EMPLOYMENT AGREEMENT



         THIS AGREEMENT made in Oceanport, New Jersey as of the 1st day of March

2003, between Life Medical Sciences, Inc., a Delaware corporation (the

"Company") and Eli Pines the undersigned individual ("Executive").



         In consideration of the mutual covenants and agreements hereinafter set

forth, the Company and Executive agree as follows:



         1.       Agreement Term.





                 The term of this Agreement shall be the three-year period

commencing on March 1, 2003 (the "Employment Date") and ending on the third

anniversary of the Employment Date (the "Agreement Term"). It is understood and

agreed by the parties hereto that absent prior written notice to the Executive

of the Company's intent to terminate this Agreement, such notice being received

by the Executive at least three months prior to the end of the Agreement Term or

unless the Company has exercised its right to terminate this Agreement under

Sections 5.(b) or 5.(c), the Agreement Term shall automatically be extended in

annual increments as of the anniversary of the Employment Date.



         2.       Employment.



                 (a) Employment by the Company. Executive agrees to be employed

by the Company for the Agreement Term upon the terms and subject to the

conditions set forth in this Agreement. Executive shall have the title of Vice

President of Research and Chief Scientific Officer reporting to the President

and CEO. Executive shall have such duties as may be prescribed by the Company

and shall serve in such other and/or additional position(s) as the Company may

determine from time to time. Executive shall also serve as a Corporate Officer

of the Company. The Company will at all times treat the Executive with dignity,

honesty and respect, and will provide Executive with such resources as in the

Company's judgement shall enable the Executive to discharge his

responsibilities.



                 (b) Performance of Duties. Throughout the Agreement Term,

Executive shall faithfully and diligently perform Executive's duties in

conformity with the directions of the Company and serve the Company to the best

of Executive's ability. Executive shall devote Executive's entire working time,

attention and energies to the business and affairs of the Company, subject to

vacations and sick leave as provided herein and in accordance with Company

policy.



                 (c) Place of Performance. During the Agreement Term, Executive

shall, subject to travel requirements on behalf of the Company, be based at the

Executive's personal residence or such other location(s) in central New Jersey

as the Company may determine.



<PAGE>



         3.       Compensation and Benefits.



                  (a) Base Salary. The Company agrees to pay to Executive for

employment hereunder a base salary ("Base Salary") at the annual rate of

$180,000. The Base Salary shall be increased prospectively on each anniversary

of the Employment Date during the Agreement Term, by such amount as the Board of

Directors of the Company shall determine is necessary and appropriate to give

effect to increases in the cost of living. The Base Salary shall be payable in

installments consistent with the Company's payroll practices then in effect.



                  (b) Benefits and Perquisites; Bonus and Stock Options.

Executive shall be entitled to participate in, to the extent Executive is

otherwise eligible under the terms thereof, the benefit plans and programs,

including medical and savings and retirement plans, and receive the benefits and

perquisites, generally provided to employees of the same level and

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC