Employment Agreement between

                     Domenic N. Golato ("Executive") and

                          IGI, Inc, ("Corporation")



1.    Position: Executive is to serve as Senior Vice President and Chief

      Financial Officer of Corporation.



2.    Term: The term of the employment under this Agreement is for a period

      ending June 30, 2001, unless sooner terminated in accordance with the

      provisions hereof. The term of employment under this Agreement shall,

      on each June 30 beginning June 30, 2001, be automatically extended

      for an additional year unless either party gives written notice to

      the other, by no later than the preceeding April 30. If neither

      party gives notice of non-concurrence in such extension, the term

      will automatically extend for one additional year.



3.    Base Sa1ary: Executive's Initial base salary will be $168,600.00 per

      year, with review for possible merit increases, not less than

      annually, and with no reduction permitted. Executive will also be

      entitled to participate in the Senior Management Incentive

      Compensation Plan as established by the Board of Directors. Executive

      will also receive an automobile allowance of $7,200 per year payable

      in equal monthly installments.



4.    Group/Executive Benefits: Executive and his family may participate on

      terms no less favorable to Executive than the terms provided to

      other senior executives of the Corporation, (with all waiting

      periods waived) in any group and/or executive life, hospitalization

      or disability insurance plan, health program, pension, profit

      sharing, ESOP, 401(k) and similar benefit plans (qualified, non-

      qualified and supplemental) or other fringe benefits of the

      Corporation, including three weeks of vacation annually, and a

      monthly vehicle allowance.



      The company will pay all healthcare premiums for the Executive and

      his immediate family.



5.    Equity Based Incentive Compensation: It will be recommended to the

      Board of Directors that you be granted options to purchase 60,000

      shares of the company's stock at the closing price on the date of the

      grant. Any equity-based awards will fully vest upon a Change of

      Control (as defined below).



6.    Termination: Employment under the agreement may be terminated:



            (a)   By Executive's death or disability.



            (b)   By the Corporation, upon written notice to Executive

                  if for Cause (as described in paragraph 9, below), or by

                  giving at least l5 days' written notice to Executive if

                  not for Cause.



7.    Cause for Termination by the Corporation: "Cause" for the Corporation

      to terminate Executive's employment shall mean:



            (a)   Executive's commission of an act materially and

                  demonstrably detrimental to the interests (including the

                  goodwill) of the Corporation or any of its subsidiaries,

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