EXHIBIT 10.26

                       ASPREVA PHARMACEUTICALS CORPORATION
                    TERM SHEET FOR DIRECTOR CASH COMPENSATION

      Effective September 29, 2004, the Board of Directors (the "Board") of
Aspreva Pharmaceuticals Corporation, a British Columbia company (the "Company")
approved a policy regarding cash compensation for its non-employee directors.
The policy provides that:

         o    each non-employee director will receive an annual retainer of
              $10,000 and $1,000 for each Board meeting attended in person ($500
              for meetings attended by video or telephone conference); and

         o    the chairmen of the Audit Committee, Compensation Committee and
              Nominating and Corporate Governance Committee will each receive
              additional annual retainers of $2,000 and each member of such
              committees will receive $750 per committee meeting attended in
              person ($375 for meetings attended by video or telephone
              conference).

      All of the Company's directors are reimbursed for out-of-pocket expenses
incurred in attending Board and committee meetings.