Document:

EXHIBIT 4.2

                         REGISTRATION RIGHTS AGREEMENT

                            Dated September 18 2003

                                     among

                        COMPANHIA BRASILEIRA DE BEBIDAS

                                  as Issuer,

                   COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV

                                 as Guarantor,

                                      and

                         CITIGROUP GLOBAL MARKETS INC.

    as representative on behalf of itself and the other Initial Purchasers

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                         REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") dated as of
September 18, 2003, among (i) Companhia Brasileira de Bebidas ("CBB"), a
sociedade anonima organized under the laws of the Federative Republic of
Brazil ("Brazil") and a majority-owned subsidiary of Companhia de Bebidas das
Americas - AMBEV, a sociedade anonima organized and existing under the laws of
Brazil ("AMBEV" and, collectively with CBB, the "Companies"), (ii) AMBEV and
(iii) Citigroup Global Markets Inc. as representative on behalf of the Initial
Purchasers (as defined below) of U.S.$ 500,000,000 of CBB's 8.75% Notes due
2013 (the "Notes"). Terms not otherwise defined herein are used as defined in
the Indenture (as defined below).

                                  WITNESSETH

          WHEREAS, CBB is today entering into an Indenture dated as of
September 18, 2003 with The Bank of New York as Trustee (the "Indenture"),
pursuant to which it is today issuing U.S.$500,000,000 aggregate principal
amount of its Notes;

          WHEREAS, to guarantee CBB's obligations under the Notes, AMBEV is
today entering into the Guaranty dated as of September 18, 2003 (the
"Guaranty");

          WHEREAS, in order to provide additional liquidity to the holders of
the Notes (the "Holders"), CBB and AMBEV are willing to enter into this
Registration Rights Agreement providing for the registration of the Notes
under the Securities Act of 1933, as amended;

          NOW, THEREFORE, the parties hereto agree as follows:

          SECTION 1. Definitions.

          As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

          "Closing Date" shall mean the Closing Date as defined in the
Purchase Agreement.

          "Companies" shall have the meaning set forth in the preamble and
shall also include their successors and assigns.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

          "Exchange Date" shall have the meaning set forth in section 2(a)(ii)
hereof.

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                                      2

          "Exchange Offer" shall mean the exchange offer by the Companies of
Exchange Securities for Registrable Securities pursuant to Section 2(a)
hereof.

          "Exchange Offer Registration" shall mean a registration under the
Securities Act effected pursuant to Section 2(a) hereof.

          "Exchange Offer Registration Statement" shall mean an exchange offer
registration statement on Form F-1, F-2, F-3 or F-4, as applicable, and all
amendments and supplements to such registration statement, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Exchange Securities" shall mean securities issued by CBB, which are
unconditionally subject to an effective guaranty on a senior unsecured basis
by AMBEV under the Guaranty, containing terms identical in all material
respects to the Notes (except that the Exchange Securities will not bear
legends restricting their transfer) and to be offered to Holders of Notes in
exchange for Notes pursuant to the Exchange Offer.

          "Holder" shall mean each person or entity that holds the Notes of
the Registrable Securities, and each of their successors, assigns and direct
and indirect transferees who become registered owners of Registrable
Securities under the Indenture; provided that, for purposes of Sections 4 and
5 of this Agreement, the term "Holder" shall include Participating
Broker-Dealers (as defined in Section 4(a)).

          "Indenture" shall mean the Indenture relating to the Notes dated the
Closing Date, among CBB, The Bank of New York, as Trustee, and The Bank of New
York (Luxembourg) S.A., as Luxembourg paying agent and Luxembourg transfer
agent, as the same may be amended from time to time in accordance with the
terms thereof.

          "Initial Purchasers" shall mean Citigroup Global Markets Inc. and
J.P. Morgan Securities Inc.

          "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of outstanding Registrable Securities; provided
that, whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by
the Companies or any of their affiliates (as such term is defined in Rule 405
under the Securities Act) (other than the Initial Purchasers or subsequent
Holders of Registrable Securities if such subsequent holders are deemed to be
such affiliates solely by reason of their holding of such Registrable
Securities) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage or amount.

          "Person" means an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated
association, joint venture or any nation or government, any state, province or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

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          "Prospectus" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement and by all other
amendments and supplements to such prospectus, and in each case including all
material incorporated by reference therein.

          "Purchase Agreement" shall mean the Purchase Agreement dated as of
September 11, 2003 among the Companies and the Initial Purchasers relating to
the purchase of the Notes by the Initial Purchasers.

          "Registrable Securities" shall mean the Notes and the agreements in
respect of the obligations of AMBEV under the Guaranty (and the Guaranty
itself to the extent necessary or appropriate); provided, however, that the
Notes and the agreements in respect of obligations of AMBEV under the Guaranty
(and the Guaranty itself to the extent necessary or appropriate) shall cease
to be Registrable Securities (i) when a Registration Statement with respect to
such Notes and the agreements in respect of obligations of AMBEV under the
Guaranty (and the Guaranty itself to the extent necessary or appropriate)
shall have been declared effective under the Securities Act and such Notes and
the agreements in respect of obligations of AMBEV under the Guaranty (and the
Guaranty itself to the extent necessary or appropriate) shall have been
disposed of pursuant to such Registration Statement, (ii) when such Notes and
the agreements in respect of obligations of AMBEV under the Guaranty (and the
Guaranty itself to the extent necessary or appropriate) have been sold to the
public pursuant to Rule 144(k) (or any similar provision then in force, but
not Rule 144A) under the Securities Act or (iii) when the Notes and the
agreements in respect of obligations of AMBEV under the Guaranty (and the
Guaranty itself to the extent necessary or appropriate) shall have ceased to
be outstanding; provided further, that the securities with respect to which
CBB and AMBEV have caused to be filed and declared effective an Exchange Offer
Registration Statement and have commenced an Exchange Offer, in each case
pursuant to and in accordance with Section 2(a) hereof, and which have not
been tendered by the last Exchange Date (as defined in Section 2(a)(ii)
hereof) by the Holder thereof shall be deemed not be to Registrable
Securities.

          "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by CBB and AMBEV with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of
the Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements
and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements
relating to the qualification of the Indenture under applicable securities
laws, (vi) the reasonable fees and disbursements of the Trustee and its
counsel, (vii) the reasonable fees and disbursements of counsel for

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CBB and AMBEV and (viii) the reasonable fees and disbursements of the
independent public accountants of CBB and AMBEV, including the expenses of any
special audits or "cold comfort" letters required by or incident to such
performance and compliance, but excluding fees and expenses of counsel to the
underwriters (other than reasonable fees and expenses set forth in clause (ii)
above) or the Holders and underwriting discounts and commissions and transfer
taxes, if any, relating to the sale or disposition of Registrable Securities
by a Holder.

          "Registration Statement" shall mean any registration statement of
CBB and AMBEV that covers any of the Exchange Securities or Registrable
Securities pursuant to the provisions of this Agreement and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

          "Sec" shall mean the United States Securities and Exchange
Commission.

          "Securities Act" shall mean the Securities Act of 1933, as amended
from time to time.

          "Trustee" shall mean the trustee with respect to the Notes under the
Indenture.

          SECTION 2. Registration Under the Securities Act.

          (a) To the extent not prohibited by any applicable law or applicable
interpretation of the staff of the SEC (the "Staff"), CBB and AMBEV shall use
their reasonable best efforts to cause to be filed an Exchange Offer
Registration Statement covering the offer by CBB and AMBEV to the Holders to
exchange all of the Registrable Securities for Exchange Securities and to have
such Registration Statement remain effective until the closing of the Exchange
Offer. CBB and AMBEV shall commence the Exchange Offer promptly after the
Exchange Offer Registration Statement has been declared effective by the SEC
and use their reasonable best efforts to have the Exchange Offer consummated
not later than 60 days after such effective date. CBB and AMBEV shall commence
the Exchange Offer by mailing the related exchange offer Prospectus and
accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law:

          (i) that the Exchange Offer is being made pursuant to this Agreement
     and that all Registrable Securities validly tendered will be accepted for
     exchange;

          (ii) the dates of acceptance for exchange (which shall be a period
     of at least 20 business days from the date such notice is mailed) (the
     "Exchange Dates");

          (iii) that any Registrable Security not tendered will remain
     outstanding and continue to accrue interest, but will not retain any
     rights under this Agreement;

          (iv) that Holders electing to have a Registrable Security exchanged
     pursuant to the Exchange Offer will be required to surrender such
     Registrable Security, together with the enclosed letters of transmittal,
     to the institutions and at the addresses (located in the

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     Borough of Manhattan, the City of New York) specified in the notice prior
     to the close of business on the last Exchange Date; and

          (v) that Holders will be entitled to withdraw their election, not
     later than the close of business (New York time) on the last Exchange
     Date, by sending to the institutions and at the addresses (located in the
     Borough of Manhattan, the City of New York) specified in the notice a
     telegram, telex, facsimile transmission or letter setting forth the name
     of such Holder, the principal amount of Registrable Securities delivered
     for exchange and a statement that such Holder is withdrawing his election
     to have such Notes exchanged.

          (b) As soon as practicable after the last Exchange Date, CBB and
AMBEV shall:

          (i) accept for exchange Registrable Securities or portions thereof
     tendered and not validly withdrawn pursuant to the Exchange Offer; and

          (ii) deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted
     for exchange by CBB and AMBEV and issue, and cause the Trustee to
     promptly authenticate and mail to each Holder, an Exchange Security equal
     in principal amount to the principal amount of the Registrable Securities
     surrendered by such Holder.

          (c) CBB and AMBEV shall use their reasonable best efforts to
complete the Exchange Offer as provided above and shall comply with the
applicable requirements of the Securities Act, the Exchange Act and other
applicable laws and regulations in connection with the Exchange Offer. The
Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate applicable law or any applicable
interpretation of the Staff. CBB and AMBEV shall inform the Initial Purchasers
of the names and addresses of the Holders to whom the Exchange Offer is made,
and the Initial Purchasers shall have the right, subject to applicable law, to
contact such Holders and otherwise facilitate the tender of Registrable
Securities in the Exchange Offer.

          (d) In the event that CBB and AMBEV determine that the Exchange
Offer Registration provided for in Section 2(a) above is not available or may
not be consummated as soon as practicable after the last Exchange Date because
it would violate applicable law or the applicable interpretations of the
Staff, or the Exchange Offer is not for any reason consummated by the date
that is 12 months after the Closing Date, then CBB and AMBEV may file any
Registration Statement with the SEC that would result in the Holders of the
Notes being able to resell their Notes in such a manner that they cease to be
Registerable Securities, and upon effectiveness of any such Registration
Statement, CBB and AMBEV shall be deemed to have satisfied their obligations
hereunder.

          (e) CBB and AMBEV shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a).

          (f) An Exchange Offer Registration Statement pursuant to Section
2(a) hereof will not be deemed to have become effective unless it has been
declared effective by the SEC.

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As provided for in the Indenture, in the event the Exchange Offer is not
consummated or the Registration Statement referred to in Section 2(d) above
has not been declared effective on or prior to the date that is twelve (12)
months after the Closing Date, the annual interest rate on the Notes will be
increased to 9.25% per annum (0.5% in excess of the note rate) until the
Exchange Offer is consummated or the Exchange Offer Registration Statement is
declared effective by the SEC, whereupon the interest rate will decrease
permanently to the original interest rate on the Notes.

          SECTION 3. Registration Procedures. In connection with the
obligations of CBB and AMBEV with respect to the Registration Statements
pursuant to Section 2(a) and Section 2(b) hereof, CBB and AMBEV shall as
expeditiously as possible:

          (i) prepare and file with the SEC a Registration Statement on the
     appropriate form under the Securities Act, which form (x) shall be
     selected by CBB and AMBEV and (y) shall comply as to form in all material
     respects with the requirements of the applicable form and include all
     financial statements required by the SEC to be filed therewith, and use
     their reasonable best efforts to cause such Registration Statement to
     become effective and remain effective in accordance with Section 2
     hereof;

          (ii) prepare and file with the SEC such amendments and
     post-effective amendments to each Registration Statement as may be
     necessary to keep such Registration Statement effective for the
     applicable period and cause each Prospectus to be supplemented by any
     required prospectus supplement and, as so supplemented, to be filed
     pursuant to Rule 424 under the Securities Act; to keep each Prospectus
     current during the period described under Section 4(3) and Rule 174 under
     the Securities Act that is applicable to transactions by brokers or
     dealers with respect to the Registrable Securities or Exchange
     Securities;

          (iii) to the extent necessary or applicable, use their reasonable
     best efforts to register or qualify the Registrable Securities under all
     applicable state securities or "blue sky" laws of such jurisdictions as
     any Holder of Registrable Securities covered by a Registration Statement
     shall reasonably request in writing by the time the applicable
     Registration Statement is declared effective by the SEC, to cooperate
     with such Holders in connection with any filings required to be made with
     the National Association of Securities Dealers, Inc. and do any and all
     other acts and things which may be reasonably necessary or advisable to
     enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder;
     provided, however, that neither CBB nor AMBEV shall be required to (A)
     qualify as a foreign corporation or as a dealer in securities in any
     jurisdiction where it would not otherwise be required to qualify but for
     this Section 3(a)(iii), (B) file any general consent to service of
     process or (C) subject itself to taxation in any such jurisdiction if it
     is not so subject;

          (iv) make every reasonable effort to obtain the withdrawal of any
     order suspending the effectiveness of a Registration Statement at the
     earliest possible moment;

          (v) a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a

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     Prospectus or any document which is to be incorporated by reference into
     a Registration Statement or a Prospectus after the initial filing of a
     Registration Statement, provide copies of such document to the Initial
     Purchasers and their counsel and make such representatives of CBB and
     AMBEV as shall be reasonably requested by the Initial Purchasers or their
     counsel available for discussion of such document, and shall not at any
     time file or make any amendment to the Registration Statement, any
     Prospectus or any amendment of or supplement to a Registration Statement
     or a Prospectus or any document which is to be incorporated by reference
     into a Registration Statement or a Prospectus, of which the Initial
     Purchasers and their counsel shall not have previously been advised and
     furnished a copy or to which the Initial Purchasers or their counsel
     shall reasonably object;

          (vi) obtain a CUSIP number for all Exchange Securities or
     Registrable Securities, as the case may be, not later than the effective
     date of a Registration Statement;

          (vii) use their reasonable best efforts to cause the Indenture to be
     qualified under the Trust Indenture Act of 1939, as amended (the "TIA"),
     in connection with the registration of the Exchange Securities or
     Registrable Securities, as the case may be, cooperate with the Trustee
     and the Holders to effect such changes to the Indenture as may be
     required for the Indenture to be so qualified in accordance with the
     terms of the TIA and execute, and use their best efforts to cause the
     Trustee to execute, all documents as may be required to effect such
     changes and all other forms and documents required to be filed with the
     SEC to enable the Indenture to be so qualified in a timely manner; and

          (viii) use their reasonable best efforts to cause the Exchange
     Securities to continue to be rated by one nationally recognized
     statistical rating organization (as such term is defined in Rule
     436(g)(2) under the Securities Act), if the Registrable Securities have
     been rated.

          SECTION 4. Participation of Broker-dealers in Exchange Offer.

          (a) The parties hereto acknowledge that the Staff has taken the
position that any broker-dealer that receives Exchange Securities for its own
account in the Exchange Offer in exchange for Notes that were acquired by such
broker-dealer as a result of market-making or other trading activities (a
"Participating Broker-Dealer"), may be deemed to be an "underwriter" within
the meaning of the Securities Act and must deliver a prospectus meeting the
requirements of the Securities Act in connection with any resale of such
Exchange Securities. CBB and AMBEV understand that it is the Staff's position
that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered
by Participating Broker-Dealers to satisfy their prospectus delivery
obligation under the Securities Act in connection with resales of Exchange
Securities for their own accounts, so long as the Prospectus otherwise meets
the requirements of the Securities Act.

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          (b) In light of the above, notwithstanding the other provisions of
this Agreement, CBB and AMBEV agree to take all actions necessary to ensure
the effectiveness of the Registration Statement referred to in Section 2 as
may be reasonably requested by the Initial Purchasers or by one or more
Participating Broker-Dealers, in each case as provided in clause (ii) below,
in order to expedite or facilitate the disposition of any Exchange Securities
by Participating Broker-Dealers consistent with the positions of the Staff
recited in Section 4(a) above, provided that:

          (i) neither CBB nor AMBEV shall be required to amend or supplement
     the Prospectus contained in the Exchange Offer Registration Statement for
     a period exceeding 180 days after the last Exchange Date (as such period
     may be extended pursuant to the penultimate paragraph of Section 3 of
     this Agreement) and Participating Broker-Dealers shall not be authorized
     by CBB or AMBEV to deliver and shall not deliver such Prospectus after
     such period in connection with the resales contemplated by this Section
     4; and

          (ii) any application of the procedures to an Exchange Offer
     Registration, to the extent not required by the positions of the Staff or
     the Securities Act and the rules and regulations thereunder, will be in
     conformity with the reasonable request to CBB and AMBEV by the Initial
     Purchasers or with the reasonable request in writing to CBB and AMBEV by
     one or more broker-dealers who certify to the Initial Purchasers and CBB
     and AMBEV in writing that they anticipate that they will be Participating
     Broker-Dealers; and provided further that, in connection with such
     application of any procedures to an Exchange Offer Registration, CBB and
     AMBEV shall be obligated (x) to deal only with one entity representing
     the Participating Broker-Dealers, which shall be Citigroup Global Markets
     Inc. unless it elects not to act as such representative, (y) to pay the
     reasonable fees and expenses of only one counsel representing the
     Participating Broker-Dealers, which shall be counsel to the Initial
     Purchasers unless such counsel elects not to so act and (z) to cause to
     be delivered only one, if any, "cold comfort" letter with respect to the
     Prospectus in the form existing on the last Exchange Date and with
     respect to each subsequent amendment or supplement, if any, effected in
     connection therewith.

          (c) The Initial Purchasers shall have no liability to the Companies
or any Holder with respect to any request that they may make pursuant to
Section 4(b) above.

          SECTION 5. Indemnification and Contribution.

          (a) Each of CBB and AMBEV, jointly and severally agrees to indemnify
and hold harmless the Initial Purchasers, each Holder and each Person, if any,
who controls the Initial Purchasers or any Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, or is
under common control with, or is controlled by, the Initial Purchasers or any
Holder, from and against all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably
incurred by the Initial Purchasers, any Holder or any such controlling or
affiliated Person in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement (or any amendment
thereto) pursuant to which Exchange Securities or Registrable Securities were
registered under the Securities Act,

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including all documents incorporated therein by reference, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
caused by any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus (as amended or supplemented if CBB or AMBEV shall
have furnished any amendments or supplements thereto), or caused by any
omission or alleged omission to state therein a material fact necessary to
make the statements therein in light of the circumstances under which they
were made not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information relating to the Initial
Purchasers or any Holder furnished to the Companies in writing through
Citigroup Global Markets Inc. or any selling Holder expressly for use therein;
provided that the foregoing indemnity agreement shall not inure to the benefit
of any Holder or any person controlling such Holder with respect to any sale
or disposition of Registrable Securities by such Holder in violation of
Section 4 above; provided further that the foregoing indemnity agreement shall
not inure to the benefit of any Holder from whom the person asserting any such
losses, claims, damages or liabilities purchased Notes, or any person
controlling such Holder, if a copy of the final Prospectus (as then amended or
supplemented if CBB and AMBEV shall have furnished any amendments or
supplements thereto) was not sent or given by or on behalf of such Holder to
such person, if required by law so to have been delivered, at or prior to the
written confirmation of the sale of the Notes to such person, and if the final
Prospectus (as so amended or supplemented) would have cured the defect giving
rise to such loss, claim, damage or liability.

          (b) To the extent relevant with respect to a Registration Statement
pursuant to Section 2(d), each Holder agrees, severally and not jointly, to
indemnify and hold harmless the Companies, the Initial Purchasers and the
other selling Holders, and each of their respective directors, officers who
sign the Registration Statement and each Person, if any, who controls CBB or
AMBEV, the Initial Purchasers and any other selling Holder within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act
to the same extent as the foregoing indemnity from CBB and AMBEV to the
Initial Purchasers and the Holders, but only with reference to information
relating to such Holder furnished to the Companies, CBB or AMBEV in writing by
or on behalf of such Holder expressly for use in any Registration Statement
(or any amendment thereto) or any Prospectus (or any amendment or supplement
thereto).

          (c) In case any proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which
indemnity may be sought pursuant to either paragraph (a) or paragraph (b)
above, such Person (the "Indemnified Party") shall promptly notify the Person
against whom such indemnity may be sought (the "Indemnifying Party") in
writing (but the failure to so notify an Indemnifying Party shall not relieve
it from any liability which it may have under this Section 5, except to the
extent that such Indemnifying Party has been prejudiced in any material
respect by such failure, or from any liability it may otherwise have) and the
Indemnifying Party, upon request of the Indemnified Party, shall retain
counsel reasonably satisfactory to the Indemnified Party to represent the
Indemnified Party and any others the Indemnifying Party may designate in such
proceeding and shall pay the fees and disbursements of such counsel related to
such proceeding. In any such proceeding, any Indemnified Party shall have the
right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (i) the Indemnifying
Party and

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the Indemnified Party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the Indemnifying Party and the Indemnified
Party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It
is understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for (A)
the reasonable fees and expenses of more than one separate firm (in addition
to any local counsel) for the Initial Purchasers and all Persons, if any, who
control any of the Initial Purchasers within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, (B) the reasonable
fees and expenses of more than one separate firm (in addition to any local
counsel) for CBB, AMBEV, their respective directors and officers who sign the
Registration Statement and each Person, if any, who controls CBB and AMBEV
within the meaning of either such Section and (C) the reasonable fees and
expenses of more than one separate firm (in addition to any local counsel) for
all Holders and all Persons, if any, who control any Holders within the
meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred. In such case involving the Initial Purchasers
and any Person who controls any of the Initial Purchasers, such firm shall be
designated in writing by Citigroup Global Markets Inc. In such case involving
the Holders and such Persons who control Holders, such firm shall be
designated in writing by the Majority Holders. In all other cases, such firm
shall be designated by the Companies. The Indemnifying Party shall not be
liable for any settlement of any proceeding effected without its written
consent but, if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified
Party from and against any loss or liability by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified Party shall have requested an Indemnifying Party to reimburse the
Indemnified Party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the Indemnifying Party agrees
that it shall be liable for any settlement of any proceeding effected without
its written consent if (x) such settlement is entered into more than 30 days
after receipt by such Indemnifying Party of the aforesaid request and (y) such
Indemnifying Party shall not have reimbursed the Indemnified Party for such
fees and expenses of counsel in accordance with such request prior to the date
of such settlement. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party (which consent shall not be unreasonably
withheld), effect any settlement of any pending or threatened proceeding in
respect of which such Indemnified Party is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless
such settlement includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such proceeding.

          (d) To the extent the indemnification provided for in paragraph (a)
or paragraph (b) of this Section 5 is unavailable to an Indemnified Party or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Party under such paragraph, in lieu of
indemnifying such Indemnified Party thereunder, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party or parties on the one hand and of the
Indemnified Party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative fault of CBB, AMBEV and the Holders shall be determined by reference
to, among other things, whether the

<PAGE>
                                      11

untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
CBB or AMBEV or by the Holders and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission. The Holders' respective obligations to contribute pursuant to this
Section 5(d) are several in proportion to the respective principal amount of
Registrable Securities of such Holder that were registered pursuant to a
Registration Statement.

          (e) CBB, AMBEV and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro
rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in paragraph (d) above.
The amount paid or payable by an Indemnifying Party as a result of the losses,
claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 5, no Holder shall be required to indemnify or
contribute any amount in excess of the amount by which the total price at
which Registrable Securities were sold by such Holder exceeds the amount of
any damages that such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. The remedies provided
for in this Section 5 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Party at law or
in equity.

          (f) The indemnity and contribution provisions contained in this
Section 5 shall remain operative and in full force and effect regardless of
(i) any termination of this Agreement, (ii) any investigation made by or on
behalf of the Initial Purchasers, any Holder or any Person controlling any of
the Initial Purchasers or any Holder, or by or on behalf of CBB or AMBEV,
their respective officers or directors, or any Person controlling CBB or
AMBEV, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to any shelf or other Registration Statement.

          SECTION 6. Miscellaneous.

          (a) No Inconsistent Agreements. Neither CBB nor AMBEV has entered
into, and on or after the date of this Agreement will not enter into, any
agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the
holders of CBB's or any of AMBEV's other issued and outstanding securities
under any such agreements.

          (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless CBB and AMBEV have obtained the written consent of
Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or consent; provided, however, that no amendment,
modification, supplement, waiver or

<PAGE>
                                      12

consent to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Securities unless consented to
in writing by such Holder.

          (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder
to the Companies by means of a notice given in accordance with the provisions
of this Section 6(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement; (ii) if to CBB,
initially at CBB's address set forth in the Purchase Agreement and thereafter
at such other address, notice of which is given in accordance with the
provisions of this Section 6(c); and (iii) if to AMBEV, initially at the
AMBEV's address set forth in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 6(c). All such notices and communications shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt is acknowledged, if telecopied;
and on the next business day if timely delivered to an air courier
guaranteeing overnight delivery. Copies of all such notices, demands, or other
communications shall be concurrently delivered by the Person giving the same
to the Trustee, at the address specified in the Indenture.

          (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an
express assignment, subsequent Holders; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement. If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof.
The Initial Purchasers (in their capacity as Initial Purchasers) shall have no
liability or obligation to CBB or AMBEV with respect to any failure by a
Holder to comply with, or any breach by any Holder of, any of the obligations
of such Holder under this Agreement.

          (e) Purchases and Sales of Securities. CBB and AMBEV shall have the
right to purchase Registrable Securities only as contemplated in the
Indenture; provided, however, that, notwithstanding the foregoing, neither CBB
nor AMBEV shall, and each of CBB and AMBEV shall use their best efforts to
cause their respective affiliates (as defined in Rule 405 under the Securities
Act) not to, purchase and then resell or otherwise transfer any Registrable
Securities, if doing so adversely affects the rights of the Holders hereunder.

          (f) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between CBB and AMBEV, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.

<PAGE>
                                      13

          (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          (i) Governing Law. This Agreement shall be governed by the laws of
the State of New York.

          (j) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired
thereby.

          (k) Jurisdiction.

          (a) Each of CBB and AMBEV agrees that any legal suit, action or
proceeding arising out of or relating to this Agreement or the transactions
contemplated herein may be instituted in any U.S. federal or New York State
court in the Borough of Manhattan in the City of New York (each a "New York
court") and each of CBB and AMBEV hereby waives any objection which it may now
or hereafter have to the laying of venue of any such proceeding, and
irrevocably submits to the jurisdiction of such courts, with respect to
actions brought against it as defendant, in any suit, action or proceeding.

          (b) Each of CBB and AMBEV (A) irrevocably appoints CT Corporation
System, at its offices located at 111 Eighth Avenue, New York, New York 10011
(together with any successor, the "Process Agent"), as its authorized agent in
the Borough of Manhattan in The City of New York upon which process may be
served in any such suit, action or proceeding, acknowledges that the Process
Agent has accepted such designation and agrees that service of process upon
the Process Agent, and written notice of such service to the Companies, by the
person serving the same to the address set forth in the Purchase Agreement,
shall be deemed in every respect effective service of process upon the
Companies in any such suit, action or proceeding and (B) agrees to take any
and all action, including the execution and filing of any and all such
documents and instruments as may be necessary to continue such designation and
appointment of the Process Agent in full force and effect so long as any of
the Notes shall be outstanding.

          (l) Waiver of Immunity. To the extent that either of the Companies
has or hereafter may acquire any immunity from jurisdiction of any court or
from any legal process (whether through service of notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) with respect
to itself or its property, it hereby irrevocably waives such immunity in
respect of its obligations under this Agreement to the fullest extent
permitted by law.

<PAGE>
                                      14

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

                                       COMPANHIA BRASILEIRA DE BEBIDAS

                                       By: ------------------------
                                           Name:
                                           Title:

                                       By: ------------------------
                                           Name:
                                           Title:

                                       COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV

                                       By: ------------------------
                                           Name:
                                           Title:

                                       By: ------------------------
                                           Name:
                                           Title:

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

CITIGROUP GLOBAL MARKETS INC.,
as representative on behalf of the Initial Purchasers

By: ------------------------
    Name:
    Title:

WITNESSES:

1.     ------------------------------
       Name:

2.     ------------------------------
       Name:

<PAGE>

STATE OF NEW YORK         )
                          )     ss:
COUNTY OF NEW YORK        )

          On this 18th day of September, 2003 before me, a notary public
     within and for said county, personally appeared ________________, to me
     personally known who being duly sworn, did say that [he/she] is a
     ________________ of ________________, one of the persons described in and
     which executed the foregoing instrument, and acknowledge said instrument
     to be the free act and deed of said corporation.
s

          On this 18th day of September, 2003, before me personally came
     _________________ and ________________ to me personally known, who being
     by me sworn, did depose and say that they signed their names to the
     foregoing instrument as witnesses.

                                                     ---------------------------
                                                     Notary Public
                                                     COMMISSION EXPIRES

[Notarial Seal]Exhibit 10.4.5

                            EMPLOYMENT AGREEMENT WITH

                               Ulrich Bartke Ph.D.

         This Employment Agreement  ("Agreement") is entered into as of this 1st
day of June,  2004 (the  "Effective  Date"),  by and between Ulrich Bartke Ph.D.
(the "Executive") and Inyx, Inc. (the "Company" or the "Employer"),  or together
the Parties.

RECITALS:

Whereas,  the  Company  desires to employ  the  Executive  to  provide  personal
services to the Company,  and also wishes to provide the Executive  with certain
compensation and benefits in return for such services; and

Whereas, the Executive wishes to be employed by the Company and provide personal
services to the Company in return for certain compensation and benefits.

Now, therefore,  in consideration of the mutual promises and covenants contained
herein, it is hereby agreed by and between the Parties hereto as follows:

1.       EMPLOYMENT

         1.1.  GENERAL.  The Company  hereby employs the Executive in the senior
management   position  of  Vice  President  Global  Sales  &  Marketing,   whose
responsibilities includes supervising the sales and marketing activities for the
Company and its affiliated operations, and may assign other reasonable duties to
the Executive from time to time.  The Executive  agrees to perform and discharge
such  duties  well and  faithfully,  and to be  subject to the  supervision  and
direction  of the  Chairman  of the Board and Chief  Executive  Officer of Inyx,
Inc.,  the parent  Company.  The Executive  acknowledges  that this  appointment
involves  responsibility  for the  affairs  of the  Company  and its  affiliates
worldwide.  Accordingly,  the duties of the employment will need to be exercised
in a number of countries and not just in the United Kingdom.  The Executive will
be initially based at the Company's operations in Runcorn, England, for at least
the first six months of the  Employment  Term.  For purposes of English Law, the
Executive shall be seconded to Inyx Pharma Limited,  the Company's  wholly owned
United  Kingdom  subsidiary,  during  this period of  assignment.  Additionally,
during the  Employment  Term,  the  Executive  will be required to travel to and
conduct duties in other  countries on behalf of the Company and its  affiliates.
It is  intended  that the  Executive  will be based at the  Company's  corporate
offices  in New York  City,  USA,  sometime  after the  first six  months of the
Employment Term, the latest by the December 2005, if U.S. business opportunities
for the  Company in 2005  support  basing the  Executive  in New York.  When the
Company and Executive  agree for Executive to relocate,  Company will  reimburse
reasonable cost of U.S. relocation and return to Europe following termination of
this Employment Agreement for any reason;  EXCEPT if Executive is terminated for
Cause (as defined in Sections 3.2.4 and 3.3.1 hereof).

<PAGE>

         1.2. TIME DEVOTED TO POSITION.  The  Executive,  during the  Employment
Term, shall devote his full business time,  attention and skills to the business
and affairs of the Employer.

         1.3. CERTIFICATIONS. Whenever the Executive is required by law, rule or
regulation or requested by any  governmental  authority or by the Company or the
Company's  auditors  to  provide   certifications   with  respect  to  financial
statements or filings with the Securities  and Exchange  Commission or any other
governmental  authority,  the Executive shall sign such certifications as may be
reasonably  requested by such  officers,  with such  exceptions as the Executive
deems necessary to make such certifications accurate and not misleading.

2.       COMPENSATION AND BENEFITS

         2.1. SALARY. At all times the Executive is employed hereunder, Employer
shall pay to Executive, and Executive shall accept, as full compensation for any
and all  services  rendered  and to be  rendered  by him during  such  period to
Employer in all capacities, including, but not limited to, all services that may
be rendered by him to any of  Employer's  existing  subsidiaries,  entities  and
organizations hereafter formed,  organized or acquired by Employer,  directly or
indirectly  (each, a "Subsidiary" and  collectively,  the  "Subsidiaries"),  the
following:  (i) a base salary at the annual rate of 90,000 Great Britain  Pounds
((pound))  or at such  increased  rate as the Board  (through  its  Compensation
Committee),  in its sole  discretion,  may hereafter  from time to time grant to
Executive,  subject to adjustments in accordance  with Section 2.2 hereof (as so
adjusted, the "Base Salary"); and (ii) any additional bonus and the benefits set
forth in Sections  2.3, 2.4 and 2.5 hereof.  The Base Salary shall be payable in
accordance with the regular payroll  practices of Employer  applicable to senior
executives,  less  such  deductions  as  shall be  required  to be  withheld  by
applicable law and regulations or otherwise.

         2.2.  COMMISSION  BONUS.  Subject to Section 3.3 hereof,  the Executive
shall be entitled to a cash bonus of five  percent  (5%) on new sales  generated
directly  by the  Executive  for the  Company,  based on a minimum  twenty  five
percent (25%) gross margin to the Company from such sales generated. If there is
a sale that  generates  less gross  margin,  then  commission  shall be adjusted
accordingly;  e.g. if 23% gross  margin on (pound)1  million  sale,  then the 5%
commission would be paid on  (pound)920,000  (23% gross margin equals 92% of 25%
gross margin threshold).  The 5% commission rate is on applicable sales payments
received by the Company through December 31, 2005.

         2.3. STOCK OPTIONS.  The Executive  shall be entitled to participate in
stock option and similar equity plans of Employer.  In connection herewith,  the
Executive  will be granted  options to  purchase  shares of common  stock of the
Company on the following  basis:  60,000  options to be granted on June 1, 2004,
with an exercise price equal to the closing market price of the Company's common
stock on June 1, 2004;  50,000 options to be granted on January 1, 2005, with an
exercise price equal to the closing  market price of the Company's  common stock
on  January  1, 2005;  50,000  options  to be  granted on June 1, 2005,  with an

                                       2
<PAGE>

exercise price equal to the closing  market price of the Company's  common stock
on June 1, 2005; and 50,000 options to be granted on December 31, 2005,  with an
exercise price equal to the closing  market price of the Company's  common stock
on December 31, 2005;  with all options issued on terms and conditions set forth
in the Stock  Option Plan of the Company and a Stock Option  Agreement  with the
Executive  containing  these  terms.  The  Executive  shall be  entitled  to any
additional annual stock option grants provided at the discretion of the Board.

         2.4. EXECUTIVE BENEFITS

                  2.4.1.   EXPENSES.   Employer  shall  promptly  reimburse  the
         Executive for properly documented expenses that he may reasonably incur
         in  connection  with the  performance  of his duties  including but not
         limited to, expenses for such items as business entertainment, business
         travel,  hotel and meals that are in accordance with Company policy and
         approved by the  Chairman of the Board and Chief  Executive  Officer of
         the Company.  In addition,  Employer  shall pay Executive a monthly car
         allowance  of  (pound)750  and  furnish the  Executive  with a paid-for
         mobile phone for Executive's  business use and lap-top computer for use
         when traveling on business.

                  2.4.2.   EMPLOYER  PLANS.   Executive  shall  be  entitled  to
         participate in such employee benefit plans and programs as Employer may
         from time to time generally  offer or provide to executive  officers of
         Employer  or  its   Subsidiaries,   including,   but  not  limited  to,
         participation  in  health  and  accident,   medical  and  dental  plans
         including  any such benefit  plans  offered by the  Subsidiaries  where
         applicable, and profit sharing and retirement plans.

                  2.4.3.  VACATION.  The  Executive  shall be entitled to twenty
         five business days of paid vacation per calendar year, prorated for any
         partial year. Unused vacation days in any year will have to be taken by
         March 31st of the  following  year or will  continue  to accrue for the
         benefit of the Executive and payable on termination of employment.

                  2.4.4.   LIFE  INSURANCE.   Executive  shall  be  entitled  to
         (PROVIDED,  that Executive  qualifies on a non-rated basis) a term life
         insurance policy,  the premiums of which shall be borne by Employer and
         the death benefits of which shall be payable to Executive's  estate, or
         as  otherwise  directed  by the  Executive,  in  the  amount  equal  to
         $1,000,000 (U.S. Dollars).

3.       EMPLOYMENT TERM; TERMINATION

         3.1.  EMPLOYMENT  TERM.  The  Executive's  employment  hereunder  shall
commence  on June 1, 2004 and,  except as  otherwise  provided  in  Section  3.2
hereof, shall continue until December 31, 2005 (the "Initial Term"). Thereafter,
this Agreement shall  automatically  be renewed for successive  one-year periods
commencing on the 1st day of January of 2006 and of each subsequent year, unless
either (i) Employer and Executive agree to a new Employment  Agreement,  or (ii)
Executive or Employer shall have provided a Notice of Termination (as defined in
Section  3.4.2  hereof)  in  respect  of its or his  election  not to renew  the
Employment  Term (in  accordance  with Sections  3.3.2 and 3.3.3  hereof).  Upon
non-renewal of the  Employment  Term pursuant to this Section 3.1 or termination

                                       3
<PAGE>

pursuant to Sections 3.2.1 through 3.2.5 hereof,  inclusive,  Executive shall be
released from any duties hereunder (except as set forth in Section 4 hereof) and
the  obligations  of Employer to Executive  shall be as set forth in Section 3.3
hereof only.

         3.2.  EVENTS OF  TERMINATION.  The Employment Term shall terminate upon
the occurrence of any one or more of the following events:

                  3.2.1.   DEATH.  In  the  event  of  Executive's   death,  the
         Employment Term shall terminate on the date of his death.

                  3.2.2. WITHOUT CAUSE BY EXECUTIVE. Executive may terminate the
         Employment Term at any time during such Term for any reason  whatsoever
         by giving a Notice of Termination to Employer.  The Date of Termination
         pursuant  to this  Section  3.2.2  shall be  effective  the  Notice  of
         Termination  is given,  unless an  extended  period is agreed to by the
         parties.

                  3.2.3. DISABILITY.  In the event of Executive's Disability (as
         hereinafter  defined),  Employer  may,  at its  option,  terminate  the
         Employment  Term by giving a Notice of  Termination  to Executive.  The
         Notice of Termination shall specify the Date of Termination, which date
         shall  not be  earlier  than  thirty  (30)  days  after  the  Notice of
         Termination  is given.  For  purposes of this  Agreement,  "Disability"
         means the  inability  of  Executive  for ninety (90) days in any twelve
         (12) month period to  substantially  perform his duties  hereunder as a
         result of a physical or mental illness, all as determined in good faith
         by the Board.

                  3.2.4.  CAUSE.  Employer  may,  at its option,  terminate  the
         Employment  Term for "Cause" based on objective  factors  determined in
         good  faith by a the  Board of  Directors  as set  forth in a Notice of
         Termination to Executive specifying the reasons for termination and the
         failure of the Executive to cure the same within thirty (30) days after
         Employer shall have given the Notice of Termination; PROVIDED, HOWEVER,
         that  in the  event  the  Board  in  good  faith  determines  that  the
         underlying reasons giving rise to such  determination  cannot be cured,
         then the thirty (30) day period shall not apply and the Employment Term
         shall  terminate on the date the Notice of  Termination  is given.  For
         purposes  of  this  Agreement,   "Cause"  shall  mean  (i)  Executive's
         conviction  of,  guilty or no contest  plea to a felony  (ii) an act or
         omission  by  Executive  in  connection   with  his   employment   that
         constitutes  fraud,  criminal  misconduct,  breach of  fiduciary  duty,
         dishonesty, gross negligence,  malfeasance, willful misconduct or other
         conduct that is materially harmful or detrimental to Employer;  (iii) a
         material  breach by Executive of this  Agreement and the failure of the
         Executive  to cure the same within  thirty (30) days;  (iv)  continuing
         failure to perform  such proper  duties as are assigned to Executive by
         in  accordance  with  this  Agreement  and with  law and good  business
         practice,  other than a failure  resulting  from a  Disability;  or (v)
         Executive  is found to have been  involved  in  regulatory  violations,
         criminal  misconduct,  dishonesty  or other  willful  misconduct  while
         previously employed by other employers.

                                       4
<PAGE>

                  3.2.5.  EMPLOYER  RIGHT TO  TERMINATE.  Employer may terminate
         this  agreement at the end of its Initial Term,  provided that Employer
         shall pay  Executive in  accordance  with payment  described in Section
         3.3.2 hereof.  In addition,  Employer may  terminate  Executive for any
         reason,  with or without  cause,  prior to end of the Initial  Term, by
         paying  Executive the payment  described in Section  3.3.2  hereof.  In
         consideration of such payment, and assuming all other payments required
         hereby have been paid,  Executive  agrees to provide Employer a general
         release of any claims relating to such termination or otherwise.

         3.3.  CERTAIN  OBLIGATIONS  OF EMPLOYER  FOLLOWING  TERMINATION  OF THE
EMPLOYMENT  TERM.  Following  termination  of  the  Employment  Term  under  the
circumstances described below, Employer shall pay to Executive or his estate, as
the case may be, the following  compensation and provide the following  benefits
in full satisfaction and final settlement of any and all claims and demands that
Executive  now  has  or  hereafter  may  have  hereunder  against  Employer.  In
connection  with  Executive's  receipt of any or all monies and  benefits  to be
received  pursuant to this Section 3.3,  Executive shall not have a duty to seek
subsequent  employment  during  the  period in which he is  receiving  severance
payments and the Severance Amount (as defined in Section 3.3.2 hereof) shall not
be reduced solely as a result of Executive's  subsequent employment by an entity
other than Employer.

                  3.3.1.  FOR CAUSE.  In the event that the  Employment  Term is
         terminated by Employer for Cause, Employer shall pay to Executive, in a
         single  lump-sum,  an amount equal to any unpaid but earned Base Salary
         through the Date of  Termination.  Any payment made in accordance  with
         this  Section  3.3.1 shall be made at a  convenient  date no later than
         fourteen (14) days after the termination date.

                  3.3.2.  WITHOUT  CAUSE BY  EMPLOYER;  ELECTION NOT TO RENEW BY
         EXECUTIVE.  In the event  that the  Employment  Term is  terminated  by
         Employer or  Employer  elects not to renew this  Agreement  pursuant to
         Section 3.2.5 hereof, it shall pay to Executive, subject to Executive's
         continued compliance with the terms of Section 4 hereof, any unpaid but
         earned Base Salary through the effective  Date of  Termination  PLUS an
         amount  equal  to  nine  (9)  months  Base  Salary  in  effect  at such
         applicable time (the  "Severance  Amount").  Additionally,  any Bonuses
         that are due to the  Executive  shall be paid by Employer to Executive.
         HOWEVER,  if  termination  of  Executive is due to or after a Change of
         Control  (as  defined in Section  3.4.3  hereof) of the  Employer,  the
         Severance  Amount is increased  to eighteen  (18) months Base Salary in
         effect  at such  applicable  time,  and any  non-vested  stock  options
         granted  to  Executive  shall  become  fully  vested  at  time  of such
         termination  date.  Any payments made in  accordance  with this Section
         3.3.2 shall be made in a lump-sum payment at a convenient date no later
         than  fourteen  (14) days  after the  effective  termination  date.  In
         consideration of such payment, and assuming all other payments required
         hereby have been paid,  Executive  agrees to provide Employer a general
         release of any claims relating to such termination or otherwise.

                                       5
<PAGE>

                  3.3.3.  WITHOUT CAUSE BY  EXECUTIVE;  ELECTION NOT TO RENEW BY
         EXECUTIVE.  In the event  that the  Employment  Term is  terminated  by
         Executive  pursuant to Section 3.2.2 hereof or Executive  elects not to
         renew  this  Agreement  at any time  pursuant  to Section  3.1  hereof,
         Employer  shall pay to Executive Base Salary through the effective Date
         of Termination.  In addition, Employer shall pay Executive, in a single
         lump-sum,  an amount equal to any unpaid but earned Bonuses through the
         effective  Date of  Termination,  PROVIDED that the Executive  provides
         Employer with ninety (90) days advance  notification  in writing of the
         intent to terminate or not to renew this Agreement.

                  3.3.4.  DEATH OR DISABILITY.  In the event that the Employment
         Term is  terminated  by reason of  Executive's  Disability  pursuant to
         Section 3.2.3 or death pursuant to Section 3.2.1 hereof, Employer shall
         pay to Executive  or his estate,  in a single lump sum, an amount equal
         to any unpaid but earned  Bonuses and Base Salary through the effective
         Date of Termination.

                  3.3.5.   POST-EMPLOYMENT  TERM  BENEFITS.   In  the  event  of
         termination for any reason,  Employer shall reimburse Executive for any
         unpaid  expenses  pursuant to Section  2.5.1  hereof.  If  Executive is
         terminated  pursuant  to  Sections  3.2.3 or 3.2.5  hereof or  Employer
         elects not to renew this  Agreement  pursuant  to Section  3.1  hereof,
         Employer  shall pay, on behalf of Executive,  for a period equal to six
         (6)  months  from the  effective  Date of  Termination  (the  "Benefits
         Period"), subject to Executive's continued compliance with the terms of
         Section 4  hereof,  all  medical,  dental,  health  and  accident,  and
         disability  plans  and  programs  other  than  stock  options  in which
         Executive  was  entitled  to  participate   immediately  prior  to  the
         effective  date of  termination,  PROVIDED that  Executive's  continued
         participation   is  legally   possible  under  the  general  terms  and
         provisions  of such plans and programs.  In the event that  Executive's
         participation in any such plan or program is barred,  Employer,  at its
         sole cost and expense shall use its commercially  reasonable efforts to
         provide  Executive  with benefits  substantially  similar to those that
         Executive was entitled to receive under such plans and programs for the
         remainder of the Benefits Period.  If Executive is terminated for CAUSE
         pursuant to Section 3.2.4 hereof,  Employer shall pay for no additional
         benefits after effective date of termination.

         3.3.6.  STOCK  OPTIONS.  Executive  shall be  entitled  to receive  the
Employer stock options set forth in the attached Stock Option Agreement.

         3.4. DEFINITIONS.

                  3.4.1.   "NOTICE   OF   TERMINATION"   DEFINED.   "Notice   of
         Termination"  means  a  written  notice  that  indicates  the  specific
         termination  provision relied upon by Employer or Executive and, except
         in the case of termination  pursuant to Sections 3.2.1 or 3.2.2 hereof,
         that sets  forth in  reasonable  detail  the  facts  and  circumstances
         claimed to provide a basis for termination of the Employment Term under
         the termination provision so indicated.

                                       6
<PAGE>

                  3.4.2.  "DATE OF TERMINATION"  DEFINED.  "Date of Termination"
         means such date as the  Employment  Term is  expired if not  renewed or
         terminated in accordance with Sections 3.1 or 3.2 hereof.

                  3.4.3.  "CHANGE OF CONTROL" DEFINED.  A "Change of Control" of
         Employer means (i) the approval by the  stockholders  of the Company of
         the sale,  lease,  exchange or other  transfer  (other than pursuant to
         internal  reorganization) by the Company of all or substantially all of
         its respective assets to a single purchaser or to a group of associated
         purchasers;  (ii) the first purchase of shares of equity  securities of
         the Company pursuant to a tender offer or exchange offer (other than an
         offer by the  Company)  for at least fifty (50%)  percent of the equity
         securities of the Company;  (iii) the approval by the  stockholders  of
         the Company of an agreement for a merger or  consolidation in which the
         Company   shall  not   survive   as  an   independent,   publicly-owned
         corporation; (iv) the acquisition (including by means of a merger) by a
         single  purchaser or a group of associated  purchasers of securities of
         the  Company  from the Company or any third  party  representing  fifty
         (50%)  percent or more of the combined  voting  power of the  Company's
         then  outstanding  equity  securities  in one or a  related  series  of
         transactions  (other than  pursuant to an  internal  reorganization  or
         transfers of the Executive's interests).

4.       CONFIDENTIALITY AND NONSOLICITATION; PROPERTY RIGHTS

         4.1.  "CONFIDENTIAL  INFORMATION" DEFINED.  "Confidential  Information"
means any and all  information  (oral or  written)  relating  to Employer or any
Subsidiary or any entity  controlling,  controlled  by, or under common  control
with  Employer  or  any  Subsidiary  or  any  of  their  respective  activities,
including, information not previously disclosed to the public or to the trade by
the Company's management, or otherwise in the public domain, with respect to the
Company's  products,  facilities,  applications  and methods,  trade secrets and
other intellectual property, systems, procedures, manuals, confidential reports,
product  price  lists,   customer  lists,   technical   information,   financial
information,  business plans, prospects or opportunities,  but shall exclude any
information  which (i) is or becomes  available  to the  public or is  generally
known in the industry or industries in which the Company  operates other than as
a result of  disclosure by the  Executive in violation of his  agreements  under
this Section or (ii) the Executive is required to disclose  under any applicable
laws, regulations or directives of any government agency,  tribunal or authority
having jurisdiction in the matter or under subpoena or other process of law. The
Executive  confirms that all  restrictions  in this Section are  reasonable  and
valid and waives all defenses to the strict enforcement thereof.

         4.2.  NON-DISCLOSURE OF CONFIDENTIAL  INFORMATION.  The Executive shall
not at any time (other than as may be required or appropriate in connection with
the performance by him of his duties  hereunder),  directly or indirectly,  use,
communicate,  disclose or disseminate any Confidential Information in any manner
whatsoever  (except as may be required  under legal process by subpoena or other
court order).

         4.3. CERTAIN ACTIVITIES. The Executive shall not, while employed by the
Company  and for a period  of one (1) year  following  the Date of  Termination,
directly or indirectly,  hire, offer to hire, entice away or in any other manner

                                       7
<PAGE>

persuade or attempt to persuade any officer,  employee,  agent, lessor,  lessee,
licensor,  licensee  or  supplier  of  Employer  or any of its  Subsidiaries  to
discontinue  or  alter  his  or its  relationship  with  Employer  or any of its
Subsidiaries.

         4.4.  NON-COMPETITION.  The Executive  shall not, while employed by the
Company  and for a period  of one (1) year  following  the Date of  Termination,
engage or participate,  directly or indirectly (whether as an officer, director,
employee,  partner,  consultant,  shareholder,  lender  or  otherwise),  in  any
business that  manufactures,  markets or sells  products that directly  competes
with any product of the Employer that is significant to the Employer's  business
based on  sales  and/or  profitability  of any  such  product  as of the Date of
Termination.  Nothing herein shall prohibit Executive from being a passive owner
of less than 1% of any  publicly-traded  class of  capital  stock of any  entity
directly engaged in a competing business.

         4.5.  PROPERTY  RIGHTS;  ASSIGNMENT  OF  INVENTIONS.  With  respect  to
information,  inventions and discoveries or any interest in any copyright and/or
other property right developed, made or conceived of by Executive,  either alone
or with others, at any time during his employment by Employer and whether or not
within working hours,  arising out of such  employment or pertinent to any field
of business or research in which, during such employment, Employer is engaged or
(if such is known to or  ascertainable  by Executive) is  considering  engaging,
Executive hereby agrees:

                  (a) that all such  information,  inventions and discoveries or
         any interest in any copyright  and/or other property right,  whether or
         not patented or patentable,  shall be and remain the exclusive property
         of the Employer;

                  (b) to disclose  promptly to an authorized  representative  of
         Employer  all  such  information,  inventions  and  discoveries  or any
         copyright   and/or  other  property   right  and  all   information  in
         Executive's possession as to possible applications and uses thereof;

                  (c) not to file any patent  application  relating  to any such
         invention  or  discovery  except with the prior  written  consent of an
         authorized officer of Employer (other than Executive);

                  (d) that  Executive  hereby  waives and  releases  any and all
         rights  Executive may have in and to such  information,  inventions and
         discoveries, and hereby assigns to Executive and/or its nominees all of
         Executive's  right,  title and  interest in them,  and all  Executive's
         right, title and interest in any patent, patent application,  copyright
         or other  property right based thereon.  Executive  hereby  irrevocably
         designates  and  appoints  Employer  and  each of its  duly  authorized
         officers  and agents as his agent and  attorney-in-fact  to act for him
         and on his behalf and in his stead to execute and file any document and
         to do all other  lawfully  permitted  acts to further the  prosecution,
         issuance  and  enforcement  of any  such  patent,  patent  application,
         copyright or other  property right with the same force and effect as if
         executed and delivered by Executive; and

                                       8
<PAGE>

                  (e) at  the  request  of  Employer,  and  without  expense  to
         Executive,  to execute  such  documents  and perform such other acts as
         Employer deems necessary or appropriate, for Employer to obtain patents
         on such  inventions in a jurisdiction  or  jurisdictions  designated by
         Employer, and to assign to Employer or its designee such inventions and
         any and all patent applications and patents relating thereto.

         4.6.  INJUNCTIVE  RELIEF. The parties hereby acknowledge and agree that
(a) Employer will be  irreparably  injured in the event of a breach by Executive
of any of his obligations under this Section 4; (b) monetary damages will not be
an  adequate  remedy for any such  breach;  (c)  Employer  will be  entitled  to
injunctive  relief,  in addition to any other remedy  which it may have,  in the
event of any such breach; and (d) the existence of any claims that Executive may
have against Employer,  whether under this Agreement or otherwise, will not be a
defense to the  enforcement  by Employer of any of its rights under this Section
4.

         4.7.  NON-EXCLUSIVITY  AND  SURVIVAL.  The  covenants of the  Executive
contained  in this  Section  4 are in  addition  to,  and not in  lieu  of,  any
obligations  that  Executive may have with respect to the subject matter hereof,
whether by contract,  as a matter of law or  otherwise,  and such  covenants and
their  enforceability  shall survive any  termination of the Employment  Term by
either party and any  investigation  made with respect to the breach  thereof by
Employer at any time.

5.       MISCELLANEOUS PROVISIONS.

         5.1.  SEVERABILITY.  If,  in any  jurisdiction,  any term or  provision
hereof is determined to be invalid or unenforceable, (a) the remaining terms and
provisions   hereof   shall  be   unimpaired;   (b)  any  such   invalidity   or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other  jurisdiction;  and (c) the invalid or
unenforceable  term or provision  shall, for purposes of such  jurisdiction,  be
deemed  replaced by a term or provision that is valid and  enforceable  and that
comes closest to expressing the intention of the invalid or  unenforceable  term
or provision.

         5.2.  EXECUTION IN COUNTERPARTS.  This Agreement may be executed in one
or  more  counterparts,   and  by  the  different  parties  hereto  in  separate
counterparts,  each of which shall be deemed to be an original  but all of which
taken together  shall  constitute one and the same agreement (and all signatures
need not  appear  on any one  counterpart),  and  this  Agreement  shall  become
effective when one or more  counterparts  has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

         5.3. NOTICES. All notices,  requests,  demands and other communications
hereunder  shall be in writing and shall be deemed duly given upon  receipt when
delivered by hand, overnight delivery or telecopy (with confirmed delivery),  or
three (3) business days after posting, when delivered by registered or certified
mail or private courier service,  postage prepaid,  return receipt requested, as
follows:

                                       9
<PAGE>

If to Employer, to:

Inyx, Inc.
825 Third Avenue, 40th Floor
New York, NY 10022
Attention:  Chairman and Chief Executive Officer
Facsimile No.: 212-838-0060

If to Executive, to:

Ulrich Bartke Ph.D.
Doernter Weg 26
Wallenhorst
D-49134
Germany

Or to such other  address(es) as a party hereto shall have  designated by notice
in writing to the other parties hereto.

         5.4.  AMENDMENT.  No  provision  of  this  Agreement  may be  modified,
amended,  waived,  or discharged  in any manner  except by a written  instrument
executed by both the Employer and the Executive.

         5.5.  ENTIRE  AGREEMENT.  This  Agreement  and, with respect to Section
3.3.6 hereof, Executive's Stock Option Agreements and the governing stock option
plans, constitute the entire agreement of the parties hereto with respect to the
subject matter hereof,  and supersede all prior agreements and understandings of
the parties hereto, oral or written.

         5.6.  APPLICABLE LAW. This Agreement shall be governed by and construed
in  accordance  with the laws of the State of New York  applicable  to contracts
made and to be  wholly  performed  therein,  without  regard  to  principles  of
conflicts of laws.

         5.7.  HEADINGS.  The headings contained herein are for the sole purpose
of  convenience  of  reference,  and shall  not in any way  limit or affect  the
meaning or interpretation of any of the terms or provisions of this Agreement.

         5.8.  BINDING  EFFECT;  SUCCESSORS  AND ASSIGNS.  The Executive may not
delegate any of his duties or assign his rights hereunder.  This Agreement shall
inure to the  benefit  of, and be binding  upon,  the  parties  hereto and their
respective  heirs,  legal  representatives,  successors  and permitted  assigns.
Employer shall require any successor  (whether direct or indirect and whether by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business  and/or  assets of  Employer,  by an  agreement  in form and  substance
reasonably  satisfactory to Executive,  to expressly assume and agree to perform
this  Agreement in the same manner and to the same extent that Employer would be
required to perform if no such succession had taken place.

                                       10
<PAGE>

         5.9.  WAIVER,  ETC. The failure of either of the parties  hereto to, at
any time, enforce any of the provisions of this Agreement shall not be deemed or
construed  to be a waiver of any such  provision,  nor to in any way  affect the
validity of this Agreement or any provision hereof or the right of either of the
parties hereto thereafter to enforce each and every provision of this Agreement.
No waiver of any  breach of any of the  provisions  of this  Agreement  shall be
effective unless set forth in a written instrument executed by the party against
whom or which  enforcement  of such waiver is sought,  and no waiver of any such
breach shall be  construed  or deemed to be a waiver of any other or  subsequent
breach.

         5.10.  CAPACITY,  ETC.  Executive  and Employer  hereby  represent  and
warrant  to the other  that,  as the case may be:  (a) he or it has full  power,
authority and capacity to execute and deliver this Agreement, and to perform his
or its obligations hereunder; (b) such execution, delivery and performance shall
not (and with the giving of notice or lapse of time or both would not) result in
the breach of any  agreements or other  obligations to which he or it is a party
or he or it is otherwise  bound;  and (c) this Agreement is his or its valid and
binding obligation in accordance with its terms.

         5.11.  ARBITRATION.  Any  dispute or  controversy  arising  under or in
connection  with this  Agreement  shall be settled  exclusively  in  arbitration
conducted  in New York,  New York in  accordance  with the rules of the American
Arbitration  Association  then  in  effect.  Judgment  may  be  entered  on  the
arbitrator's award in any court having jurisdiction.  Punitive damages shall not
be  awarded.  In any  arbitration  proceeding,  the party  determined  to be the
prevailing  party shall be entitled to receive,  in addition to any other award,
its attorneys' fees and expenses of the proceeding.

         IN WITNESS  WHEREOF,  this Agreement has been executed and delivered by
the parties hereto as of the date first above written.

INYX, INC.
By:

         /s/ Jack Kachkar
---------------------------------------------
Name:    Dr. Jack Kachkar
Title:   Chairman and Chief Executive Officer

ULRICH BARTKE Ph.D.

         /s/ Ulrich Bartke
---------------------------------------------

                                       11

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