Summary of Retention Agreement Between Pure World, Inc. and Sue Ann Merrill

Summary

Pure World, Inc. and its Chief Financial Officer, Sue Ann Merrill, entered into an oral retention agreement in January 2005. Under this agreement, Ms. Merrill would receive a $35,000 bonus for remaining CFO through April 30, 2005, and an additional $15,000 if the company was acquired by a third party. In May 2005, the agreement was amended to provide another $35,000 bonus if she stayed through June 30, 2005, and she agreed to continue as CFO after that date if requested by the company.

EX-10.3 5 d64189_ex10-3.txt SUMMARY OF PRINCIPAL TERMS OF RETENTION AGREEMENT Exhibit 10.3 Summary of principal terms of Retention Agreement between Pure World, Inc. and Sue Ann Merrill Retention Agreement In January 2005, Pure World entered into an oral retention agreement with Sue Ann Merrill, Pure World's Chief Financial Officer. Under the agreement, Ms. Merrill was entitled to a retention bonus of $35,000 if she remained as Pure World's Chief Financial Officer through April 30, 2005, and an additional payment of $15,000 if Pure World was acquired by a third party. The agreement was subsequently amended in May 2005, to provide that Ms. Merrill would receive an additional retention bonus of $35,000 if she remained as Chief Financial Officer through June 30, 2005, and Ms. Merrill agreed to remain as Chief Financial Officer after June 30, 2005 if requested by Pure World.