Document:

Exhibit 4.1

                                    [FORM OF]

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. NEITHER SUCH WARRANTS NOR SUCH
SECURITIES MAY BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT
SUCH REGISTRATION, EXCEPT UPON DELIVERY TO THE COMPANY OF SUCH EVIDENCE AS MAY
BE SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER
SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933 OR APPLICABLE STATE
SECURITIES OR BLUE SKY LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER.

                          DISCOVERY LABORATORIES, INC.

                    Class A Investor Warrant for the Purchase
                            of Shares of Common Stock

            FOR VALUE RECEIVED, DISCOVERY LABORATORIES, INC., a Delaware
corporation (the "Company"), hereby certifies that <<Fund>> (the "Holder"), its
designee or its permitted assigns is entitled to purchase from the Company, at
any time or from time to time commencing on September 20, 2003 and prior to 5:00
P.M., New York City time, on September 19, 2010 up to <<WarrantsAmt>>
(<<WarrantsWording>>) fully paid and non-assessable shares of Common Stock
(subject to adjustment), $.001 par value per share, of the Company for $6.875
per share (subject to adjustment as provided herein) and an aggregate purchase
price of <<AggregatePrice>>. (Hereinafter, (i) said common stock, $.001 par
value per share, of the Company, is referred to as the "Common Stock," (ii) the
shares of the Common Stock purchasable hereunder or under any other Warrant (as
hereinafter defined) are referred to as the "Warrant Shares," (iii) the
aggregate purchase price payable for the Warrant Shares purchasable hereunder is
referred to as the "Aggregate Warrant Price," (iv) the price payable for each of
the Warrant Shares is referred to as the "Per Share Warrant Price," (v) this
detachable Warrant, all similar Warrants issued on the date hereof and all
warrants hereafter issued in exchange or substitution for this Warrant or such
similar Warrants are referred to as the "Warrants," and (vi) the holder of this
Warrant is referred to as the "Holder" and the holder of this Warrant and all
other Warrants and Warrant Shares are referred to as the "Holders" and Holders
of more than 50% of the outstanding Warrants and Warrant Shares are referred to
as the "Majority of the Holders"). The Aggregate Warrant Price is not subject to
adjustment.

            By acceptance of this Warrant, the Holder agrees to comply with all
applicable provisions of this Warrant and the Stock and Warrant Purchase
Agreement entered into between Holder and the Company (the "Purchase Agreement")
to the same extent as if it were a party thereto.

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                                                                               2

            1. Exercise of Warrant. (a) This Warrant may be exercised in whole
at any time, or in part from time to time, commencing on September 20, 2003 and
prior to 5:00 P.M., New York City time, on September 19, 2010, by the Holder by:

                  (i) the surrender of this Warrant (with the subscription form
at the end hereof duly executed) at the address set forth in Section 10(a)
hereof, together with proper payment of the Aggregate Warrant Price, or the
proportionate part thereof if this Warrant is exercised in part, with payment
for the Warrant Shares made by certified or official bank check payable to the
order of the Company; or

                  (ii) the surrender of this Warrant (with the cashless exercise
form at the end hereof duly executed) (a "Cashless Exercise") at the address set
forth in Section 10(a) hereof; provided, that a Cashless Exercise may only be
effected (i) during such time after June 19, 2004, that the prospectus used in
connection with the disposition of the Warrant Shares pursuant to the
Registration Statement (as defined in the Purchase Agreement) may not be used by
the Holder for the resale of the Warrant Shares either (A) because of the
exercise by the Company of its rights under Section 5.1(f) of the Purchase
Agreement or (B) because the Registration Statement is not effective, or (ii) if
(X) on or prior to the date of such Cashless Exercise, the trading of the
Company's Common Stock shall have met a Trading Threshold (as defined below),
and (Y) the Current Market Price (as defined below) exceeds by at least 300% the
Share Price (as such term is defined in the Purchase Agreement and subject to
appropriate adjustments in the event of any stock splits, combinations,
recapitalizations or similar events). A "Trading Threshold" shall be deemed to
occur on any date that the reported average Closing Sales Price (as defined
below) for any 20 out of 30 consecutive trading days immediately prior to such
date, including each of the final 10 consecutive trading days of such 30 day
period, exceeds by at least 300% the Share Price (as such term is defined in the
Purchase Agreement and subject to appropriate adjustment in the event of any
stock splits, combinations, recapitalizations or similar events), with a minimum
average daily trading volume for such 30 day period of at least $50,000 based
upon the closing sales price, regular way, as reported by Nasdaq for such
period. Such surrender shall be deemed a waiver of Holder's obligation to pay
the Aggregate Exercise Price, or the proportionate part thereof if this Warrant
is exercised in part. In the event of a Cashless Exercise, Holder shall exchange
this Warrant for that number of Warrant Shares subject to such Cashless Exercise
multiplied by a fraction, the numerator of which shall be the difference between
(A) the "Current Market Price," which is defined as the closing sale price of
the Common Stock on the trading day prior to the date of such surrender or, in
case no such reported sales take place on such day, the average of the last
reported bid and asked prices of the Common Stock on such day, in either case on
the principal national securities exchange on which the Common Stock is admitted
to trading or listed, or if not listed or admitted to trading on any such
exchange, the representative closing sale price of the Common Stock as reported
by Nasdaq, or other similar organization if Nasdaq is no longer reporting such
information, or, if the Common Stock is not reported on Nasdaq, the high per
share sale price for the Common Stock in the over-the-counter market as reported
by the National Quotation Bureau or similar organization, or if not so
available, the fair market value of the Common Stock as determined in good faith
by the Board of Directors of the Company (the "Board") and (B) the Per Share
Exercise Price, and the denominator of which shall be the Current Market Price.
For purposes of any computation under this Section 1(a), the Current Market
Price shall be based on the trading

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                                                                               3

day immediately prior to the Cashless Exercise. The "Closing Sales Price" shall
be the reported per share closing sales price, regular way, of the Common Stock
on the Nasdaq SmallCap Market (or on the Nasdaq National Market or a national
securities exchange, as the case may be) at 4:00 PM New York Time on the
applicable trading day.

            (b) If this Warrant is exercised in part, this Warrant must be
exercised for a number of whole shares of the Common Stock and the Holder is
entitled to receive a new Warrant covering the Warrant Shares that have not been
exercised and setting forth the proportionate part of the Aggregate Warrant
Price applicable to such Warrant Shares.

            (c) Upon surrender of this Warrant, the Company will (i) issue a
certificate or certificates in the name of the Holder, or its nominee, for the
largest number of whole shares of the Common Stock to which the Holder shall be
entitled and, if this Warrant is exercised in whole, in lieu of any fractional
share of the Common Stock to which the Holder shall be entitled, pay to the
Holder cash in an amount equal to the fair value of such fractional share
(determined in such reasonable manner as the Board shall determine), and (ii)
deliver the other securities and properties receivable upon the exercise of this
Warrant, or the proportionate part thereof if this Warrant is exercised in part,
pursuant to the provisions of this Warrant.

            2. Reservation of Warrant Shares; Listing. The Company agrees and
covenants that, prior to the expiration of this Warrant, the Company shall at
all times (i) have authorized and in reserve, and shall keep available, solely
for issuance and delivery upon the exercise of this Warrant, the shares of the
Common Stock and other securities and properties receivable upon the exercise of
this Warrant and shall be validly issued and non-assessable, free and clear of
all restrictions on sale or transfer, other than under Federal or state
securities or blue sky laws, and free and clear of all preemptive rights and
rights of first refusal and (ii) use its best efforts to keep the Warrant Shares
authorized for listing on the Nasdaq National Market, the SmallCap Market or any
national securities exchange on which the Company's Common Stock is traded.

            3. Protection Against Dilution. (a) In the case the Company shall at
any time after the date of this Warrant (i) declare a dividend, or make a
distribution, on the outstanding Common Stock in shares of its Common Stock (ii)
subdivide the outstanding Common Stock, (iii) combine the outstanding Common
Stock into a smaller number of shares, or (iv) issue any shares of its capital
stock by reclassification of the Common Stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then, in each case, the Per Share
Warrant Price, and the number and kind of shares of Common Stock receivable upon
exercise of this Warrant, in effect as the time of the record date for such
dividend or distribution or of the effective date of such subdivision,
combination, or reclassification, shall be proportionately adjusted so that the
Holder after such time shall be entitled to receive the aggregate number and
kind of shares which if such Warrant had been exercised immediately prior to
such time, it would have owned upon such exercise and been entitled to receive
by virtue of such dividend, distribution, subdivision, combination or
reclassification.

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                                                                               4

            (b) In case of any capital reorganization (including, but not
limited to, any spinoff,) or reclassification, or any consolidation or merger to
which the Company is a party, other than a merger or consolidation in which the
Company is the continuing corporation, or in case of any sale or conveyance to
another entity of all or substantially all of the property and assets of the
Company, or in the case of any statutory exchange of securities with another
corporation (including any exchange effected in connection with a merger of a
third corporation into the Company), or in case of any other transaction
pursuant to which holders of Common Stock of the Company are entitled to receive
(either directly or upon subsequent liquidation) stock, securities, cash or
other assets with respect to or in exchange for such shares of Common Stock
(other than regular cash distributions out of earned surplus), the Holder of
this Warrant shall have the right thereafter to receive upon the exercise of
this Warrant the kind and amount of securities, cash or other property which the
Holder would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale, conveyance or other transaction had this Warrant been exercised
immediately prior to the effective date of such reorganization,
reclassification, consolidation, merger, statutory exchange, sale, conveyance or
other transaction and in any such case, if necessary, appropriate adjustment
shall be made in the application of the provisions set forth in this Section 3
with respect to the rights and interests thereafter of the Holder of this
Warrant to the end that the provisions set forth in this Section 3 shall
thereafter correspondingly be made applicable, as nearly as may reasonably be,
in relation to any shares of stock or other securities or property thereafter
deliverable on the exercise of this Warrant. The above provisions of this
Section 3(b) shall similarly apply to successive reorganizations,
reclassifications, consolidations, mergers, statutory exchanges, sales,
conveyances or other transactions. Prior to the consummation of any such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale, conveyance or other transaction, the Company shall make appropriate
provisions (in form and substance reasonably satisfactory to the Holders) to
require the issuer of any shares of stock or other securities or property
thereafter deliverable on the exercise of this Warrant to be responsible for all
of the agreements and obligations of the Company hereunder. Notice of any such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale or conveyance and of said provisions so proposed to be made, shall be
mailed to the Holders of the Warrants not less than ten (10) days prior to such
event. A sale of all or substantially all of the assets of the Company for
consideration consisting primarily of securities shall be deemed a consolidation
or merger for the foregoing purposes.

            (c) No adjustment in the Per Share Warrant Price shall be required
unless such adjustment would require an increase or decrease of at least $0.01
per share of Common Stock; provided, however, that any adjustments which by
reason of this Section 3(c) are not required to be made shall be carried forward
and taken into account in any subsequent adjustment; provided, further, however,
that adjustments shall be required and made in accordance with the provisions of
this Section 3 (other than this Section 3(c)) not later than such time as may be
required in order to preserve the tax-free nature of a distribution to the
Holder of this Warrant or Common Stock issuable upon the exercise hereof. All
calculations under this Section 3 shall be made to the nearest cent or to the
nearest 1/100th of a share, as the case may be. Anything in this Section 3 to
the contrary notwithstanding, the Company shall be entitled to make such
reductions in the Per Share Warrant Price, in addition to those required by this
Section 3, as it in its discretion shall deem to be advisable in order that any
stock dividend,

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                                                                               5

subdivision of shares or distribution of rights to purchase stock or securities
convertible or exchangeable for stock hereafter made by the Company to its
stockholders shall not be taxable.

            (d) Whenever the Per Share Warrant Price is adjusted as provided in
this Section 3 and upon any modification of the rights of a Holder of Warrants
in accordance with this Section 3, the Company shall as promptly as practicable
prepare a brief statement of the facts requiring such adjustment or modification
and the manner of computing the same and cause copies of such certificate to be
mailed to the Holders of the Warrants. The Company may, but shall not be
obligated to unless requested by a Majority of the Holders, obtain, at its
expense, a certificate of a firm of independent public accountants of recognized
standing selected by the Board (who may be the regular auditors of the Company)
setting forth the Per Share Warrant Price and the number of Warrant Shares in
effect after such adjustment or the effect of such modification, a brief
statement of the facts requiring such adjustment or modification and the manner
of computing the same and cause copies of such certificate to be mailed to the
Holders of record of the Warrants.

            (e) If the Board of Directors of the Company shall declare any
dividend or other distribution with respect to the Common Stock other than an
ordinary cash distribution out of earned surplus, the Company shall mail notice
thereof to the Holders of the Warrants not less than ten (10) days prior to the
record date fixed for determining stockholders entitled to participate in such
dividend or other distribution.

            (f) If, as a result of an adjustment made pursuant to this Section
3, the Holder of any Warrant thereafter surrendered for exercise shall become
entitled to receive shares of two or more classes of capital stock or shares of
Common Stock and other capital stock of the Company, the Board (whose
determination shall be conclusive and shall be described in a written notice to
the Holder of any Warrant promptly after such adjustment) shall, in good faith,
determine the allocation of the adjusted Per Share Warrant Price between or
among shares or such classes of capital stock or shares of Common Stock and
other capital stock.

            (g) Upon the expiration of any rights, options, warrants or
conversion privileges with respect to the issuance of which an adjustment to the
Per Share Warrant Price had been made, if such shall not have been exercised,
the number of Warrant Shares purchasable upon exercise of this Warrant, to the
extent this Warrant has not then been exercised, shall, upon such expiration, be
readjusted and shall thereafter be such as they would have been had they been
originally adjusted (or had the original adjustment not been required, as the
case may be) on the basis of (A) the fact that Common Stock, if any, actually
issued or sold upon the exercise of such rights, options, warrants or conversion
privileges, and (B) the fact that such shares of Common Stock, if any, were
issued or sold for the consideration actually received by the Company upon such
exercise plus the consideration, if any, actually received by the Company for
the issuance, sale or grant of all such rights, options, warrants or conversion
privileges whether or not exercised; provided, however, that no such
readjustment shall have the effect of decreasing the number of Warrant Shares
purchasable upon exercise of this Warrant by an amount in excess of the amount
of the adjustment initially made in respect of the issuance, sale or grant of
such rights, options, warrants or conversion privileges.

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                                                                               6

            (h) In case any event shall occur as to which the other provisions
of this Section 3 are not strictly applicable but as to which the failure to
make any adjustment would not fairly protect the purchase rights represented by
this Warrant in accordance with the essential intent and principles hereof then,
in each such case, the Board shall in good faith determine the adjustment, if
any, on a basis consistent with the essential intent and principles established
herein, necessary to preserve the purchase rights represented by the Warrants.
Upon such determination, the Company will as promptly as practicable mail a copy
thereof to the Holder of this Warrant and shall make the adjustments described
therein.

            (i) Except as may be set forth in this Section 3, no adjustment in
the Per Share Warrant Price or the number and kind of shares of Common Stock
receivable upon exercise of this Warrant shall be required in the case of the
issuance by the Company of any shares of Common Stock, including, without
limitation, pursuant to the exercise of any stock options or warrants.

            4. Fully Paid Stock; Taxes. The Warrant Shares delivered upon the
exercise of this Warrant shall at the time of such delivery, be duly authorized,
validly issued and outstanding, fully paid and non-assessable, and not subject
to preemptive rights or rights of first refusal, and the Company will take all
such actions as may be necessary to assure that the par value, if any, per
Warrant Shares is at all times equal to or less than the then Per Share Warrant
Price. The Company shall pay all documentary, stamp or similar taxes and other
similar governmental charges that may be imposed with respect to the issuance or
delivery of any Warrant Shares (other than income taxes); provided, however,
that if the Warrant Shares are to be delivered in a name other than the name of
the Holder, no such delivery shall be made unless the person requesting the same
has paid to the Company the amount of transfer taxes or charges incident
thereto, if any.

            5. Registration Under Securities Act of 1933. (a) The Holder shall
have the right to participate in the registration rights granted to Holders of
Registrable Securities (as defined in the Purchase Agreement) with respect to
the Warrant Shares.

            (b) Until all of the Warrant Shares have been sold under a
registration statement declared effective by the Securities and Exchange
Commission or pursuant to Rule 144, the Company shall use its best efforts to
file with the Securities and Exchange Commission all current reports and the
information as may be necessary to enable the Holder to effect sales of its
shares in reliance upon Rule 144 promulgated under the Securities Act of 1933,
as amended (the "Act").

            6. Investment Intent; Limited Transferability. (a) The Holder
represents, by accepting this Warrant, that it understands that this Warrant and
any securities obtainable upon exercise of this Warrant have not been registered
for sale under Federal or state securities or blue sky laws and are being
offered and sold to the Holder pursuant to one or more exemptions from the
registration requirements of such securities laws. In the absence of an
effective registration of such securities or an exemption therefrom, any
certificates for such securities shall bear the legend set forth on the first
page hereof. The Holder understands that it must bear the economic risk of its
investment in this Warrant and any securities obtainable upon

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                                                                               7

exercise of this Warrant for an indefinite period of time, as this Warrant and
such securities have not been registered under Federal or state securities or
blue sky laws and therefore cannot be sold unless subsequently registered under
such laws, unless an exemption from such registration is available.

            (b) The Holder agrees and acknowledges that this Warrant, or any
portion thereof, and any such securities will not be sold or otherwise
transferred unless (i) a registration statement with respect to such transfer is
effective under the Act and any applicable state securities or blue sky laws or
(ii) such sale or transfer is made pursuant to one or more exemptions from the
Act.

            (c) The Holder agrees and acknowledges that in addition to the
limitations set forth in the Purchase Agreement with respect to Registrable
Securities, this Warrant may not be sold, transferred, assigned or hypothecated
by the Holder except in compliance with the provisions of the Act and the
applicable state securities or blue sky laws, and is so transferable only upon
the books of the Company which it shall cause to be maintained for such purpose.
The Company may treat the registered Holder of this Warrant as it appears on the
Company's books at any time as the Holder for all purposes. The Company shall
permit any Holder of a Warrant or its duly authorized attorney, upon written
request during ordinary business hours, to inspect and copy or make extracts
from its books showing the registered holders of Warrants. All Warrants issued
upon the transfer or assignment of this Warrant will be dated the same date as
this Warrant, and all rights of the holder thereof shall be identical to those
of the Holder.

            (d) The Holder represents that it has been afforded (i) the
opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions
of the Warrants or the exercise of the Warrants and the finance operations and
business of the Company; and (ii) the opportunity to request such additional
information which the Company possesses or can acquire without unreasonable
effort or expense. Nothing contained in this Section 6(d) shall alter, amend or
change Holder's reliance on the representations, covenants or warranties
contained herein.

            (e) The Holder represents that it did not (i) receive or review any
advertisement, article, notice or other communication published in a newspaper
or magazine or similar media or broadcast over television or radio, whether
closed circuit, or generally available; or (ii) attend any seminar, meeting or
investor or other conference whose attendees were, to such Holder's knowledge,
invited by any general solicitation or general advertising.

            (f) The Holder represents that it is an "accredited investor" within
the meaning of Regulation D promulgated under the Act. Such Holder is acquiring
the Warrants for its own account and not with a present view to, or for sale in
connection with, any distribution thereof in violation of the registration
requirements of the Act, without prejudice, however, to such Holder's right,
subject to the provisions of the Purchase Agreement and this Warrant, at all
times to sell or otherwise dispose of all or any part of the Warrants and
Warrant Shares.

            (g) The Holder represents that it, either by reason of such Holder's
business or financial experience or the business or financial experience of its
professional advisors (who are

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                                                                               8

unaffiliated with and who are not compensated by the Company or any affiliate,
finder or selling agent of the Company, directly or indirectly), has such
sophistication, knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of its investment in the Company
and the capacity to protect such Holder's interests in connection with the
transactions contemplated by this Warrant and the Purchase Agreement.

            (h) The Holder represents that it has the ability to bear the
economic risks of its investment for an indefinite period of time and could
afford a complete loss of its investment.

            (i) The Holder agrees and acknowledges that the representations made
by the Holder in this Section 6 are conditions to the exercise of the Warrant.

            7. Optional Redemption. From and at any time after the occurrence of
a Trading Threshold, the Company shall be entitled to redeem the Warrants, or
any of them, at a per Warrant Share redemption price of $0.001 (the "Redemption
Price"), upon 60 days' written notice to the Holder. Hereinafter such 60-day
period, as it may be extended pursuant to this Section 7, is referred to as the
"Redemption Period". Upon the expiration of the Redemption Period (the
"Redemption Date"), all Warrants noticed for redemption that have not
theretofore been exercised by the Holder shall, upon payment of the aggregate
Redemption Price therefore, cease to represent the right to purchase any shares
of Common Stock and shall be deemed cancelled and void and of no further force
or effect without any further act or deed on the part of the Company.
Notwithstanding the preceding, in the event that the Redemption Date is less
than 30 days later than the date that a registration statement filed in
accordance with the Holder's registration rights as set forth in Section 5 first
becomes effective (the "Trading Date"), the Company may not redeem the Holder's
Warrants until no less than 30 days have passed after the Trading Date. The
Holder undertakes to return the certificate representing any redeemed Warrants
to the Company upon their redemption and to indemnify the Company with respect
to any losses, claims, damages or liabilities arising from the Holder's failure
to return such certificate. In the event the certificate so returned represents
a number of Warrants in excess of the number being redeemed, the Company shall
as promptly as practicable issue to the Holder a new certificate for the number
of unredeemed Warrants. If at any time during the Redemption Period, the
prospectus used in connection with the disposition of the Warrant Shares
pursuant to the Registration Statement (as defined in the Purchase Agreement)
may not be used by the Holder for the resale of the Warrant Shares either (i)
because of the exercise by the Company of its rights under Section 5.1(f) of the
Purchase Agreement or (ii) because the Registration Statement is not effective,
then the Redemption Period shall be extended by the period of time that the
Holder may not so use the prospectus.

            8. Loss, etc., of Warrant. Upon receipt of evidence satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant, and
of indemnity reasonably satisfactory to the Company, if lost, stolen or
destroyed, and upon surrender and cancellation of this Warrant, if mutilated,
the Company shall execute and deliver to the Holder a new Warrant of like date,
tenor and denomination.

            9. Warrant Holder Not Stockholder. This Warrant does not confer upon
the Holder any right to vote on or consent to or receive notice as a stockholder
of the Company,

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                                                                               9

as such, in respect of any matters whatsoever, nor any other rights or
liabilities as a stockholder, prior to the exercise hereof; this Warrant does,
however, require certain notices to Holders as set forth herein.

            10. Notices of Record Date, Etc. In addition to the notice
requirements set forth in Section 3 hereof, the event that the Company shall
propose at any time to effect or to establish (i) a record date for the holders
of its Common Stock for the purpose of entitling them to receive any dividend or
other distribution, or any right to subscribe for, purchase or otherwise acquire
any shares or stock of any class or any other securities or to receive any other
right; or (ii) any voluntary or involuntary dissolution, liquidation or
dissolution of the Company, then notice of any such proposed action shall be
mailed to the Holders of the Warrants not less than ten (10) days prior to such
event.

            11. Communication. No notice or other communication under this
Warrant shall be effective unless, but any notice or other communication shall
be effective and shall be deemed to have been given if, the same is in writing
and is mailed by first-class mail, postage prepaid, addressed to:

            (a) the Company at Discovery Laboratories, Inc., 350 South Main
      Street, Suite 307, Doylestown, Pennsylvania 18901, Attn: David L. Lopez,
      C.P.A., Esq., Vice President and General Counsel or such other address as
      the Company has designated in writing to the Holder, or

            (b) the Holder at <<Fund>>, <<Address1>>, <<Address2>>, <<City>>,
      <<State>> <<PostalCode>> Attn: <<FirstName>> <<LastName>> or other such
      address as the Holder has designated in writing to the Company.

            12. Headings. The headings of this Warrant have been inserted as a
matter of convenience and shall not affect the construction hereof.

            13. Applicable Law. This Warrant shall be governed by and construed
in accordance with the laws of the State of Delaware without giving effect to
the principles of conflicts of law thereof.

            14. Amendment, Waiver, etc. Except as expressly provided herein,
neither this Warrant nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom
enforcement of any such amendment, waiver, discharge or termination is sought.

<PAGE>
                                                                              10

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
this 20th day of June, 2003.

                                  DISCOVERY LABORATORIES, INC.

                                  By:
                                     ---------------------------------
                                  Name:  Robert J. Capetola, Ph.D.
                                  Title: President and Chief Executive Officer

<PAGE>

                                  SUBSCRIPTION

            The undersigned, ___________________, pursuant to the provisions of
the foregoing Warrant, hereby elects to exercise such Warrant by agreeing to
subscribe for and purchase ____________________ shares (the "Warrant Shares") of
Common Stock, par value $.001 per share, of Discovery Laboratories, Inc. (the
"Company"), and hereby makes payment of $___________ by certified or official
bank check in payment of the exercise price therefor.

            As a condition to this subscription, the undersigned hereby
represents and warrants to the Company that the representations and warranties
of Section 6 of the Warrant are true and correct as of the date hereof as if
they had been made on such date with respect to the Warrant Shares. The
undersigned further acknowledges that the sale, transfer, assignment or
hypothecation of the Warrant Shares to be issued upon exercise of this Warrant
is subject to the terms and conditions contained in Sections 1 and 6 of this
Warrant.

Dated:_______________                       Signature:____________________

                                            Address:______________________

                                                    ______________________

                                CASHLESS EXERCISE

            The undersigned, ___________________, pursuant to the provisions of]
the foregoing Warrant, hereby elects to exercise such Warrant by agreeing to
subscribe for and purchase ____________________ shares (the "Warrant Shares") of
Common Stock, par value $.001 per share, of Discovery Laboratories, Inc. (the
"Company"), pursuant to the Cashless Exercise provisions of the Warrant.

            As a condition to this subscription, the undersigned hereby
represents and warrants to the Company that the representations and warranties
of Section 6 of the Warrant are true and correct as of the date hereof as if
they had been made on such date with respect to the Warrant Shares. The
undersigned further acknowledges that the sale, transfer, assignment or
hypothecation of the Warrant Shares to be issued upon exercise of this Warrant
is subject to the terms and conditions contained in Sections 1 and 6 of this
Warrant.

Dated:_______________                       Signature:____________________

                                            Address:______________________

                                                    ______________________

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED _______________ hereby sells, assigns and
transfers unto ____________________ the foregoing Warrant and all rights
evidenced thereby, and does irrevocably constitute and appoint
_____________________, attorney, to transfer said Warrant on the books of
Discovery Laboratories, Inc. (the "Company"). As a condition to this assignment,
the Holder acknowledges that its assignee must deliver a written instrument to
the Company that the representations and warranties of Section 6 of the Warrant
are true and correct as of the date hereof as if they had been made by such
assignee on such date with respect to the Warrants.

Dated:_______________                       Signature:____________________

                                            Address:______________________

                                                    ______________________

                               PARTIAL ASSIGNMENT

            FOR VALUE RECEIVED _______________ hereby assigns and transfers unto
____________________ the right to purchase _______ shares of the Common Stock,
par value $.001 per share, of Discovery Laboratories, Inc. (the "Company"), as
set forth in the foregoing Warrant, and a proportionate part of said Warrant and
the rights evidenced thereby, and does irrevocably constitute and appoint
____________________, attorney, to transfer that part of said Warrant on the
books of the Company. As a condition to this assignment, the Holder acknowledges
that its assignee must deliver a written instrument to the Company that the
representations and warranties of Section 6 of the Warrant are true and correct
as of the date hereof as if they had been made by such assignee on such date
with respect to the Warrants.

Dated:_______________                       Signature:____________________

                                            Address:______________________

                                                    ______________________Exhibit 10.2.2.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

      THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement"), is made as of the
10th day of March, 2003 by and among John Hancock Life Insurance Company, a
Massachusetts corporation ("JHLI"), John Hancock Financial Services, Inc., a
Delaware corporation ("JHFS," and together with JHLI, the "Company"), and Thomas
E. Moloney ("Executive").

W I T N E S S E T H

WHEREAS, the Company desires to employ Executive and Executive desires to be
employed by the Company in accordance with the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

1. Definitions.

(a) "Accrued Obligations" shall have the meaning set forth in Section 6(a)(i).

(b) "Affiliate" shall mean any corporation, partnership, limited liability
company, trust or other entity which, directly or indirectly, through one or
more intermediaries, controls, or is controlled by, the Company.

(c) "Base Salary" shall mean the annual salary provided for in Section 4(a)
below or any increased salary granted to Executive pursuant to Section 4(a).

(d) "Board" shall mean the Board of Directors of the Company.

(e) "Cause" shall mean:

(i) Executive's conviction or plea of nolo contendere to a felony or related to
fraud or dishonesty; or

(ii) in carrying out his duties, Executive (A) engages in conduct that
constitutes gross neglect or gross misconduct, (B) commits any material breach
of this Agreement, (C) engages in conduct that constitutes a material violation
of applicable Company rules or policies, which amounts to gross neglect or gross
misconduct, or (D) fails to abide or follow specific directives from the Chief
Executive Officer of the Company.

(f) "Change of Control" shall mean an event or occurrence as set forth in
Section 2(d) of that certain Employment Continuation Agreement (as defined
below).

(g) "Confidential Information" shall mean information belonging to the Company
which is of value to the Company in the course of conducting its business and
the disclosure of which could result in a competitive or other disadvantage to
the Company. Confidential Information includes, without limitation, financial
information, reports, and forecasts; inventions; improvements and other
intellectual property; trade secrets; know how; designs, processes or formulae;
software; market or sales information or plans; and customer lists and business
plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) which have been discussed or
considered by the management of the Company. Confidential Information includes
information developed by Executive in the course of Executive's employment by
the Company as well as other information to which Executive may have access in
connection with Executive's employment. Confidential Information also includes
the confidential information of others with which the Company has a business
relationship. Notwithstanding the foregoing, Confidential Information does not
include information in the public domain, unless due to breach of Executive's
duties under Section 7(a).

<PAGE>

(h) "Disability" shall be defined and determined as set forth in the
supplemental executive disability plan made available to senior officers of the
Company.

(i) "Effective Date" shall mean March 10, 2003.

(j) "Employment Continuation Agreement" shall mean that certain Second Amended
and Restated Employment Continuation Agreement by and among John Hancock Life
Insurance Company, John Hancock Financial Services, Inc. and Executive, dated as
of October 15, 2001, attached hereto as Exhibit A, as may be amended from time
to time.

(k) "Good Reason" shall mean termination of Executive's employment, after
written notice to the Company within 30 days following the occurrence of any of
the following events without his consent:

(i) a reduction in Executive's then current Base Salary or target annual bonus
under the Company's incentive compensation program; provided that such reduction
to Executive's target annual bonus percentage is disproportionate to any
reduction to any other Policy Committee member's target annual bonus percentage;

(ii) the failure of the Company to obtain the assumption in writing of its
obligation to perform the Employment Continuation Agreement by any successor to
all or substantially all of the assets of the Company prior to a merger,
consolidation, sale or similar transaction; or

(iii) a material breach of this Agreement by the Company.

Following written notice from Executive, as described above, the Company shall
have 15 days in which to cure any of the aforementioned events. If the Company
fails to cure, Executive's termination shall become effective on the 16th day
following the written notice.

(l) "Noncompetition Period" shall have the meaning set forth in Section 8(b).

(m) "Potential Change of Control" shall mean an event or occurrence as set forth
in Section 2(i) of the Employment Continuation Agreement.

(n) "Related Entity" shall have the meaning set forth in Section 8(b).

(o) "Restricted Activity" shall have the meaning set forth in Section 8(b).

(p) "Severance Bonus" shall have the meaning set forth in Section 6(a)(i).

(q) "Stock" shall mean the common stock of the Company.

(r) "Termination Date" shall mean in the case of either a voluntary or
involuntary termination, the last day upon which Executive is actively at work.
In the event of Executive's death, the Termination Date is the date of death. In
the case of a Disability, the Termination Date is the date upon which Executive
receives written notice from the Chief Executive Officer of the Company that he
has been deemed to have a Disability, but in no event before Executive is
determined to have a Disability (as the term is defined in Section 1(h)).

(s) "Voluntary Retirement" shall mean the voluntary termination of employment by
the Executive when the Executive (i) is entitled to commence receipt of a
retirement annuity pursuant to the provisions of the JHFS Pension Plan in effect
prior to such Plan's conversion to a cash balance formula (the "Pre-Conversion
Plan") or (ii) would have been entitled by reason of age and service to a
retirement annuity under the provisions of the Pre-Conversion Plan if the
conversion to a cash balance formula had not occurred.

<PAGE>

2. Term of Employment. Subject to the provisions of Section 6, the term of
employment pursuant to this Agreement (the "Term") shall be for a period of
three (3) years from the Effective Date, and shall be extended automatically for
periods of one (1) year commencing at the first anniversary of the Effective
Date and on each subsequent anniversary thereafter.

3. Position, Duties and Responsibilities.

(a) During the Term, Executive shall work for the Company, as and with the title
of Senior Executive Vice President and Chief Financial Officer of the Company.

(b) Executive, in carrying out his duties under this Agreement, shall report
directly to the Chief Executive Officer of the Company.

(c) In the event Executive's employment terminates during the Term for any
reason, Executive shall immediately resign in writing as an officer and director
of the Company, where applicable, and as an officer and director, as the case
may be, of each of the Company's Affiliates.

(d) Nothing herein shall be deemed to prevent or limit Executive from (i)
serving on the boards of directors of a reasonable number of other non-competing
corporations, subject to the approval of the Chief Executive Officer of the
Company in each case, (ii) serving on the boards of a reasonable number of trade
associations and/or charitable organizations, subject to the approval of the
Chief Executive Officer of the Company in each case, (iii) engaging in
charitable activities, community affairs, or other non-profit activities, and
(iv) managing his personal investments and affairs; provided that such
activities set forth in this Section 3(d) do not materially interfere with the
proper performance of his duties and responsibilities hereunder.

(e) Executive agrees to abide by any employment rules or policies applicable to
Company's employees generally, or Policy Committee members specifically, that
the Company currently has or may adopt, amend or implement from time to time or
at any time during Executive's employment with the Company.

4. Compensation and Benefits. In consideration of Executive's services
hereunder, the Company shall provide Executive the following benefits during the
Term:

(a) Base Salary. The Company shall pay Executive an annual Base Salary of seven
hundred thousand dollars ($700,000), subject to annual upward (but not downward)
adjustments in the sole discretion of the Compensation Committee. Such Base
Salary shall be subject to applicable withholding, shall be payable in
accordance with the policies and practices of the Company in the payment of
salaries to its salaried employees and shall be pro-rated for partial months.

(b) Bonus. Executive shall be entitled to participate in an annual incentive
program established by the Compensation Committee with such terms as may be
determined annually in the sole discretion of the Compensation Committee.

(c) Restricted Stock and Stock Option Awards. Executive shall be entitled to
participate in the 1999 Long-Term Stock Incentive Plan, and such successor
and/or complementary plans which may be established by the Company from time to
time, upon such terms and conditions as may be determined annually in the sole
discretion of the Compensation Committee.

(d) Regular Benefits. Executive shall also be entitled to participate in any
employee benefit plans, medical insurance plans, life insurance plans,
disability income plans, retirements plans, vacation plans, expense
reimbursement plans, post-retirement benefit plans and other benefit plans
including, without limitation, but not limited to, any split-dollar life
insurance arrangements, which the Company may from time to time have in effect

<PAGE>

for all or most of its members of the Policy Committee. Such participation shall
be subject to the terms of the applicable plan documents, applicable policies of
the Company, applicable law or the reasonable interpretation of applicable law
and the discretion of the Board, the Compensation Committee or any
administrative or other committee provided for in or contemplated by any such
plan. Nothing contained in this Agreement shall be construed to create any
obligation on the part of the Company to establish any such plan or to maintain
the effectiveness of any such plan which may be in effect from time to time.

(e) Additional Benefits. The Company shall provide the following additional
benefits to Executive:

(i) Perquisites. During the Term, Executive shall be entitled to participate in
all of the Company's executive perquisites in accordance with the terms and
conditions of such arrangements as are in effect from time to time for
Executive's position, subject to any necessary limitation to such perquisites or
requirement to discontinue any such perquisite as a result of a reasonable
interpretation of applicable law.

(ii) Reimbursement of Business and Other Expenses. Executive is authorized to
incur reasonable expenses in carrying out his duties and responsibilities under
this Agreement, and the Company shall promptly reimburse him for such expenses,
subject to documentation in accordance with the Company's policy.

5. Change of Control. Notwithstanding any other provision of this Agreement, in
the event a Change of Control occurs during the Term, the terms and provisions
of the Employment Continuation Agreement shall apply in lieu of, and shall
expressly supersede, the terms and provisions of this Agreement as of the
effective date of the Employment Continuation Agreement; provided, however, if
Executive is terminated during the Term after a Potential Change of Control but
before a Change of Control occurs, the provisions of Section 8 of this Agreement
shall remain in full force and effect for a period of 18 months following the
Termination Date.

6. Termination of Employment.

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

(i) the sum of (A) Executive's Base Salary through the end of the month during
which the Termination Date occurs, (B) a pro-rata annual cash incentive award
for the year in which Executive's death occurs (the "Severance Bonus") and (C)
the amount of any accrued vacation pay through the Termination Date, in each
case to the extent not previously paid (the sum of the amounts described in
clauses (A), (B) and (C) shall be hereinafter referred to as the "Accrued
Obligations"); and

(ii) such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents.

(b) Termination Due to Voluntary Retirement. In the event that Executive's
employment is terminated due to his Voluntary Retirement (and other than
termination for Good Reason), he shall be entitled to the following benefits:

(i) the Accrued Obligations; and

(ii) such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents.

(c) Termination Due to Disability. In the event that Executive's employment is
terminated by either party due to his Disability, he shall be entitled to the
following benefits:

(i) disability benefits in accordance with the long-term disability plan then in
effect for senior executives of the Company;

<PAGE>

(ii) the Accrued Obligations; and

(iii) such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents.

In no event shall a termination of Executive's employment for Disability occur
until the party terminating his employment gives written notice to the other
party in accordance with Section 20 below, and until Executive is determined to
have a Disability as defined in Section 1(h).

(d) Termination by the Company for Cause. In the event the Company terminates
Executive's employment for Cause, he shall be entitled to the following
benefits:

(i) the sum of the Base Salary through the Termination Date and any accrued
vacation payable through the Termination Date; and

(ii) such rights with respect to stock options, restricted stock, retirement
benefits and other benefits in accordance with applicable plan documents.

(e) Termination for Good Reason or other than for Cause. In the event
Executive's employment is terminated by the Company other than for Cause or by
Executive with Good Reason, he shall be entitled to the following benefits:

(i) the Company shall pay Executive in equal monthly installments, over the
period specified below, beginning 30 days after the Termination Date, the sum of
the following amounts the: (A) Severance Bonus and (B) Termination Payment
Amount; provided, however, if Executive so elects, such sum shall be payable in
a single lump sum payment on the 30th day following the Termination Date. The
Termination Payment Amount shall mean the sum of:

(A) the Base Salary multiplied by the number of full years remaining in the Term
after the Termination Date plus the pro-rata amount of the Base Salary for the
remainder of the year during which the Termination Date occurred;

(B) the average of the annual incentive bonus awarded to Executive for the three
(3) years (or such shorter period as the Executive has been in the employ of the
Company) preceding the Termination Date (not including the Severance Bonus)
multiplied by the number of full years remaining in the Term after the
Termination Date; and

(C) an amount equal to the long term incentive award granted to Executive with
respect to the performance period commencing in the calendar year 2000, as
reflected in the Statement of Long Term Incentives maintained by the Company,
multiplied by the number of full years remaining in the Term after the
Termination Date less the value as of the date of grant of any restricted stock
(other than restricted stock issued as a restricted stock match under any
incentive plan) that has vested as of the Termination Date, as such value is
reflected in the Statement of Long Term Incentives maintained by the Company;
provided, however, that in determining the value of restricted stock that has
vested as of the Termination Date, restricted stock that has vested on an
accelerated basis in connection with the payment of amounts owed under the Stock
Ownership Loan Program shall not be taken into account until such time as the
restrictions on such stock would have lapsed in the absence of such
acceleration;

(ii) for the full period remaining in the Term after the Termination Date, the
Company shall continue to provide medical and dental benefits to Executive and
Executive's family at least equal to those which would have been provided to
them if Executive's employment had not been terminated, in accordance with the
applicable medical and dental benefit plans in effect on the Termination Date
and in which Executive participated as of such date or, if more favorable to
Executive and his family, in effect generally at any time thereafter with
respect to other peer executives of the Company and its Affiliates; provided,
however, that if Executive becomes reemployed with another employer and is
eligible to receive medical and dental benefits from such employer on terms at
least as favorable to Executive and his family as those being provided by the
Company, then the Company shall no longer be required to provide those
particular benefits to Executive and his family;

<PAGE>

(iii) such enhanced retirement benefits as set forth in Section 7(c)(iii) of the
Employment Continuation Agreement; and

(iv) such rights as are in effect at the time with respect to stock options,
restricted stock, and other benefits, including, but not limited to, any
split-dollar life insurance arrangement applicable to Executive, subject to any
necessary limitation to such benefits or requirement to discontinue any such
benefits as a result of a reasonable interpretation of applicable law.

(f) Voluntary Termination. A termination of employment by Executive on his own
initiative, other than a termination for Good Reason or due to Voluntary
Retirement, shall have the same consequences as provided in Section 6(d) for a
termination for Cause. A voluntary termination under this Section 6(f) shall be
effective upon 30 days prior written notice to the Company.

(g) Other Benefits. To the extent not previously paid or provided, the Company
shall timely pay or provide to Executive any other amounts or benefits,
including, but not limited to any deferred compensation amounts, otherwise
required to be paid or provided or which Executive is eligible to receive
following Executive's termination of employment under any plan, program, policy,
practice, contract or agreement of the Company and its Affiliates.

(h) Nature of Payments. Any amounts due under this Section 6 are in the nature
of severance payments considered to be reasonable by the Company and are not in
the nature of a penalty.

(i) No Mitigation; No Offset. Executive shall not be required to mitigate the
amount of any payment or benefit provided in this Section 6 by seeking other
employment otherwise. Further, except as provided in Section 6(e)(ii), the
amount of any payment or benefits provided for in this Section 6 shall not be
reduced by any compensation earned by Executive as a result of employment by
another employer or be offset by any amount claimed to be owed by Executive to
the Company.

(j) Discharge of the Company's Obligations. Except as expressly provided in the
last sentence of this Section 6(j), the amounts payable to Executive pursuant to
this Section 6 following the termination of his employment shall be in full and
complete satisfaction of Executive's rights under this Agreement and any other
claims he may have in respect of his employment by the Company or any of its
Affiliates. Such amounts shall constitute liquidated damages with respect to any
and all such rights and claims and, upon Executive's receipt of such amounts,
the Company and its Affiliates shall be released and discharged from any and all
liability to Executive in connection with this Agreement or otherwise in
connection with Executive's employment with the Company or any of its
Affiliates. Nothing in this Section 6(j) shall be construed to release the
Company from its commitment to (i) indemnify Executive and hold Executive
harmless from and against any claim, loss or cause of action arising from or out
of Executive's performance as an officer, director or employee of the Company or
any of its Affiliates or in any other capacity, including any fiduciary
capacity, in which Executive served at the request of the Company or any of its
Affiliates to the maximum extent permitted by applicable law and the Certificate
of Incorporation and By-Laws of the Company, as the case may be; or (ii) provide
any payments or benefits to which Executive may be entitled pursuant to the
terms of the Employment Continuation Agreement.

7. Confidentiality and Cooperation.

(a) Confidentiality. Executive understands and agrees that Executive's
employment creates a relationship of confidence and trust between Executive and
the Company with respect to all Confidential Information. At all times, both
during Executive's employment with the Company and after its termination,
Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the prior
written consent of the Company, except as may be necessary in the ordinary
course of performing Executive's duties to the Company.

<PAGE>

(b) Documents, Records, etc. All documents, records, data, apparatus, equipment
and other physical property, including any electronic or paper copies of such
materials, whether or not pertaining to Confidential Information, which are
furnished to Executive by the Company or are produced by Executive in connection
with Executive's employment will be and remain the sole property of the Company.
Executive will return to the Company all such materials and property as and when
requested by the Company, and in connection therewith confirm in writing that
Executive has not retained any such materials and/or property. In any event,
Executive will return all such materials and property immediately upon
termination of Executive's employment for any reason, and in connection
therewith confirm in writing that Executive has not retained any such materials
and/or property. Executive will not retain any such material or property or any
copies thereof after such termination.

8. Noncompetition; Nonsolicitation; Non-Disparagement.

(a) Executive acknowledges (i) that in the course of his employment with the
Company he will become familiar with trade secrets and customer lists of, and
other confidential information concerning, the Company and its Affiliates,
customers, and clients and (ii) that his services will be of special, unique and
extraordinary value to the Company.

(b) Executive agrees that for a period of 18 months following the Termination
Date (the "Noncompetition Period") he shall not in any manner, directly or
indirectly, through any person, firm, corporation or enterprise, alone or as a
member of a partnership or as an officer, director, stockholder, investor or
employee of or advisor or consultant to any person, firm, corporation or
enterprise or otherwise, engage or be engaged, or assist any other person, firm,
corporation or enterprise in engaging or being engaged (collectively,
"Restricted Activity"), in any Competitive Activity, unless such Competitive
Activity has been previously approved by the Board in writing. A Competitive
Activity shall mean a business that (i) is being conducted by the Company or any
Affiliate at the time in question, including, without limitation, but not
limited to, insurance or financial services competitive with services provided
by the Company, and (ii) was being conducted, or was under active consideration
to be conducted, by the Company or any Affiliate, at the date of the termination
of Executive's employment; provided that Competitive Activity shall not include
a business of the Company contributing less than one percent (1%) of the
Company's revenues for the year in question and provided further that an
activity shall not be deemed to be a Competitive Activity if the activity
contributes less than one percent (1%) of the revenues for the year in question
of the business by which Executive is employed or with which he is otherwise
associated; and provided further that it is agreed and understood that the
prohibitions provided for in this Section 8(b) shall not restrict Executive from
engaging in Restricted Activity for any subsidiary, division or affiliate or
unit of a company (collectively, a "Related Entity") if that Related Entity is
not engaged in Competitive Activity, irrespective of whether some other Related
Entity of that company engages in what would otherwise be considered to be
Competitive Activity (as long as Executive does not engage in Restricted
Activity for such other Related Entity).

(c) Executive further agrees that during the Noncompetition Period, he shall
not, unless previously permitted by the Board in writing, (i) in any manner,
directly or indirectly, hire or cause to be hired any (A) employee in
classification E-2 or higher of the Company, (B) any officer of the Company or
its Affiliates, (C) any member of the Policy Committee of the Company or (D) any
employee of the Company that is in a substantively similar or comparable
position as those provided in subparts (A), (B) or (C), or (ii) in connection
with any business to which Section 8(b) applies, call on, service, solicit or
otherwise do business with any customer of the Company or any of its Affiliates.

(d) Executive further agrees that during the Noncompetition Period, he shall not
make or cause to be made, directly or indirectly, any statement to any person
criticizing or disparaging the Company or any of its Affiliates, stockholders,
directors, officers or employees or commenting unfavorably or falsely on the
character, business judgment, business practices or business reputation of the
Company or any of its Affiliates, stockholders, directors, officers or
employees.

<PAGE>

(e) Nothing in this Section 8 shall prohibit Executive from being a passive
owner of not more than one percent (1%) of the outstanding common stock, capital
stock and equity of any firm, corporation or enterprise so long as Executive has
no active participation in the management of business of such firm, corporation
or enterprise.

(f) If the restrictions stated herein are found by a court to be unreasonable,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court shall revise the restrictions contained herein
to cover the maximum period, scope and area permitted by law.

9. Resolution of Disputes. In the event of any dispute or controversy arising
under or in connection with this Agreement, the parties shall first promptly try
in good faith to settle such dispute or controversy by mediation under the
applicable rules of the American Arbitration Association before resorting to
arbitration. In the event such dispute or controversy remains unresolved in
whole or in part for a period of 60 days after it arises, the parties will
settle any remaining dispute or controversy by binding arbitration, to be held
in Boston, Massachusetts, in accordance with the Employment Dispute Resolution
Rules of the American Arbitration Association. Judgment upon the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof.
Costs of the mediation, arbitration or litigation including, without limitation,
reasonable attorneys' fees of both parties, shall be borne by the Company.
Pending the resolution of the dispute, the Company shall continue payment of all
amounts due and provisions of all benefits to which Executive is entitled, which
amounts shall be subject to repayment to the Company if the Company prevails.

10. Litigation and Regulatory Cooperation. During and after Executive's
employment, Executive shall cooperate fully with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in
the future against or on behalf of the Company which relate to events or
occurrences that transpired while Executive was employed by the Company.
Executive's full cooperation in connection with such claims or actions shall
include, but not be limited to, being available to meet with counsel to prepare
for discovery or trial and to act as a witness on behalf of the Company at
mutually convenient times. During and after Executive's employment, Executive
also shall cooperate fully with the Company in connection with any investigation
or review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while
Executive was employed by the Company. The Company shall reimburse Executive for
any reasonable out of pocket expenses incurred in connection with Executive's
performance of obligations pursuant to this Section 10 and, to the extent that
Executive is not then an employee of the Company or any of its Affiliates, shall
reasonably compensate Executive for such services.

11. Remedies. Each of the parties to this Agreement shall be entitled to enforce
its rights under this Agreement specifically, to recover damages and costs
(including reasonable attorneys' fees) caused by any breach of any provision of
this Agreement and to exercise all other rights existing in its favor. The
parties hereto agree and acknowledge that money damages would not be an adequate
remedy for any breach of the provisions of this Agreement and that any party may
in its sole discretion apply to any court of law or equity of competent
jurisdiction (without posting any bond or deposit) for specific performance
and/or other injunctive relief in order to enforce or prevent any violations of
the provisions of this Agreement. Nothing in this paragraph is intended to
prevent the parties from raising any and all defenses with respect to the
necessity for, and scope of, such injunctive or equitable relief.

12. Indemnification. During and after the Term, the Company shall indemnify
Executive and hold Executive harmless from and against any claim, loss or cause
of action arising from or out of Executive's performance as an officer, director
or employee of the Company or any of its Affiliates or in any other capacity,
including any fiduciary capacity, in which Executive serves at the request of
the Company, to the maximum extent permitted by applicable law and the
Certificate of Incorporation and By-Laws of the Company, as the case may be.

13. Assignability; Binding Nature. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs (in
the case of Executive) and assigns. No rights or obligations of Executive under
this Agreement may be assigned or transferred by Executive other than his rights
to compensation and benefits, which may be transferred only by will or operation
of law.

<PAGE>

14. Representations.

(a) The Company represents and warrants that it is fully authorized and
empowered to enter into this Agreement and that the performance of its
obligations under this Agreement will not violate any agreement between it and
any other person, firm or organization. Executive represents that he knows of no
agreement between him and any other person, firm or organization that would be
violated by the performance of his obligations under this Agreement.

(b) Executive hereby represents and warrants that he is not bound by the terms
of any agreement with any previous employer or other party to refrain from
competing, directly or indirectly, with the business of such previous employer
or any other party. Executive further represents and warrants that Executive's
performance of all the terms of this Agreement and as an employee of the Company
does not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by Executive in confidence or in trust
prior to Executive's employment with the Company. Executive will not disclose to
the Company or induce the Company to use any confidential or proprietary
information or material belonging to any previous employer or others. Executive
will not hereafter grant anyone any rights inconsistent with the terms of this
Agreement.

15. Entire Agreement. This Agreement and the Exhibits attached hereto contain
the entire understanding and agreement between the parties concerning the
subject matter hereof and supersedes all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, between the
parties with respect thereto. This is an integrated document.

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

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

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

19. Governing Law/Jurisdiction. This Agreement shall be governed in accordance
with the laws of the Commonwealth of Massachusetts without reference to
principles of conflict of laws.

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

If to the Company:      John Hancock Financial Services, Inc.
                        200 Clarendon Street
                        Boston, Massachusetts 02117
                        Attention: Corporate Secretary
                        Copy: Chairman, Compensation Committee

If to Executive: at the home address of Executive on the records of the Company

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

22. Gender Neutral. Whenever used herein, a pronoun in the masculine gender
shall be considered as including the female gender unless the context clearly
indicates otherwise.

23. Counterparts. This Agreement may be executed in two or more counterparts.

[Remainder Intentionally Left Blank]

<PAGE>

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

JOHN HANCOCK FINANCIAL SERVICES, INC.

By:
      Name:  David F. D'Alessandro
      Title: Chief Executive Officer and Chairman

JOHN HANCOCK LIFE INSURANCE COMPANY

By:
      Name:  David F. D'Alessandro
      Title: Chief Executive Officer and Chairman

      EXECUTIVE

      Thomas E. Moloney

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