Document:

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                                  EXHIBIT 4.15

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
OR EXERCISED UNLESS AND UNTIL SUCH WARRANT AND/OR SHARES OF COMMON STOCK IS
REGISTERED UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. THIS WARRANT
AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT ARE
SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTIONS 4 AND 10 OF THIS
WARRANT.

Warrant No LT2001-1                                      Number of Shares: 3,243
                                                         (subject to adjustment)
Date of Issuance: July 6, 2001

                        GENEREX BIOTECHNOLOGY CORPORATION

                          Common Stock Purchase Warrant

                            (Void after three years)

Generex Biotechnology Corporation, a Delaware corporation (the "Company"), for
value received, hereby certifies that Ladenburg Thalmann & Co. Inc., or its
registered assigns (the "Registered Holder"), is entitled, subject to the terms
and conditions set forth below, to purchase from the Company, at any time or
from time to time on or after the date which is ninety (90) days after the date
of issuance and on or before 5:00 p.m. (Eastern time) on July 6, 2004, shares of
Common Stock, of the Company, at a purchase price of $14.53 per share. The
shares purchasable upon exercise of this Warrant, and the purchase price per
share, each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the "Warrant Shares" and the "Purchase
Price," respectively.

1.  Exercise.

         (a) This Warrant may be exercised by the Registered Holder, in whole or
in part, by surrendering this Warrant, with the purchase form appended hereto as
Exhibit I duly executed by the Registered Holder or by the Registered Holder's
duly authorized attorney, at the principal office of the Company, or at such
other office or agency as the Company may designate, accompanied by payment in
full, in lawful money of the United States, of the Purchase Price payable in
respect of the number of Warrant Shares purchased upon such exercise.

         (b) [intentionally omitted]

         (c) Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the day on which this Warrant
shall have been surrendered to the Company as provided in subsection 1(a) above
accompanied by payment in full of the Purchase Price (the "Exercise Date"). At
such time, the person or persons in whose name or names any certificates for
Warrant Shares shall be issuable upon such exercise as provided in subsection
1(d) below shall be deemed to have become the holder or holders of record of the
Warrant Shares represented by such certificates.

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         (d) As soon as practicable after the exercise of this Warrant in full
or in part, and in any event within 5 business days thereafter, the Company, at
its expense, will cause to be issued in the name of, and delivered to, the
Registered Holder, or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct:

                  (i) a certificate or certificates for the number of full
         Warrant Shares to which the Registered Holder shall be entitled upon
         such exercise plus, in lieu of any fractional share to which the
         Registered Holder would otherwise be entitled, cash in an amount
         determined pursuant to Section 3 hereof; and

                  (ii) in case such exercise is in part only, a new warrant or
         warrants (dated the date hereof) of like tenor, calling in the
         aggregate on the face or faces thereof for the number of remaining
         Warrant Shares.

2.  Adjustments.

         (a) Adjustment for Stock Splits and Combinations. If the Company shall
at any time or from time to time after the date on which this Warrant was first
issued (the "Original Issue Date") effect a subdivision of the outstanding
Common Stock, the Purchase Price then in effect immediately before that
subdivision shall be proportionately decreased. If the Company shall at any time
or from time to time after the Original Issue Date combine the outstanding
shares of Common Stock, the Purchase Price then in effect immediately before the
combination shall be proportionately increased. Any adjustment under this
paragraph shall become effective at the close of business on the date the
subdivision or combination becomes effective.

         (b) Adjustment for Certain Dividends and Distributions. In the event
the Company at any time, or from time to time after the Original Issue Date
shall make or issue, or fix a record date for the determination of holders of
Common Stock entitled to receive, a dividend or other distribution payable in
additional shares of Common Stock, then and in each such event the Purchase
Price then in effect immediately before such event shall be decreased as of the
time of such issuance or, in the event such a record date shall have been fixed,
as of the close of business on such record date, by multiplying the Purchase
Price then in effect by a fraction:

                  (1) the numerator of which shall be the total number of shares
of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and

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                  (2) the denominator of which shall be the total number of
shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of
shares of Common Stock issuable in payment of such dividend or distribution;

provided, however, if such record date shall have been fixed and such dividend
is not fully paid or if such distribution is not fully made on the date fixed
therefor, the Purchase Price shall be recomputed accordingly as of the close of
business on such record date and thereafter the Purchase Price shall be adjusted
pursuant to this paragraph as of the time of actual payment of such dividends or
distributions.

         (c) Adjustment in Number of Warrant Shares. When any adjustment is
required to be made in the Purchase Price pursuant to subsections 2(a) or 2(b),
the number of Warrant Shares purchasable upon the exercise of this Warrant shall
be changed to the number determined by dividing (i) an amount equal to the
number of shares issuable upon the exercise of this Warrant immediately prior to
such adjustment, multiplied by the Purchase Price in effect immediately prior to
such adjustment, by (ii) the Purchase Price in effect immediately after such
adjustment.

         (d) Adjustments for Other Dividends and Distributions. In the event the
Company at any time or from time to time after the Original Issue Date shall
make or issue, or fix a record date for the determination of holders of Common
Stock entitled to receive, a dividend or other distribution payable in
securities of the Company (other than shares of Common Stock) or in cash or
other property (other than cash out of earnings or earned surplus, determined in
accordance with generally accepted accounting principles), then and in each such
event provision shall be made so that the Registered Holder shall receive upon
exercise hereof, in addition to the number of shares of Common Stock issuable
hereunder, the kind and amount of securities of the Company and/or cash and
other property which the Registered Holder would have been entitled to receive
had this Warrant been exercised into Common Stock on the date of such event and
had the Registered Holder thereafter, during the period from the date of such
event to and including the Exercise Date, retained any such securities
receivable, giving application to all adjustments called for during such period
under this Section 2 with respect to the rights of the Registered Holder.

         (e) Adjustment for Mergers or Reorganizations, etc. If there shall
occur any reorganization, recapitalization, consolidation or merger involving
the Company in which the Common Stock is converted into or exchanged for
securities, cash or other property (other than a transaction covered by
subsections 2(a), 2(b) or 2(d)), then, following any such reorganization,
recapitalization, consolidation or merger, the Registered Holder shall receive
upon exercise hereof the kind and amount of securities, cash or other property
which the Registered Holder would have been entitled to receive if, immediately
prior to such reorganization, recapitalization, consolidation or merger, the
Registered Holder had held the number of shares of Common Stock subject to this
Warrant. Notwithstanding the foregoing sentence, if (x) there shall occur any
reorganization, recapitalization, consolidation or merger involving the Company
in which the Common Stock is converted into or exchanged for anything other than
solely equity securities, and (y) the common stock of the acquiring or surviving
company is publicly traded, then, as part of any such reorganization,

<PAGE>

recapitalization, consolidation or merger, (i) the Registered Holder shall have
the right thereafter to receive upon the exercise hereof such number of shares
of common stock of the acquiring or surviving company as is determined by
multiplying (A) the number of shares of Common Stock then subject to this
Warrant by (B) the conversion ratio applicable to holders of outstanding shares
of Common Stock in connection with such reorganization, recapitalization,
consolidation or merger and (ii) the exercise price per share of common stock of
the acquiring or surviving company shall be the Purchase Price multiplied by the
conversion ratio referred to in clause (B) above. In any such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the
Company) shall be made in the application of the provisions set forth herein
with respect to the rights and interests thereafter of the Registered Holder, to
the end that the provisions set forth in this Section 2 (including provisions
with respect to changes in and other adjustments of the Purchase Price) shall
thereafter be applicable, as nearly as reasonably may be, in relation to any
securities, cash or other property thereafter deliverable upon the exercise of
this Warrant.

         (e) Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Purchase Price pursuant to this Section 2, the
Company at its expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Registered Holder a
certificate setting forth such adjustment or readjustment (including the kind
and amount of securities, cash or other property for which this Warrant shall be
exercisable and the Purchase Price) and showing in detail the facts upon which
such adjustment or readjustment is based. The Company shall, upon the written
request at any time of the Registered Holder, furnish or cause to be furnished
to the Registered Holder a certificate setting forth (i) the Purchase Price then
in effect and (ii) the number of shares of Common Stock and the amount, if any,
of other securities, cash or property which then would be received upon the
exercise of this Warrant.

3. Fractional Shares. The Company shall not be required upon the exercise of
this Warrant to issue any fractional shares, but shall make an adjustment
therefor in cash on the basis of the Fair Market Value per share of Common
Stock. The Fair Market Value per share of Common Stock for purposes hereof shall
be the last per share sales price at reported at the close of regular trading on
the trading day immediately prior to the Exercise Date of this Warrant, provided
that the Common Stock is then listed on a national securities exchange, the
Nasdaq National Market or another nationally recognized trading system
(including, without limitation, the OTC Bulletin Board). If no such price is
reported on such day or if the Common Stock is not listed on a national
securities exchange, the Nasdaq National Market or another nationally recognized
trading system (including, without limitation, the OTC Bulletin Board), then the
Fair Market Value per share of Common Stock shall be determined by the Board of
Directors of the Company in good faith with reference, among other things, to
the amounts most recently determined by such Board of Directors as representing
the fair market value of a share of Common Stock.

4.  Requirements for Transfer.

         (a) This Warrant and the Warrant Shares shall not be sold or
transferred unless either (i) they first shall have been registered under the
Securities Act of 1933, as amended (the "Act"), or (ii) the Company first shall
have been furnished with an opinion of legal counsel, reasonably satisfactory to
the Company, to the effect that such sale or transfer is exempt from the
registration requirements of the Act.

<PAGE>

         (b) Notwithstanding the foregoing, no registration or opinion of
counsel shall be required for (i) a transfer by a Registered Holder which is a
corporation to a wholly owned subsidiary of such corporation, a transfer by a
Registered Holder which is a partnership to a partner of such partnership or a
retired partner of such partnership or to the estate of any such partner or
retired partner, a transfer by a Registered Holder which is a limited liability
company to a member of such limited liability company or a retired member or to
the estate of any such member or retired member, or a transfer by a Registered
Holder which is a member of the National Association of Securities Dealers (the
"NASD") to an officer or employee of the Registered Holder as permitted by NASD
rules, provided that the transferee in each case agrees in writing to be subject
to the terms of this Section 4, or (ii) a transfer made in accordance with Rule
144 under the Act.

         (c) Each certificate representing Warrant Shares shall bear a legend
substantially in the following form:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended, and may not be
         offered, sold or otherwise transferred, pledged or hypothecated unless
         and until such securities are registered under such Act or an opinion
         of counsel satisfactory to the Company is obtained to the effect that
         such registration is not required."

The foregoing legend shall be removed from the certificates representing any
Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Act or if an
effective registration statement is then in effect permitting the resale of the
Warrant Shares.

         (d) The Registered Holder shall have "piggyback" registration rights to
have the Warrant Shares (but not the Warrants) registered for resale on any
registration statement which the Company files for any purpose on a form
available for such registration, after the Original Issue Date. Such
registration shall be subject to customary obligations by the Registered Holder
to provide information to the Company and by the Company to indemnify the
Registered Holder against Securities Act liabilities.

5. No Impairment. The Company will not, by amendment of its charter or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against impairment.

6.  Notices of Record Date, etc.  In the event:

                  (a) the Company shall take a record of the holders of its
Common Stock (or other stock or securities at the time deliverable upon the
exercise of this Warrant) for the purpose of entitling or enabling them to
receive any dividend or other distribution, or to receive any right to subscribe
for or purchase any shares of stock of any class or any other securities, or to
receive any other right; or of any capital reorganization of the Company, any
reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the surviving entity and its Common Stock is not
converted into or exchanged for any other securities or property), or any
transfer of all or substantially all of the assets of the Company; or

<PAGE>

                  (b) of the voluntary or involuntary dissolution, liquidation
or winding-up of the Company, then, and in each such case, the Company will mail
or cause to be mailed to the Registered Holder a notice specifying, as the case
may be, (i) the record date for such dividend, distribution or right, and the
amount and character of such dividend, distribution or right, or (ii) the
effective date on which such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation or winding-up is to take place, and
the time, if any is to be fixed, as of which the holders of record of Common
Stock (or such other stock or securities at the time deliverable upon the
exercise of this Warrant) shall be entitled to exchange their shares of Common
Stock (or such other stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be mailed at
least ten days prior to the record date or effective date for the event
specified in such notice.

7. Reservation of Stock. The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise of this Warrant,
such number of Warrant Shares and other securities, cash and/or property, as
from time to time shall be issuable upon the exercise of this Warrant.

8. Exchange of Warrants. Upon the surrender by the Registered Holder, properly
endorsed, to the Company at the principal office of the Company, the Company
will, subject to the provisions of Section 4 hereof, issue and deliver to or
upon the order of such Holder, at the Company's expense, a new Warrant or
Warrants of like tenor, in the name of the Registered Holder or as the
Registered Holder (upon payment by the Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock (or other securities, cash
and/or property) then issuable upon exercise of this Warrant.

9. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and
(in the case of loss, theft or destruction) upon delivery of an indemnity
agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

10.  Transfers, etc.

         (a) The Company will maintain a register containing the name and
address of the Registered Holder of this Warrant. The Registered Holder may
change its or his address as shown on the warrant register by written notice to
the Company requesting such change.

         (b) Subject to the provisions of Section 4 hereof, this Warrant and all
rights hereunder are transferable, in whole or in part, upon surrender of this
Warrant with a properly executed assignment (in the form of Exhibit II hereto)
at the principal office of the Company.

<PAGE>

         (c) Until any transfer of this Warrant is made in the warrant register,
the Company may treat the Registered Holder as the absolute owner hereof for all
purposes; provided, however, that if and when this Warrant is properly assigned
in blank, the Company may (but shall not be obligated to) treat the bearer
hereof as the absolute owner hereof for all purposes, notwithstanding any notice
to the contrary.

11. Representations of the Registered Holder. The Registered Holder of this
Warrant represents and warrants to the Company as follows:

         (a) Investment. The Registered Holder is acquiring this Warrant and the
Warrant Shares issuable upon the exercise of this Warrant, for its own account
for investment and not with a view to, or for sale in connection with, any
distribution thereof, nor with any present intention of distributing or selling
the same, except as otherwise may be permitted under applicable securities laws.

         (b) Authority. The Registered Holder has full power and authority to
enter into and to perform this Warrant in accordance with its terms. The
Registered Holder has not been organized specifically for the purpose of
investing in the Company.

         (c) Accredited Investor. The Registered Holder is an Accredited
Investor within the definition set forth in Rule 501(a) promulgated under the
Securities Act.

12. Mailing of Notices, etc. All notices and other communications from the
Company to the Registered Holder shall be mailed by first-class certified or
registered mail, postage prepaid, to the address last furnished to the Company
in writing by the Registered Holder. All notices and other communications from
the Registered Holder or in connection herewith to the Company shall be mailed
by first-class certified or registered mail, postage prepaid, to the Company at
its principal office set forth below. If the Company should at any time change
the location of its principal office to a place other than as set forth below,
it shall give prompt written notice to the Registered Holder and thereafter all
references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice.

13. No Rights as Stockholder. Until the exercise of this Warrant, the Registered
Holder shall not have or exercise any rights by virtue hereof as a stockholder
of the Company. Notwithstanding the foregoing, in the event (i) the Company
effects a split of the Common Stock by means of a stock dividend and the
Purchase Price of and the number of Warrant Shares are adjusted as of the date
of the distribution of the dividend (rather than as of the record date for such
dividend), and (ii) the Registered Holder exercises this Warrant between the
record date and the distribution date for such stock dividend, the Registered
Holder shall be entitled to receive, on the distribution date, the stock
dividend with respect to the shares of Common Stock acquired upon such exercise,
notwithstanding the fact that such shares were not outstanding as of the close
of business on the record date for such stock dividend.

14. Change or Waiver. Any term of this Warrant may be changed or waived only by
an instrument in writing signed by the party against which enforcement of the
change or waiver is sought.

<PAGE>

15. Section Headings. The section headings in this Warrant are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict
the contractual obligations of the parties.

16. Governing Law. This Warrant will be governed by and construed in accordance
with the internal laws of the State of New York (without reference to the
conflicts of law provisions thereof).

EXECUTED as of the Date of Issuance indicated above.

                                           GENEREX BIOTECHNOLOGY CORPORATION

                                           By:________________________________
                                           Title:_______________________________
ATTEST:
-------------------------

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EXHIBIT I

PURCHASE FORM

To:_________________                                          Dated:____________

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No. LT2001-1), hereby irrevocably elects to purchase (check applicable box):

          0     _____ shares of the Common Stock covered by such Warrant.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is $________.
Such payment takes the form of (check applicable box or boxes):

          0     $______ in lawful money of the United States.

                                       Signature:   ______________________

                                       Address:     ______________________

                                                    ______________________

<PAGE>

EXHIBIT II

ASSIGNMENT FORM

FOR VALUE RECEIVED, ________________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant (No. LT2001-1) with respect to the number of shares of Common Stock
covered thereby set forth below, unto:

Name of Assignee               Address            No. of Shares

Dated:_____________________

Signature:________________________________

Signature Guaranteed:

By: _______________________

The signature should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.<PAGE>   1
                                                                    EXHIBIT 10.1

[AETNA LOGO]                                      JOHN W. ROWE, MD
                                                  President and CEO
                                                  Direct Telephone: 860-273-4455

To         Alan J. Weber

Date       March 21, 2001

Subject    Separation Agreement

The purpose of this document (the "Agreement") is to confirm the financial and
other provisions regarding your resignation of employment from Aetna Inc. and
its affiliated and related entities (collectively, the "Company") pursuant to
the special severance arrangements outlined in the Company's letter to you dated
September 6, 2000. We agree as follows:

1.     Your last day of employment will be April 6, 2001. You agree to execute
       all documentation requested by the Company needed to implement this
       Agreement, including resignations from all positions and directorships
       you may hold with the Company, Company subsidiaries or affiliates.

2.     From April 7, 2001 through April 4, 2004 (a period of 156 weeks), you
       will be paid salary continuation at your current annual salary of
       $750,000, payable bi-weekly. (This benefit is in lieu of benefits under
       the Company's Severance and Salary Continuation Benefits Plan.)

3.     On or about April 16, 2001, the Company will pay you the lump sum amount
       of $2,250,000, less applicable withholding and taxes.

4.     On or about April 16, 2001, you will be paid for any accrued but unused
       days from your paid time off bank, subject to the maximum allowed by
       Company policy (unless otherwise required by law).

5.     Participation in all benefit programs will stop as of April 7, 2001,
       except that during the salary continuation period you will continue to be
       eligible for group medical and dental benefits on the same basis as
       active employees.

6.     Your exercise of stock options is governed by the plan and your stock
       option agreements which provide for continued exercisability until 90
       days after the termination of your salary continuation payments.

7.     In consideration for the Company's agreement to provide the salary and
       benefits continuation described above, you (for yourself and any other
       person claiming or deriving a right from you) forever release and
       discharge the Company (and its directors, employees, and agents) from any
       and all liability, claims, and demands and causes of action (by whatever
       name called and whether known or unknown) which you had, have, or may
       have, arising out of:
<PAGE>   2
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Alan J. Weber
March 21, 2001

       A.     your employment with the Company;

       B.     the cessation of such employment; or

       C.     any act, omission, occurrence, or other matter related to such
              employment or cessation of employment, up to and including the
              date you sign this Agreement.

       This release includes, but is not limited to, claims and liabilities
       under the Americans with Disabilities Act, the Civil Rights Act of 1964,
       the Civil Rights Act of 1991, the Age Discrimination in Employment Act,
       the Employee Retirement Income Security Act of 1974 (ERISA), any other
       claims under federal, state, or local law, and claims for attorney's
       fees, costs, and the like. However, this release does not apply to vested
       pension or 401(k) benefits.

       Further, you promise that you will not institute any lawsuit against the
       Company or its directors, employees or agents concerning any claim you
       have released above. You agree that if you violate this promise, unless
       prohibited by law, you will be liable for, and will pay, all costs and
       expenses of defending against the suit, including reasonable attorney's
       fees, incurred by the Company and those associated with the Company and
       that you will immediately return all consideration received under this
       Agreement to which you would not otherwise be entitled.

8.     In further consideration for this Agreement, you promise that unless
       required by law, you will not, for yourself or any other person or
       entity, directly or indirectly, divulge, communicate or in any way make
       use of any confidential, sensitive, or proprietary information acquired
       in the performance of your service for the Company, without the prior
       written consent of an appropriate Company officer. You represent that all
       documents and property of the Company, including those containing
       confidential, sensitive or proprietary information, have been or shortly
       will be returned to the Company.

9.     You agree that during the next 60 days, you will not make any
       communication with any party regarding the Company or any aspect of the
       business or affairs of the Company, other than as specifically permitted
       in writing by the Company or as compelled by law, except for private
       conversations with individuals who are not members of the media or stock
       analyst community, on the condition that any such conversation are
       limited to general comments consistent with paragraph 8 and would not
       reasonably be expected to have a negative affect on the image,
       reputation, prospects, value or business relationships of the Company.
       The Company and you agree to cooperate on any press release to be issued
       by the Company and any other communications concerning your resignation
       from the Company.

10.    You agree to provide assistance to and shall cooperate with the Company,
       upon its reasonable request and without additional compensation, with
       respect to matters within the scope of your duties and responsibilities
       during employment. The Company agrees and acknowledges that it shall, to
       the maximum extent possible under then prevailing circumstances,
       coordinate (or cause an affiliate to coordinate) any such request with
       your other commitments and responsibilities to minimize the degree to
       which such request interferes with such commitments and responsibilities.
       The Company agrees that it will
<PAGE>   3
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Alan J. Weber
March 21, 2001

       reimburse you for reasonable travel expenses (ie., travel, meals, and
       lodging) that you may incur in providing assistance to the Company
       hereunder.

11.    That certain Restrictive Covenant Agreement dated as of June 13, 1998
       shall remain in effect and is incorporated by reference into this
       Agreement, provided that Section 1 is inapplicable. The provisions of
       your stock option award agreements and your restricted stock and stock
       unit award agreements regarding non-solicitation of Company employees,
       non-solicitation of customers, cooperation and non-disclosure of
       confidential information shall remain in effect and are incorporated by
       reference into this Agreement.

12.    This Agreement shall not in any way be construed as an admission by the
       Company or any of its agents that they have acted wrongfully with respect
       to you or any other person.

13.    The entire agreement between you and the Company is set out in this
       Agreement or incorporated by reference into this Agreement. No other
       promises or representations have been made, and there is no oral
       understanding or agreement between you and the Company which is not
       contained, or incorporated by reference, in this Agreement. The
       provisions of the Company's letter to you dated September 6, 2000
       regarding special severance arrangements is superceded by this Agreement,
       except that the memorandum to you dated September 6, 2000 from James H.
       Gould regarding the Company's excise tax policy in your favor shall
       remain in full force and effect. The Company shall not be obligated to
       make credits to the supplemental deferred benefits pension plan under
       paragraph 8 of the Company's offer letter to you dated June 11, 1998 for
       years three through six, inclusive.

14.    This Agreement shall be construed in accordance with the laws of
       Connecticut, and any actions brought under this Agreement shall be
       exclusively brought in the courts of the State of Connecticut. Both
       parties hereto irrevocably consent to the personal jurisdiction of the
       courts of the State of Connecticut.

15.    You acknowledge that you:

       A.     have been advised to consult an attorney before signing this
              Agreement and that you have had an opportunity to consult with an
              attorney of your choice;

       B.     have read this Agreement in its entirety, understand its terms and
              knowingly and voluntarily consent to its terms and conditions; and

       C.     have had the opportunity to consider the Agreement for at least 21
              days; to the extent that this Agreement differs in any way,
              whether material or not, from any proposal previously
              communicated, verbally or in writing, to you, you have had
              sufficient time to consider this Agreement, and you waive any
              right you may have to additional time to review it.
<PAGE>   4
Page 4
Alan J. Weber
March 21, 2001

This Agreement will become effective on the eighth day following the day you
execute it. After signing both copies of this Agreement, please return one copy
to me and retain a copy for your records. You may revoke this Agreement at any
time prior to its effective date by giving written notice to me.

Sincerely,

Aetna Inc.

By:      /s/John W. Rowe, M.D.
         -------------------------------

Agreed to and Accepted:

/s/Alan J. Weber                                 4/6/01
----------------------------------------         -------------------------------
  Alan J. Weber                                  Date

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