Document:

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                          TRUBION PHARMACEUTICALS, INC.

                        INDEPENDENT CONTRACTOR AGREEMENT

        This Independent Contractor Agreement ("AGREEMENT") was made and entered
into as of November 19, 2002, between Trubion Pharmaceuticals, Inc., a Delaware
corporation ("COMPANY"), and Martha Hayden-Ledbetter ("CONTRACTOR") and is
hereby revised as of May 1, 2004.

                                    RECITALS

        WHEREAS, Contractor has been involved in scientific research in the
following fields of interest to Company: immunoglobulin fusion proteins,
antibody effector functions, development of bispecific antibodies, single chain
Fv molecules attached to human IG constant domains, single chain Fv recombinant
antibody proteins, and engineering of recombinant proteins (collectively, the
"FIELD OF INTEREST"); and

        WHEREAS, Company and Contractor have previously entered into a
Consulting Agreement dated July 1, 2002 (the "ORIGINAL AGREEMENT"), which
Original Agreement terminates June 30, 2003 unless sooner terminated; and

        WHEREAS, it is a condition to closing under that certain Series A
Preferred Stock Purchase Agreement (the "PURCHASE AGREEMENT") that Contractor
and Company amend and restate the Original Agreement in its entirety to read as
set forth herein; and

        WHEREAS, Company and Contractor intend that this Agreement shall govern
all services performed by Contractor for Company, commencing on July 1, 2002;
and

        WHEREAS, in order to induce Company to enter into the Purchase Agreement
and to induce certain investors to invest in Company pursuant to the Purchase
Agreement, the parties hereto desire to enter into this Agreement.

        NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, Company and Contractor hereby amend their respective rights
and obligations pursuant to the Original Agreement by superseding and replacing
such rights and obligations in their entirety with the rights and obligations
set forth in this Agreement, and the parties hereto further agree as follows:

        1.      SERVICES AND COMPENSATION

                1.1   Services. Subject to the terms and conditions of this
Agreement and at Company's request and direction, Contractor will perform for
Company the services ("SERVICES") described in EXHIBIT A during the term of this
Agreement. The parties anticipate that Contractor will be available to provide
approximately 1,000 hours of Services in each twelve-month period, commencing
May 1, 2004. The Services are to be performed only with respect to those aspects
and areas of the Field of Interest, which are the subject of a waiver, release
and assignment of rights by Pacific Northwest Research Institute ("PNRI")
pursuant to that Technology and Investment Agreement between Company, PNRI,
Contractor, and Jeffrey A. Ledbetter (the "PNRI
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AGREEMENT"), the term of which is December 31, 2001 through December 31, 2002.
If the waiver, release and assignment of the Technology (as defined in the PNRI
Agreement) by PNRI has not been extended or renewed by December 15, 2002,
Company reserves the right to terminate this Agreement or to redefine the
Services so that Company may obtain the benefits of Contractor's continuing
services, and Contractor will not be in violation of any obligations to PNRI.
The Services performed hereunder will not be conducted on time that is required
to be devoted to PNRI or any other third party. Contractor shall not perform the
Services hereunder in any manner that would give PNRI or any third party rights
to any intellectual property or other product of such Services. Contractor will
perform and observe all applicable rules and regulations that Company may now or
shall hereafter establish governing the conduct of its business.

                1.2   Compensation. As consideration for Contractor's proper
performance of the Services, Company will pay Contractor the compensation set
forth in EXHIBIT A.

     2.      TERM AND TERMINATION

                2.1   Term. This Agreement commences on May 4, 2004 and will
continue until the earlier of (a) November 19, 2005 or (b) termination as
provided below.

                2.2    Termination. Company may terminate this Agreement by
giving two weeks' prior written notice to Contractor. Company may terminate this
Agreement immediately and without prior notice if the waiver, release and
assignment of the Technology (as defined in the PNRI Agreement) by PNRI has not
been extended or renewed by December 15, 2002 or if Contractor refuses to or is
unable to perform a material part of the Services or is in breach of any
material provision of this Agreement that continues uncured for 30 days
following written demand for performance from the Chief Executive Officer or the
Board that specifically sets forth the factual basis for the Company's belief
that Contractor has not substantially performed her duties. If the Company fails
to pay funds due to Contractor hereunder when due, Contractor shall have the
right to terminate this Agreement upon the giving of thirty (30) days' written
notice and opportunity to cure. In the event Contractor terminates this
Agreement in accordance with the preceding sentence, that portion of any
unvested stock options or shares of restricted stock held by Contractor as of
the date of Contractor's termination of this Agreement that would otherwise vest
through the end of twelve (12) months after the date of such termination shall
be immediately accelerated as of the date of termination.

                2.3   Survival. Upon termination, all rights and duties of the
parties toward each other cease except that:

                      (a)  Within 30 days of the effective date of termination,
Company will pay all amounts owing to Contractor for Services or Contractor will
return to Company any amount paid to Contractor as a retainer that is not owed
against Services; and

                      (b)  Sections 2, 3, 4, 5, 6, 7, 8, 9, and 11 survive
termination of this Agreement.

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               2.4   Return of Materials. Upon the termination of this
Agreement, or upon Company's earlier request, Contractor will deliver to Company
all of Company's property and Confidential Information (as defined in
Section 3.1) that is in Contractor's possession or control.

     3.        CONFIDENTIALITY

               3.1   Definition. "CONFIDENTIAL INFORMATION" means any non-public
information that relates to the actual or anticipated business, research, or
development of Company and any proprietary information, trade secrets, and
know-how of Company that is disclosed to Contractor by Company, directly or
indirectly, in writing, orally, or by inspection or observation of tangible
items. Confidential Information includes, but is not limited to, research,
product plans, products, services, customer lists, development plans,
inventions, processes, formulas, technology, designs, drawings, marketing,
finances, and other business information. Confidential Information is the sole
property of Company.

               3.2   Exceptions. Confidential Information does not include any
information that: (a) was known to the general public prior to the time Company
disclosed the information to Contractor, (b) became generally publicly known
after disclosure to Contractor by Company, through no wrongful action or
inaction of Contractor or others who were under confidentiality obligations, or
(c) was in Contractor's possession, without confidentiality restrictions, at the
time of disclosure by Company, as shown by Contractor's files and records.

               3.3   Nondisclosure and Nonuse. Contractor will not, during and
after the term of this Agreement, disclose the Confidential Information to any
third party or use the Confidential Information for any purpose other than the
performance of the Services on behalf of Company. Contractor will take all
reasonable precautions to prevent any unauthorized disclosure of the
Confidential Information including, but not limited to, having each employee of
Contractor, if any, with access to any Confidential Information, execute a
nondisclosure agreement containing terms that are substantially similar to the
terms contained in this Agreement.

               3.4   Former Client Confidential Information. During the term of
this Agreement, Contractor will not improperly use or disclose any proprietary
information or trade secrets of any former or current customer, client, or other
person or entity with whom Contractor has an agreement or duty to keep in
confidence information acquired by Contractor, including, but not limited to,
proprietary information or trade secrets of PNRI. Contractor will not bring onto
the premises of Company any unpublished document or proprietary information
belonging to a third party unless consented to in writing by that third party.
Contractor will indemnify and hold Company harmless from and against all claims,
liabilities, damages, and expenses, including reasonable attorneys fees and
costs of suit, arising out of or in connection with any violation of
Contractor's duty to maintain the confidence of the third party's information.

               3.5   Third Party Confidential Information. Company has received,
and in the future will receive, from third parties confidential or proprietary
information subject to a duty on Company's part to maintain the confidentiality
of the information and to use it only for certain limited purposes. Contractor
owes Company and these third parties, during and after the term of this
Agreement, a duty to hold this confidential and proprietary information in the
strictest confidence

                                       -3-
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and not to disclose it to any person or entity, or to use it except as necessary
in carrying out the Services for Company consistent with Company's agreements
with these third parties.

     4.        INVENTIONS

               4.1   Inventions Defined. "INVENTIONS" means inventions, original
works of authorship, developments, concepts, improvements, designs, discoveries,
ideas, know-how, trademarks, and trade secrets, whether or not patentable or
registrable under copyright or similar laws, that Contractor may solely or
jointly conceive, develop, or reduce to practice.

               4.2   Assignment of Inventions and Works Made for Hire.
Contractor will promptly make a full written disclosure to the Company, will
hold in trust for the sole right and benefit of the Company, and hereby assigns
to the Company, or its designee, all of Contractor's right, title, and interest
(including all related intellectual property rights) in all Inventions that
Contractor creates within the scope of and during the term of this Agreement,
but excluding the Excluded Technology ("COMPANY INVENTIONS"). "EXCLUDED
TECHNOLOGY" means any Inventions that satisfy all of the following conditions:
(a) are created by Contractor for or on behalf of Tritegra, LLC ("TRITEGRA"), a
Washington limited liability company, (b) constitute improvements to the
"Technology" (as defined in the Genecraft, Inc. Exclusive License of Technology
by and between the Company and Tritegra dated November__, 2002) and (c) are not
incorporated into any Company product, process or machine. In addition, all
original works of authorship that are made by Contractor (solely or jointly with
others) within the scope of and during the term of this Agreement and that are
protectable by copyright are "works made for hire," as that term is defined in
the United States Copyright Act, and in accordance, the Company will be
considered the author of these works. To the extent that ownership of the
Company Inventions does not by operation of the law vest in the Company,
Contractor will assign (or cause to be assigned) and does hereby assign fully to
the Company all right, title, and interest in and to the Company Inventions,
including all related intellectual property rights.

     5.        OWNERSHIP

               5.1   Inventions Retained and Licensed. Attached to this
Agreement, as EXHIBIT B, is a list describing all Inventions that were made by
Contractor prior to the commencement of Contractor's provision of Services to
the Company and in which Contractor retains any rights as of the date of this
Agreement, that relate to the Company's proposed business, products, or research
and development, and that are not assigned to the Company under this Agreement
(collectively, "PRIOR INVENTIONS"). If, in the course of performing Services for
the Company, Contractor incorporates into a Company product, process, or machine
a Prior Invention or any Excluded Technology owned by Contractor or Tritegra or
in which Contractor or Tritegra have the requisite and necessary interest, the
Company is granted a nonexclusive, royalty-free, irrevocable, perpetual,
worldwide license to make, have made, modify, use, and sell the Prior Invention
or Excluded Technology, as the case may be, as part of such product, process or
machine without restriction of any kind. Except for the limited license granted
in the preceding sentence, as between the parties, Contractor shall retain all
right, title and interest in and to the Excluded Technology, Prior Inventions,
all improvements to each of the foregoing, and all intellectual property rights
associated with any of the foregoing, except to the extent that any of the
foregoing is a Company Invention.

                                      -4-
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Contractor represents and warrants that Contractor is an authorized agent of
Tritegra and has the requisite power and authority to grant the rights and
licenses granted to the Company in this Agreement on behalf of Tritegra.

               5.2   Further Assurances. Contractor will assist Company and its
designees in every proper way to secure Company's rights in the Company
Inventions and related intellectual property rights in all countries. Contractor
will disclose to Company all pertinent information and data with respect to
Company Inventions and related intellectual property rights. Contractor will
execute all applications, specifications, oaths, assignments, and other
instruments that Company reasonably deems necessary in order to apply for and
obtain these rights and in order to assign and convey to Company, its
successors, assigns, and nominees all of Contractor's right, title, and interest
in and to these Company Inventions, and any related intellectual property
rights. Contractor's obligation to provide assistance will continue after the
termination or expiration of this Agreement.

               5.3   Pre-Existing Materials. If in the course of performing the
Services, Contractor incorporates into any Company Invention any other work of
authorship, invention, improvement, or proprietary information, or other
materials owned by Contractor or in which Contractor has an interest, Contractor
will grant and does now grant to Company a nonexclusive, royalty-free,
perpetual, irrevocable, worldwide license to reproduce, manufacture, modify,
distribute, use, import, and otherwise exploit the material as part of or in
connection with the Company Invention to the extent of Contractor's rights in
such work of authorship, invention, improvement, proprietary information, or
other materials.

               5.4   Attorney-in-Fact. If Contractor's unavailability or any
other factor prevents Company from pursuing or applying for any application for
any United States or foreign registrations or applications covering the Company
Inventions and related intellectual property rights assigned to Company, then
Contractor irrevocably designates and appoints Company as Contractor's agent and
attorney in fact. Accordingly, Company may act for and in Contractor's behalf
and stead to execute and file any applications and to do all other lawfully
permitted acts to further the prosecution and issuance of the registrations and
applications with the same legal force and effect as if executed by Contractor.

     6.        CONTRACTOR'S WARRANTIES

     As an inducement to Company entering into and consummating this Agreement,
Contractor represents, warrants, and covenants as follows: 6.1 Enforceability.
This Agreement constitutes a valid and binding obligation of Contractor that is
enforceable in accordance with its terms.

               6.2   No Conflict. The entering into and performance of this
Agreement by Contractor does not and will not violate, conflict with, or result
in a material default under any other contract, agreement, indenture, decree,
judgment, undertaking, conveyance, lien, or encumbrance to which Contractor is a
party or by which Contractor or any of Contractor's property is or may become
subject or bound. Contractor's representation and warranty under this Section
6.2 will have no further force or effect with respect to Services performed by
Contractor after December 31, 2002

                                      -5-

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unless the Company has obtained an extension of the Technology & Investment
Agreement by and between the Company and the Pacific Northwest Research
Institute, dated as of December 31, 2001 for the entire term of this Agreement.
Contractor will not grant any rights under any future agreement, nor will it
permit or suffer any lien, obligation, or encumbrances that will conflict with
the full enjoyment by Company of its rights under this Agreement.

               6.3   Right to Make Full Grant. Contractor has and will have all
requisite ownership, rights, and licenses to fully perform her obligations under
this Agreement and to grant to Company all rights with respect to the Company
Inventions and related intellectual property rights to be granted under this
Agreement, subject to the limitations set form herein, free and clear of any and
all agreements, liens, adverse claims, encumbrances, and interests of any person
or entity.

               6.4   Pre-existing Works and Third Party Materials. Contractor
will not, without Company's prior written consent, incorporate any pre-existing
works or third party materials into the Company Inventions. Additionally,
Contractor has the right to assign and transfer rights to pre-existing works and
third party materials as specified in this Agreement.

               6.5   Noninfringement. To the extent that a Company Invention is
conceived, made or discovered by Contractor, nothing contained in the Company
Invention will infringe, violate, or misappropriate any copyright or trade
secret of any third party, and, to the best of Contractor's knowledge, without
undertaking any investigation, will infringe, violate, or misappropriate any
patent, trademark or any other proprietary right of any third party.

               6.6   No Pending or Current Litigation. Contractor is not
involved in litigation, arbitration, or any other claim and knows of no pending
litigation, arbitration, other claim, or fact that may be the basis of any claim
regarding any of the materials Contractor has used or will use to develop or has
incorporated or will incorporate into the Company Inventions to be delivered
under this Agreement.

               6.7   Services. The Services will be performed in a timely,
competent, professional, and workmanlike manner. The Company will not direct
Contractor to perform, and Contractor shall not perform, Services that would
cause Contractor to violate her employment agreement with the Pacific Northwest
Research Institute or that would constitute a violation of the Company's
agreement with the Pacific Northwest Research Institute.

     7.        INDEMNIFICATION

               7.1   Indemnification. Contractor will indemnify, defend, and
hold harmless Company and its directors, officers, and employees from and
against all taxes, losses, damages, liabilities, costs, and expenses, including
attorneys' fees and other legal expenses, arising directly or indirectly from or
in connection with any breach by Contractor or Contractor's assistants,
employees, or agents of any of the covenants, warranties, or representations
contained in this Agreement; provided, however, that Contractor shall not be
liable for any incidental, consequential, exemplary or punitive damages pursuant
to this Agreement.

                                      -6-

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               7.2   Intellectual Property Infringement. In the event of any
claim arising from Contractor's breach of the warranty set forth in Section 6.5,
Contractor will, in addition to her obligations under Section 7.1, take one of
the following actions at her sole expense:

                     (a)  procure for Company the right to continue use of the
Company Invention or infringing part thereof; or

                     (b)  modify or amend the Company Invention or infringing
part thereof, or replace the Invention or infringing part thereof with another
Invention having substantially the same or better capabilities.

     8.        NON-COMPETITION

               8.1   Non-Competition. During the term of this Agreement and for
one year after the termination of this Agreement, Contractor will not directly
or indirectly, for herself or any third party other than Company, perform any of
the following actions:

                     (a)  perform services for a business within the Geographic
Area, other than PNRI, in connection with the development, manufacture,
marketing, or sale of a Competing Product;

                     (b)  solicit sales of any Competing Product from any of
Company's customers;

                     (c)  entice or otherwise engage in any activity that would
cause any vendor, consultant, collaborator, agent, or contractor of Company to
cease its business relationship with Company; or

                     (d)  solicit or encourage any employee or contractor of
Company or its affiliates to terminate employment with, or cease providing
services to, Company or its affiliates.

               8.2   Geographic Area. "GEOGRAPHIC AREA" means anywhere in the
world where Company or any subsidiary of Company conducts business.

               8.3   Company Product. "COMPANY PRODUCT" means any product or
service of Company that Contractor worked on or in connection with which
Contractor had access to Confidential Information related to such product or
service.

               8.4   Competing Product. "COMPETING PRODUCT" means any product or
service that competes or competed with any Company Product sold, provided, or
intended to be sold or provided by Company at any time during the term of this
Agreement and for one year after its termination.

               8.5   Severability. The covenants contained in Section 8 will be
construed as a series of separate covenants, one for each country, city, state,
or any similar subdivision in any Geographic Area. If, in any judicial
proceeding, a court refuses to enforce any of these separate covenants (or any
part of a covenant), then the unenforceable covenant (or part) will be
eliminated from this Agreement to the extent necessary to permit the remaining
separate covenants (or portions)

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to be enforced. If the provisions of this section are deemed to exceed the time,
geographic, or scope limitations permitted by law, then the provisions will be
reformed to the maximum time, geographic, or scope limitations permitted by law.

               8.6   Reasonableness. The nature of Company's business is such
that if Contractor were to engage in any activities described in Sections 8.1
(a) - (d) within twelve months after the termination of this Agreement, it would
be difficult for Contractor not to rely on or use Company's trade secrets and
Confidential Information. Therefore, Contractor enters into this Agreement to
reduce the likelihood of disclosure of Company's trade secrets and Confidential
Information. Contractor acknowledges that the limitations of time, geography,
and scope of activity agreed to above are reasonable because, among other
things, (a) Company is engaged in a highly competitive industry, (b) Contractor
will have access to the trade secrets and know-how of Company, including without
limitation the plans and strategy (and in particular, the competitive strategy)
of Company, and (c) these limitations are necessary to protect the trade
secrets, Confidential Information, and goodwill of Company.

               8.7   Non-profit Activities. The restrictions set forth herein
will not preclude Contractor, during or after the term of this Agreement, from
serving as a manager or member of Tritegra or from engaging (alone or with
others) in any research and development work that is not similar or identical to
the Company's research and development activities, at non-profit medical or
research institutes or educational or academic institutions or public or private
educational or academic institutions; provided, however, that nothing contained
in this Section 8.7 shall relieve Contractor of her obligations pursuant to this
Agreement, including, without limitation, her obligations pursuant to
Sections 3, 4, 5 and 8 hereof.

     9.        ARBITRATION AND EQUITABLE RELIEF

               9.1   Arbitration. Except as provided in section 9.3 below, any
dispute or controversy arising out of, relating to, or concerning any
interpretation, construction, performance, or breach of this Agreement, will be
settled by arbitration to be held in King County, Washington, in accordance with
the rules then in effect of the American Arbitration Association. The arbitrator
may grant injunctions or other relief in the dispute or controversy. The
decision of the arbitrator will be final, conclusive, and binding on the parties
to the arbitration. The arbitrator's decision will include written findings or
fact and conclusions of law. Judgment may be entered on the arbitrator's
decision in any court having jurisdiction. Company and Contractor will each pay
one-half of the costs and expenses of the arbitration, and each will separately
pay their own counsel fees and expenses.

               9.2   Waiver or Right to Jury Trial. This arbitration clause
CONSTITUTES A WAIVER OF CONTRACTOR'S RIGHT TO A JURY TRIAL for all disputes
relating to all aspects of the independent contractor relationship (except as
provided in section 9.3 below), including, but not limited to, the following
claims:

                     (a)  claims, both express and implied, for breach of
contract, breach of the covenant of good faith and fair dealing, negligent or
intentional infliction of emotional distress,

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negligent or intentional misrepresentation, negligent or intentional
interference with contract or prospective economic advantage, and defamation;

                     (b)  any and all claims for violation of any federal,
state, or municipal statute.

               9.3   Equitable Remedies. The parties may apply to any court of
competent jurisdiction for a temporary restraining order, preliminary
injunction, or other interim or conservatory relief, as necessary, without
breach of this Agreement and without abridgement of the powers of the
arbitrator.

               9.4   Consideration. Each party's promise to resolve claims by
arbitration in accordance with the provisions of this Agreement, rather than
through the courts, is consideration for the other party's like promise.

     10.       INDEPENDENT CONTRACTOR; BENEFITS

               10.1  Independent Contractor. It is the express intention of the
parties that Contractor perform the Services as an independent contractor.
Nothing in this Agreement will in any way be construed to constitute Contractor
as an agent, employee, or representative of Company. Without limiting the
generality of the foregoing, Contractor is not authorized to bind Company to any
liability or obligation or to represent that Contractor has any authority.
Contractor must furnish (or reimburse Company for) all tools and materials
necessary to accomplish this contract, and will incur all expenses associated
with performance, except as expressly provided for in EXHIBIT A. Contractor is
obligated to report as income all compensation received by Contractor under this
Agreement, and to pay all self-employment and other taxes thereon. Contractor
will indemnify and hold Company harmless to the extent of any obligation imposed
on Company (a) to pay in withholding taxes or similar items or (b) resulting
from a determination that Contractor is not an independent contractor.

               10.2   Benefits. Contractor acknowledges that Contractor will not
receive benefits from Company either as a consultant or employee, including
without limitation paid vacation, sick leave, medical insurance, and 401(k)
participation. If Contractor is reclassified by a state or federal agency or
court as an employee of Company, Contractor will become a reclassified employee
and will receive no benefits except those mandated by state or federal law, even
if by the terms of Company's benefit plans in effect at the time of the
reclassification Contractor would otherwise be eligible for benefits.

     11.       MISCELLANEOUS

               11.1   Nonassignment and No Subcontractors. Neither this
Agreement nor any rights under this Agreement may be assigned or otherwise
transferred by Contractor, in whole or in part, whether voluntarily or by
operation of law, without the prior written consent of Company. Contractor may
not utilize a subcontractor or other third party to perform her duties under
this Agreement without the prior written consent of Company. Subject to the
foregoing, this Agreement

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will be binding upon and will inure to the benefit of the parties and their
respective successors and assigns. Any assignment in violation of the foregoing
will be null and void.

               11.2   Notices. Any notice required or permitted under the terms
of this Agreement or required by law must be in writing and must be: (a)
delivered in person, (b) sent by first class registered mail, or air mail, as
appropriate, or (c) sent by overnight air courier, in each case properly posted
and fully prepaid to the appropriate address as set forth below. Either party
may change its address for notices by notice to the other party given in
accordance with this Section. Notices will be deemed given at the time of actual
delivery in person, three business days after deposit in the mail as set forth
above, or one day after delivery to an overnight air courier service.

               11.3   Waiver. Any waiver of the provisions of this Agreement or
of a party's rights or remedies under this Agreement must be in writing to be
effective. Failure, neglect, or delay by a party to enforce the provisions of
this Agreement or its rights or remedies at any time, will not be construed as a
waiver of the party's rights under this Agreement and will not in any way affect
the validity of the whole or any part of this Agreement or prejudice the party's
right to take subsequent action. Exercise or enforcement by either party of any
right or remedy under this Agreement will not preclude the enforcement by the
party of any other right or remedy under this Agreement or that the party is
entitled by law to enforce.

               11.4   Severability. If any term, condition, or provision in this
Agreement is found to be invalid, unlawful, or unenforceable to any extent, the
parties will endeavor in good faith to agree to amendments that will preserve,
as far as possible, the intentions expressed in this Agreement. If the parties
fail to agree on an amendment, the invalid term, condition, or provision will be
severed from the remaining terms, conditions, and provisions of this Agreement,
which will continue to be valid and enforceable to the fullest extent permitted
by law.

               11.5   Confidentiality of Agreement. Contractor will not disclose
any terms of this Agreement to any third party without the consent of Company,
except as required by applicable laws.

               11.6   Counterparts. This Agreement may be executed in
counterparts, each of which will be deemed to be an original and together will
constitute one and the same agreement.

               11.7   Governing Law. The internal laws of the State of
Washington, but not the choice of law rules, govern this Agreement.

               11.8   Headings. Headings are used in this Agreement for
reference only and will not be considered when interpreting this Agreement.

               11.9   Integration. This Agreement and all exhibits contain the
entire agreement of the parties with respect to the subject matter of this
Agreement and supersede all previous communications, representations,
understandings, and agreements, either oral or written, between the parties with
respect to said subject matter. No terms, provisions, or conditions of any
purchase order, acknowledgement, or other business form that either party may
use in connection with the transactions contemplated by this Agreement will have
any effect on the rights, duties, or obligations

                                      -10-
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of the parties under, or otherwise modify, this Agreement, regardless of any
failure of a receiving party to object to these terms, provisions, or
conditions. This Agreement may not be amended, except by a writing signed by
both parties.

TRUBION PHARMACEUTICALS, INC.            CONTRACTOR

Name:  Peter A. Thompson, M.D.           Name:  Martha Hayden-Ledbetter
       --------------------------------         -------------------------------

Title: President & CEO                   Signature: /s/ Martha Hayden-Ledbetter
       --------------------------------             ---------------------------

Signature: /s/ Peter A. Thompson, M.D.   Address for Notice:
           ----------------------------                       -----------------

Address for Notice: 2401 4th Ave.        18798 Ridgefield Rd. N.W.
                    -------------------  --------------------------------------
     Seattle, WA 98121                   Shoreline, WA 98177
---------------------------------------  --------------------------------------

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                                    EXHIBIT A

                            SERVICES AND COMPENSATION

     1.      Contact.  Contractor's principal contact with Company:

     Name:   Peter A. Thompson, M.D.

     Title:  President & CEO

     2.      Services. Services shall consist of such activities as Company may
require, as modified from time to time by the Chief Executive Officer or the
Company's Board of Directors (the "Board"), including but not limited to the
following:

             (a) Preparation of data for Company's patent applications,
including writing patent backgrounds, examples, and claims;

             (b) Assistance with the licensing of Company's technology to
Company's customers and business partners;

             (c) Assistance with the transfer of Company's technology from the
laboratories currently used by Company to such other laboratories and/or
facilities as Company may from time to time establish;

             (d) Performance of presentations to potential and/or actual
investors in and/or partners of Company;

             (e) Maintenance of Company's laboratory notebooks for use in the
prosecution and maintenance of Company's patent application and patents; and

             (f) Extension of Company's current intellectual property estate
through the continued invention of new intellectual property.

        Contractor will provide the Services during such hours and at such times
as Contractor and Company mutually agree are appropriate and necessary. The
Services will be provided at the laboratories currently used by Company, or at
such other reasonable locations as the parties may agree.

        The parties acknowledge and agree that Contractor will not be obligated
to perform laboratory research as part of the Services unless the Company
provides research facilities or separate funding is provided by the Company for
such work at a third party research facility. The Company acknowledges that if
Contractor is requested to use the research facility at the Pacific Northwest
Research Institute, the Company must have an agreement in place between the
Company and the Pacific Northwest Research Institute.

<PAGE>

     3.   Compensation

          (a) Commencing May 1, 2004, Company shall pay Contractor for the
Services to be rendered hereunder compensation equivalent to $100,000.00 per
annum, to be paid in twelve equal installments, with payments due on the last
business day of each month for Services rendered during the preceding month.

          (b) Company will reimburse Contractor for all reasonable expenses
incurred by Contractor in performing Services pursuant to this Agreement,
provided, that Contractor receives written consent from an authorized agent of
Company prior to incurring any expenses in excess of $100 and submits receipts
for the expenses to Company in accordance with Company policy.

          (c) Every month, Contractor will submit to Company a written invoice
for Services and expenses. The statement will be subject to approval of the
contact person listed above or other designated agent of Company.

                                       -2-Exhibit 10.1 to New Ulm Telecom, Inc. Form 8-K dated July 12, 2006

EXHIBIT 10-1 

NEW ULM TELECOM, INC.

EXECUTIVE EMPLOYMENT AGREEMENT 

        THIS EXECUTIVE AGREEMENT
(“Agreement”) is made and entered into as of the 1st day of July, 2006, by and between New Ulm Telecom, Inc.
(the “Company”), and Bill Otis (the “Executive”). 

WITNESSETH: 

        WHEREAS, the Company
desires to provide the Executive with specified benefits in the event of Executive’s termination of employment under certain
circumstances and to enter into mutual covenants in exchange for such benefits, and the Executive desires to enter into this
Agreement and to accept such benefits, subject to the terms and provisions of this Agreement; 

        NOW, THEREFORE, In
consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the
“Parties”) agree as follows: 

        1.       Definitions. 

        A.                 “Affiliate” of
a person or other entity shall mean a person or other entity that directly or indirectly controls, is controlled by, or is under
common control with the person or other entity specified. 

        B.                 “Annual
Incentive Award” shall mean the annual incentive compensation that may be paid to the Executive under the New Ulm Telecom
Management Incentive Plan, as specified in Section 3 below and in the New Ulm Telecom Management Incentive Plan document.

        C.                 “Board” shall
mean the Board of Directors of the Company.  

        D.                 “Cause” shall
mean:  

                      (1)                 gross
malfeasance of the Executive of a material nature;  

                      (2)                 the
Executive is convicted of a felony or pleads nolo contendere (i.e., no contest) or guilty to a felony under Minnesota law
or other federal, state or local law; 

                      (3)                 willful
misconduct of the Executive with regard to the Company having a material adverse effect on the Company; and 

                      (4)                 refusal
to, or failure to attempt in good faith to, perform the Executive’s duties or to follow the written legal direction of the
Board. 

        E.                 “Change
of Control” shall mean the occurrence of any of the following           events:  

                      (1)                 the
sale, exchange, lease or other disposition of all or substantially all of the assets of the Company to a person or group of
related persons (as such terms are defined in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934), 

  

                      (2)                 a
merger or consolidation as a result of which 50% or more of the voting securities of the Company are held by third parties,

                      (3)                 a
sale to a third party of more than 50% of the voting securities of the Company, 

                      (4)                 a
change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board cease for any
reason to constitute a majority of the Board; provided, however, that for purposes of this definition, any individual who becomes
a member of the Board subsequent to the Effective Date, whose election, or nomination for election, by the company’s
stockholders was approved by a vote of at least a majority of those individuals who are members of the Board and who were also
members of the Board as of the Effective Date. 

        F.                 “Disability” shall
mean the definition(s) of disability under the terms of the disability insurance policy or policies that may be provided to the
Executive. 

        G.                 “Effective
Date” shall mean the date as of which this Agreement was entered into. 

        H.                 “Term
of Agreement” shall mean the period specified in Section 2 below. 

        I.                 “Termination
for Good Reason” shall mean termination by the Executive of his employment at the Executive’s initiative following the
occurrence of any of the following events without his prior written consent: 

                      (1)                 a
reduction in the Executive’s base salary or other cash compensation or in his ability to participate in or to receive
benefits from any welfare benefit and/or compensation plans without a counter-balancing increase in another element of
Executive’s welfare benefits and/or total compensation package; 

                      (2)                 a
material diminution in the Executive’s duties or the assignment to the Executive of duties which are materially inconsistent
with his duties or which materially impair the Executive’s ability to function as the CEO of the Company; 

                      (3)                 the
relocation of the Company’s principal office, or the Executive’s own office location, as assigned to the Executive by
the Company to a location more than 35 miles from New Ulm, Minnesota. 

        2.       Term of Agreement. 

        The Term of Agreement shall
begin on the Effective Date, and shall extend to July 1, 2007, and then shall automatically renew for successive one (1) year
terms, unless terminated on a written notice given by either Party 90-days prior to the Effective Date of the renewal period.
Notwithstanding the foregoing, the Term of Agreement may be earlier terminated by either Party in accordance with the provisions
of Section 5 below. 

        3.       Salary
and Incentive Compensation.  

        A.                 Base
Salary.   Base salary shall be paid at a rate of $170,000 per annum. This base salary may be increased, but not
decreased, annually by the Board. The Board may consider the Executive’s performance, the financial strength of the Company,
and the competitive market in determining salary increases each year. 

2 

        B.                 Incentive
Compensation.  

                      (1)                 The
Executive may, at the Board’s discretion, be awarded incentive compensation under the New Ulm Telecom Management Incentive
Plan, in the form of a cash incentive (Annual Incentive Award) on an annual basis. 

                      (2)                 The
target incentive for the Executive is 20% of base salary. The maximum incentive award payable under the plan is 40% of base salary
(2 times the target). The minimum incentive award payable under the plan is $0. 

                      (3)                 Annual
Incentive Awards are determined as described in the New Ulm Telecom Management Incentive Plan document, and are generally based on
net income, operating revenue and customer service performance versus goal. 

                      (4)                 The
Board will approve the Executive’s incentive plan goals for each year by the end of the first quarter of that year. After the
fiscal year has been completed and performance results have been audited and approved by the Board, the Board will assess
performance results versus goal. If available, Annual Incentive Awards are typically paid within two and one-half months following
the end of the fiscal year. 

        4.       Benefits.  

        A.                 Standard
Benefits.   The Executive shall be eligible to participate in standard employee benefit programs (including
medical, dental, life and disability insurance, which shall be effective as of and from the date of the employment hereunder) as
the Company shall maintain from time-to-time for the benefit of all employees. 

        B.                 Supplemental
Disability Insurance.   Disability insurance shall be provided to the Executive. Premiums for this policy shall be
paid by the Company until termination. As of the effective date of this Agreement, the annual premium expense to the Company is
approximately $2,500. Upon termination, the Executive may be given the option to convert the policy and assume responsibility for
premium payments. 

        C.                 Automobile
Reimbursement.   The Executive will be reimbursed for all automobile expenses related to business travel, including
vehicle lease or payment costs approved by the Board. All personal use of the automobile provided to the Executive will be tracked
and reported separately as W-2 income to the Executive. 

        D.                 Club
Membership.   The Executive will be provided with an annual membership to a social or athletic club. Membership
fees and related expense reimbursements to the Executive for this benefit will not exceed $1,500 per year. 

        E.                 Vacation.   The
Executive shall be entitled to five (5) weeks paid vacation and three (3) personal days per annum under the Company’s paid
time off program for executives, and with such additional paid vacation time as the Board may reasonably determine or is
consistent with the Company’s vacation policy as is exists from time-to-time. Unused vacation shall accrue on an annual basis
and will be paid on termination. The maximum amount of vacation that may be paid on termination is equal to the annual accrual
rate multiplied by 2, or 10 weeks. 

3 

        5.       Termination
of Employment.  

        A.                 Termination
Due to Death.   In the event that the Executive’s employment is terminated due to his death, the
Executive’s estate or his beneficiaries, as the case may be, shall be entitled to the following benefits: 

                      (1)                 Base
salary through the end of the month in which death occurs;  

                      (2)                 Annual
Incentive Award for the year in which the Executive’s death occurs, equal to the target award for that fiscal year, payable
in a single installment promptly after his death. 

        B.                 Termination
Due to Disability.   In the event that the Executive’s employment is terminated due to his Disability, he
shall be entitled to the following benefits: 

                      (1)                 Disability
benefits in accordance with the long-term disability program then in effect for the Executive; 

                      (2)                 Base
salary through the end of the month in which disability benefits commence; 

                      (3)                 Annual
Incentive Award for the year in which the Executive’s termination occurs, equal to the target award for that fiscal year,
payable in a single installment promptly after his termination. 

        C.                 Termination
by the Company for Cause.  

                      (1)                 A
termination for Cause shall not take effect unless the provisions of this paragraph (1) are complied with. The Executive shall be
given written notice by the Board of the intention to terminate him for Cause, such notice (A) to state in detail the particular
act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause is based and (B)
to be given within six months of the Board learning of such act or acts or failure or failures to act. The Executive shall have 30
calendar days after the date that such written notice has been given to the Executive in which to cure such conduct to the extent
such cure is possible. If, at the end of the thirty day period, the Board confirms that, in its judgment, grounds for Cause on the
basis of the original notice still exist, the Executive shall thereupon be terminated for cause. 

                      (2)                 In
the event the Company terminates the Executive’s employment for Cause: 

                                    (a)                 Executive
shall be entitled to base salary through the date of the termination; and 

                                    (b)                 The
Executive will forfeit the Annual Incentive Award earned during the fiscal year in which he is terminated. 

        D.                 Termination
without Cause or Termination for Good Reason.   In the event the Executive’s employment is terminated by the
Company without Cause, other than due to Disability or death, or in the event there is a Termination for Good Reason, the
Executive shall be entitled to the following benefits: 

                      (1)                 Base
salary through the date of termination;  

                      (2)                 Base
salary, at the annualized rate in effect on the date of termination, for a period of twenty-four (24) months following such
termination. 

4 

        E.                 Termination
resulting from a Change in Control.   If, within 12 months of a Change in Control, the Executive’s employment
is terminated by the Company without Cause, other than due to Disability or death, or if there is a Termination for Good Reason,
the Executive shall be entitled to receive the following benefits: 

                      (1)                 Base
salary through the date of termination;  

                      (2)                 Lump
sum award equal to twenty-four (24) months of base salary, paid following termination. 

        F.                 Voluntary
Termination; Retirement.  

                      (1)                 A
termination of Employment by the Executive on his own initiative, other than a termination due to death or Disability or a
Termination for Good Reason or retirement following the end of the Term of Employment, shall have the same consequences as
provided in Section 5(C)(2) for a termination for Cause. A voluntary termination under this Section 5(F) shall be effective 30
calendar days after prior written notice is received by the Company. 

        G.                 No
Mitigation; No Offset.   In the event of any termination of employment under this Section 5, the Executive shall be
under no obligation to seek other employment and there shall be no offset against amounts due the Executive under this Agreement
on account of any remuneration attributable to any subsequent employment that he may obtain. 

        H.                 Nature
of Payments.   Any amounts due under this Section 5 are in the nature of severance payments considered to be
reasonable by the Company and are not in the nature of a penalty. 

        6.       Confidentiality. 

        A.                 The
Executive agrees that he will not, at any time during the Term of Agreement or thereafter, disclose or use any trade secret,
proprietary or confidential information of the Company or any subsidiary or Affiliate of the Company, obtain during the course of
his employment, except as required in the course of such employment or with the written permission of the company or, as
applicable, any subsidiary or Affiliate of the Company or as may be required by law, provided that, if the Executive receives
legal process with regard to disclosure of such information, he shall promptly notify the Company and cooperate with the Company
in seeking a protective order. 

        B.                 The
Executive agrees that at the time of the termination of his employment with the Company, whether at the instance of the Executive
or the Company, and regardless of the reasons therefor, he will deliver to the Company, and not keep or deliver to anyone else,
any and all notes, files, memoranda, papers and, in general, any and all physical matter containing information, including any and
all documents significant to the conduct of the business of the Company or any subsidiary or Affiliate of the Company which are in
his possession, except for any documents for which the Company or any subsidiary or Affiliate of the Company has given written
consent to removal at the time of the termination of the Executive’s employment and his personal rolodex, phone book and
similar items. 

        C.                 The
Executive agrees that the Company’s remedies at law would be inadequate in the event of a breach or threatened breach of this
Section 6; accordingly, the Company shall be entitled, in addition to its rights at law, to an injunction and other equitable
relief without the need to post a bond. 

5 

        7.       Noncompetition
and Nonsolicitation. 

        A.                 During
the Term of Agreement, and for a period of 12 months after the date the Executive’s employment terminates, the Executive
shall not, without the prior approval of the Board, in the same or a similar capacity, engage in or invest in, or aid or assist
anyone else in the conduct of any business which directly competes with the business of the Company and its subsidiaries and
Affiliates as conducted during the term hereof. In any court of competent jurisdiction shall determine that any of the provisions
of this Section 7 shall not be enforceable because of the duration or scope thereof, the parties hereto agree that said court
shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable and this
Agreement in its reduced form shall be valid and enforceable to the extent permitted by law; and 

        B.                 During
the Term of Agreement and for a period of 12 months after the date the Executive’s employment terminates, Executive shall not
attempt, directly or indirectly, to induce any employee of the Company, or any subsidiary or any Affiliate thereof, to be employed
or perform services elsewhere. 

        C.                 Subject
to the provisions of Sections 7(A), 7(B) and 7(D) and notwithstanding any other provisions of this Agreement, any and all payments
(except those made from Company-sponsored tax-qualified pension or welfare plans), benefits or other entitlements to which the
Executive may be eligible in accordance with the terms hereof, may be forfeited, whether or not in pay status, at the discretion
of the Company, if the Executive breaches the provisions as set forth in Section 7(A) or 7(B). The payments, benefits and other
entitlements hereunder are being made in part in consideration of the obligations of this Section 7 and in particular the
post-employment payments, benefits and other entitlements are being made in consideration of, and dependent upon, compliance with
this Section 7. 

        D.                 Anything
in Section 7(C) to the contrary notwithstanding, no forfeiture or cancellation shall take place with respect to any payments,
benefits or entitlements hereunder or under any other award agreement, plan or practice unless the Company shall have first given
the Executive written notice of its intent to so forfeit, or cancel or pay out and Executive has not, within 30 calendar days of
giving such notice, ceased such unpermitted activity, provided that the foregoing prior notice procedure shall not be required
with respect to: 

                      (1)                 An
activity which the Executive initiated after the Company had informed the Executive in writing that it believed such activity
violated Section 7(A) or 7(B); 

                      (2)                 Any
competitive activity regarding products or services which are part of a line of business which represents more than 5% of the
Company’s consolidated gross revenues for its most recent completed fiscal year at the time the competitive activity
commences. 

        E.                 Nothing
in this Section 7 shall prohibit the Executive from being a passive owner of not more than one percent of the outstanding common
stock, capital stock and equity of any firm, corporation or enterprise so long as the Executive has no active participation in the
management of business of such firm, corporation or enterprise. 

        8.       Resolution of Disputes. 

        Any disputes arising under or
in connection with this Agreement shall be resolved by third party mediation of the dispute and, failing that, by binding
arbitration, to be held in New Ulm, Minnesota, in accordance with the rules and procedures of the American Arbitration
Association. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each
Party shall bear his or its own costs of mediation, arbitration or litigation, except that the Company shall bear all such costs
if the Executive prevails in such mediation, arbitration or litigation on any material issue. 

6 

        9.       Indemnification. 

        A.                 The
Company agrees that if the Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a
director, officer or employee of the Company or is or was serving at the request of the company as a director, officer, member,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to
employee benefit plans, whether or not the basis of such Proceeding is the Executive’s alleged action in an official capacity
while serving as a director, officer, member, employee or agent, the Executive shall be indemnified and held harmless by the
Company to the fullest extent legally permitted or authorized by the Company’s certificate of incorporation or by-laws or
resolutions of the Company’s Board of Directors or, if greater, by the laws of the State of Minnesota, against all cost,
expense, liability and loss (including, without limitation, attorney’s fees, judgments, fines, ERISA excise taxes or other
liabilities or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Executive in
connection therewith, and such indemnification shall continue as to the Executive even if he has ceased to be a director, member,
employee or agent of the Company or other entity and shall inure to the benefit of the executive’s heirs, executors and
administrators. The Company shall advance to the Executive all reasonable costs and expenses incurred by him in connection with a
Proceeding within 30 calendar days after receipt by the Company of a written request for such advance. Such request shall include
an undertaking by the Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled
to be indemnified against such costs and expenses. 

        B.                 Neither
the failure of the Company (including its Board, independent legal counsel or members) to have made a determination prior to the
commencement of any proceeding concerning payment of amounts claimed by the Executive under Section 9(A) above that
indemnification of the Executive is proper because he has met the applicable standard of conduct, nor a determination by the
Company (including its Board, independent legal counsel or members) that the Executive has not met such applicable standard of
conduct, shall create a presumption that the Executive has not met the applicable standard of conduct. 

        C.                 The
Company agrees to continue and maintain a directors’ and officers’ liability insurance policy covering the Executive to
the extent the Company provides such coverage for its other executive officers. 

        10.       Assignability;
Binding Nature. 

        This Agreement shall be
binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of the Executive) and
assigns. Rights or obligations of the Company under this Agreement may be assigned or transferred by the Company pursuant to a
merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all
of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets
of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in
this Agreement, either contractually or as a matter of law. The Company further agrees that, in the event of a sale of assets or
liquidation as described in the preceding sentence, it shall take whatever action it reasonably can in order to cause such
assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. No rights or
obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to
compensation and benefits, which may be transferred only by Will or operation of law. 

7 

        11.       Representation. 

        The Company represents and
warrants that it is fully authorized an empowered to enter into this Agreement and that the performance of its obligations under
this Agreement will not violate any agreement between it and any other person, firm or organization. The Executive represents that
the performance of his obligations under this Agreement will not violate any agreement between him and any other person, firm or
organization that would be violated by the performance of his obligations under this Agreement. 

        12.       Entire Agreement. 

        This Agreement contains the
entire understanding and agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or oral, between the Parties with respect thereto.

        13.       Amendment
or Waiver. 

        No provision in this
Agreement may be amended unless such amendment is agreed to in writing and signed by the Executive and an authorized officer of
the Company. No waiver by either Party of any breach by the other Party of any condition or provision contained in this Agreement
to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any
prior or subsequent time. Any waiver must be in writing and signed by the Executive and approved by the Board. 

        14.       Severability. 

        In the event that any
provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the
remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent
permitted by law so as to achieve the purposes of this Agreement. 

        15.       Survivorship. 

        Except as otherwise expressly
set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall survive any termination of the
Executive’s employment. This Agreement itself (as distinguished from the Executive’s employment) may not be terminated
by either Party without the written consent of the other Party. 

        16.       References. 

        In the event of the
Executive’s death or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be
deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 

        17.       Governing
Law/Jurisdiction. 

        This Agreement shall be
governed in accordance with the laws of Minnesota without reference to principles of conflict of laws. 

8 

        18.       Notices. 

        All notices and other
communications required or permitted hereunder shall be in writing and shall be deemed given when (a) delivered personally, (b)
sent by certified or registered mail, postage prepaid, return receipt requested or (c) delivered by overnight courier (provided
that a written acknowledgment of receipt is obtained by the overnight courier) to the Party concerned at the address indicated
below or to such changed address as such Party may subsequently give such notice of: 

	  	If to the Company:

New Ulm Telecom, Inc.

27 North Minnesota Street

New Ulm, MN 56073

ATTENTION:

Perry Meyer

Board of Directors, Compensation Committee Chair

If to the Executive:

Bill Otis

c/o NU Telecom, Inc.

27 North Minnesota Street

New Ulm, MN 56073 

        19.       Headings. 

        The headings of the sections
contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of
any provision of this Agreement. 

        IN WITNESS WHEREOF, the
undersigned have executed this Agreement to be effective as of the date first written above. 

	 	 NEW ULM TELECOM, INC. 
	 
	Dated:   	July 12, 2006 	   	By:   	/s/   James P. Jensen 
	 	James P. Jensen, Chairman of the Board 
	 
	Dated:   	June 29, 2006 	   	By:   	/s/   Bill Otis 
	 	Bill Otis, Chief Executive Officer 

9

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