits (collectively, the "Enhanced
     Severance Benefits"):

     (a)  SEVERANCE PAY. Notwithstanding any provisions in the offer letter from
          the Company dated May 15, 2001 to the contrary (the "Offer Letter"),
          the Company agrees to provide you Two Hundred Forty-One Thousand Five
          Hundred Sixty Dollars ($241,560) in severance pay, which equals six
          (6) months of salary at a rate of double your monthly base salary (the
          "Guaranteed Severance Pay"). The Guaranteed Severance Pay will be paid
          to you, less any and all applicable local, state and federal taxes and
          withholdings, in two equal lump sum payments, with the first lump sum
          payment to be made on the tenth - (10th) day following the date that a
          fully executed copy of this Agreement is received by the Chief
          Executive Officer of the Company and the second lump sum payment to be
          made ninety (90) days thereafter (the "Severance End Date"). The
          Guaranteed Severance Pay will be provided to you without regard to
          whether you obtain subsequent employment, including self-employment.

          If, within seven (7) calendar days of April 30, 2001 (the "Sixth
          Month"), you notify the Chief Executive Officer of the Company in
          writing that you have not secured subsequent employment, including
          self-employment, the Company will provide you with salary continuation
          in accordance with the Company's regular payroll practices at a rate
          of double your monthly base salary in effect as of October 16, 2001
          (the "Double Monthly Base"), less any and all applicable local, state
          and federal taxes and withholdings until (x) you secure subsequent
          employment, including self-employment, or (y) the expiration of three
          (3) months following the Sixth Month (the "Extended Severance
          Period"), whichever is earlier.

          In the event that you become self-employed (including as a consultant
          or an independent contractor) following the Sixth Month and prior to
          the Extended Severance Period and, within seven (7) calendar days
          after you secure such self-employment, you notify the Chief Executive
          Officer of the Company in writing of the identity of the entity or
          entities for whom you will be providing services, the nature of the
          self-employment and your

                                  Page 2 of 8

<PAGE>

          new monthly salary or service fee, the Company will pay you the
          difference, if any, between your new monthly salary or service fee and
          the Double Monthly Base, less any and all applicable local, state and
          federal taxes and withholdings (the "Differential"), but in no event
          will the Differential under this section 2(a) be paid for any work or
          services performed following the Extended Severance Period. The total
          amount of Differential will be paid to you in a lump sum on the tenth
          (10th) day after you provide the Chief Executive Officer of the
          Company with a copy of checks or other income statements reflecting
          all income you received from self-employment between the Sixth Month
          and the Extended Severance Period.

     (b)  BONUS. The Company agrees to pay you a lump sum cash payment of
          Seventy Thousand, Four Hundred Fifty-Five Dollars ($70,455)
          (representing 10/12 of the annual cash bonus for which you are
          eligible, less any and all applicable local, state and federal taxes
          and withholdings), at the same time that annual bonus payments are
          made to active executive employees of the Company; provided, however,
          that a bonus under this Section 2(b) shall only be paid if any active
          employee of the Company receives an annual bonus, whether in cash or
          in the form of stock, for the year 2001 under the Company's annual
          bonus program.

     (c)  RETENTION OF COMPANY PROPERTY. The Company agrees that you may retain
          as personal property the Company-provided Palm Pilot(TM) used by you
          during your employment; provided, however, you must first return any
          and all, and may not retain any, Company property stored in the Palm
          Pilot (TM), pursuant to the provisions of Section 4 below. The Palm
          Pilot(TM) will be retained by you strictly on an "as is" basis, and
          you shall assume responsibility for all costs related to it after the
          Termination Date. Further, the Company agrees to transfer the Nokia
          cellular phone that you used during your employment with the Company
          and the cellular phone account to you on an "as is" basis, and you
          shall assume responsibility for all costs related to maintaining the
          cellular phone and the cellular phone account following the
          Termination Date

     (d)  NON-DISPARAGEMENT. The Company agrees to direct its officers not to
          make any false, disparaging, derogatory or defamatory statements in
          public or in private regarding you or your employment with the
          Company. The Company also agrees to provide prospective employers that
          are referred to the Company's Human Resources Department with
          confirmation of your dates of employment (both with Eligix and the
          Company), your job responsibilities, your title, and confirmation that
          your separation from the Company was mutually agreed upon in order to
          assist you in pursuing other employment opportunities. The Company
          further agrees that Elliot Lebowitz will provide prospective employers
          seeking information regarding your employment with and separation from
          BioTransplant with the following statement: "Under Walter Ogier's
          leadership, Eligix grew from a start-up venture to a therapeutics
          company with commercial products. Most recently, he worked to realize
          the merger

                                  Page 3 of 8

<PAGE>

          of Eligix with BioTransplant, to secure Gambro BCT as a strategic
          alliance partner for BioTransplant, and to facilitate the operational
          integration of Eligix with BioTransplant. We thank him for his
          contributions and wish him the best of success in his future
          endeavors."

     (e)  COMPANY RELEASE. The Company, including any and all affiliates and
          subsidiaries, hereby fully, forever, irrevocably and unconditionally
          releases, remises and discharges you from any and all claims, charges,
          complaints, demands, actions, causes of action, suits, rights, debts,
          sums of money, costs, accounts, covenants, contracts, agreements,
          promises, doings, omissions, damages, executions, obligations,
          liabilities, and expenses (including attorneys' fees and costs), of
          every kind and nature arising out of your employment with and
          separation from BioTransplant; provided, however, that nothing in this
          section 2(e) shall release you from any obligation expressly set forth
          in this Agreement or any claims arising out of or related to your
          commission of acts involving fraud, criminal activity or deliberate
          misconduct committed during your employment with the Company. For
          purposes of this section 2(e), "deliberate misconduct" shall mean your
          direct act of forging or fabricating data, falsifying or inventing
          results, plagiarism, piracy, failing to comply with federal
          requirements affecting research, violating generally accepted research
          practices, misappropriating proprietary information of the Company or
          a third party, unauthorized use of the Company's confidential
          information, failing to disclose a conflict of interest, and
          intentionally or knowingly helping another to commit an act of
          deliberate misconduct.

3.   RELEASE OF CLAIMS - In consideration of the payment of the Enhanced
     Severance Benefits, which you acknowledge you would not otherwise be
     entitled to receive, you hereby fully, forever, irrevocably and
     unconditionally release, remise and discharge the Company and its current
     and former officers, directors, stockholders, corporate affiliates,
     subsidiaries, parent companies, predecessors, agents, employees and
     attorneys (the "Released Parties") from any and all claims, charges,
     complaints, demands, actions, causes of action, suits, rights, debts, sums
     of money, costs, accounts, covenants, contracts, agreements, promises,
     doings, omissions, damages, executions, obligations, liabilities, and
     expenses (including attorneys' fees and costs), of every kind and nature
     which you ever had or now have as of the date you execute this Agreement
     against the Released Parties including, but not limited to, all claims
     arising out of your employment with or separation from the Company, all
     employment discrimination claims under Title VII of the Civil Rights Act of
     1964, 42 U.S.C.sections 2000e ET SEQ., the Age Discrimination in Employment
     Act, 29 U.S.C. sections 621 ET SEQ., the Americans With Disabilities Act of
     1990, 42 U.S.C. sections 12101 ET SEQ., and the Massachusetts Fair
     Employment Practices Act, M.G.L. c.151B, sections 1 ET SEQ., all as
     amended; all claims arising out of the Fair Credit Reporting Act, 15 U.S.C.
     sections 1681 ET SEQ., the Employee Retirement Income Security Act of 1974
     ("ERISA"), 29 U.S.C. sections 1001 ET SEQ., the Massachusetts Civil Rights
     Act, M.G.L. c.12 sections 11H and 11I, the Massachusetts Equal Rights AcT,
     M.G.L. c.93 sections 102 and M.G.L. c.214, sections 1C, the Massachusetts
     Labor and Industries Act, M.G.L. c. 149, sections 1 ET SEQ., and the
     Massachusetts Privacy Act, M.G.L. c.214, sections 1B, all as amended; all

                                  Page 4 of 8

<PAGE>

     common law claims including, but not limited to, actions in tort,
     defamation and breach of contract; all claims to any ownership interest in
     the Company (contractual or otherwise) including, but not limited to,
     claims to stock or stock options; and any other claims or damages arising
     out of your employment with or separation from the Company (including a
     claim for retaliation) under any common law theory or any federal, state or
     local ordinance not expressly referenced above.

     Nothing contained in this Section 3 shall bar you from asserting a claim
     for any vested benefit (including, but not limited to under the Management
     Incentive Plan or the Eligix, Inc. 1997 Equity Incentive Plan, both as
     amended) or any obligation expressly set forth in this Agreement. Moreover,
     nothing contained in this Section 3 shall bar you from (i) asserting any
     claim against any Company officer stemming from an act or omission which
     would be considered a breach under section 2(d) of this Agreement if such
     Company officer were a party to this Agreement, or (ii) defending yourself
     against any claim brought against you by the Company or any other Released
     Party.

4.   RETURN OF COMPANY PROPERTY - You represent that you have returned to the
     Company all Company property in your possession, custody or control
     including, but not limited to, keys, Company files and records (and copies
     thereof), computer hardware and software, and cellular phones. You agree to
     leave intact all electronic Company documents, including those which you
     developed or helped develop during your employment. You further agree to
     cancel all accounts for your benefit, if any, in the Company's name
     including, but not limited to, credit cards, computer accounts, cellular
     phone accounts and telephone charge cards.

5.   CONFIDENTIALITY OBLIGATIONS UNDER INVENTION, NON-DISCLOSURE AND
     NON-COMPETITION AGREEMENT - You acknowledge your non-competition obligation
     to the Company and your obligation to keep confidential all non-public
     information concerning the Company which you acquired during the course of
     your employment with the Company, as stated more fully in the Invention,
     Non-Disclosure and Non-Competition Agreement you executed at the
     commencement of your employment as a condition of your employment with the
     Company, the terms of which remain in full force and effect.

6.   NON-DISPARAGEMENT - To the extent permitted by law, you understand and
     agree that, as a condition for the Enhanced Severance Benefits, you shall
     not make any false, disparaging, derogatory or defamatory statement in
     public or in private regarding the Company or any of the other Released
     Parties, or regarding the Company's business affairs, business prospects
     and financial condition.

7.   AMENDMENT - This Agreement shall be binding upon the parties and may not be
     modified in any manner, except by an instrument in writing of concurrent or
     subsequent date signed by duly authorized representatives of the parties.
     This Agreement is binding upon and shall inure to the benefit of the
     parties and their respective agents, assigns, heirs, executors, successors
     and administrators.

8.   WAIVER OF RIGHTS - No delay or omission by either party to this Agreement
     in exercising any right under this Agreement shall operate as a waiver of
     that or any

                                  Page 5 of 8

<PAGE>

     other right. A waiver or consent given by either party to the other on any
     one occasion shall be effective only in that instance and shall not be
     construed as a bar or waiver of any right on any other occasion.

9.   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 or invalid part, term or provision shall
     be deemed not to be a part of this Agreement.

10.  CONFIDENTIALITY - To the extent permitted by law, you understand and agree
     that, as a condition for the Enhanced Severance Benefits, 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 you and your agents and shall not be disclosed to any third
     party (with the exception of your counsel and your financial advisor)
     except to the extent required by federal or state law, or as otherwise
     agreed to in writing by the Company.

11.  COOPERATION - You agree 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. Your full
     cooperation in connection with such claims or actions shall include, but
     not be limited to, your 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. The Company agrees to reimburse you for all reasonable costs
     incurred by you as a result of such cooperation, provided, however, the
     Company will not reimburse you for any such costs if the Company is
     involved in the defense or prosecution of claims or actions arising out of
     or relating to any unlawful conduct participated in by you as an employee
     or director of the Company.

12.  NATURE OF AGREEMENT - You understand and agree that this Agreement is a
     severance agreement and does not constitute an admission of liability on
     the part of the Company.

13.  ACKNOWLEDGMENTS - You acknowledge that you have been given at least
     twenty-one (21) days to consider this Agreement, and that the Company
     advised you to consult with an attorney of your choosing prior to signing
     this Agreement. You understand that you may revoke this Agreement for a
     period of seven (7) days after you sign this Agreement, and the it shall
     not be effective or enforceable until the expiration of this seven (7) day
     Revocation Period. You understand and agree that, by entering into this
     Agreement, you are waiving any and all rights or claims you may have under
     the Age Discrimination In Employment Act, as amended by the Older Workers
     Benefit Protection Act, and that you have received consideration beyond
     that to which you were previously entitled.

14.  VOLUNTARY ASSENT - You affirm that no other promises or agreements of any
     kind have been made to or with you by any person or entity whatsoever to
     cause you to sign this Agreement, and that you fully understand the meaning
     and intent of this Agreement. You state and represent that you have had an
     opportunity to fully

                                  Page 6 of 8

<PAGE>

     discuss and review the terms of this Agreement with an attorney. You
     further state and represent that you have carefully read this Agreement,
     understand its contents, freely and voluntarily assent to all of its terms
     and conditions, and sign your name of your own free act.

15.  APPLICABLE LAW - This Agreement shall be interpreted and construed by the
     laws of the Commonwealth of Massachusetts, without regard to conflict of
     laws provisions. You hereby irrevocably submit to and acknowledge and
     recognize the jurisdiction of the courts of the Commonwealth of
     Massachusetts, or if appropriate, a federal court located in Massachusetts
     (which courts, for purposes of this Agreement, are the only courts of
     competent jurisdiction), over any suit, action or other proceeding arising
     out of, under or in connection with this Agreement or its subject matter.

16.  ENTIRE AGREEMENT - This Agreement contains and constitutes the entire
     understanding and agreement with respect to your severance benefits and the
     settlement of claims against the Company and cancels all previous oral and
     written negotiations, agreements, commitments, and writings, including the
     Offer Letter. However, nothing in this Section 16 or in this Agreement
     shall modify, cancel or supercede your obligations as set forth in the
     Invention Non-Disclosure and Non-Competition Agreement referenced in
     Section 5 of this Agreement, or shall alter in any way your participation
     in the Management Incentive Plan or the Eligix, Inc. 1997 Equity Incentive
     Plan, both as amended.

     If you choose to execute this Agreement, please return ALL PAGES of this
letter to me in the enclosed envelope NO LATER THAN NOVEMBER 7, 2001. You may
retain the enclosed copy of the letter for your records.

                                            Sincerely,

                                            BIOTRANSPLANT, INC.

                                            /S/ ELLIOT LEBOWITZ
                                            ----------------------------
                                            By: Elliot Lebowitz, Ph.D.
                                                Chief Executive Officer

I hereby agree to the terms and conditions set forth above. I have been given at
least twenty-one (21) days to consider this Agreement and I have chosen to
execute it on the date below. I intend that this Agreement become a binding
agreement between me and the Company.

/S/ WALTER OGIER
---------------------------------
Mr. Walter Ogier

Date: ________________, 2001

                                  Page 7 of 8

<PAGE>

                                    EXHIBIT 1

SHARES GRANTED PURSUANT TO THE MANAGEMENT EQUITY INCENTIVE PLAN

     You are entitled to receive up to an aggregate of 172,617 shares of Common
Stock of BioTransplant pursuant to the Management Incentive Plan. These shares
are subject to the terms of the Agreement and Plan of Merger dated December 8,
2000 (the "Agreement and Plan of Merger") and the Escrow Agreement you executed
pursuant to the Agreement and Plan of Merger.

SHARES GRANTED PURSUANT TO THE ASSUMED ELIGIX, INC. 1997 EQUITY INCENTIVE PLAN,
AS AMENDED

     You received two options to purchase shares of Eligix, Inc. Common Stock.
The following table provides details relating to these two option grants:

<TABLE>
<CAPTION>
------------------------- ---------------------- ------------------------------------------- --------------
                                                                                               Shares
                                                                                               Vested as of
                            Exercise Price on an    Shares Assumed by BioTransplant on an      October 1,
  Date of Option Grant      As Converted Basis               As Converted Basis                2001
------------------------- ---------------------- ------------------------------------------- --------------
<S>                         <C>                     <C>                                        <C>
10/17/97                    $1.60                   56,280                                     56,280
------------------------- ---------------------- ------------------------------------------- --------------
5/25/00                     $0.11                   56,280                                     56,280
------------------------- ---------------------- ------------------------------------------- --------------
</TABLE>

     Your right to exercise the shares granted under the option agreements
expires three months following the Termination Date. These shares are subject to
the terms of the Agreement and Plan of Merger and the Lock-Up Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]