EMPLOYMENT AGREEMENT

                            --------------------



      THIS AGREEMENT, dated as of September 26, 2003, by and between IGI,

Inc., a Delaware corporation (the "Company"), located at 105 Lincoln

Avenue, Buena, New Jersey, 08310, and Michael F. Holick, MD, Ph.D

("Holick") residing at ___________________.



      WHEREAS, the Company wishes to assure itself of the services of

Holick as its Vice President of Research and Development and Chief

Scientific Officer; and



      WHEREAS, Holick is willing to enter into this Employment Agreement

upon the terms and conditions herein set forth.



      NOW, THEREFORE, in consideration of the mutual promises, covenants,

undertakings and agreements set forth herein, the sufficiency of which is

acknowledged by the parties, the Company and Holick agree as follows:



      1.  Employment.  The Company shall employ Holick to serve the Company

as its Vice President of Research and Development and Chief Scientific

Officer during the Term of Employment as defined in Section 2 of this

Agreement set forth below.  Holick shall report to the Company's Chief

Executive Officer and/or such other person as the Company may direct.

Holick's duties shall be consistent with his title as its Vice President of

Research and Development and Chief Scientific Officer.  Holick shall devote

his best efforts and a substantial portion of his business time to

advancing the interests of the Company and in execution of his duties and

obligations to the Company as its Vice President of Research and

Development and Chief Scientific Officer.  It is understood that Holick

services during the Term of Employment shall be performed primarily in the

Boston, Massachusetts and Buena, New Jersey areas or such other area in

which the





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Company's offices or business operations are located, subject to such

reasonable travel outside such areas and in and outside the United States

as performance of his duties and the business of the Company may reasonably

require.



      2.  Term of Employment.  "Term of Employment" is defined and used

herein to mean the three (3) year period beginning on the Effective Date of

this Agreement as set forth in Section 17  hereof and ending on the third

annual anniversary of such Effective Date, unless this Agreement and/or

Holick's employment with the Company is terminated earlier thereto in

accordance with the terms of Section 4 of this Agreement.



      3.  Compensation and Other Benefits



      (a)   From the Effective Date of this Agreement through to December

            31, 2003, the Company shall pay Holick a monthly gross salary

            of $4,000.00, payable in equal installments in accordance with

            the Company's customary payroll practices then in effect.



      (b)   Beginning January 1, 2004, the Company shall pay Holick a

            monthly gross salary of $8,000.00, payable in equal

            installments in accordance with the Company's customary payroll

            practices then in effect.



      (c)   During the Term of Employment, Holick may participate subject

            to eligibility  requirements in any 401(k) or other similar

            deferred compensation plan as in effect from time to time for

            employees of the Company in accordance with the terms of such

            plans or programs subject to modification or termination by the

            Company at any time.  Nothing contained in this Agreement

            obligates and/or requires the Company to create, obtain and/or

            otherwise maintain any such plans or programs.





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      (d)   During the Term of Employment, Holick shall be entitled as

            provided herein to participate in any group hospitalization,

            medical, health and dental insurance plans or programs of the

            Company now existing or hereafter established for employees of

            the Company in accordance with the terms of such plans or

            programs subject to a modification or termination by the

            Company ("Health Benefits"); provided, however, that Holick

            shall not be entitled to receive such Health Benefits from the

            Company at any time during which he is receiving or is eligible

            to receive or otherwise obtain similar Health Benefits from, by

            or through Boston University and/or Boston University Medical

            Center in conjunction with his employment and/or other

            affiliation therewith.  Nothing contained in this Agreement

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