Document:

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                                                                    EXHIBIT 10.3

                             EMPLOYMENT AGREEMENT
                             --------------------

This employment agreement (the "Agreement") is effective as of May 1, 2000 (the
"Effective Date"), by and between Keryx Biopharmaceuticals (Israel) Ltd., an
Israeli company with it principal place of business at Sha'arei Ha'ir, 216 Jaffa
Road, Jerusalem (the "Company") and Morris Laster, I.D. No. 069455137, of 40
Segal Street, Jerusalem (the "Employee").

Whereas the Company desires to continue to employ the Employee in the position
of Chief Executive Officer (the "Position");

Whereas the Employee desires have his employment continued by the Company and
fulfill the responsibilities of the  Position; and

Whereas the parties desire to set forth the conditions of employment pursuant to
which the Employee will be continued to be employed by the Company;

It is hereby agreed by and between the parties as follows:

1.  Preamble

The preamble to this Agreement and any attachments thereto are an integral part
of this Agreement.

2.  Job Description

The Employee shall have the title of Chief Executive Officer and shall be
responsible for the overall management, direction and leadership of the Company.
He shall report directly to the Board of Directors. The description of
responsibilities set forth herein shall serve as a general statement of the
duties, responsibilities and authority of the Employee. Additional duties,
responsibilities and authority may be assigned to the Employee by the Board of
Directors from time to time in its reasonable discretion.

3.  Working Hours

The Employee shall be employed by the Company on a full-time basis, namely for
not less than forty-four (44) hours per week (inclusive of meal time). The
Employee agrees that his position is considered to be a management position as
defined in the Hours of Work and Rest Law - 1951, which requires a special
measure of personal trust. Accordingly, the provisions of the Hours of Work and
Rest Law - 1951 shall not apply and the Employee shall not be entitled to
receive any additional payment for his work other than those that are set forth
in this Agreement.
<PAGE>

4.Term of Agreement

Unless terminated earlier as hereinafter provided, this Agreement shall take
effect from the Effective Date and shall remain in effect through the third
anniversary of such date, at which time it shall be automatically renewed for an
additional three year term unless either party has provided written notice of
its intent not to renew prior to the second anniversary of the Effective Date.

5.  Annual Salary

  5.1. The Employee's annual salary shall be as follows:

          5.1.1. The Employee shall receive an annual gross salary of two
          hundred and twenty five thousand dollars ($225,000), payable in New
          Israeli Shekels according the representative rate of exchange in
          effect each month at the time Company salaries are calculated. The
          Employees salary shall be paid in twelve equal installments, monthly
          in arrears.

          5.1.2. On each anniversary date of this Agreement, the Employee's
          annual gross salary shall be increased by an amount to be determined
          by the Board of Directors, but in no event shall such increase be less
          than the increase in the Israeli Cost of Living Index for the year
          each anniversary date.

          5.1.3 The salary set forth in paragraph 5.1.1, above, shall be
          referred to as the "Global Salary". The linkage of the Global Salary
          to the United States dollar is in lieu of any generally-applicable
          increases, whether the statutory cost of living increase ("Tosefet
          Yoker") or any other industry-wide increase applicable as the result
          of collective bargaining agreements or other order of the Ministry of
          Labor and Welfare (such as Tzavei Harhava). By signing this Agreement
          and accepting employment pursuant to its terms, the Employee
          represents that s/he will not claim any such increase.

          5.1.4. The Employee shall not be entitled to receive from the Company
          any salary or payment of any kind other than the Global Salary and
          other payments specifically set forth in this Agreement or properly
          authorized by the Board of Directors and, should the Employee be a
          director of the Company at the time such other payments not
          specifically included in this Agreement are made, also by the
          shareholders of the Company.
<PAGE>

  5.2.  Other Terms of Employment

          5.2.1. Bonuses: The Employee shall be entitled to receive one or more
          bonuses during any calendar year in accordance with the terms set
          forth in Schedule 5.2.1, attached hereto.

          5.2.2. Expenses: The Employee shall be entitled, in accordance with
          the Company's standard policy in effect from time to time, to be
          reimbursed for expenses (Hotza'ot Eshel) incurred in Israel and abroad
          in connection with Company business against receipt by the Company of
          appropriate vouchers, receipts or other proof of the Employee's
          expenditures.

          5.2.3. Continuing Education Fund: The Employee shall be entitled to
          participate in the Company's continuing education fund (Keren
          Hishtalmut). The Company shall contribute an amount equal to five
          percent (5%) of the Employee's Global Salary and shall deduct two and
          a half percent (2.5%) of the Employee's Global Salary and transfer it
          as the Employee's contribution. The Employee consents to the deduction
          of this amount as his contribution to the continuing education fund.
          These contributions will be calculated up to the permissible tax-
          exempt salary ceiling according to the income tax regulations in
          effect from time to time. If the amount of the Company's contribution
          is greater than permitted by those regulations, the Employee shall not
          have the right to receive the excess amount.

          5.2.4. Medical License Expense: The Company shall reimburse the
          Employee for expenses incurred by him in connection with the
          maintenance of his medical license in the United States, including,
          but not limited to, the costs of any continuing medical education
          ("CME") required as a condition of such license.

          5.2.5. Automobile Maintenance: The Employee shall be entitled to
          receive reimbursement on a before-tax basis for the upkeep and
          maintenance entailed in the use of his personal automobile for
          business purposes up to an annual maximum of $12,000 per year.

          5.2.6. Telephone: The Company shall pay or reimburse the Employee for
          the costs of a cellular telephone, a car phone and a telephone line
          installed at his home and for the telephone charges billed thereto
          during the term of his employment after deducting the cost of the
          Employee's itemized personal calls. The Company shall reimburse the
          Employee for the itemized costs of telephone calls made for the
          Company's business purposes billed to any of Employee's personal
          telephones. If the Employee incurs any income tax liability under
          Israeli law for such payment or reimbursement, the Company will also
          pay the Employee an amount equal to such tax liability (including any
          tax incurred because of the payment described in this sentence.)

          5.2.7. Reserve Duty: The Employee shall be entitled to receive his
          full Global Salary and other payments while performing reserve duty,
          provided that any amount received by the Employee from the I.D.F. or
          any other source (excluding Damei Calcala) is transferred to the
          Company or, in the alternative,
<PAGE>

          an amount equal to that received from the I.D.F. or any other source
          is deducted from the Global Salary payable to the Employee.

          5.2.8. Annual Leave and Recreation Pay (Damei Havra'a): The Employee
          shall be entitled to thirty (30) working days of paid annual leave
          each year. It is the intention of the Company that the Employee
          utilize at least ten (10) working days of paid annual leave each year.
          To the extent that such ten (10) working days of paid annual leave are
          not utilized by the Employee, they shall be forfeited at the end of
          each calendar year. In addition, the Employee shall not be allowed to
          accrue more than thirty (30) working days of annual leave except in
          unusual circumstances and with the permission of the Board of
          Directors of the Company. Subject to the requirement that at least ten
          (10) working days of paid annual leave be utilized by the Employee in
          each calendar year or be forfeited, should the Employee's annual leave
          balance exceed thirty (30) working days at the end of any calendar
          year, the excess number of days shall be paid out in accordance with
          the provisions of the Annual Leave Law - 1951. The Company shall also
          pay the Employee for five (5) days of recreation (damei havra'a) each
          year in accordance with the law and the normal practice of the Company
          in effect from time to time.

          5.2.9. Sickness and Disability Insurance: The Employee shall be
          entitled to the number of days for sick leave permitted by law.
          Compensation for sick days utilized shall be paid according to his
          Global Salary only upon the presentation of medical documentation as
          required by the Company. The Employee shall be covered by disability
          insurance that provides monthly compensation. The cost of such
          insurance shall be borne by the Company. Notwithstanding the
          foregoing, the Employee shall not be entitled to receive compensation
          for sick leave if such compensation is covered by the Employee's
          disability insurance referred to above. However, should the amounts
          received by the Employee pursuant to such disability insurance be less
          than the amount that is properly payable as compensation for the
          Employee's available sick leave, according to the Global Salary, the
          Company shall pay the difference. It is understood and agreed that
          unused sick leave cannot be redeemed by the Employee. For the
          avoidance of doubt, it is understood and agreed that the payments made
          by the Company in consideration of sick leave covers all obligations
          of the Company pursuant to the Sick Leave Law - 1976.

  5.3.  Pension Benefits and Severance Payments

          5.3.1. The Company will pay into a Provident Fund (Kupat Gemel) (in
          the meaning of paragraph 47 of the Income Tax Ordinance) in the form
          of Manager's Insurance or another form according to the Employee's
          choice and the Company's agreement, an amount equal to thirteen and
          one third percent (13 1/3 %) from the monthly Global Salary paid to
          the Employee, and the Employee will pay, on his own account, an amount
          equal to five percent (5%) from that Global Salary. The Employee
          agrees that the Company shall be entitled to deduct the Employee's
          contribution (5%) from the Global Salary. For the avoidance of doubt,
          it is clarified that under no circumstance shall the
<PAGE>

          Company's contribution exceed thirteen and one third percent (13 1/3
          %) of the Global Salary in any one month.

          5.3.2. Five percent (5%) of the thirteen and one third percent (13 1/3
          %) that the Company contributes as set forth above and the five
          percent (5%) the Employee contributes, together with linkage and
          interest on the contributions, will be treated as pension benefits for
          the Employee or his survivors. The remaining eight and one third
          percent (8 1/3 %) of the Company's contribution, together with linkage
          and interest on that portion, will be utilized to pay severance
          benefits to the Employee or his descendants in the event of the
          termination of his employment with the Company, except in those
          circumstances discussed below.

          5.3.3. In the event that the Employee chooses Manager's Insurance, the
          policy shall belong to the Company as long as it employs the Employee
          and it makes the required payments on the policy. The payments made
          into the Kupat Gemel pursuant to paragraph 5.3.1, above, shall fulfill
          the Company's obligation for severance payment pursuant to the
          Severance Compensation Law - 1963. Upon the termination of the
          Employee's employment, for whatever reason, and upon his final
          departure from the Company, the Employee or his successors shall be
          entitled to receive the ownership of all rights which have accrued on
          his behalf in the Kupat Gemel or the ownership of the Manager's
          Insurance policy, as appropriate and subject to the provisions of
          section 6, below.

          5.3.4. In the event that there is a difference in the Employee's favor
          between the amount to which he is entitled to receive pursuant to the
          Severance Compensation Law - 1963 and the severance payment amount
          (including linkage and interest) that is in the Kupat Gemel or
          Manager's Insurance policy, the Company shall pay that difference. The
          Company shall be obligated to pay such difference whether the
          termination of the Employee's employment is at the Employee's
          initiative or the Company's, except in the case of termination
          pursuant to paragraphs 6.4 and 6.5, below. For the avoidance of doubt,
          it is understood that in the event that the severance payment amount
          (including linkage and interest) that is in the Employee's Kupat Gemel
          or Manager's Insurance policy exceeds the amount to which he is
          entitled to receive as severance compensation pursuant to the
          Severance Compensation Law - 1963, the difference shall not be
          transferred to the Employee, including to his pension account, but
          shall be the property of the Company.

6. Termination of Employment

     6.1. Either party may terminate the Employee's employment with the Company
     without cause, or the Employee may terminate his employment for "just
     cause", at any time upon three (3) month's notice. The Company shall have
     the right, in its sole discretion, to require the Employee to continue
     working for the Company during the notice period. For the purposes of this
     Agreement, "just cause" shall mean (
<PAGE>

     6.2. The Employee's employment shall be terminated by his death or
     disability. (For purposes of this section, "disability" shall be deemed to
     have occurred if the Employee is unable, due to any physical or mental
     disease or condition, to perform his normal duties of employment for 120
     consecutive days or 180 days in any twelve month period.) Should the
     Employee's employment be terminated as a result of his death, the benefits
     granted in paragraph 6.3, below, shall be granted instead to his lawful
     heir or heirs.

     6.3. In the event the Employee's employment is terminated (a) by the
     Company without cause, or because of his death or disability, or (b) by the
     Employee for "just cause", he shall be entitled to continue to receive his
     annual salary for fifteen (15) months following his last day of actual
     employment by the Company. Such amount shall be in addition to any salary
     he entitled to receive during or in consideration for the notice period set
     forth in paragraph 6.1, above, and any severance payment he is entitled to
     receive according the provisions of the Severance Compensation Law - 1963.
     In addition, the Board of Directors shall take the necessary steps so that
     (a) any outstanding, but unvested, options granted to the Employee shall
     vest upon the effective date of his termination; and (b) the period during
     which the Employee shall be permitted to exercise such options shall be
     extended to two (2) years from the effective date of his termination as
     defined in the Share Option Plan governing the options in question.

     6.4. Notwithstanding the foregoing, the Company may terminate the Employee
     immediately and without prior notice in the following circumstances: (a) a
     material breach of the Employee's obligations pursuant to paragraphs 8.8,
     8.9 and 8.9 (confidentiality and non-competition); (b) a material breach by
     the Employee of any other provision of this Agreement, which is not cured
     by the Employee within fifteen (15) days after receiving notice thereof
     from the Company containing a description of the breach or breaches alleged
     to have occurred; (c) the habitual neglect or gross failure by the Employee
     to adequately perform the duties of his position; or (d) any criminal
     action connected to his employment with the Company or his place of
     employment.

     6.5. In the event that Employee's employment has been terminated in
     accordance with paragraph 6.4, above, the Employee shall not be entitled to
     receive any of the severance payments set forth in paragraphs 5.3.4 and
     6.3, above but shall be entitled to receive any salary or bonus accrued to
     the date of termination.

    6.6 In the event that Employee's employment is terminated by him for "just
    cause"has been terminated in accordance with paragraph 6.4, above, the
    Employee shall not be entitled to receive any of the severance payments set
    forth in paragraphs 5.3.4 and 6.3, above but shall be entitled to receive
    any salary or bonus accrued to the date of termination
<PAGE>

7. Taxes and Other Payments

     7.1. Unless otherwise specifically provided for in this Agreement, the
     Company shall not be liable for the payment of taxes or other payments for
     which the Employee is responsible as result of this Agreement or any other
     legal provision, and the Employee shall be personally liable for such taxes
     and other payments.

     7.2. The Employee hereby agrees that the Company shall deduct from his
     Global Salary the Employee's national insurance fees, income tax and other
     amounts required by law or the terms of this Agreement. The Company shall
     provide the Employee with documentation of such deductions.

8. The Obligations of the Employee

     8.1. The Employee agrees to devote his entire business time, energy,
     abilities and experience to the performance of his duties, effectively and
     in good faith.

     8.2. During the period of his employment, the Employee shall not be
     employed, whether or not during regular business hours, for pay by any
     other party other than the Company. The Employee must receive the prior
     written consent of the Company before assuming an unpaid position outside
     the Company. Notwithstanding the foregoing, the Employee may, with the
     written permission of the Chairman of the Board of Directors, become a
     member of the Board of Directors of another company and may accept any
     compensation in connection with such position.

     8.3. The Employee agrees to immediately inform the Company of any Company
     issue or transaction in which the Employee has a direct or indirect
     personal interest and/or where such issue or transaction could cause a
     conflict of interest for the Employee in the fulfillment of his
     responsibilities as an employee of the Company.

     8.4. The Employee hereby gives irrevocable instructions and permission to
     the Company to deduct from any amounts owed to the Employee by the Company,
     including amounts payable as severance compensation, (a) any debt he has or
     will have to the Company; and/or (b) any amount that was wrongfully or
     mistakenly paid to him by the Company. Any such amounts to be deducted
     shall be calculated in real terms as of the date of the deduction,
     including linkage to cost of living index.

     8.5. The Company may at its discretion and at any time apply for and
     procure as owner and for its own benefit and at its own expense, insurance
     on the life of the Employee ("Key Man Life Insurance") in such amounts and
     in such form or forms as the Company may choose. The Employee shall
     cooperate with the Company in procuring such insurance and shall, at the
     Company's request, submit to such medical examinations, supply such
     information and execute such documents as may be required by the insurance
     company or companies to whom the Company has applied for such insurance.
     Neither the Employee nor any of his dependents shall have any interest
     whatsoever in any such policy or policies or in the proceeds thereof.
<PAGE>

     8.6. The Employee declares that the terms and conditions of his employment
     are personal and confidential and will not be disclosed by him.

     8.7. The Employee declares that he is free to enter into this Agreement and
     that he has no obligations of any kind to any third party that would impair
     this Agreement, either as an employee or an independent contractor. The
     Employee further declares that as long as he remains an employee of the
     Company, he will not incur any such obligations.

     8.8. The Employee agrees to keep confidential (a) all professional,
     scientific, commercial, and business information; and (b) any other
     information or document that comes to the Employee's knowledge in
     connection with the affairs of the Company (collectively, the "Confidential
     Information"), and agrees not to use or exploit the Confidential
     Information or to disclose it to any third party where such use,
     exploitation or disclosure in not directly related to the affairs of the
     Company, unless the Company gives prior written authorization of such
     disclosure.

     8.9. The Employees agrees that during his employment by the Company and
     thereafter he (a) will not disseminate or otherwise make use of the
     Confidential Information or of other non-public information of which he
     learned while working for the Company, except where such dissemination or
     use is directly related to the affairs of the Company; (b) will maintain
     the confidentiality of the Confidential Information; and (c) will not in
     any way act to injure the reputation of the Company or any of its
     affiliated companies.

     8.10 The Employee understands and recognizes that his services to the
     Company are special and unique. Therefore, he agrees that during the term
     of this Agreement and for one (1) year after the termination for any reason
     of his employment, he shall not be employed in or give any services to any
     business or third party that directly competes with the business of the
     Company or whose activities directly conflict with the activities of the
     Company, unless the Board of Directors of the Company's parent has given
     his explicit written consent prior the commencement of such employment or
     the giving of such services. For the purposes of this Section 8.10, the
     business of the Company means the discovery, development and
     commercialization of drug candidates as described on the Company's
     Registration Statement on Form S-1 filed with the Securities Exchange
     Commission on May __, 2000, provided that the business of the Company shall
     include any additional business activity undertaken by the Company after
     the date of this Agreement.

     8.11. Upon termination of his employment, the Employee agrees to assist the
     Company with an orderly transition of his responsibilities and to return to
     the Company any documents, information and/or materials that were given to
     him or which were created by him in connection with his employment.
<PAGE>

9. Intellectual Property Rights

     9.1. The Employee declares that he is aware that anything that is done by
     him in the Company or in connection with the Company, whether it be an
     invention, a discovery, or the development of an idea or a thing, all
     within the framework of the Company's business (the Development") shall
     belong to and be controlled by the Company, unless the Board of Directors
     shall, in writing, direct otherwise.

     9.2. The Company shall have the right to fully utilize and exploit the
     Development, as it sees fit, including changing it, registering part or all
     of it as a patent, whether in Israel or abroad, selling it, transferring it
     to a third party, all without being required to either receive the
     Employee's consent or pay the Employee any additional payment for such
     Development apart from any payment he receives pursuant to this Agreement.

     9.3. The Development and any subsequent intellectual property arising
     therefrom shall remain the sole property of the Employer even after the
     Employee's employment terminates for any reason. The termination of this
     Agreement, whether due to its breach or its own terms, shall not impair the
     Company's exclusive rights in the Development. Notwithstanding the
     termination of this Agreement, the Board of Directors shall have the
     discretion to award the Employee a cash payment in accordance with the
     terms of paragraph 5.2.1, above, as a result of any Development or
     subsequent intellectual property arising therefrom developed primarily by
     the Employee.

     9.4. The Employee may not do anything with the Development or any related
     materials without the knowledge and prior consent of the Company. The
     Employee declares that he neither has nor will have any rights in the
     Development or its fruits and that all rights to the Development and its
     fruits shall fully reside in the Company.

     9.5. Even in the event that at the time of the termination of the
     Employee's employment for any reason the Development has not been
     completed, the Employee shall be prohibited from any continued activity in
     connection with the subject of the Development, alone or in concert with
     others, that is not explicitly allowed in writing by the Company. The
     Company alone will be the sole owner of the uncompleted Development and
     shall have the sole right to complete the Development or to take any other
     action in connection with the Development.

10. Indemnification

The Company shall take whatever steps are necessary to establish a policy of
indemnifying its officers, including, but not limited to the Employee, for all
actions taken in good faith in pursuit of their duties and obligations to the
Company. Such steps shall include, but shall not necessarily be limited to, the
obtaining of an appropriate level of Directors and Officers Liability coverage.
<PAGE>

11.  General

     11.1. It is agreed that the provisions of this Agreement represent the full
     scope of the agreement between the parties and that neither side shall be
     bound by any promises, declarations, exhibits, agreements or obligations,
     oral or written, that are not included in this Agreement prior to its
     execution, provided that this Agreement and any binding employment
     agreement between Employee and the Company's parent shall be interpreted as
     a single agreement. Any changes or amendments to this Agreement must be in
     writing and signed by both parties.

     11.2. This Agreement shall be governed by, and construed and interpreted
     under, the laws of the State of Israel. The parties agree that any legal
     claim lodged by one party against the other arising from the terms of this
     Agreement shall be adjudicated only by the appropriate court in Jerusalem,
     Israel.

     11.3. If any provision of this Agreement shall be declared by a court of
     competent jurisdiction to be invalid, illegal or incapable of being
     enforced in whole or in part, the remaining conditions and provisions or
     portions thereof shall nevertheless remain in full force and effect and
     enforceable, and no provision shall be deemed dependent upon any other
     covenant or provision unless so expressed herein.

     11.4. The rights, benefits, duties and obligations under this Agreement
     shall inure to, and be binding upon, the Company, its successors and
     assigns, and upon the Employee and his legal representatives. This
     Agreement constitutes a personal service agreement, and the performance of
     the Employee's obligations hereunder may not be transferred or assigned by
     the Employee.

     11.5 The failure of either party to insist upon the strict performance of
     any of the terms, conditions and provisions of this Agreement shall not be
     construed as a waiver or relinquishment of future compliance therewith or
     with any other term, condition or provision hereof, and said terms,
     conditions and provisions shall remain in full force and effect. No waiver
     of any term or condition of this Agreement on the part of either party
     shall be effective or any purpose whatsoever unless such waiver is in
     writing and signed by such party.

     11.6 The headings of Sections are inserted for convenience and shall not
     affect any interpretation of this Agreement.
<PAGE>

12.  Notices

    12.1. A notice that is sent by registered mail to a party at its address as
    set forth in paragraph 12.2, below, shall be deemed received three (3) days
    after its posting, and the receipt stamped by the post office shall
    represent definitive evidence of the date of mailing.

    12.2.  The addresses of the parties for the purposes of this Agreement are:

      Company:

      216 Jaffa Road
      Jerusalem 94383

      Employee:

      40 Segal Street
      Jerusalem  97289

IN WITNESS WHEREOF the parties have hereunto set their hands at the place and on
the date first above written.

COMPANY                                    EMPLOYEE

/s/ Bob Trachtenberg                      /s/ Morris Laster
______________________________            ______________________
By: Bob Trachtenberg                      Morris Laster
    Secretary
<PAGE>

                                  SCHEDULE 5.2.1
                                  --------------

Upon the completion of any the following milestones, the Company shall pay the
Employee a cash bonus in the amount of $75,000:  upon (a) the approval of an IND
filed by the Company; and/or (b) a transaction with a strategic partner having a
value (as determined in good faith by the Board of Directors) in excess of
$10,000,000; and/or (c) the closing of an initial public offering of the shares
of the Company for net proceeds to the Company, aggregating not less than
$10,000,000. The bonuses paid to the Employee in any one calendar year shall not
exceed one hundred percent (100%) of his Global Salary in effect during the
beginning of such calendar year (the "Maximum Annual Bonus"). The Board of
Directors may, but is not required, to pay to the Employee such portion of the
Maximum Annual Bonus as it may decide if, in its opinion, the Company has made a
significant advances towards the completion of any milestone.  For purposes of
this Schedule 5.2.1, the achievement by the Company's parent or one of its
subsidiaries of any of the aforementioned milestones shall constitute
achievement by the Company of such milestones.<PAGE>
                                                                    EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT

     This Agreement, dated November 19, 1999, by and between Lakaro
Biopharmaceuticals, Inc. ("Lakaro"), a Delaware corporation having an address at
216 Jaffa Rd., Sha'arei Ha'ir, Jerusalem, Israel 94383 and Benjamin Corn, an
individual residing at 1 Zelda Street, Jerusalem, Israel (the "President")

WITNESSETH:

     WHEREAS, the Corporation desires to employ the President as President of
Lakaro and the President desires to be employed by the Lakaro as President of
Lakaro, all pursuant to the terms and conditions hereinafter set forth;

     NOW THEREFORE, in consideration of the foregoing and the mutual promises
and covenants herein contained, it is agreed as follows:

1.   EMPLOYMENT DUTIES
     -----------------

     (a) Lakaro hereby engages and employs the President, and the President
accepts engagement and employment, as President of Lakaro, to direct, supervise
and have responsibilities for the scientific and research affairs of Lakaro and
for any other appropriate areas and tasks which the Board of Directors and/or
the Chief Executive Officer may assign to him. The President acknowledges and
agrees that the performance by the President of his duties hereunder may require
significant domestic and international travel by the President.  In addition,
the President realizes that he may be required to spend a substantial amount of
time in Jerusalem, Israel.

     (b) The President shall devote substantially all of his gainful time to the
discharge of his duties and responsibilities under this Agreement.

2.   TERM
     ----

     The President's employment hereunder shall be for a term of three (3) years
commencing on the Effective Date and continuing through the third anniversary of
the Effective Date (the "Initial Term"), with successive one-year renewals
thereafter (the "Renewal Terms") unless sooner terminated as hereinafter
provided, or by notice of either party not less than 90 days prior to the
expiration of each term.

3.   COMPENSATION
     ------------

     (a) As compensation for the performance of his duties on behalf of Lakaro,
the President shall be compensated as follows:

          (i) Upon the next meeting of the Corporation's Board of Directors, the
Corporation will grant (the "Initial Grant") the President options (the
"Options") to purchase 130,000 shares of the Common Stock of the Corporation at
an exercise price equal to $0.15 per share (the "Exercise Price"), which options
shall be exercisable for a period of 10 years from the date of issuance. Should
any change be made to the Common Stock by reason of any stock split, stock
dividend, recapitalization, combination of shares, exchange of shares or other
change affecting the outstanding Common Stock as a class without the
Corporation's receipt of consideration, appropriate adjustments shall be made to
(i) the total number and/or class of securities subject to such options and (ii)
the Exercise Price in order to reflect such change and thereby preclude a
dilution or enlargement under such options.

          (ii) The stock options shall vest as follows: one-third on the closing
of the next equity investment in Lakaro; one-sixth six months from the date of
grant; one-sixth twelve months from the date of grant; one-sixth eighteen months
from the date of grant; and one-sixth twenty four months from the date of grant;
but immediate vesting shall occur upon a change of control of the Corporation as
described in paragraph 10(a)(iii)C below.

          (iii)  At the discretion of the Board of Directors, the President
shall be entitled to an annual grant of subsequent stock options each of which
shall have the same antidilution protection as described in Section 3 paragraph
(a)(i) above.

     (b) Lakaro shall reimburse the President for all normal, usual and
necessary expenses incurred by the President in furtherance of the business and
affairs of Lakaro, including travel and entertainment, against receipt by Lakaro
of appropriate vouchers or other proof of the President's expenditures and
otherwise in accordance with such Expense Reimbursement Policy as may from time
to time be adopted by the Board of Directors of Lakaro.

     (c) The President shall be, during the term of this Agreement, entitled to
four (4) weeks of vacation per year as well as all statutory holidays.

     (d) Lakaro shall adopt as part of the Corporation's Bylaws a broad form
indemnity of all actions taken in good faith by the officers and directors of
the Corporation.

     (e) Subject to Section 10(c) below, the President must be an employee of
Lakaro at the time any compensation is due in order to receive such
compensation.  In addition, no options shall vest after the termination of this
Agreement.

4.   REPRESENTATIONS AND WARRANTIES
     BY THE PRESIDENT AND LAKARO
     ---------------------------

     (a) The President hereby represents and warrants to Lakaro as follows:

          (i)  Neither the execution and delivery of this Agreement nor the
performance by the President of his duties and other obligations hereunder
violate any statute, law, determination or award, or conflict with or constitute
a default under (whether immediately, upon the giving of notice or lapse of time
or both) any prior employment agreement, contract, or other instrument to which
the President is a party or by which he is bound.

          (i) The President has the full right, power and legal capacity to
enter and deliver this Agreement and to perform his duties and other obligations
hereunder.  This Agreement constitutes the legal, valid and binding obligation
of the President enforceable against him in accordance with its terms.  No
approvals or consents of any persons or entities are required for the President
to execute and deliver this Agreement or perform his duties and other
obligations hereunder.

     (b) Lakaro hereby represents and warrants to the President as follows:

          (i) Lakaro is duly organized, validly existing and in good standing
under the laws of the State of Delaware, with all requisite corporate power and
authority to own its properties and conduct its business in the manner presently
described.

          (ii) Lakaro has the full power and authority to enter into this
Agreement and to incur and perform its obligations hereunder.

          (iii)  The execution, delivery and performance by Lakaro of this
Agreement does not conflict with or result in a breach or violation of or
constitute a default under (whether immediately, or upon the giving of notice or
lapse of time or both) the certificate of incorporation or by-laws of Lakaro, or
any agreement or instrument to which Lakaro is a party or by which Lakaro or any
of its properties may be bound or affected.

5.   CONFIDENTIAL INFORMATION
     ------------------------

     (a) The President agrees that during the course of his employment and at
any time thereafter, he will not disclose or make accessible to any other
person, Lakaro's products, services and technology, both current and under
development, promotion and marketing programs, lists, trade secrets and other
confidential and proprietary business information of Lakaro or any of its
clients.  The President agrees: (i) not to use any such information for himself
or others; and (ii) not to take any such material or reproductions thereof from
Lakaro's facilities at any time during his employment by Lakaro, except as
required in the President's duties to Lakaro.  The President agrees immediately
to return all such material and reproductions in his possession to Lakaro upon
request and in any event upon termination of employment.  Nothing in the
foregoing shall be construed to prevent the President from disclosing or using
any information which the President can show by written documentation was in the
public domain or enters into the public domain through no improper act on the
President's part or on the part of any of Lakaro's employees or was in his
possession prior to his joining Lakaro or disclosed properly to the President
after leaving Lakaro.

     (b) Except with prior written authorization by Lakaro, the President agrees
not to disclose or publish any of the confidential, technical or business
information or material of Lakaro, its clients or any other party to whom Lakaro
owes an obligation of confidence, at any time during or for a period of two
years after his employment with Lakaro except in the event of involuntary no
cause termination by Lakaro or a termination by the President for cause.

6.   NON-COMPETITION
     ---------------

     (a) The President understands and recognizes that his services to Lakaro
are special and unique and agrees that, during the term of this Agreement, and
for a period of 12 months from the date of termination of his employment
hereunder, he shall not in any manner, directly or indirectly, on behalf of
himself or any person, firm, partnership, joint venture, corporation or other
business entity ("Person"), enter into or engage in any business directly
competitive with Lakaro's business, either as an individual for his own account,
or as a partner, joint venturer, President, agent, consultant, salesperson,
officer, director or shareholder of a Person operating or intending to operate
within the area that Lakaro is, at the date of termination, conducting its
business (the "Restricted Businesses"); provided, however, that nothing herein
will preclude the President from holding one percent (1%) or less of the stock
of any publicly traded company or from holding a position with a Person who does
not engage in a business directly competitive with the Restrictive Businesses so
long as the President works in a division of such Person which carries on a bona
fide business which is not directly competitive with the Restricted Businesses.

     (b) For a period of 12 months after the termination of this Agreement, the
President shall not interfere with or disrupt or attempt to disrupt Lakaro's
business relationship with any of its customers, or solicit any of the employees
of Lakaro.

     (c) In the event that the President breaches any provisions of this Section
6 or there is a threatened breach, then, in addition to any other rights which
Lakaro may have, Lakaro shall be entitled, without the posting of a bond or
other security, to injunctive relief to enforce the restrictions contained
herein. In the event that an actual proceeding is brought in equity to enforce
the provisions of this Section 6, the President shall not argue as a defense
that there is an adequate remedy at law nor shall Lakaro be prevented from
seeking any other remedies which may be available.

7.   OWNERSHIP OF PROPRIETARY INFORMATION
     ------------------------------------

          (a)  The President agrees that all information that has been created,
discovered or developed by Lakaro, its subsidiaries, affiliates, successors or
assigns (collectively, the "Affiliates") (including, without limitation,
information relating to the development of Lakaro's business created,
discovered, developed or made know to Lakaro or the Affiliates by President
during the Term and information relating to Lakaro's customers, suppliers,
consultants, and licensees) and/or in which property rights have been assigned
or otherwise conveyed to Lakaro or the Affiliates, shall be the sole property of
Lakaro or the Affiliates, as applicable, and Lakaro or the Affiliates, as the
case may be, shall be the sole owner of all patents, copyrights and other rights
in connection therewith, including but not limited to the right to make
application for statutory protection. All of the aforementioned information is
hereinafter called "Proprietary Information." By way of illustration, but not
limitation, Proprietary Information includes trade secrets, processes,
discoveries, structures, inventions, designs, ideas, works of authorship,
copyrightable works, trademarks, copyrights, formulas, data, know-how, show-how,
improvements, inventions, product concepts, techniques, information or
statistics contained in, or relating to, marketing plans, strategies, forecasts,
blueprints, sketches, records, notes, devices, drawings, customer lists, patent
applications, continuation applications, continuation-in-part appications, file
wrapper continuation applications and divisional applications and information
about Lakaro's or the Affiliates' employees and/or consultants (including,
without limitation, the compensation, job responsibility and job performance of
such employees and/or consultants).

          (b)  The President further agrees that at all times, both during the
Term and after the termination of this Agreement, he will keep in confidence and
trust all Proprietary Information, and he will not use or disclose any
Proprietary Information or anything directly relating to it without the written
consent of Lakaro or the Affiliates, as appropriate, except as may be necessary
in the ordinary course of performing his duties hereunder and except for
academic, non-commercial research purposes with the prior written approval of
the Board of Directors. The President acknowledges that the Proprietary
Information constitutes a unique and valuable asset of Lakaro and each Affiliate
acquired at great time and expense, which is secret and confidential and which
will be communicated to President, if at all, in confidence in the course of his
performance of his duties hereunder, and that any disclosure or other use of the
Proprietary Information other than for the sole benefit of Lakaro or the
Affiliates would be wrongful and could cause irreparable harm to Lakaro or the
Affiliates, as the case may be.

          Notwithstanding the foregoing, the parties agree that, at all such
times, President is free to use (i) information in the public domain not as a
result of a breach of this Agreement, (ii) information lawfully received from a
third party and (iii) President's own skill, knowledge, know-how and experience
to whatever extent and in whatever way he wishes, in each case consistent with
his obligations as President and that, at all times, President is free to
conduct any non-commercial research not relating to Lakaro's business.

8.   DISCLOSURE AND OWNERSHIP OF INVENTIONS
     --------------------------------------

          (a) During the Term, President agrees that he will promptly disclose
to Lakaro, or any persons designated by Lakaro, all improvements, inventions,
designs, ideas, works of authorship, copyrightable works, discoveries,
trademarks, copyrights, trade secrets, formulas, processes, structures, product
concepts, marketing plans, strategies, customer lists, information about
Lakaro's or the Affiliates' employees and/or consultants (including, without
limitation, job performance of such employees and/or consultants), techniques,
blueprints, sketches, records, notes, devices, drawings, know-how, data, whether
or not patentable, patent applications, continuation applications, continuation-
in-part applications, file wrapper continuation applications and divisional
applications, made or conceived or reduced to practice or learned by him, either
alone or jointly with others, during the Term (all said improvements,
inventions, designs, ideas, works of authorship, copyrightable works,
discoveries, trademarks, copyrights, trade secrets, formulas, processes,
structures, product concepts, marketing plans, strategies, customer lists,
information about Lakaro's or the Affiliates' employees and/or consultants,
techniques, blueprints, sketches, records, notes, devices, drawings, know-how,
data, patent applications, continuation applications, continuation-in-part
applications, file wrtapper continuation applications and divisional
applications shall be collectively hereinafter called "Inventions").

          (b) The President agrees that all Inventions shall be the sole
property of Lakaro to the maximum extent permitted by applicable law and to the
extent permitted by law shall be "works made for hire" as that term is defined
in the United States Copyright Act (17 USCA, Section 101).  Lakaro shall be the
sole owner of all patents, copyrights, trade secret rights, and other
intellectual property or other rights in connection therewith.  President hereby
assigns to Lakaro all right, title and interest he may have or acquire in all
Inventions.  President further agrees to assist Lakaro in every proper way (but
at Lakaro's expense) to obtain and from time to time enforce patents, copyrights
or other rights on said Inventions in any and all countries, and to that end the
President will execute all documents necessary:

          (i) to apply for, obtain and vest in the name of Lakaro alone (unless
Lakaro otherwise directs) letters patent, copyrights or other analogous
protection in any country throughout the world and when so obtained or vested to
renew and restore the same; and

          (ii) to defend any opposition proceedings in respect of such
applications and any opposition proceedings or petitions or applications for
revocation of such letters patent, copyright or other analogous protection.

          (c) The President's obligation to assist Lakaro in obtaining and
enforcing patents and copyrights for the Inventions in any and all countries
shall continue beyond the Term, but Lakaro agrees to compensate the President at
his normal and usual rate after the expiration of the Term for time actually
spent by the President at Lakaro's request on such assistance.

9.   NON-SOLICITATION
     ----------------

     During the Term, and for 12 months thereafter, President shall not,
directly or indirectly, without the prior written consent of Lakaro:

          (a) solicit or induce any employee of Lakaro or any Affiliate to leave
the employ of Lakaro or any Affiliate or hire for any purpose any employee of
Lakaro or any Affiliate or any employee who has left the employment of Lakaro or
any Affiliate within six months of the termination of said employee's employment
with Lakaro; or

          (b) solicit or accept employment or be retained by any party who, at
any time during the Term, was a customer or supplier of Lakaro or any Affiliate
where his position will be related to the business of Lakaro; or

          (c) solicit or accept the business of any customer or supplier of
Lakaro or any Affiliate with respect to products similar to those supplied by
Lakaro.

10.  TERMINATION
     -----------

     (a) This President's employment hereunder shall begin on the Effective Date
and shall continue for the period set forth in Section 2 hereof unless sooner
terminated upon the first to occur of the following events:

               (i) (A) The death of the President; or

                    (B) the total disability of the President.

          (ii) Termination by the Board of Directors of Lakaro for just cause.
Any of the following actions by the President shall constitute just cause:

(A)                      Material breach by the President of Sections 5, 6, 7,
                         8, or 9 of this Agreement; or

(B)                      Material breach by the President of any provision of
                         this Agreement other than Sections 5, 6, 7, 8 or 9
                         which is not cured by the President within 30 days of
                         notice from Lakaro; or in the event the breach is not
                         curable within 30 days; the commencement of action(s)
                         to cure within said 30 days and the diligent pursuit of
                         the cure thereafter, provided such breach may be
                         completely cured; or

(C)                      Any action by the President constituting gross
                         negligence, recklessness or willful misconduct in
                         respect of the President's obligation to Lakaro which
                         has or is likely to result in material, economic damage
                         to Lakaro.

          (iii)     Termination by the President for just cause.  Any of the
following actions or omissions by Lakaro shall constitute just cause.

            (A) Material breach by Lakaro of any provision of this Agreement
         which is not cured by Lakaro within 30 days of notice thereof from the
         President; or

            (B) A failure to elect or reelect the President to the office of
         President of Lakaro or other change by Lakaro of the President's
         function, duties or responsibilities such that the President is no
         longer the highest ranking Officer of Lakaro;  or

(C)                      A "change in control," which shall mean a merger or
                         consolidation in which either more than 50% of the
                         voting power of Lakaro is transferred or Lakaro is not
                         the surviving entity, or sale or other disposition of
                         all or substantially all the assets of Lakaro; or

            (D) Termination of the President's employment other than for
         serious, willful misconduct in respect of the President's obligations
         to the Corporation, including, but not limited to, final conviction for
         a felony or perpetration of a common-law fraud which has or is likely
         to result in material economic damage to the Corporation; or

(E)                      Relocation to a geographic area without the President's
                         prior consent.

          (iv) Termination by Lakaro without cause. Notwithstanding anything in
this Agreement, Lakaro may terminate the President's employment without cause
upon 90 days prior notice.

     (b) Upon termination by Lakaro for any reason other than the reasons set
forth in subparagraph (i) or (ii) of paragraph (a) above, or upon termination by
the President for any reason set forth in subparagraph (iii) of paragraph (a)
above, then the Options shall immediately vest and become exercisable at the
option of the President.

11.  NOTICES
     -------

     Any notice or other communication under this Agreement shall be in writing
and shall be deemed to have been given:  when delivered personally against
receipt thereof; one (1) business day after being sent by Federal Express or
similar overnight delivery; or three (3) business days after being mailed
registered or certified mail, postage prepaid, return receipt requested, to
either party at the address set forth above, or to such other address as such
party shall give by notice hereunder to the other party.

12.  SEVERABILITY OF PROVISIONS
     --------------------------

     If any provision of this Agreement shall be declared by a court of
competent jurisdiction to be invalid, illegal or incapable of being enforced in
whole or in part, the remaining conditions and provisions or portions thereof
shall nevertheless remain in full force and effect and enforceable to the extent
they are valid, legal and enforceable, and no provision shall be deemed
dependent upon any other covenant or provision unless so expressed herein.

13.  ENTIRE AGREEMENT MODIFICATION
     -----------------------------

     This Agreement contains the entire agreement of the parties relating to the
subject matter hereof, and the parties hereto have made no agreements,
representations or warranties relating to the subject matter of this Agreement
which are not set forth herein. No modification of this Agreement shall be valid
unless made in writing and signed by the parties hereto.

14.  BINDING EFFECT
     --------------

     The rights, benefits, duties and obligations under this Agreement shall
inure to, and be binding upon, Lakaro, its successors and assigns, and upon the
President and his legal representatives.  This Agreement constitutes a personal
service agreement, and the performance of the President's obligations hereunder
may not be transferred or assigned by the President.

15.  NON-WAIVER
     ----------

     The failure of either party to insist upon the strict performance of any of
the terms, conditions and provisions of this Agreement shall not be construed as
a waiver or relinquishment of future compliance therewith, and said terms,
conditions and provisions shall remain in full force and effect.  No waiver of
any term or condition of this Agreement on the part of either party shall be
effective for any purpose whatsoever unless such waiver is in writing and signed
by such party.

16.  GOVERNING LAW
     -------------

     This Agreement shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York without regard to principles
of conflicts of law.  Any litigation commenced pursuant to the terms of the
Agreement shall only be prosecuted and defended in the city, county and state of
New York.  Additionally, the prevailing party in any litigation shall be
entitled to an additional award of the recoupment of its attorney fees, cost and
expenses.

17.  REMEDIES FOR BREACH
     -------------------

     The President understands and agrees that any breach of Sections 5, 6, 7, 8
or 9 of this Agreement by the Executive could cause irreparable damage to Lakaro
and to the Affiliates, and that monetary damages alone would not be adequate
and, in the event of such breach, Lakaro shall have, in addition to any and all
remedies of law, the right to an injunction, specific performance or other
equitable relief to prevent or redress the violation of Lakaro's rights under
such Sections.

18.  HEADINGS
     --------

     The headings of paragraphs are inserted for convenience and shall not
affect any interpretation of this Agreement.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                         EMPLOYEE:

                         By:/s/ Benjamin Corn
                            -----------------
                         Name:  Benjamin Corn

                         LAKARO BIOPHARMACEUTICALS, INC.

                         By:/s/ Robert Trachenberg
                            ----------------------
                         Name: Robert Trachenberg    Title: Secretary

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