Document:

<PAGE>

                                                                    Exhibit 10.2

                                 AMENDMENT NO. 1
                                       TO
                                ESCROW AGREEMENT

         This Amendment No. 1 ("Amendment No. 1") to the Escrow Agreement dated
as of November 29, 2001 (the "Agreement") is made and entered into as of
November 29, 2001, by and among Endorex Corporation, a Delaware corporation
("Parent"), Peter O. Kliem, as the representative of the stockholders of
Corporate Technology Development, Inc. who are parties to the Agreement (the
"Stockholder Representative"), Paramount Capital Drug Development Holdings LLC
as a stockholder of Corporate Technology Development, Inc. (the "Stockholder"),
and Wells Fargo Bank Minnesota, National Association, a national banking
association, as escrow agent (the "Escrow Agent").

                                    RECITALS

     WHEREAS, Parent, certain stockholders of Corporate Technology Development,
Inc., a Delaware corporation, the Stockholder Representative and the Escrow
Agent have entered into the Agreement; and

     WHEREAS, Parent, the Stockholder Representative, the Stockholder and the
Escrow Agent desire to amend certain terms of the Agreement pursuant to Section
6.5 thereof.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the
representations, warranties, covenants and agreements contained herein and in
the Agreement and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereto agree as follows:

         1. Schedule C to the Agreement is hereby be amended and restated in its
entirety as set forth on Schedule 1 attached hereto.

         2. All capitalized terms used but not defined herein have the meaning
ascribed to such terms in the Agreement.

         3. All terms of the Agreement other than those amended hereby remain in
full force and effect.

                                    * * * * *

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be executed and delivered as of the date first written above.

                                   PARENT:

                                   ENDOREX CORPORATION

                                   /s/ Michael S. Rosen
                                   -------------------------------
                                   By: Michael S. Rosen
                                       ---------------------------
                                   Its: President
                                        --------------------------

                                   STOCKHOLDER REPRESENTATIVE:

                                   /s/ Peter O. Kliem
                                   ------------------------------
                                   PETER O. KLIEM

                                   ESCROW AGENT:

                                   WELLS FARGO BANK MINNESOTA,
                                   NATIONAL ASSOCIATION, as Escrow Agent

                                   /s/ Joseph P. O'Donnell
                                   -------------------------------
                                   By: Joseph P. O'Donnell
                                       ---------------------------
                                   Title: Corporate Trust Officer
                                          ------------------------

<PAGE>

                                                STOCKHOLDER:

                                                PARAMOUNT CAPITAL DRUG
                                                DEVELOPMENT HOLDINGS LLC

                                                /s/ Lindsay Rosenwald
                                                --------------------------------
                                                By:  Lindsay Rosenwald
                                                     ---------------------------
                                                Its:
                                                     ---------------------------

<PAGE>

                                   Schedule 1

                                  Distributions

1.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after March 31, 2002 pursuant to Section 3 of
    Schedule B:
    ----------

<TABLE>
<CAPTION>
Stockholder Name                                                           Number of shares of Common Stock
<S>                                                                        <C>
TVM Medical Ventures GmbH & Co. KG                                                       101,537
Nomura Bank (Switzerland) Ltd.                                                            90,255
Paul Capital Partners V, L.P.                                                             67,120
Imprimus Investors LLC                                                                    37,606
Bristol Rittenhouse Investments, L.P.                                                     37,606
Kendall Investments, LLC                                                                  18,803
Richard J. Stern                                                                          15,042
Stern Joint Venture, L.P.                                                                 15,042
Lindsay A. Rosenwald, M.D.                                                                13,162
Concordia Partners                                                                        11,282
C. Benveniste-Schuler                                                                     11,282
Drax Holdings, L.P.                                                                        9,401
Bernard Selz                                                                               9,401
Michael Steinhardt                                                                         9,401
Keys Foundation, Curacro                                                                   9,401
Albert Reichmann                                                                           7,521
James D. Stern                                                                             7,521
Paul Capital Partners V (Domestic Annex Fund) L.P.                                         5,648
Robert I. Falk                                                                             3,760
Caxton Partners                                                                            3,760
Jeffrey S. Silverman                                                                       3,760
The Holding Company                                                                        3,760
Seju Suzuki                                                                                3,760
Yoshimasa Yamazaki                                                                         3,760
Asahi Iron Foundry Co., Ltd.                                                               3,760
Richard Vogel                                                                              3,760
Maidenhair Investments, N.V.                                                               3,760
Paul Capital Partners V International, L.P.                                                2,444
Wayne Saker                                                                                1,880
Amram Kass P.C. Money Purchase Plan                                                        1,880
David A. Braver                                                                            1,880
Amram Kass PC Defined Benefit Pension Plan                                                 1,880
David A. Wolf                                                                              1,880
Tis Prager                                                                                 1,316
Bruno Widmer                                                                               1,316
Karen Cook, IRA (KC)                                                                         940
Jack Hirschfield                                                                             470
Paramount Capital Drug Development Holdings LLC                                          131,277
Steve H. Kanzer                                                                           11,418
Nicholas Bodor                                                                             5,061
Kenneth U. Johnson                                                                         5,061
Biotechnology Solutions, LLC                                                               3,191
Nicholas Stergiopoulos                                                                     1,528
Michael Weiss                                                                              1,518
Peter and Donna Kash                                                                       1,012
Huntington Street Company                                                                  1,012
June Street Company                                                                        1,012
Kash Family Foundation                                                                       810
Sarah E. Laut                                                                                713
Michael Ferrari                                                                              713
Seth Rosenwald                                                                               688
Jon Rosenwald                                                                                688
William Kanzer                                                                               607
Gary Kanzer                                                                                  607
American Friends of Hebron Yeshiva in Jerusalem                                              202
</TABLE>

<PAGE>

Stockholder Name                                Number of shares of Common Stock

Fred Mermelstein                                                 202
Lauren S. Fischer                                                172
John Knox                                                        172
David M. Tanen                                                   172
Evan S. Borak                                                    172
Hope Viggiani                                                    101
Robert Klein                                                     101
Howard Schain                                                    101

2.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after September 30, 2002 pursuant to Section 4
    of Schedule B:
       ----------

<TABLE>
<CAPTION>
Stockholder Name                                                                Number of shares of Common Stock
<S>                                                                             <C>
TVM Medical Ventures GmbH & Co. KG                                                            50,769
Nomura Bank (Switzerland) Ltd.                                                                45,128
Paul Capital Partners V, L.P.                                                                 33,560
Imprimus Investors LLC                                                                        18,803
Bristol Rittenhouse Investments, L.P.                                                         18,803
Kendall Investments, LLC                                                                       9,401
Richard J. Stern                                                                               7,521
Stern Joint Venture, L.P.                                                                      7,521
Lindsay A. Rosenwald, M.D.                                                                     6,581
Concordia Partners                                                                             5,641
C. Benveniste-Schuler                                                                          5,641
Drax Holdings, L.P.                                                                            4,701
Bernard Selz                                                                                   4,701
Michael Steinhardt                                                                             4,701
Keys Foundation, Curacro                                                                       4,701
Albert Reichmann                                                                               3,761
James D. Stern                                                                                 3,761
Paul Capital Partners V (Domestic Annex Fund) L.P.                                             2,824
Robert I. Falk                                                                                 1,880
Caxton Partners                                                                                1,880
Jeffrey S. Silverman                                                                           1,880
The Holding Company                                                                            1,880
Seju Suzuki                                                                                    1,880
Yoshimasa Yamazaki                                                                             1,880
Asahi Iron Foundry Co., Ltd.                                                                   1,880
Richard Vogel                                                                                  1,880
Maidenhair Investments, N.V.                                                                   1,880
Paul Capital Partners V International, L.P.                                                    1,222
Wayne Saker                                                                                      940
Amram Kass P.C. Money Purchase Plan                                                              940
David A. Braver                                                                                  940
Amram Kass PC Defined Benefit Pension Plan                                                       940
David A. Wolf                                                                                    940
Tis Prager                                                                                       658
Bruno Widmer                                                                                     658
Karen Cook, IRA (KC)                                                                             470
Jack Hirschfield                                                                                 235
Paramount Capital Drug Development Holdings LLC                                               45,550
Steve H. Kanzer                                                                                5,709
Nicholas Bodor                                                                                 2,530
Kenneth U. Johnson                                                                             2,530
Biotechnology Solutions, LLC                                                                   1,596
Nicholas Stergiopoulos                                                                           764
Michael Weiss                                                                                    759
Peter and Donna Kash                                                                             506
Huntington Street Company                                                                        506
June Street Company                                                                              506
Kash Family Foundation                                                                           405
Sarah E. Laut                                                                                    357
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Stockholder Name                                               Number of shares of Common Stock
<S>                                                            <C>
Michael Ferrari                                                                 357
Seth Rosenwald                                                                  344
Jon Rosenwald                                                                   344
William Kanzer                                                                  304
Gary Kanzer                                                                     304
American Friends of Hebron Yeshiva in Jerusalem                                 101
Fred Mermelstein                                                                101
Lauren S. Fischer                                                                86
John Knox                                                                        86
David M. Tanen                                                                   86
Evan S. Borak                                                                    86
Hope Viggiani                                                                    50
Robert Klein                                                                     50
Howard Schain                                                                    50
</TABLE>

3.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after March 31, 2003 pursuant to Section 5 of
    Schedule B:
    ----------

<TABLE>
<CAPTION>
Stockholder Name                                                                Number of shares of Common Stock
<S>                                                                             <C>
TVM Medical Ventures GmbH & Co. KG                                                            50,769
Nomura Bank (Switzerland) Ltd.                                                                45,128
Paul Capital Partners V, L.P.                                                                 33,560
Imprimus Investors LLC                                                                        18,804
Bristol Rittenhouse Investments, L.P.                                                         18,804
Kendall Investments, LLC                                                                       9,402
Richard J. Stern                                                                               7,522
Stern Joint Venture, L.P.                                                                      7,522
Lindsay A. Rosenwald, M.D.                                                                     6,581
Concordia Partners                                                                             5,641
C. Benveniste-Schuler                                                                          5,641
Drax Holdings, L.P.                                                                            4,701
Bernard Selz                                                                                   4,701
Michael Steinhardt                                                                             4,701
Keys Foundation, Curacro                                                                       4,701
Albert Reichmann                                                                               3,761
James D. Stern                                                                                 3,761
Paul Capital Partners V (Domestic Annex Fund) L.P.                                             2,825
Robert I. Falk                                                                                 1,881
Caxton Partners                                                                                1,881
Jeffrey S. Silverman                                                                           1,881
The Holding Company                                                                            1,881
Seju Suzuki                                                                                    1,881
Yoshimasa Yamazaki                                                                             1,881
Asahi Iron Foundry Co., Ltd.                                                                   1,881
Richard Vogel                                                                                  1,881
Maidenhair Investments, N.V.                                                                   1,881
Paul Capital Partners V International, L.P.                                                    1,223
Wayne Saker                                                                                      941
Amram Kass P.C. Money Purchase Plan                                                              941
David A. Braver                                                                                  941
Amram Kass PC Defined Benefit Pension Plan                                                       941
David A. Wolf                                                                                    941
Tis Prager                                                                                       658
Bruno Widmer                                                                                     658
Karen Cook, IRA (KC)                                                                             470
Jack Hirschfield                                                                                 235
Paramount Capital Drug Development Holdings LLC                                               45,551
Steve H. Kanzer                                                                                5,710
Nicholas Bodor                                                                                 2,531
Kenneth U. Johnson                                                                             2,531
Biotechnology Solutions, LLC                                                                   1,596
Nicholas Stergiopoulos                                                                           765
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Stockholder Name                                                             Number of shares of Common Stock
<S>                                                                          <C>
Michael Weiss                                                                                760
Peter and Donna Kash                                                                         506
Huntington Street Company                                                                    506
June Street Company                                                                          506
Kash Family Foundation                                                                       405
Sarah E. Laut                                                                                357
Michael Ferrari                                                                              357
Seth Rosenwald                                                                               345
Jon Rosenwald                                                                                345
William Kanzer                                                                               304
Gary Kanzer                                                                                  304
American Friends of Hebron Yeshiva in Jerusalem                                              102
Fred Mermelstein                                                                             102
Lauren S. Fischer                                                                             86
John Knox                                                                                     86
David M. Tanen                                                                                86
Evan S. Borak                                                                                 86
Hope Viggiani                                                                                 51
Robert Klein                                                                                  51
Howard Schain                                                                                 51
</TABLE><PAGE>

                                                                   Exhibit 10.13

                                    APW LTD.

                           CHANGE IN CONTROL AGREEMENT
                                       FOR
                                 RICHARD G. SIM

     This Agreement is made as of November 1, 2000 (the "Effective Date"),
between APW Ltd., a Bermuda corporation (the "Company"), and Richard G. Sim (the
"Executive").

     WHEREAS, the Executive is a valued employee of the Company; and

     WHEREAS, the Company desires to enter into this Change in Control Agreement
with the Executive to provide the Executive with contractual assurances to
induce the Executive to remain as an employee of the Company notwithstanding the
possibility, threat or occurrence of a Change in Control (as defined below) of
APW Ltd.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Executive and the Company agree as follows:

     1. Employment and Duties. The Company hereby employs Executive as Chairman,
        ---------------------
President and Chief Executive Officer, with all powers and authority as are
customary to this position, and Executive hereby accepts employment with the
Company in accordance with the terms and conditions set forth herein. Executive
shall have such executive responsibilities as is customary with this position
and as the Company's Board of Directors or the President (as the case may be)
shall from time to time assign to him. Executive agrees to devote his full time
(excluding annual vacation time), skill, knowledge, and attention to the
business of the Company and the performance of his duties under this Agreement.

     2. Termination, Bonus, and Severance Pay.
        -------------------------------------

        a.   As used in this Agreement, a Change in Control means:

             (i)    a sale of over 50% of the stock of APW Ltd. measured in
        terms of voting power, other than in a public offering; or

             (ii)   the sale by APW Ltd. of over 50% of its business or assets
        in one or more transactions  over a consecutive 12-month period; or

             (iii)  a merger or consolidation of APW Ltd. with or into any other
        corporation or corporations such that the shareholders of APW Ltd. prior
        to the merger or  consolidation  do not own at least 50% of the
        surviving entity measured in terms of voting power; or

<PAGE>

               (iv)   the acquisition by any means of more than 25% of the
         voting power or common stock of APW Ltd. by any person or group of
         persons (with group defined by the definitions under Section 13(d)(3)
         of the Securities Exchange Act of 1934, as amended); or

               (v)    the election of directors constituting a majority
         of APW Ltd.'s board of directors pursuant to a proxy solicitation not
         recommended by APW Ltd.'s board of directors.

         b.    As used in this Agreement, a Triggering Event means:

               (i)    (a)  reducing the base salary paid to the Executive or (b)
         (1) a material reduction in Executive's bonus opportunity (c) reducing
         the total aggregate value of the fring benefits received by the
         Executive from the levels received by the Executive at the time of a
         Change in Control or during the 180 day period immediately preceding
         the Change in Control; or

               (ii)   a material change in the Executive's position or
         duties or the Executive's reporting responsibilities from the levels
         existing at the time of a Change in Control or during the 180 day
         period immediately preceding the Change in Control; or

               (iii)  a change in the location or headquarters where the
         Executive is normally expected to provide services to a location of 40
         or more miles from the previous location existing at the time of the
         Change in Control or during the 180 day period immediately preceding
         the Change in Control.

         c.    If the Company terminates Executive's employment within the
period beginning six months prior to a Change in Control and ending 36 months
following a Change in Control or Executive voluntarily terminates his services
following a Triggering Event that occurs within 36 months following the date of
a Change in Control, the Company shall pay to the Executive a lump sum equal to
two and one-half times the sum of (a) the highest per annum base rate of salary
in effect with respect to the Executive during the one-year period immediately
prior to the termination of employment plus (b) the highest annual bonus or
incentive compensation earned by the Executive under any cash bonus or incentive
compensation plan of the Company during the three complete fiscal years of the
Company immediately preceding the termination of employment. Such lump sum shall
be paid by the Company to the Executive within twenty days after the Executive's
termination of employment. In addition, the Company, at the Company's cost,
shall continue to provide Executive with the welfare benefits and other
perquisites Executive was receiving at the time of the Change in Control for a
period of two and one-half years following Executive's termination of employment
or such earlier date as Executive becomes employed by another

                                       -2-

<PAGE>

employer and becomes eligible for welfare benefits. For purposes hereof,
perquisites will include the Executive's right to lease a car or a car
allowance, as the case may be.

     d. Notwithstanding any provision herein, no amounts will be due under this
Agreement in the event the Executive's employment is terminated by the Company
for cause. The term "for cause" shall mean solely the following events:

        (i)   Executive has been convicted of a felony which has adversely
     affected the Company's reputation;

        (ii)  Executive has materially misappropriated Company funds, property
     or opportunities; or

        (iii) Executive has materially breached any of the provisions of this
     Agreement after having been provided by written notice a reasonable
     opportunity (not less than 15 business days) to cure such breach.

3.   Certain Additional Payments by the Company.
     ------------------------------------------

     a. In the event it shall be determined that the severance benefits payable
to Executive under this Agreement or any other payments or benefits received or
to be received by the Executive (whether payable pursuant to the terms of this
Agreement, any other plan, agreement or arrangement) (the "Payments") would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
of 1986, as amended (the "Code") or any interest or penalties are incurred by
the Executive with respect to such excise tax (such excise tax, together with
any such interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Executive shall be entitled to receive an additional
payment (a "Gross-Up Payment"). The Gross-Up Payment shall be in an amount such
that after payment by the Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation,
any income taxes (and any interest and penalties imposed with respect thereto)
and excise tax imposed on the Gross-Up Payment, the Executive retains an amount
of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

     b. Subject to the provisions of paragraph c. of this Section 3, all
determinations required to be made under this Section 3, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by a certified public accounting firm designated by the Executive (the
"Accounting Firm"), which shall provide detailed supporting calculations both to
the Company and the Executive within twenty business days of the receipt of
notice from the Executive that there has been a Payment, or such earlier time as
is requested by the Company. All fees and expenses of the Accounting Firm shall
be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to
this Section 3,

                                       -3-

<PAGE>

        shall be paid by the Company to the Executive within five days of the
        receipt of the Accounting Firm's determination. Any determination by the
        Accounting Firm shall be binding upon the Company and the Executive. As
        a result of the uncertainty in the application of Section 4999 of the
        Code at the time of the initial determination by the Accounting Firm
        hereunder, it is possible that Gross-Up Payments which will not have
        been made by the Company should have been made ("Underpayment"),
        consistent with the calculations required to be made hereunder. In the
        event that the Company exhausts its remedies pursuant to paragraph c. of
        this Section 3 and the Executive thereafter is required to make a
        payment of any Excise Tax, the Accounting Firm shall determine the
        amount of the Underpayment that has occurred and any such Underpayment
        shall be promptly paid by the Company to or for the benefit of
        Executive.

                c.      The Executive shall notify the Company in writing of any
        claim by the Internal Revenue Service that, if successful, would require
        the payment by the Company of the Gross-Up Payment. Such notification
        shall be given as soon as practicable but no later than ten business
        days after the Executive is informed in writing of such claim and shall
        describe the nature of such claim and the date on which such claim is
        requested to be paid. The Executive shall not pay such claim prior to
        the expiration of the thirty-day period following the date on which he
        gives such notice to the Company (or such shorter period ending on the
        date that any payment of taxes with respect to such claim is due). If
        the Company notifies the Executive in writing prior to the expiration of
        such period that it desires to contest such claim, the Executive shall:

                        (i)     give the Company any information reasonably
                requested by the Company relating to such claim,

                        (ii)    take such action in connection with contesting
                such claim as the Company shall reasonably request in writing
                from time to time, including, without limitation, accepting
                legal representation with respect to such claim by an attorney
                reasonably selected by the Company.

                        (iii)   cooperate with the Company in good faith in
                order effectively to contest such claim, and

                        (iv)    permit the Company to participate in any
                proceedings relating to such claim;

        provided, however, that the Company shall bear and pay directly all
        costs and expenses (including additional interest and penalties)
        incurred in connection with such contest and shall indemnify and hold
        the Executive harmless, on an after-tax basis, for any Excise Tax or
        income tax (including interest and penalties with respect thereto)
        imposed as a result of such representation and payment of costs and
        expenses. Without limitation on the foregoing provisions of this
        paragraph c. of Section 3, the Company shall control all proceedings
        taken

                                       -4-

<PAGE>

        in connection with such contest and, at its sole option, may pursue or
        forego any and all administrative appeals, proceedings, hearings and
        conferences with the taxing authority in respect of such claim and may,
        at its sole option, either direct the Executive to pay the tax claimed
        and sue for a refund or contest the claim in any permissible manner, and
        the Executive agrees to prosecute such contest to a determination before
        any administrative tribunal, in a court of initial jurisdiction and in
        one or more appellate courts, as the Company shall determine; provided,
        however, that if the Company directs the Executive to pay such claim and
        sue for a refund, the Company shall advance the amount of such payment
        to the Executive, on an interest-free basis and shall indemnify and hold
        the Executive harmless, on an after-tax basis, from any Excise Tax or
        income tax (including interest or penalties with respect thereto)
        imposed with respect to such advance or with respect to any imputed
        income with respect to such advance; and provided, further, that any
        extension of the statute of limitations relating to payment of taxes for
        the taxable year of the Executive with respect to which such contested
        amount is claimed to be due is limited solely to such contested amount.
        Furthermore, the Company's control of the contest shall be limited to
        issues with respect to which a Gross-Up Payment would be payable
        hereunder and the Executive shall be entitled to settle or contest, as
        the case may be, any other issue raised by the Internal Revenue Service
        or any other taxing authority.

                d.      If, after the receipt by the Executive of an amount
        advanced by the Company pursuant to paragraph c. of this Section 3, the
        Executive becomes entitled to receive any refund with respect to such
        claim, the Executive shall (subject to the Company's complying with the
        requirements of paragraph c. of this Section 3) promptly pay to the
        Company the amount of such refund (together with any interest paid or
        credited thereon after taxes applicable thereto). If after the receipt
        by the Executive of an amount advanced by the Company pursuant to
        paragraph c. of this Section 3, a determination is made that the
        Executive shall not be entitled to any refund with respect to such claim
        and the Company does not notify the Executive in writing of its intent
        to contest such denial of refund prior to the expiration of thirty days
        after such determination, then such advance shall be forgiven and shall
        not be required to be repaid and the amount of such advance shall
        offset, to the extent thereof, the amount of Gross-Up Payment required
        to be paid.

        4.      Confidential Information. As a supplement to any other
                ------------------------
confidentiality provisions applicable to the Executive, Executive acknowledges
that all Confidential Information is and shall continue to be the exclusive
proprietary property of the Company, whether or not disclosed to or entrusted to
the custody of Executive. Executive will not, either during the term hereof or
at any time thereafter, disclose any Confidential Information, in whole or in
part, to any person or entity other than to employees or affiliates of the
Company, for any reason or purpose, unless the Company gives its prior written
consent to such disclosure. Executive also will not, either during the term
hereof or at any time thereafter, use in any manner any Confidential Information
for his own purposes or for the benefit of any person or entity except the
Company and its affiliates whether such use consists of duplication, removal,
oral communication, disclosure, transfer or other unauthorized use thereof,
unless the Company gives its prior written consent to such use. As used herein,
the term

                                       -5-

<PAGE>

"Confidential Information" refers to all information and materials not in the
public domain belonging to, used by or in the business of the Company (the
"Business") relating to its business strategies, products, pricing, customers,
technology, programs, costs, employee compensation, marketing plans,
developmental plans, computer programs, computer systems, inventions,
developments, formulae, processes, designs, drawings, trade secrets of every
kind and character and competitive information. "Confidential Information" also
includes confidential information belonging to other companies and disclosed to
the Executive by the Company.

        5.      Non-competition and Inventions.
                ------------------------------

                a.      During the period of employment of Executive and for a
        period of one year after Executive's termination of employment for any
        reason, Executive shall not directly or indirectly as a principal,
        agent, owner, employee, consultant, advisor, trustee, beneficiary,
        distributor, partner, co-venturer, officer, director, stockholder or in
        any other capacity, nor will any entity owned by Executive:

                        (i)     divert or attempt to divert any business from
                the Company or engage in any act likely to cause any customer or
                supplier of the Company to discontinue or curtail its business
                with the Company or to do business with another entity, firm,
                business, activity or enterprise directly or indirectly
                competitive with the Company; or

                        (ii)    contact, sell or solicit to sell or attempt to
                contact, sell or solicit to sell products competitive to those
                sold by the Company to any customer of the Company with which
                Executive had contact while performing services for the Company;
                or

                        (iii)   solicit or attempt to solicit any employee of
                the Company for employment or retention.

                Notwithstanding the provisions above, Executive may acquire
        securities of any entity the securities of which are publicly traded,
        provided that the value of the securities of such entity held directly
        or indirectly by Executive immediately following such acquisition is
        less than 5% of the total value of the then outstanding class or type of
        securities acquired.

                b.      Executive acknowledges and agrees that the restrictions
        set forth in this section 5 are founded on valuable consideration and
        are reasonable in duration and geographic area in view of the
        circumstances under which this Agreement is executed and that such
        restrictions are necessary to protect the legitimate interests of the
        Company. If, in any judicial proceeding, a court shall refuse to enforce
        any separate covenant set forth herein, then such unenforceable covenant
        shall be deemed eliminated from this section 4 for the purpose of that
        proceeding to the extent necessary to permit the remaining separate
        covenants to be enforced.

                                       -6-

<PAGE>

                c.      The Executive hereby sells, transfers and assigns to the
        Company the entire right, title and interest of the Executive in and to
        all inventions, ideas, disclosures and improvements, whether patented or
        unpatented, and copyrightable materials, made or conceived by the
        Executive, solely or jointly, or in whole or in part, during the period
        Executive is bound by this Agreement which (i) relate to methods,
        apparatus, designs, products, processes or devices sold, leased, used or
        under construction or development by the Company or any subsidiary or
        (ii) otherwise relate to or pertain to the business, functions or
        operations of the Company or any subsidiary, or (iii) arise (wholly or
        partly) from the efforts of the Executive during the Term hereof in
        connection with his performance of his duties hereunder. The Executive
        shall communicate promptly and disclose to the Company, in such form as
        the Company requests, all information, details and data pertaining to
        the aforementioned inventions, ideas, disclosures and improvements; and,
        whether during the term hereof or thereafter, the Executive shall
        execute and deliver to the Company such formal transfers and assignments
        and such other papers and documents as may be required of the Executive
        to permit the Company to file and prosecute the patent applications and,
        as to copyrightable material, to obtain copyright thereon. This
        provision does not relate to any invention for which (i) no equipment,
        supplies, facilities or trade secret information of the Company was used
        and which was developed entirely on the Executive's own time and which
        does not relate (A) directly to the business of the Company, or (B) to
        the Company's actual or demonstrably anticipated research or
        development; or (ii) does not result in any work performed by the
        Executive for the Company.

                d.      The provisions in this paragraph are a supplement to any
        other confidentiality and non-compete provisions applicable to the
        Executive in any other agreements.

        6.      Miscellaneous.
                -------------

                a.      This Agreement shall be governed by and construed in
        accordance with the internal laws of the State of Wisconsin, without
        reference to principles of conflict of laws. The captions of this
        Agreement are not part of the provisions hereof and shall have no force
        or effect. This Agreement may not be amended or modified otherwise than
        by a written agreement executed by the parties hereto or their
        respective successors and legal representatives.

                b.      All notices and other communications hereunder shall be
        in writing and shall be given by hand delivery to the other party or by
        registered or certified mail, return receipt requested, postage prepaid,
        addressed as follows:

        If to the Executive, to his address appearing on the records of the
        Company.

                                       -7-

<PAGE>

        If to the Company:              APW Ltd.
                                        N22 W23685 Ridgeview Parkway West
                                        Waukesha, WI  53188-1013
                                        Attention: President

        With a copy to:                 Quarles & Brady LLP
                                        411 East Wisconsin Avenue
                                        Milwaukee, WI  53202
                                        Attention:  Anthony W. Asmuth III, Esq.

        or to such other address as either party shall have furnished to the
        other in writing in accordance herewith. Notice and communications shall
        be effective when actually received by the addressee.

                c.      The invalidity or unenforceability of any provision of
        this Agreement shall not affect the validity or enforceability of any
        other provision of this Agreement.

                d.      The Company may withhold from any amounts payable under
        this Agreement such federal, state, local or foreign taxes as shall be
        required to be withheld pursuant to any applicable law or regulation.

                e.      The Executive's or the Company's failure to insist upon
        strict compliance with any provisions hereof or any other provision of
        this Agreement or the failure to assert any right the Executive or the
        Company may have hereunder, including, without limitation, the right of
        the Executive to terminate employment for cause pursuant to this
        Agreement, shall not be deemed to be a waiver of such provision or right
        or any other provision or right of this Agreement.

                f.      The Executive and the Company acknowledge that, except
        as may otherwise be provided herein or under any other written agreement
        between the Executive and the Company, the employment of the Executive
        by the Company is "at will" and the Executive's employment may be
        terminated by the Company at any time.

                g.      The Company agrees that if it breaches any payment
        obligation hereunder, the Company will pay all reasonable attorney fees
        and costs incurred by Executive in enforcing Executive's rights
        hereunder.

                h.      This Agreement may be executed in one or more
        counterparts, each of which shall be deemed to be an original, but all
        of which together shall constitute one and the same instrument.

                i.      If the Company sells, leases, exchanges or otherwise
        disposes of, in a single transaction or series of related transactions,
        all or substantially all of its property and assets,

                                       -8-

<PAGE>

        or if the Company ceases to exist as a separate entity as a result of a
        merger, spin-off, reorganization or otherwise, then the Company will, as
        a condition precedent to any such transaction, cause effective provision
        to be made so that the person or entity acquiring such property and
        assets or succeeding to the business of the Company as the surviving
        entity of a merger, spin-off, reorganization or otherwise, as
        applicable, becomes bound by, and replaces the Company under, this
        Agreement.

        7.      Injunctive Relief. Executive acknowledges and agrees that
                -----------------
irreparable injury will result to the Company in the event Executive breaches
any covenant contained in this Agreement and that the remedy at law for such
breach will be inadequate. Therefore, if Executive engages in any act in
violation of the provisions of this Agreement, the Company shall be entitled, in
addition to such other remedies and damages as may be available to it by law or
under this Agreement, to injunctive or other equitable relief to enforce the
provisions hereof.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.

                                        APW Ltd.

                                        By: /s/ Joseph T. Lower
                                            -----------------------------------

                                        /s/ R. G. Sim
                                        ---------------------------------------
                                        Richard G. Sim

                                       -9-

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