Document:

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                                                                   Exhibit 10.10

                         EXECUTIVE EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT, effective as of April 12, 2000 (the
"Agreement"), by and between EYETECH PHARMACEUTICALS, INC., a Delaware
corporation (the "Company"), and DAVID R. GUYER (the "Executive").

                                    RECITALS

      WHEREAS, the Executive is a founder of the Company and the Board of
Directors (the "Board") wishes to formalize the terms and conditions of the
relationship between the Executive and the Company; and

      WHEREAS, the Executive wishes to provide his time and services to the
Company pursuant to an employment relationship and set forth the terms and
conditions of such employment;

      NOW, THEREFORE, in consideration of the premises and the agreements and
provisions hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Executive and
the Company agree as follows:

      SECTION 1. Engagement of Executive; Title; Reporting Responsibilities. (a)
The Company hereby engages the Executive, and the Executive hereby agrees to
serve, as and with the title "Chief Executive Officer, reporting directly to the
Board. The Executive shall have the rights and duties that would be held and
discharged by the senior most executive officer of a
biotechnology/pharmaceuticals company comparable to the Company, including
overall management, strategic guidance and responsibility for all aspects of the
Company's business, scientific and medical affairs, and such other duties as the
Board may assign and the Executive and the Board may mutually agree that the
Executive shall perform (collectively, the "Duties.")

            (b) Executive hereby represents and warrants to the Company that no
other party has exclusive rights to Executive's services in the areas described
in Section 2 below and that Executive's performance of all the terms of this
Agreement does not and will not (i) breach or conflict with any prior agreement
or contract to which Executive is bound (ii) compromise any right or trust
relationship between Executive and a third party or (iii) create a conflict of
interest for the Executive or the Company. Executive shall promptly disclose to
the Company any circumstance or relationship with any third party that
constitutes a conflict of interest or breach of this Agreement. Executive agrees
that he will enter into a Non-Disclosure and Proprietary Information Agreement
with the Company as a condition to the effectiveness of this Agreement. The
Company acknowledges and agrees that Executive has a faculty position at the New
York University School of Medicine ("NYUSM") and in private practice. Executive
represents and warrants that his services at NYUSM and in private medical
practice will not conflict or interfere with the discharge of his Duties to the
Company.

      SECTION 2. Compensation. (a) SALARY: In consideration of the Executive's
services to the Company, the Company will pay Executive a salary of $308,275 per
year (the "Salary"), effective February 1, 2001. Executive will also be eligible
for merit or other increases in Salary to
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                                       2

the extent such increases are approved by the Board. The Salary will be paid
bi-weekly (i.e., in two installments per month) in accordance with the Company's
payroll procedures. The Salary will be subject to and be paid net of all
applicable withholding taxes and deductions. Executive acknowledges he has
received all salary amounts due him for the period from April 12, 2000 through
February 1, 2001, when he received salary at a rate of $300,000 per year.

            (b) BONUS: Executive shall be eligible to receive an annual bonus,
based on his performance and the Company's results, as determined in the sole
discretion of the Board.

            (c) EQUITY: In addition to any shares of the Company's common stock,
$.01 par value ("Common Stock"), or Preferred Stock that the Executive may own
as of the date hereof, by virtue of his subscription as a founder of the
Company, the Executive shall be entitled to participate in any stock option
plans or programs, on terms and conditions to be determined at the time of
grant, to which senior management of the Company is eligible, as determined in
the discretion of the Board (the "Management Options"). The Company acknowledges
that, as of the date hereof, the Executive owns 1,500,000 shares of the
Company's Common Stock ("Founders' Stock") and that such stock constitutes
founders' shares to which Executive is entitled by virtue of his activities to
establish the Company and were not awarded to Executive in connection with, or
as compensation for, Executive's management role or duties with the Company. The
Founders' Stock shall vest so long as Executive remains a director or consultant
to the Company without regard to whether Executive holds or maintains a
management position with the Company. The termination or modification of this
Agreement for any reason shall not affect Executive's ownership to and rights in
his Founders' Stock. In the event that this Agreement is terminated for any
reason, the Executive shall not be entitled to receive any of the Management
Options granted that have not vested as of the date this Agreement terminates;
provided, however, if any Options have been granted to Executive in a capacity
other than as CEO of the Company (e.g., member of the Board of Directors,
consultant, etc.) (the "Non-Management Options"), the specific terms of the
grants(including, without limitation, with respect to vesting and forfeiture)
rather than this section shall govern with respect to those Non-Management
Options; and provided, further, if the Executive remains with the Company in a
managerial or other capacity with the Company, the Management Options shall
continue to vest.

            (d) BENEFITS AND VACATION. Executive shall be eligible to receive
all benefits made available to other senior executives of the Company,
including, without limitation, health care, dental insurance, life insurance
disability and 401(k) savings plans (collectively, the "Benefits"). Please call
the Company's Vice President - Finance, Mr. William O'Connor, at 212-582-8376, x
115, for additional details about the Benefits for which you are eligible.
Consistent with the Company's vacation policy, Executive shall also be entitled
to take a total of 3 weeks of paid vacation per year during the Term. Executive
shall also be eligible for and his benefits hereunder shall be governed by any
sick leave, discretionary leave or other similar employee benefit policies that
the Company adopts.

      SECTION 3. Term and Termination. (a) Term - The Executive's retention
under this Agreement shall be for a term (the "Term"), the effective
commencement date of which is
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                                        3

April 12, 2000 (the "Start Date") and ending on April 12, 2004 (or, if April 12,
2004 is not a business day, the next business day thereafter), unless earlier
terminated as provided below or upon mutual agreement of the Parties. In
addition, the Term may be extended upon mutual agreement of the Parties.

            (b) Termination Events - This Agreement shall terminate upon the
occurrence of any of the following events:

                  (i) Death or Disability. This Agreement, and Executive's
obligations under this Agreement, shall terminate immediately upon Executive's
death or Long-term Disability. "Long-term disability" shall be defined for
purposes of this Agreement as Executive's inability to discharge his duties for
six consecutive months during the Term. In the event of Executive's death or
Long-term Disability, Executive or his estate shall be entitled to receive all
Salary and other compensation earned through the date of death or disability as
well the amount of any Options vested as of the death or disability date as well
as reimbursement of all reasonable Expenses incurred on or prior to such date;
or

            (c) Cause. The Company may terminated this Agreement and be relieved
of its obligations under this Agreement for "Cause." "Cause" for purposes of
this Agreement shall be defined as Executive's gross negligence in the
performance of his Duties hereunder; conviction of any criminal or civil law
involving moral turpitude; or intentional and willful misconduct that is
materially harmful to the best interests of the Company.

            (d) Change in Title/Status. If at any point during the Term, the
Executive chooses, with the agreement of the Board, to relinquish his position
as Chief Executive Officer of the Company and assume another management position
or title with the Company or become a consultant to the Company, Executive's
resignation as Chief Executive Officer and assumption of the new management or
consulting position with the Company shall not be regarded as a termination
event for purposes of this section, and Executive shall continue to receive all
compensation (including, without limitation, his Salary as then in effect and
any Options) provided hereunder that is payable to Executive over the Term of
this Agreement.

            (e) Executive's Termination Right. Executive may terminate this
Agreement at any time for any reason upon at least 30 days' written notice to
the Company and shall receive all earned but unpaid Salary to the effective date
of such termination of plus all awarded but unpaid Bonus plus all vested Options
or Equity (subject to the Company's repurchase rights, if any, with respect to
such Options or Equity) plus reimbursement of Expenses (as defined below)
incurred prior to the effective date of termination.

            (f) Severance. If the Executive is terminated for any reason other
than Cause, he shall be entitled to receive a severance package to be negotiated
between the Board and the Executive within 90 days of the date of this
Agreement; provided, however in no event shall the severance payment to the
Executive be less than 1 year's worth of the Salary then in effect and
acceleration for the vesting of at least 12 months' worth of Executive's
Options.
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                                       4

      SECTION 4. Expense Reimbursement. Executive shall be entitled to
reimbursement for reasonable and necessary travel and other expenses incurred by
Executive in connection with her performance of the Duties ("Expenses");
provided that such expenses (i) are incurred for or on behalf of the Company in
the performance of the Executive's duties under this Agreement; and (ii) are
documented in compliance with the Company's expense reimbursement procedures so
as to verify the amount, nature and date of such expenses. The Company will
promptly reimburse Executive for such expenses upon receipt of the supporting
documentation referred to above and in accordance with the Company's
reimbursement policies and procedures.

      SECTION 5. Continuing Obligations after Termination. The Executive and the
Company hereby acknowledge and agree that they have entered into the
Non-Disclosure and Proprietary Information Agreement, which is attached hereto
as Exhibit A and that the terms, conditions and covenants contained in such
agreement remain in full force and effect and is not in any way modified by the
execution of this Agreement by the Executive and the Company.

      SECTION 6. Miscellaneous. (a) All notices and other communications made in
connection with this Agreement shall be in writing and shall be deemed to have
been duly given if (i) mailed by first-class, registered or certified mail,
return receipt requested, postage prepaid, (ii) transmitted by hand delivery,
(iii) sent by next-day or overnight mail or delivery, or (iv) sent by fax,
telecopy or telegram, addressed as follows:

                       if to the Company

                       Eyetech Pharmaceuticals, Inc.
                       666 Fifth Avenue, 35th Floor
                       New York, New York 10103
                       Fax:   212) 582-2645
                       Phone: (212) 582-8376
                       Attn:  John McLaughlin, Chairman of the Board

                       if to Executive:

                       David R. Guyer, M.D.
                       530 E. 76th Street
                       Apt. 17G
                       New York, NY 10021
                       Fax:   212-772-7946
                       Phone: 212-517-6275

or, in each case, at such other address as may be specified in writing to the
other parties hereto.

            (b) No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in
writing, and is signed by Executive and the Company. No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof has been made by any party hereto which is not set forth
expressly in this
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Agreement. This Agreement supersedes all prior agreements between the parties
hereto with respect to the subject matter hereof.

            (c) This Agreement shall be governed in all respects, including as
to validity, interpretation and effect, by the internal laws of the State of New
York without giving effect to the conflict of laws rules thereof.

            (d) (i) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO
THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE COUNTY OF
NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE
SOUTHERN DISTRICT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE
INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND IN
RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS
AGREEMENT HEREBY WAIVES AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION,
SUIT OR PROCEEDING FOR THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT, OR
IN RESPECT OF ANY TRANSACTION CONTEMPLATED BY THIS AGREEMENT, THAT SUCH ACTION,
SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR
THAT THE VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH
DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. EACH PARTY TO THIS AGREEMENT
HEREBY CONSENTS TO AND GRANTS ANY SUCH COURT JURISDICTION OVER SUCH PARTY AND
OVER THE SUBJECT MATTER OF ANY SUCH DISPUTE AND AGREES THAT THE MAILING OF
PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE
MANNER PROVIDED IN THE NOTICES SECTION OF THIS AGREEMENT OR IN SUCH OTHER MANNER
AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

            (e) This Agreement shall bind and inure to the benefit of and be
enforceable by the Company and Executive and their respective successors and
assigns; provided, however, neither the Company nor Executive may assign this
Agreement without the prior written consent of the other party.

            (f) This Agreement may be amended from time to time only by written
agreement of the Company and the Executive. No terms or provisions of this
Agreement may be waived or modified unless such waiver or modification is in
writing and signed by the party against whom such waiver or modification is
sought to be enforced. No failure on the part of the Company to exercise and no
delay in exercising, any right, power or remedy under this Agreement shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right under this Agreement preclude any other or further exercise thereof or the
exercise of any other right. The remedies provided in this agreement are
cumulative and not exclusive of any remedies provided by law.

            (g) Neither the Company nor Executive is the agent or representative
of the other, and nothing in this Agreement shall be construed to make either
the Company or Executive liable to any third party for services performed by
such third party or for debts or claims accruing to such third party against
either the Company or Executive. Nothing contained in this Agreement or the acts
of the parties hereto shall be construed to create a partnership, agency or
joint venture.
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                                       6

            (h) No recourse under this Agreement shall be had against, and no
personal liability shall attach to, any officer, director, affiliate or
shareholder of the Company, as such, by the enforcement of any assessment of by
any legal or equitable proceeding, by virtue of any statute or otherwise in
respect of this Agreement, it being expressly agreed and understood that this
Agreement is solely a corporate obligation of the Company. The Company shall
obtain directors and officers liability insurance for acts and omissions of the
Executive in the course of discharging his Duties and the Company shall
indemnify Executive against any claims or liabilities as provided in and to the
extent permitted by the Company's organizational documents and applicable law.

            (i) The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement which shall remain in full force and
effect.

            (j) This Agreement may be executed in counterparts, each of which
shall be deemed to be an original but both of which shall together constitute
one and the same instrument.

            (k) The headings contained in this Agreement are for reference
purposes only and shall not in any way affect the meaning or interpretation of
this Agreement.

                            [SIGNATURES ON NEXT PAGE)
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                                       7

      IN WITNESS WHEREOF, the parties have executed this agreement as of the
year and date first above written.

                                    EYETECH PHARMACEUTICALS, INC.

                                    By:   /s/ MARTY GLICK
                                          ------------------------------
                                          Name:
                                          Title: Board of Directors
                                                 Compensation Committee

                                    EXECUTIVE:

                                    /s/ DAVID R. GUYER, M.D.
                                    ------------------------------------
                                    David R. Guyer, M.D.<PAGE>

                                                                   Exhibit 10.11

                        AMENDMENT TO EMPLOYMENT AGREEMENT

      This Amendment (the "Amendment"), effective as of August 25, 2003 (the
"Effective Date"), to the employment agreement executed on April 12, 2000 (the
"Employment Agreement") by and between Eyetech Pharmaceuticals, Inc., a Delaware
corporation (the "Company"), and David Guyer, an individual (the "Executive").

                                   WITNESSETH:

      WHEREAS, the Company and the Executive entered into the Employment
Agreement; and

      WHEREAS, the Company and the Executive desire to amend the Employment
Agreement to reflect changes which the parties hereby agree to in connection
with the Company's continued employment of the Executive;

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.    Amendments - The Employment Agreement shall be amended to include the
      following provisions.

      1.1   Term. This Agreement will remain in force and effect throughout the
            term of the Executive's employment with the Company. Executive's
            employment with the Company may be terminated by either the Company
            or the Executive at any time subject only to the severance
            provisions contained in section 1.2 hereof.

      1.2   Termination and Severance. The Severance payments provided in this
            Amendment shall be the sole payments and benefits for which the
            Executive shall be eligible at the conclusion of his employment with
            the Company for any reason and shall supersede any and all prior
            agreements or arrangements for post-termination benefits.

            (a)   In the event Executive's employment terminates as a result of
                  a voluntary termination by Executive for Good Reason, or a
                  termination by the Company without Cause, upon execution of an
                  effective general release of all claims against the Company,
                  its employees, officers, directors and agents, in a form
                  reasonably acceptable to the Company: (i) Executive shall
                  receive eighteen (18) monthly payments each equal in amount to
                  one-twelfth (1/12th) of Executive's then base salary, less
                  applicable state and federal withholdings; and (ii) for a
                  period of eighteen (18) months (or until comparable benefits
                  coverage becomes available to Executive, if sooner), the
                  Company shall reimburse Executive (or pay him directly, at the
                  Company's option) the costs associated with the continuation
                  of Executive's and his dependents' medical and dental benefits
                  under the Consolidated Omnibus Budget Reconciliation Act of
                  1985, as amended ("COBRA") as in effect immediately prior to
                  Executive's termination of
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                  employment.

            (b)   For purposes of this Agreement, "Good Reason" means that any
                  of the following are undertaken without Executive's express
                  written consent: (i) the assignment to Executive of any duties
                  or responsibilities which result in any material diminution or
                  adverse change of Executive's position, status or
                  circumstances of employment; (ii) the taking of any action by
                  the Company which would adversely affect Executive's
                  participation in, or reduce Executive's benefits under, the
                  Company's benefit plans (including equity benefits) as of the
                  time this Amendment is executed; (iii) a relocation of
                  Executive's principal office to a location more than
                  thirty-five (35) miles from Manhattan, New York, except for
                  required travel by Executive on the Company's business; or
                  (iv) any failure by the Company to obtain the assumption of
                  the Employment Agreement by any successor or assign of the
                  Company. For purposes of this Amendment, "Cause" means: (V) an
                  intentional action or intentional failure to act by Executive
                  which was performed in bad faith and to the material detriment
                  of the Company; (W) Executive intentionally refuses or
                  intentionally fails to act in accordance with any lawful and
                  proper direction or order of the Board; (X) Executive
                  willfully and habitually neglects the duties of his
                  employment; or (Z) Executive is convicted of a felony crime
                  involving moral turpitude; provided, however, that in the
                  event that any of the foregoing events under clauses (V), (W),
                  (X) or (Y) above is capable of being cured, the Company shall
                  provide written notice to Executive describing the nature of
                  such event and Executive shall thereafter have ten (10)
                  business days to cure such event.

            (c)   In the event Executive's employment terminates as a result of
                  termination of Executive by the Company or its successor
                  without Cause, or by the Executive voluntarily for Good
                  Reason, within the three (3) months before or twelve (12)
                  months following a Change in Control Event, upon execution of
                  an effective general release of all claims against the
                  Company, its employees, officers, directors and agents, in a
                  form reasonably acceptable to the Company: (i) Executive shall
                  receive, within fifteen (15) days of such termination, one
                  lump sum payment equivalent to twenty-four (24) months of his
                  then Base Salary, less applicable state and federal
                  withholdings; (ii) Executive's unvested equity rights shall
                  become vested and exercisable as set forth in Section 1.3(b);
                  and (iii) for a period of eighteen (18) months (or until
                  comparable benefits coverage becomes available to Executive,
                  if sooner), the Company shall reimburse Executive (or pay him
                  directly at the Company's option) the costs associated with
                  the continuation of Executive's and his dependents' medical
                  and dental benefits under COBRA as in effect immediately prior
                  to Executive's termination of employment. For purposes of this
                  paragraph, Executive's "Base Salary" shall be the greater of
                  the amount in effect either immediately prior to the Change in
                  Control Event or the termination date of Executive's
                  employment. The benefits provided under this Section

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                  1.2(c) shall be in lieu of any benefits the Executive would
                  have otherwise been entitled to pursuant to Section 1.2(a) of
                  this Agreement.

            (d)   For purposes of this Amendment, a "Change in Control Event"
                  shall mean:

                  (i)   The acquisition by an individual, entity or group
                        (within the meaning of Section 13(d)(3) or 14(d)(2) of
                        the Exchange Act) (a "Person") of beneficial ownership
                        of any capital stock of the Company if, after such
                        acquisition, such Person beneficially owns (within the
                        meaning of Rule 13d-3 promulgated under the Exchange
                        Act) 50% or more of either (x) the then-outstanding
                        shares of common stock of the Company (the "Outstanding
                        Company Common Stock") or (y) the combined voting power
                        of the then-outstanding securities of the Company
                        entitled to vote generally in the election of directors
                        (the "Outstanding Company Voting Securities"); provided
                        however, that for purposes of this subsection (i), the
                        following acquisitions shall not constitute a Change in
                        Control Event: (A) any acquisition directly from the
                        Company (excluding an acquisition pursuant to the
                        exercise, conversion or exchange of any security
                        exercisable for, convertible into or exchangeable for
                        common stock or voting securities of the Company, unless
                        the Person exercising, converting or exchanging such
                        security acquired such security directly from the
                        Company or an underwriter or agent of the Company), (B)
                        any acquisition by any employee benefit plan (or related
                        trust) sponsored or maintained by the Company or any
                        corporation controlled by the Company, or (C) any
                        acquisition by an corporation pursuant to a Business
                        Combination (as defined below) which complies with
                        clauses (x) and (y) of subsection (iii) of this
                        definition; or

                  (ii)  Such time as the Continuing Directors (as defined below)
                        do not constitute a majority of the Board (or, if
                        applicable, the Board of Directors of a successor
                        corporation to the Company), where the term "Continuing
                        Director" means at any date a member of the Board (x)
                        who was a member of the Board on the date of the initial
                        adoption of this Amendment by the Board or (y) who was
                        nominated or elected subsequent to such date by at least
                        a majority of the directors who were Continuing
                        Directors at the time of such nomination or election or
                        whose election to the Board was recommended or endorsed
                        by at least a majority of the directors who were
                        Continuing Directors at the time of such nomination or
                        election; or

                  (iii) The consummation of a merger, consolidation,
                        reorganization, recapitalization or share exchange
                        involving the Company or a sale or other disposition of
                        all or substantially all of the assets of the Company
                        (a "Business Combination"), unless, immediately

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<PAGE>
                        following such Business Combination, each of the
                        following two conditions is satisfied: (x) all or
                        substantially all of the individuals and entities who
                        were the beneficial owners of the Outstanding Company
                        Common Stock and Outstanding Company Voting Securities
                        immediately prior to such Business Combination
                        beneficially own, directly or indirectly, more than 50%
                        of the then-outstanding shares of common stock and the
                        combined voting power of the then-outstanding securities
                        entitled to vote generally in the election of directors,
                        respectively, of the resulting or acquiring corporation
                        or other form of entity in such Business Combination
                        (which shall include, without limitation, a corporation
                        which as a result of such transaction owns the Company
                        or substantially all of the Company's assets either
                        directly or through one or more subsidiaries) (such
                        resulting or acquiring corporation or entity is referred
                        to herein as the "Acquiring Corporation") in
                        substantially the same proportions as their ownership of
                        the Outstanding Company Common Stock and Outstanding
                        Company Voting Securities, respectively, immediately
                        prior to such Business Combination and (y) no Person
                        (excluding the Acquiring Corporation or any employee
                        benefit plan (or related trust) maintained or sponsored
                        by the Company or by the Acquiring Corporation)
                        beneficially owns, directly or indirectly, 30% or more
                        of the then-outstanding shares of common stock of the
                        Acquiring Corporation, or of the combined voting power
                        of the then-outstanding securities of such corporation
                        entitled to vote generally in the election of directors
                        (except of the extent that such ownership existed prior
                        to the Business Combination).

                  (iv)  Notwithstanding the foregoing, a Change in Control Event
                        will not be deemed to have occurred in the case of a
                        Management Buy Out. A "Management Buy Out" is any event
                        which would otherwise be deemed a "Change in Control
                        Event", in which the Executive, directly or indirectly
                        (as a beneficial owner) acquires equity securities,
                        including any securities convertible into or
                        exchangeable for equity securities, of the Company or
                        the Acquiring Corporation in connection with any Change
                        in Control Event.

1.3   Treatment of Equity Upon Change in Control Event. Upon a Change in Control
      Event, as defined in Section 1.2(d):

      (a)   50% of all of the Executive's unvested equity rights shall become
            vested and immediately exercisable; and

      (b)   If Executive's employment terminates as result of the circumstances
            outlined in Section 1.2(c), and provided that Executive executes an

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<PAGE>
            effective general release as required by Section 1.2(c), 100% of the
            Executive's unvested equity rights shall then become vested and
            immediately exercisable.

1.4   Golden Parachute Taxes. Notwithstanding anything contained in this
      Amendment to the contrary, to the extent that payments and benefits
      provided under this Amendment to Executive and benefits provided to, or
      for the benefit of, Executive under any other Company plan or agreement
      (such payments or benefits are collectively referred to as the "Payments")
      would be subject to the excise tax (the "Excise Tax") imposed under
      Section 4999 of the Internal Revenue Code of 1986, as amended (the
      "Code"), the Payments shall be reduced (but not below zero) to the extent
      necessary so that no Payment to be made or benefit to be provided to the
      Executive shall be subject to the Excise Tax, but only if, by reason of
      such reduction, the net after-tax benefit received by Executive shall
      exceed the net after-tax benefit received by him if no such reduction was
      made. For purposes of this Section 1.4, "net after-tax benefit" shall mean
      (a) the Payments which Executive receives or is then entitled to receive
      from the Company that would constitute "parachute payments" within the
      meaning of Section 280G of the Code, less (b) the amount of all federal,
      state and local income taxes payable with respect to the foregoing
      calculated at the maximum marginal income tax rate for each year in which
      the foregoing shall be paid Executive (based on the rate in effect for
      such year as set forth in the Code as in effect at the time of the first
      payment of the foregoing), less (c) the amount of excise taxes imposed
      with respect to the payments and benefits described in (a) above by
      Section 4999 of the Code. The foregoing determination will be made by a
      nationally recognized accounting firm (the "Accounting Firm") selected by
      the Company (which may be, but will not be required to be, the Company's
      independent auditors). The Company will direct the Accounting Firm to
      submit its determination and detailed supporting calculations to both the
      Executive and the Company within fifteen (15) days after the date of
      termination of his employment. If the Accounting Firm determines that such
      reduction is required by this Section 1.4, the Executive, in his sole and
      absolute discretion, may determine which Payments shall be reduced to the
      extent necessary so that no portion thereof shall be subject to the excise
      tax imposed by Section 4999 of the Code, and the Company shall pay such
      reduced amount to him. The fees and expenses of the Accounting Firm for
      its services in connection with the determinations and calculations
      contemplated by this Section 1.4 will be borne by the Company.

1.5   No Duty to Seek Employment. Executive and the Company acknowledge and
      agree that nothing contained in this Amendment shall be construed as
      requiring Executive to seek or accept alternative or replacement
      employment in the event of his termination of employment by the Company
      for any reason, and no payment or benefit payable hereunder shall be
      conditioned on Executive's seeking or accepting such alternative or
      replacement employment.

2.    Reference to and Effect on the Employment Agreement

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<PAGE>
      2.1   On and after the date hereof, each reference to "this Agreement,"
            "hereunder," "hereof," "herein," or words of like import shall mean
            and be a reference to the Employment Agreement as amended hereby. No
            reference to this Amendment need be made in any instrument or
            document at any time referring to the Employment Agreement. A
            reference to the Employment Agreement in any such instrument or
            document shall be deemed to be a reference to the Employment
            Agreement as amended hereby.

      2.2   Except as amended and/or superseded by this Amendment, the
            provisions of the Employment Agreement shall remain in full force
            and effect.

3.    Governing Law

      The Employment Agreement shall be governed by and construed in accordance
      with the laws of the State of New York without giving effect to principles
      of conflicts of laws.

4.    Counterparts

      This Amendment may be executed in two counterparts, each of which shall be
      deemed to be an original, but all of which together shall constitute one
      and the same instrument.

      IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first above written.

                                  EYETECH PHARMACEUTICALS, INC.

                                  By: /s/ DOUGLAS ALTSCHULER
                                      ----------------------------
                                  Name:  Douglas Altschuler
                                  Title:  Senior Vice-President/General Counsel

                                  EXECUTIVE

                                  /s/ DAVID R. GUYER
                                  -----------------------------
                                  Name:

                                       6

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