Document:

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                                                                    Exhibit 10.2

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is entered into as of the first day of July, 2002, by
and between Heritage Bank (the "Bank") and Michael L. Woolfolk (the "Employee").

         WHEREAS, the Employee currently serves as Executive Vice President and
Chief Operations Officer of the Bank pursuant to an employment agreement dated
August 15, 2000 (the "2000 Agreement"); and

         WHEREAS, the Employee is willing to continue employment with the Bank
on the terms and conditions set forth below, which shall supersede the 2000
Agreement, and the Board of Directors of the Bank has determined that such terms
and conditions are reasonable and in the best interests of the Bank.

         NOW, THEREFORE, it is AGREED as follows:

         1.  Employment. The Employee is hereby employed as Executive Vice
President and Chief Operations Officer of the Bank. Except to the extent that
the President and Chief Executive Officer of the Bank shall have delegated a
portion of such authority to one or more other officers, the Employee shall
provide general supervision of the operations of the Bank and shall perform such
other administrative and management services for the Bank as are currently
rendered and as are customarily performed by persons situated in a similar
executive capacity. The Employee shall also promote, by entertainment or
otherwise, as and to the extent permitted by law, the business of the Bank.

         2.  Base Compensation. The Bank agrees to pay the Employee as Executive
Vice President and Chief Operations Officer during the term of this Agreement a
salary (the "Base Salary") at the rate of $100,000. per annum, payable in cash
not less frequently than monthly. The Board shall review, not less often than
annually, the rate of the Employee's Base Salary, and in its sole discretion may
decide to increase his Base Salary.

         3.  Discretionary Bonuses. The Employee shall participate in an
equitable manner with all other senior management employees of the Bank in
discretionary bonuses that the Board may award from time to time to the Bank's
senior management employees. No other compensation provided for in this
Agreement shall be deemed a substitute for the Employee's right to participate
in such discretionary bonuses.

         4.  (a) Participation  in Retirement,  Medical and Other Plans. The
Employee shall be entitled to participate in any plan that the Bank maintains
for the benefit of its employees if the plan relates to (i) pension,
profit-sharing, or other retirement benefits, (ii) medical insurance or the
reimbursement of medical or dependent care expenses, or (iii) other group
benefits, including disability and life insurance plans.

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             (b) Employee Benefits. The Employee shall participate in any fringe
benefits that are or may become available to the Bank's senior management
employees, including, for example: any stock option or incentive compensation
plans and any other benefits that are commensurate with the responsibilities and
functions to be performed by the Employee under this Agreement.

             (c) Expenses. The Employee shall be reimbursed for all reasonable
out-of-pocket business expenses that he shall incur in connection with his
services under this Agreement upon substantiation of such expenses in accordance
with the policies of the Bank.

         5.  Term. The Bank hereby employs the Employee, and the Employee hereby
accepts such employment under this Agreement, for the period commencing on the
date hereof (the "Effective Date") and ending 36 months thereafter (or such
earlier date as is determined in accordance with Section 9 hereof).
Additionally, on each annual anniversary date from the Effective Date, this
Agreement and the Employee's term of employment shall be extended for an
additional one-year period beyond the then effective expiration date, provided
that the Board determines in a duly adopted resolution that the performance of
the Employee has met the Board's requirements and standards, and that this
Agreement shall be extended. Prior to each such anniversary date, the Board
shall meet to review the Employee's performance and determine whether this
Agreement should be extended.

         6.  Loyalty, Full Time and Attention.

             (a) During the period of his employment hereunder and except for
illness, reasonable vacation periods, and reasonable leaves of absence, the
Employee shall devote all his full business time, attention, skill, and efforts
to the faithful performance of his duties hereunder; provided that, from time to
time, the Employee may serve on the board of directors of, and hold any other
offices or positions in, companies or organizations, that will not present any
conflict of interest with the Bank or any of its subsidiaries or affiliates, or
unfavorably affect the performance of Employee's duties pursuant to this
Agreement, or will not violate any applicable statute or regulation. "Full
business time" is hereby defined as that amount of time usually devoted to like
companies by similarly situated executive officers. During the term of his
employment under this Agreement, the Employee shall not engage in any business
or activity contrary to the business affairs or interests of the Bank, or be
gainfully employed in any other position or job other than as provided above.

             (b) Nothing contained in this Section 6 shall be deemed to prevent
or limit the Employee's right to invest in the capital stock or other securities
of any business dissimilar from that of the Bank, or, solely as a passive or
minority investor, in any business.

         7.  Standards. The Employee shall perform his duties under this
Agreement in accordance with such reasonable standards as the Board may
establish from time to time. The Bank will provide the Employee with the working
facilities and staff customary for similar executive officers and necessary for
him to perform his duties.

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         8.  Vacation and Sick Leave. The Employee shall be entitled, without
loss of pay, to absent himself voluntarily from the performance of his duties
under this Agreement in accordance with the terms set forth below, all such
voluntary absences to count as vacation time; provided that:

             (a) The Employee shall be entitled to an annual vacation in
accordance with the policies periodically established by the Board for senior
management employees of the Bank.

             (b) The Employee shall not receive any additional compensation from
the Bank on account of his failure to take a vacation, and the Employee shall
not accumulate unused vacation from one fiscal year to the next, except in
either case to the extent authorized by the Board.

             (c) In addition to the aforesaid paid vacations, the Employee shall
be entitled, without loss of pay, to absent himself voluntarily from the
performance of his employment obligations with the Bank for such additional
periods of time and for such valid and legitimate reasons as the Board may in
its discretion approve. Further, the Board may grant to the Employee a leave or
leaves of absence, with or without pay, at such time or times and upon such
terms and conditions as the Board in its discretion may determine.

             (d) In addition, the Employee shall be entitled to an annual sick
leave benefit as established by the Board.

         9.  Termination and Termination Pay. Subject to Section 11 hereof, the
Employee's employment hereunder may be terminated under the following
circumstances:

             (a) Death. The Employee's employment under this Agreement shall
terminate upon his death during the term of this Agreement, in which event the
Employee's estate shall be entitled to receive the compensation due the Employee
through the last day of the calendar month in which his death occurred.

             (b) Disability. The Bank may terminate the Employee's employment
after having established, through a determination by the Board, the Employee's
Disability. For purposes of this Agreement, "Disability" means a physical or
mental infirmity that impairs the Employee's ability to substantially perform
his duties under this Agreement and that results in the Employee becoming
eligible for long-term disability benefits under the Bank's long-term disability
plan (or, if the Bank has no such plan in effect, that impairs the Employee's
ability to substantially perform his duties under this Agreement for a period of
180 consecutive days). The Employee shall be entitled to the compensation and
benefits provided for under this Agreement for (i) any period during the term of
this Agreement and prior to the establishment of the Employee's Disability
during which the Employee is unable to work due to the physical or mental
infirmity, or (ii) any period of Disability that is prior to the Employee's
termination of employment pursuant to this Section 9(b); provided that any
benefits paid pursuant to the Bank's long-term disability plan will continue as
provided in such plan.

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             (c) For Just Cause. The Board may, by written notice to the
Employee, immediately terminate his employment at any time, for Just Cause. The
Employee shall have no right to receive compensation or other benefits for any
period after termination for Just Cause. Termination for "Just Cause" shall mean
termination because of, in the good faith determination of the Board, the
Employee's personal dishonesty, incompetence, willful misconduct, breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order, or material
breach of any provision of this Agreement. Notwithstanding the foregoing, the
Employee shall not be deemed to have been terminated for Just Cause unless there
shall have been delivered to the Employee a copy of a resolution duly adopted by
the affirmative vote of not less than a majority of the entire membership of the
Board (excluding the Employee if a member of the Board) at a meeting of the
Board called and held for the purpose (after reasonable notice to the Employee
and an opportunity for the Employee to be heard before the Board), finding that
in the good faith opinion of the Board the Employee was guilty of conduct set
forth above in the second sentence of this Subsection (c) and specifying the
particulars thereof in detail.

             (d) Without Just Cause. Subject to the provisions of Section 11
hereof, the Board may, by written notice to the Employee, immediately terminate
his employment at any time for any reason; provided that, if such termination is
for any reason other than pursuant to Sections 9(a), (b) or (c) above, the
Employee shall be entitled to receive the following compensation and benefits:
(i) the salary provided pursuant to Section 2 hereof, up to the date of
expiration of the term (including any renewal term then in effect) of this
Agreement (the "Termination Date") and (ii) the cost to the Employee of
obtaining all health, life, disability and other benefits (excluding any bonus,
stock option or other compensation benefits) in which the Employee would have
been eligible to participate through the Termination Date based upon the benefit
levels substantially equal to those that the Bank provided for the Employee at
the date of termination of employment. Said sum shall be paid, at the option of
the Employee, either (1) in periodic payments over the remaining term of this
Agreement, as if the Employee's employment had not terminated, or (2) in one
lump sum within 10 days of such termination.

             (e) Termination or Suspension Under Federal Law.

                 (1) If the Employee is removed and/or permanently prohibited
from participating in the conduct of the Bank's affairs by an order issued under
Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12
U.S.C. ss.1818(e)(4) or (g)(1)), all obligations of the Bank under this
Agreement shall terminate, as of the effective date of the order, but vested
rights of the parties shall not be affected.

                 (2) If the Bank is in default (as defined in Section 3(x)(1) of
FDIA), all obligations under this Agreement shall terminate as of the date of
default; however, this Paragraph 9(e)(2) shall not affect the vested rights of
the parties.

                 (3) All obligations under this Agreement shall terminate,
except to the extent that continuation of this Agreement is necessary for the
continued operation of the Bank: (A) by the Director of the Office of Thrift
Supervision ("OTS"), or his or her designee, at the time that the Federal
Deposit Insurance Corporation enters into an agreement to provide

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assistance to or on behalf of the Bank under the authority contained in Section
13(c) of the FDIA; or (B) by the Director of the OTS, or his or her designee, at
the time that the Director of the OTS, or his or her designee, approves a
supervisory merger to resolve problems related to operation of the Bank or when
the Bank is determined by the Director of the OTS to be in an unsafe or unsound
condition. Such action shall not affect any vested rights of the parties.

                 (4) If a notice served under Section 8(e)(3) or (g)(1) of the
FDIA (12 U.S.C.ss.1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits
the Employee from participating in the conduct of the Bank's affairs, the Bank's
obligations under this Agreement shall be suspended as of the date of such
service unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion (A) pay the Employee all or part
of the compensation withheld while its contract obligations were suspended, and
(B) reinstate (in whole or in part) any of its obligations that were suspended.

                 (5) If any of the provisions of this Paragraph 9(e) conflict
with 12 C.F.R.ss. 563.39(b), the latter shall prevail.

             (f) Voluntary Termination by Employee. Subject to the provisions of
Section 11 hereof, the Employee may voluntarily terminate employment with the
Bank during the term of this Agreement, upon at least 60 days' prior written
notice to the Board, in which case the Employee shall receive only his
compensation, vested rights and employee benefits accrued up to the date of his
termination.

             (g) Limitation by Section 18(k) of the FDIA. Notwithstanding
anything herein to the contrary, any payments made to the Employee pursuant to
this Agreement, or otherwise, are subject to and conditioned upon their
compliance with Section 18(k) of the FDIA (12 U.S.C. ss. 1828(k)) and any
regulations promulgated thereunder.

         10. No  Mitigation.  The  Employee  shall not be  required to mitigate
the amount of any payment provided for in this Agreement by seeking other
employment or otherwise, and no such payment shall be offset or reduced by the
amount of any compensation or benefits provided to the Employee in any
subsequent employment.

         11. Change in Control.

             (a) Notwithstanding any provision herein to the contrary, if the
Employee's employment under this Agreement is terminated by the Bank, without
the Employee's prior written consent and for a reason other than for Just Cause,
death or disability in connection with or 12 months after any change in control
of the Bank or which has not been approved in advance by a two-thirds vote of
the full Board of Directors of each of the Bank and the Company, the Employee
shall be paid an amount equal to two times the Employee's Base Salary as of the
date of termination. Said sum shall be paid in one lump sum within 10 days of
such termination. The term "change in control" shall mean (1) a change in the
ownership, holding or power to vote more than 25% of the Bank's or Company's
voting stock, (2) a change in the ownership or possession of the ability to
control the election of a majority of the Bank's or Company's directors, or (3)
a change in the ownership or possession of the ability to exercise a controlling
influence over the management or policies of the Bank or the Company by any
person or by

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persons acting as a "group" (within the meaning of Section 13(d) of the
Securities Exchange Act of 1934) (except that, in the case of (1), (2) and (3)
hereof, ownership or control of the Bank or its directors by the Company itself
shall not constitute a change in control. The term "person" means an individual
other than the Employee, or a corporation, partnership, trust, association,
joint venture, pool, syndicate, sole proprietorship, unincorporated organization
or any other form of entity not specifically listed herein.

             (b) The sum of the amount payable under Section 11(a) hereof and
any other "parachute payment" as defined under Section 280G(b)(2) of the
Internal Revenue Code of 1986, as amended from time to time (the "Code"), shall
not exceed 2.99 times the Employee's "base amount" as defined in Section
280G(b)(3) of the Code.

             (c) Notwithstanding the foregoing, but only to the extent required
under federal banking law, the amount payable under Section 11(a) hereof shall
be reduced to the extent that on the date of the Employee's termination of
employment, the amount payable under Section 11(a) exceeds the limitation on
severance benefits set forth in Regulatory Bulletin 27a of the OTS, as in effect
on such termination date.

             (d) In the event that any dispute arises between the Employee and
the Bank as to the terms or interpretation of this Agreement, including this
Section 11, whether instituted by formal legal proceedings or otherwise,
including an action that Employee takes to enforce the terms of this Section 11
or to defend against any action taken by the Bank, the Employee shall be
reimbursed for all costs and expenses, including reasonable attorneys' fees,
arising from such disputes or proceedings, provided that the Employee shall have
obtained a final judgment by a court of competent jurisdiction in his favor.
Such reimbursement shall be paid within 10 days of Employee's providing the Bank
with written evidence, which may be in the form, among others, of a canceled
check or receipt, of any costs or expenses incurred by the Employee.

         12. Successors and Assigns.

             (a) This Agreement shall inure to the benefit of and be binding
upon any corporate or other successor of the Bank that shall acquire, directly
or indirectly, by merger, consolidation, purchase or otherwise, all or
substantially all of the assets or stock of the corporation.

             (b) Since the Bank is contracting for the unique and personal
skills of the Employee, the Employee shall be precluded from assigning or
delegating his rights or duties hereunder without first obtaining the written
consent of the Bank.

         13. Amendments. No amendments or additions to this Agreement shall be
binding unless made in writing and signed by all of the parties, except as
herein otherwise specifically provided.

         14. Applicable Law. This Agreement shall be governed in all respects,
whether as to its validity, construction, capacity, performance or otherwise, by
the laws of the Commonwealth of Kentucky, except to the extent that Federal law
shall be deemed to apply.

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         15. Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof

         16. Entire Agreement.  This Agreement,  together with any understanding
or modifications  thereof as agreed to in writing by the parties, shall
constitute the entire agreement between the parties hereto.

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

ATTEST:                                      HERITAGE BANK

                                             By:   /s/ John E. Peck
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Secretary                                       John E. Peck, President and
                                                Chief Executive Officer

WITNESS:

                                                 /s/ Michael L. Woolfolk
------------------------------                  --------------------------------
                                                 Michael L. Woolfolk<PAGE>

                                                                    Exhibit 10.1

                               GLYCOGENESYS, INC.

                              Employment Agreement

     THIS EMPLOYMENT AGREEMENT, dated as September 12, 2002 (this "Agreement")
and effective as of the 30/th/ day of June 2002 (the "Effective Date"), is
between GlycoGenesys, Inc., a Nevada corporation (hereinafter called the
"Employer"), and Bradley J. Carver (hereinafter called the "Employee").

     WHEREAS, the Employer desires to employ the Employee as its President and
CEO, and the Employee desires to accept such employment, all upon the terms and
conditions set forth below.

     NOW, THEREFORE, in consideration of the premises and the mutual promises
hereinafter set forth, the parties hereto hereby mutually agree as follows:

     1. Employment. The Employer hereby employs the Employee, and the Employee
hereby accepts employment, upon and subject to the terms and conditions set
forth herein.

     2. Date and Term

        2.1  Effective Date and Term. The term (the "Term") of employment of the
Employee hereunder shall commence as of the Effective Date and shall continue
until the third anniversary of the Effective Date subject to Section 2.2 unless
terminated earlier in accordance with the provisions hereof.

        2.2  Automatic Extensions. If Employee is not notified at least ninety
(90) days prior to the end of the Term that this Agreement will be not renewed,
then the Term is extended by one year.

     3. Title, Powers and Duties: Extent of Services. The Employee shall promote
the business and affairs of the Employer as its President and CEO. The Employee
shall report and be responsible to the Board of Directors of the Employer (the
"Board") and, except for vacations and absences due to temporary illness or
disability shall devote his full efforts, time, attention and energies to the
business and affairs of the Employer. As its President and CEO, the Employee
shall have the duties and responsibilities normally inherent in his position and
such other duties and responsibilities consistent with his position, as may be
reasonably assigned to him by the Board from time to time. The Employee agrees
to abide by the rules, regulations, instructions, personnel practices and
policies of the Employer and any changes therein which may be adopted from time
to time by the Employer.

     4. Compensation.

        4.1. Salary. During the Term, the Employer shall pay the Employee a base
salary at the annual rate of $220,000, payable in accordance with the Employer's
standard payroll practices, subject to increases at the discretion of the
Compensation Committee to be reviewed at least annually. The base salary to
which the Employee is entitled pursuant to this Section 4.1 is hereinafter
referred to as the "Salary".

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        4.2. Expense Reimbursement. The Employer shall reimburse the Employee
for any actual expenses incurred by the Employee within the scope of his
employment under this Agreement so long as such expenses are reasonable and
necessary, appropriately documented, and in compliance with budgetary and policy
guidelines of the Employer. The Employee will be responsible for reporting and
documenting his own tax deductions for un-reimbursed business expenses.

        4.3. Benefits. The Employee shall be entitled to receive such employee
or fringe benefits as may be offered or made available by the Employer from time
to time to its employees (the "Benefits").

        4.4. Bonuses. The Employee will be eligible to receive cash and
equity-based bonuses in accordance with individual and company performance
criteria, to be reviewed at least annually, as determined by the Compensation
Committee of the Board in its sole discretion (the "Bonuses").

     5. Termination

        5.1. Termination upon Death or Disability. This Agreement and the
Employee's employment hereunder shall terminate immediately upon the Employee's
death or Permanent Disability.

        5.2. Termination. The Employer may terminate the employment of the
Employee under this Agreement at any time immediately with Cause (as defined
below), or upon ninety (90) day notice without Cause. The Employee may terminate
his employment under this Agreement at any time immediately with Good Reason (as
defined below), or upon ninety (90) day notice without Good Reason. The rights
and obligations of the parties upon any termination of the Employee's employment
shall be as set forth in Section 5.3 hereof.

             (a) For purposes of this Agreement, the term "Cause" shall mean (i)
     any act of dishonesty, gross negligence or willful misconduct with respect
     to the Employer, including without limitation, fraud or theft, on the part
     of the Employee, (ii) conviction of the Employee or a plea of guilty or
     nolo contendere for a felony, or (iii) the Employee's sustained failure, as
     determined by the Employer's Board of Directors, to perform significant
     duties hereunder (which duties are not inconsistent with the terms of this
     Agreement) after notice and a thirty (30) day opportunity to cure.

             (b) For purposes of this Agreement, the term "Good Reason" shall
     mean (i) if the Board requires the Employee to perform his duties and
     responsibilities set forth herein primarily at any location other than
     within 50 miles of his present office location in Boston, Massachusetts
     (excluding business-related travel); (ii) in the event there is a sale of
     all of the capital stock of the Company or a sale of substantially all of
     the assets of the Company to a non-Affiliate of the Company; (iii) a
     material breach by the Employer of any term of this Agreement not cured
     within 30 days of notification by the Employee; or (iv) a diminution of
     responsibilities as defined in section 5.4 of this Agreement (collectively,
     "Good Reason"). The Employee's rights to a termination for

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     Good Reason must be exercised within one hundred twenty (120) days of the
     event constituting Good Reason.

          5.3  Rights Upon Termination. In the event that:

               (a) the employment of the Employee is terminated by the Employee
for Good Reason or by the Employer without Cause, then the Employer (i) shall
pay to the Employee, twelve (12) month's Salary at the rate in effect at the
time of termination payable at least monthly in accordance with the Employer's
standard payroll practices (the "Salary Continuation Period"), plus, if not yet
paid to the Employee, the Employee's cash and equity-based bonuses, if any,
earned in the year prior to such termination at such time as such bonus would be
paid had the Employee's employment hereunder not been terminated, (ii) shall
permit (A) all options vested at the time of termination to be exercised, or (B)
in the event such termination is for Good Reason due to a Change in Control (as
defined in the Company's 2000 Stock Incentive Plan, as amended) all outstanding
options to fully vest and to be exercised, for the lesser of (x) their full
remaining period pursuant to the terms of each such option grant and (y) five
years, and (iii) the Employer will provide appropriate outplacement services at
its expense. The obligations of the Employer pursuant to this Section 5.3(a)
shall be in lieu of any other rights of the Employee to compensation or Benefits
hereunder, and no other compensation of any kind or any other amounts shall be
due to the Employee by the Employer under this Agreement, except that Employee
shall be entitled to continue to receive health benefits for the Salary
Continuation Period paid by the Employer consistent with Employer practices at
the time of termination.

               (b) the Employee's employment terminates by reason of Employee's
death or Permanent Disability, then the Employer shall pay and provide to the
Employee or Employee's estate or other successor in interest at the time all
Salary, Benefits and Bonuses due to the Employee under Section 4 through the end
of the day on which the termination occurs, but reduced in the case of
disability by any payments received under any disability plan, program or policy
paid for by the Employer. For purposes of this Agreement, "Permanent Disability"
shall mean the Employee qualifies to receive benefits under the Employer's Long
Term Disability Plan. In the absence of a Long Term Disability Plan sponsored by
the Employer, then "Permanent Disability" shall mean the Employee's inability to
perform his or her duties hereunder for a continuous period of six (6) months by
reason of his or her physical or mental illness or incapacity. In the event of
any dispute concerning the existence of a Permanent Disability, such question
shall be determined by a licensed physician selected by the Employer and
reasonably acceptable to the Employee, whose determination shall be final and
binding upon the parties. The Employee shall submit to such examinations and
furnish such information as such physician may reasonably request.

               (c) the employment of the Employee is terminated by the Employee
without Good Reason or by the Employer for Cause, the Employee shall not be
entitled to compensation or Benefits granted hereunder beyond the date of the
termination of the Employee's employment. and no other compensation of any kind
or any other amounts shall be due to the Employee by the Employer under this
agreement.

          5.4. Diminution of Responsibilities. For purposes of this Section 5, a
substantial diminution of the Employee's responsibilities, authority or title as
they relate to the

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Employer's business, as a whole shall be deemed a "termination without Cause" by
the Company.

     6. Confidential Information.

        6.1. Definitions. For purposes of this Agreement, the term "Confidential
Information" shall mean (i) confidential information, knowledge or data of the
Employer, (ii) trade secrets of the Employer and (iii) any other proprietary
information of the Employer disclosed to the Employee or to which the Employee
is given access prior to the termination of the Employee's employment with the
Employer. Without limiting the generality of the foregoing, the term
Confidential Information shall include (A) all inventions, improvements,
developments, ideas, processes, prototypes, plans, drawings, designs, models,
formulations, specifications, methods, techniques, shop-practices, discoveries,
innovations, creations, technologies, formulas, algorithms, data, computer
databases, reports, laboratory notebooks, papers, writings, photographs, source
and object codes, software programs, other works of authorship, and know-how
(including all records pertaining to any of the foregoing), whether or not
reduced to writing and whether or not patented or patentable or registered or
registrable under patent, copyright, trademark or similar statute, that are
owned by the Employer or that are required to be assigned to the Employer by any
person, including, without limitation, the Employee or any other employee or
consultant of the Employer, or that are licensed to the Employer by any person
(all of the foregoing items listed or described in this clause (A) are
hereinafter referred to, collectively, as "Inventions"), (B) information
regarding the Employer's plans for research and development for existing or new
products, (C) information regarding regulatory matters pertaining to the
Employer, (D) information regarding any acquisition or strategic alliance
effected by the Employer or any proposed acquisition or strategic alliance being
considered by the Employer, (E) information regarding the status or outcome of
any negotiations engaged in by the Employer, (F) information regarding the
existence or terms of any contract entered into by the Employer, (G) information
regarding any aspect of the Employer's intellectual property position, (H)
information regarding prices or costs of the Employer, (I) information regarding
any aspect of the Employer's business strategy, including, without limitation,
the Employer's marketing, selling and distribution strategies, (J) information
regarding customers or suppliers of the Employer, (K) information regarding the
skills, compensation and other terms of employment or engagement of the
Employer's employees and consultants, (L) business plans, budgets, unpublished
financial statements and unpublished financial data of the Employer, (M)
information regarding marketing and sales of any actual or proposed product or
services of the Employer and (N) any other information that the Employer may
designate as or reasonably deem to be confidential. "Confidential Information"
shall exclude information known to the Employee prior to the first date of
employment with the Employer.

        6.2. Nondisclosure. The Employee acknowledges that, except to the extent
otherwise provided below in this Section 6.2 or in Section 6.4 hereof, all
Confidential Information disclosed to or acquired by the Employee is a valuable,
special, and unique asset of the Employer and is to be held in trust by the
Employee for the Employers sole benefit. Except as otherwise provided below in
this Section 6.2 or in Section 6.4 hereof, the Employee shall not, at any time
during or after the Term, use for himself or others, or disclose or communicate
to any person for any reason, any Confidential Information without the prior
written consent of the Employer. Notwithstanding anything in this Section 6.2 to
the contrary, it is understood that,

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except to the extent otherwise expressly prohibited by the Employer, (A) the
Employee may disclose or use Confidential Information in performing his duties
and responsibilities to the Employer but only to the extent required or
necessary for the performance of such duties and responsibilities in the
ordinary course and within the scope of his employment, and (B) the Employee may
disclose any Confidential Information pursuant to a request or order of any
court or governmental agency, provided that the Employee promptly notifies the
Employer of any such request or order and provides reasonable cooperation (at
the Employer's expense) in the efforts, if any, of the Employer to contest or
limit the scope of such request or order.

        6.3. Third Party Confidential Information. The Employee acknowledges and
agrees that the Employer has received, and may receive in the future
confidential or proprietary information from third parties ("Third Party
Confidential Information") subject to a duty on the Employer's part to maintain
the confidentiality of such Third Party Confidential Information and to use it
only for certain limited purposes. During the Term and thereafter, the Employee
shall hold Third Party Confidential Information in the strictest confidence and
will not use or disclose to anyone any Third Party Confidential Information,
unless expressly authorized in writing by the Employer or unless otherwise
provided in this Section 6.3 or in Section 6.4 below. Notwithstanding anything
in this Section 6.3 to the contrary, it is understood that, except to the extent
otherwise expressly prohibited by the Employer, (A) the Employee may disclose or
use Confidential Third Party Information in performing his duties and
responsibilities to the Employer but only to the extent required or necessary
for the performance of such duties and responsibilities in the ordinary course
and within the scope of his employment and (B) the Employee may disclose any
Third Party Confidential Information pursuant to a request or order of any court
or governmental agency, provided that the Employee promptly notifies the
Employer of any such request or order and provides reasonable cooperation (at
the Employer's expense) in the efforts, if any, of the Employer to contest or
limit the scope of such request or order.

        6.4. Permitted Disclosures. The Employee's obligations under Section 6.2
and/or Section 6.3 hereof not to use, disclose or communicate Confidential
Information or Third Party Confidential Information to any person without the
prior written consent of the Employer shall not apply to any Confidential
Information or Third Party Confidential Information which (i) is or becomes
publicly known (as demonstrated by written evidence provided by the Employee)
under circumstances involving no breach by the Employee of this Agreement and/or
(ii) was or is approved for release by the Board or an authorized officer of the
Employer.

        6.5. Other Duties. The obligations of the Employee under this Section 6
are without prejudice, and are in addition to, any other obligations or duties
of confidentiality, whether express or implied or imposed by applicable law,
that are owed to the Employer or any other person to whom the Employer owes an
obligation of confidentiality.

     7. No Improper Disclosure or Use of Materials. The Employee shall not
improperly use or disclose to the Employer or for the Employer's benefit any
confidential information or trade secrets of (i) any former or future employer,
(ii) any person to whom the Employee has previously provided, currently provides
or may in the future provide consulting services or (iii) any other person to
whom the Employee owes an obligation of confidentiality. The Employee shall not
bring onto the premises of the Employer any unpublished documents or any
property

                                      -5-

<PAGE>

belonging to any person referred to in any of the foregoing clauses (i), (ii) or
(iii) unless consented to, in writing by such person.

     8.   Right to Inspect. The Employee agrees that any property situated on
the Employer's premises, including disks and other storage media, filing
cabinets or other work areas, is subject to inspection by Employer personnel at
any time with or without notice.

     9.   Inventions: Assignment,

          9.1. Definitions. For purposes of this Agreement, the term "Assigned
Inventions" shall mean any and all Inventions that (i) are made, conceived,
invented, discovered, originated, authored, created, learned or reduced to
practice by the Employee, either alone or together with others, in the course of
performing his duties and responsibilities hereunder or in the course of
otherwise rendering any services to the Employer (in either case, regardless of
whether or not such Inventions were made, conceived, invented, discovered,
originated, authored, created, learned or reduced to practice by the Employee at
the Employer's facilities or during regular business hours or utilizing
resources of the Employer) or (ii) arise out of or are based upon any
Confidential Information or Third Party Confidential Information. For purposes
of this Agreement, the term "Proprietary Rights" shall mean (x) any and all
rights under or in connection with any patents, patent applications, copyrights,
copyright applications, trademarks, trademark applications, service marks,
service marks applications, trade names, trade name applications, mask works,
trade secrets and/or other intellectual property rights with respect to Assigned
Inventions and (y) the goodwill associated with any and all of the rights
referred to in the foregoing clause (x).

          9.2. Assignment; Notice. The Employee hereby agrees to hold any and
all Assigned Inventions and Proprietary Rights in trust for the sole right and
benefit of the Employer and such other person or persons as the Employer shall
designate in writing, and the Employee hereby assigns to the Employer and such
other person or persons as the Employer shall designate in writing all of his
right, title and interest in and to any and all Assigned Inventions and
Proprietary Rights. The Employee agrees to give the Employer prompt written
notice of any Invention or Proprietary Right and agrees to execute such
instruments of transfer, assignment, conveyance or confirmation and such other
documents as the Employer may request to evidence, confirm or perfect the
assignment of all of the Employee's right, title and interest in and to any
Assigned Invention or Proprietary Right pursuant to the foregoing provisions of
this Section 9.2. The Employee hereby waives and quitclaims to the Employer any
and all claims of any nature whatsoever that the Employee may now or hereafter
have for infringement of any Proprietary Rights assigned hereunder to the
Employer.

          9.3. Works Made for Hire. The Employee hereby acknowledges and agrees
that those Assigned Inventions that are original works of authorship protectable
by copyright are "works made for hire," as that term is defined in the United
States Copyright Act.

          9.4. Pre-Existing Employee Materials. The Company acknowledges that
the Employee has or may have ownership rights in inventions, discoveries,
processes, compounds, applications, devices, and formulae, works of authorship,
including, but not limited to, any and all reports, protocols, publications,
software, systems and writing or compilations of data of every kind and
description prepared or devised by him or her prior to his or her employment
with

                                      -6-

<PAGE>

the Company (hereinafter collectively referred to as "Pre-Existing Employee
Materials") and that such Pre-Existing Employee Materials are or may be embodied
in various documents, publications or digital form. The Employee represents and
warrants that he/she has identified in writing and attached as Exhibit A to this
Agreement any and all Pre-Existing Employee Materials in which the Employee
claims, and intends to retain, ownership rights (hereinafter "Employee-Owned
Materials"). The Employee hereby assigns to the Company all of his or her right,
title and interest in all other Pre-Existing Employee Materials that relate in
any way to the Company's actual and/or anticipated business activities. To the
extent that the Employee, in the course of the Employee's employment, or anyone
working at the Employee's direction, directly or indirectly incorporates any
and/or all Employee-Owned Materials in any creation of the Company, the Employee
hereby grants to the Company, and the Company shall have, a non-exclusive,
royalty-free, irrevocable, perpetual, sub-licensable, worldwide license to make,
have made, use and sell such incorporated Employee-Owned Materials as part of or
in connection with such Company creations. In addition, the Employee agrees
that, in the event that the Employee intends to sell or license any such
incorporated Employee-Owned Materials, the Employee will give the Company sixty
(60) days prior notice of the proposed transfer of rights in such incorporated
Employee-Owned Materials, including in the notice reasonable specificity as to
the substance of Employee-Owned Materials to be transferred, together with
evidence reasonably satisfactory to the Company that only Employee-Owned
Materials are included in the proposed transfer.

          9.5. Duties to Assist. At the request of the Employer, the Employee
will assist the Employer in every proper way (including, without limitation, by
executing patent applications) to obtain and enforce in any country in the world
Proprietary Rights relating to any or all Assigned Inventions. The Employee's
obligation under this Section 9.5 shall continue beyond the Term. If and to the
extent that, at any time after the Term, the Employer requests assistance from
the Employee with respect to obtaining and enforcing in any country in the world
any Proprietary Rights relating to Assigned Inventions, the Employer shall
compensate the Employee at a reasonable rate for the time and expenses actually
spent by the Employee on such assistance.

          9.6. Power of Attorney. By this Agreement, the Employee hereby
irrevocably constitutes and appoints the Employer as his attorney-in-fact for
the purpose of executing, in the Employee's name and on his behalf, (i) such
instruments or other documents as may be necessary to evidence, confirm or
perfect any assignment pursuant to the provisions of this Section 9, (ii) such
instruments or other documents as may be necessary to assign, transfer or convey
any Assigned Invention to any third party to whom the Employer desires to
assign, transfer or convey any Assigned Invention or any interest therein or
(iii) such applications, certificates, instruments or documents as may be
necessary to obtain or enforce any Proprietary Rights in any country of the
world. This power of attorney is coupled with an interest on the part of the
Employer and is irrevocable.

          9.7. Filings. Without the prior written consent of the Employer, the
Employee shall not, at any time, file any patent, trademark, service mark, trade
name or copyright application with respect to, or claiming,. any Assigned
Inventions.

                                      -7-

<PAGE>

          9.8. Other Duties. The obligations of the Employee under this Section
9 are without prejudice, and are in addition to, any other obligations or duties
of the Employee whether express or implied or imposed by applicable law, to
assign to the Employer all Assigned Inventions and all Proprietary Rights.

     10.  Agreement Not to Compete.

          10.1. Noncompetition. In view of the unique nature of the business of
the Employer and the need of the Employer to maintain its competitive advantage
in the industry, the Employee agrees that, during the Restricted Period (as
defined in Section 10.2 below) the Employee shall not, directly or indirectly,
within the United States of America or its Territories or Possessions or within
any other country in the world which the Employer has conducted or is then
conducting business, engage in, own an interest in (except as a holder of no
more than five percent (5%) of the shares of any publicly traded corporation),
be employed by, consult for, act as an advisor to, or otherwise in any way
participate in or become associated with, any Competitive Business (as defined
in Section 10.2 below) or any corporation, partnership, limited liability
company, business, enterprise, venture or other person or entity that is engaged
or participates in any Competitive Business (each, a "Competitive Business
Entity") unless in each case the Employee shall have given to the Board notice
of the Employee's intention to be employed by, consult for, act as an advisor
to, or otherwise in any way participate in or become associated with, any
Competitive Business or any Competitive Business Entity and the Board shall have
approved the Employee's relationship with or engagement in such Competitive
Business or Competitive Business Entity; provided, however, that,
notwithstanding anything in the foregoing provisions of this Section 10.1 to the
contrary, the Employee may be employed by, consult for, act as an advisor to, or
otherwise participate in any way with, any person or entity that is engaged in
any Competitive Business if, but only if, the services being rendered by the
Employee to such person or entity (whether in the nature of employment services,
consulting services or otherwise) do not pertain or in any way relate to such
Competitive Business. During the Restricted Period, the Employee also shall not
solicit, or arrange to have any other person or entity solicit, any person or
entity engaged by the Employer as an employee, customer or supplier of, or
consultant or advisor to, the Employer to terminate such party's relationship
with the Employer.

          10.2. Definitions. For purposes of this Section 10, the following
terms shall have the meanings provided therefor below:

          (a)   "Competitive Business" shall mean any business which is selling,
    marketing, or developing carbohydrate-based compounds for the treatment of
    cancer, and in the legal and complete fulfillment of duties would
    inevitably require the Employee to reveal or utilize Confidential
    Information. The definition of Competitive Business will be reviewed every
    twelve (12) months by the Employee and Employer in light of the Employer's
    then existing business and products.

          (b)   "Restricted Period" shall mean the period commencing on the date
    of this Agreement and ending on the first anniversary of the effective date
    of the termination of the Employee's employment with the Employer.

                                      -8-

<PAGE>

          10.3. Time Periods; Divisibility. The time periods provided for in
this Section 10 shall be extended for a period of time equal to any period of
time in which the Employee shall be in violation of any provision of this
Section 10 and any period of time required for litigation to enforce the
provisions of this Section 10. If at any time the provisions of this Section 10
shall be determined to be invalid or unenforceable, by reason of being vague or
unreasonable as to area, duration or scope of activity, this Section 10 shall be
considered divisible and shall become and be automatically amended to apply only
to such area, duration and scope of activity as shall be determined to be
reasonable by the court or other body having jurisdiction over the matter; and
the Employee agrees that this Section 10, as so amended, shall be valid and
binding as though any invalid or unenforceable provision had not been included
herein.

     11.  Return of Documents. Employee will promptly deliver to the Employer,
upon the termination of the Employee's employment with the Employer or, if
earlier upon the request of the Employer, all documents and other tangible or
electronic media (including all originals, copies, reproductions, digests,
abstracts, summaries, analyses, notes, notebooks, drawings, manuals, memoranda,
records, reports, plans, specifications, devices, formulas, storage media,
including software, and computer printouts) in the Employee's actual or
constructive possession or control that contain, reflect, disclose or relate to
any Confidential Information, Third Party Confidential Information, Assigned
Inventions or Proprietary Rights. The Employee will destroy any related computer
entries on equipment or media not owned by the Employer.

     12.  No Use of Name, Etc. Without the prior written consent of the
Employer, the Employee shall not, at any time (including, without limitation, at
any time after the termination of the Employee's employment with the Employer),
use, for himself or on behalf of any other person, any name that is identical or
similar to or likely to be confused with the name of the Employer or the name of
any product or service produced or provided by the Employer, provided that the
Employee prior to termination may use the Employer's name in performing his or
her duties and responsibilities to the Employer but only to the extent required
or necessary for the performance of such duties and responsibilities in the
ordinary course and within the scope of his employment. Without the prior
written consent of the Employer, the Employee shall not, at any time after the
termination of the Employee's employment with the Employer, directly or
indirectly represent himself, whether on his behalf or on behalf of any other
person, as then being in any way connected or associated with the Employer.

     13.  No Conflicting Obligation. Employee represents that he is free to
enter into this Agreement and that his performance of all of the terms of this
Agreement and of all of his duties and responsibilities as an employee of the
Employer do not and will not breach (i) any agreement to keep in confidence
information acquired by the Employee in confidence or in trust, (ii) any
agreement to assign to any third party inventions made by the Employee and/or
(iii) any agreement not to compete against the business of any third party.
Employee further represents that he has not made and will not make any
agreements in conflict with this Agreement.

     14.  Indemnification. The Employer agrees to indemnify, defend and hold
harmless the Employee and his respective successors, heirs and assigns
("Indemnitees") against any liability, damage, loss or expense (including
reasonable attorney's fees and expenses of litigation) incurred by or imposed
upon the Indemnitees or any of them in connection with any claims, suits,
actions, demands or judgments arising from the good faith performance by the
Employee of his duties and responsibilities hereunder.

                                      -9-

<PAGE>

     15.  Nature of Agreement: Specific Enforcement. The Employer and the
Employee agree and acknowledge that the rights and obligations set forth in this
Agreement are of a unique and special nature and that the Employer is,
therefore, without an adequate legal remedy in the event of the Employee's
violation of any of the covenants set forth in this Agreement. The Employer and
the Employee agree, therefore, that, in addition to all other rights and
remedies, at law or in equity or otherwise, that may be available to the
Employer, each of the covenants made by the Employee under this Agreement shall
be specifically enforceable in equity.

     16.  Survival. The provisions of Sections 6, 7, 9, 10, 12 and 14 shall
survive the termination of this Agreement,

     17.  Miscellaneous.

          17.1.  Entire Agreement. This Agreement represents the entire
agreement of the parties with respect to the arrangements contemplated hereby.
No prior agreement, whether written or oral, shall be construed to change,
amend, alter, repeal or invalidate this Agreement. This Agreement may be amended
only by a written instrument executed in one or more counterparts by the
parties.

          17.2.  Waiver. No consent to or waiver of any breach or default in the
performance of any obligations hereunder shall be deemed or construed to be a
consent to or waiver of any other breach or default in the performance of any of
the same or any other obligations hereunder. Failure on the part of either party
to complain of any act or failure to act of the other party or to declare the
other party in default, irrespective of the duration of such failure, shall not
constitute a waiver of rights hereunder and no waiver hereunder shall be
effective unless it is in writing, executed by the party waiving the breach or
default hereunder.

          17.3.  Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement may be assigned by the Employer to any Affiliate of the
Employer and to a successor of its business to which this Agreement relates
(whether by purchase or otherwise). "Affiliate of the Employer" means any person
which, directly or indirectly, controls or is controlled by or is under common
control with the Employer and, for the purposes of this definition, "control"
(including the terms "controlled by" and "under common control with") shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies or another whether through the
ownership of voting securities or holding of office in another, by contract or
otherwise. The Employee may not assign or transfer any or all of his rights or
obligations under this Agreement.

          17.4.  Arbitration.

          (a) Disputes to be Arbitrated. Any controversy, claim, or dispute
arising out of or relating to this Agreement, including its formation, validity,
or breach thereof, whether arising during or after the period of this Agreement,
shall be settled by arbitration in accordance with the rules of the American
Arbitration Association, and the decision of the arbitrator shall be final and
binding upon the parties. Nothing in this paragraph, however, shall prevent the
parties from seeking injunctive relief from a state or federal court of
competent jurisdiction.

                                      -10-

<PAGE>

          (b)  Arbitration Procedure. The arbitration shall be conducted by one
neutral arbitrator, who shall be selected in accordance with the rules of the
American Arbitration Association. The arbitration shall take place in Boston,
Massachusetts. The arbitrator shall issue a written decision and set forth the
reasons for said decision. Judgment upon the award rendered by the arbitrator
may be entered in any federal or state court having competent jurisdiction
thereof. The costs of arbitration, including the fees or the arbitrator, shall
be borne equally. Each side shall bear its own attorney's fees and costs, and
punitive damages shall not be allowed.

          17.5.  Severability. All headings and subdivisions of this Agreement
are for reference only and shall not affect its interpretation. In the event
that any provision of this Agreement should be held unenforceable by a court of
competent jurisdiction, such court is hereby authorized to amend such provision
so as to be enforceable to the fullest extent permitted by law, and all
remaining provisions shall continue in full force without being impaired or
invalidated in any way.

          17.6.  Governing Law. This Agreement shal1 be governed by and
construed in accordance with the laws of The Commonwealth of Massachusetts,
excluding choice of law rules thereof.

IN WITNESS WHEREOF, the parties have signed this agreement as of the date
written above as a sealed instrument.

                                              GLYCOGENESYS, INC,

                                              By: /s/ Brian Hughes
                                                  ------------------------------
                                                  Name:  Brian Hughes
                                                  Title: Chairman

                                                  /s/ Bradley J. Carver
                                                  ------------------------------
                                                  Name:  Bradley J. Carver

                                      -11-

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