Document:

Exhibit 10.46

	

PROMISSORY
NOTE AND SECURITY AGREEMENT

	$109,395.00 	May 17, 2002
San Diego, California

	

     1.
FOR VALUE RECEIVED, the undersigned maker promises to pay Amylin
Pharmaceuticals, Inc. (“Amylin”), at 9373 Towne Centre Drive, Suite
250, San Diego, California 92121, the principal sum of ONE HUNDRED NINE
THOUSAND THREE HUNDRED NINETY-FIVE DOLLARS ($109,395.00) with interest on the
unpaid principal at the rate of four and three quarters percent (4.75%) per
annum during the time such principal remains outstanding. 

     2.
This Note is payable on demand; provided that unless and until such demand is
earlier made, this Note is due and payable on December 31, 2002. Maker hereby
authorizes Amylin to deduct any payments on this Note from maker’s earnings
from Amylin at any time. 

     3.
This Note may be prepaid in whole or in part at any time without penalty or
premium, provided that each such prepayment shall be applied first to accrued
interest. 

     4.
The maker of this Note hereby waives presentment, demand, protest or notice of
any kind, and agrees to reimburse Amylin for any costs or expenses of collection
or enforcement (including attorney’s fees) of this Note. 

     5.
The maker of this Note hereby grants to Amylin a security interest in the
Twenty-Three Thousand Four Hundred shares of common stock of Amylin held by
maker represented by Certificates numbered AML9961 & AML9962 and any
replacement certificates (“Collateral”) to secure the repayment of
this Note, and in accordance with that certain Stock Pledge Agreement entered
into by the parties on May 17, 2002 (“Pledge Agreement”). In the event
of default in the payment of this Note, Amylin shall have such rights with
respect to the Collateral as are granted to a secured party by the California
Commercial Code then in effect, and as set forth in the Pledge Agreement. Maker
agrees to execute a UCC-1 financing statement or such other documentation as
Amylin may reasonably request from time to time to evidence the security
interest granted herein. 

     6.
This Note shall be construed in accordance with and governed by the laws of the State of
California. 

	 	     IN
WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and delivered
as of the date set forth above. 

			“Maker”

——————————————
Orville G. Kolterman, M.D.Exhibit 10.47

	

STOCK PLEDGE
AGREEMENT

THIS STOCK PLEDGE
AGREEMENT (“Pledge Agreement”) is made by ORVILLE G. KOLTERMAN,
M.D., an individual with a residence at 15793 Hidden Valley, Poway,
California 92064 (“Pledgor”), and between
AMYLIN PHARMACEUTICALS, INC., a Delaware corporation, with its principal
place of business at 9373 TOWNE CENTRE DRIVE, SUITE 250, SAN DIEGO,
CALIFORNIA 92121 (“Pledgee”). 

     WHEREAS,
Pledgor has concurrently herewith executed that certain Promissory Note and
Security Agreement (the “Note”) in favor of
Pledgee in the original principal amount of ONE HUNDRED NINE THOUSAND THREE
HUNDRED NINETY-FIVE DOLLARS ($109,395.00) in payment of the purchase price
of Twenty-Three Thousand Four Hundred (23,400) shares of the Common Stock of
Pledgee; and 

     WHEREAS,
Pledgee is willing to accept the Note from Pledgor, but only upon the condition,
among others, that Pledgor shall have executed and delivered to Pledgee this
Pledge Agreement and the Pledged Collateral (as defined below); 

     NOW,
THEREFORE, in consideration of the foregoing recitals and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, and intending to be legally bound, Pledgor hereby agrees as
follows: 

     1. As
security for the full, prompt and complete payment and performance when due (whether by
stated maturity, by acceleration or otherwise) of all indebtedness of Pledgor to Pledgee
created under the Note (all such indebtedness being the “Liabilities”),
Pledgor hereby pledges to Pledgee, and grants to Pledgee, a first priority security
interest in all of the following (collectively, the “Pledged Collateral”):  

	 	     (a) Twenty-Three
Thousand Four Hundred (23,400) shares of Common Stock of Pledgee represented by
Certificates numbered AML9961 & AML9962 (the “Pledged Shares”),
and all dividends, cash, instruments and other property or proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all
of the Pledged Shares; 

	 	     (b) 
all voting trust certificates held by Pledgor evidencing the right to vote any Pledged
Shares subject to any voting trust; and

	 	     (c) all
additional shares and voting trust certificates from time to time acquired by Pledgor in
any manner on account of the Pledged Shares (which additional shares shall be deemed to
be part of the Pledged Shares), and the certificates representing such additional shares,
and all dividends, cash, instruments and other property or proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all
of such shares. 

	

1.

     “Event
of Default” shall mean a failure to pay the Note upon demand or when
otherwise due. 

     The
term “indebtedness” is used herein in its most comprehensive sense and
includes any and all advances, debts, obligations and liabilities heretofore,
now or hereafter made, incurred or created, whether voluntary, or involuntary,
and whether due or not due, absolute or contingent, liquidated or unliquidated,
determined or undetermined, and whether recovery upon such indebtedness may be
or hereafter becomes unenforceable. 

     2.
Pledgor hereby represents and warrants to Pledgee as follows: 

	 	     (a) Pledgor
is, at the time of delivery of the Pledged Shares to Pledgee hereunder, and at all times
during which this Pledge Agreement is in effect shall be, the sole holder of record and
the sole beneficial owner of the Pledged Collateral, free and clear of any lien thereon
or affecting title thereto, except for the lien created by this Pledge Agreement. 

	 	     (b) To
Pledgor’s knowledge, none of the Pledged Shares have been transferred in violation
of securities registration, securities disclosure or similar laws of any jurisdiction to
which such transfer may be subject. 

	 	     (c) To
Pledgor’s knowledge, no consent, approval, authorization or other order of any
person and no consent or authorization of any governmental authority or regulatory body
is required to be made or obtained by Pledgor either (i) for the pledge by Pledgor of the
Pledged Collateral pursuant to this Pledge Agreement or for the execution, delivery, or
performance of this Pledge Agreement by Pledgor; or (ii) for the exercise by Pledgee of
the voting or other rights provided for in this Pledge Agreement or the remedies with
respect to the Pledged Collateral pursuant to this Pledge Agreement, except as may be
required in connection with such disposition by laws affecting the offering and sale of
securities generally. 

	 	     (d) The
pledge, grant of a security interest in, and delivery of the Pledged Collateral pursuant
to this Pledge Agreement, will create a valid first priority lien on and in the
collateral pledged by Pledgor, and the proceeds thereof, securing the payment of the
Liabilities, assuming continued possession of the Pledged Collateral by the Pledgee. 

	 	     (e) This
Pledge Agreement has been duly executed and delivered by Pledgor and constitutes a legal,
valid, and binding obligation of Pledgor enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, or other similar laws
affecting the rights of creditors generally or by the application of general equity
principles. 

	

2.

     3. Upon
the occurrence and during the continuance of an Event of Default and the failure of
Pledgor to cure such Event of Default immediately without further notice to Pledgor, and
at the expense of Pledgor, Pledgee in its name or in the name of its nominee or of
Pledgor may, but shall not be obligated to: (a) collect by legal proceedings or otherwise
all dividends, (except cash dividends other than liquidating dividends) and other sums
now or hereafter payable upon or on account of said Pledged Collateral; (b) enter into
any extension, reorganization, deposit, merger or consolidation agreement, or any
agreement in any way relating to or affecting the Pledged Collateral, and in connection
therewith may deposit or surrender control of such Pledged Collateral thereunder, accept
other property in exchange for such Pledged Collateral and do and perform such acts and
things as it may deem proper, and any money or property received in exchange for such
Pledged Collateral shall be applied to the indebtedness or thereafter held by it pursuant
to the provisions hereof; (c) insure, process and preserve the Pledged Collateral; and (d) cause
the Pledged Collateral to be transferred to its name or to the name of its nominee.  

     4. Pledgor
agrees to pay prior to delinquency all taxes, charges, liens and assessments against the
Pledged Collateral, and upon the failure of Pledgor to do so, Pledgee at its option may
pay any of them and shall be the sole judge of the legality or validity thereof and the
amount necessary to discharge the same.  

     5.
Until the Liabilities have been paid or otherwise satisfied in full, Pledgor agrees that
Pledgor: 

	 	     (a) will
not (1) sell, transfer or otherwise dispose of, or grant any option or warrant with
respect to, any of the Pledged Collateral (or any part thereof or interest therein)
except with the prior written consent of Pledgee, or (2) create or permit to exist any
lien or encumbrance upon or with respect to any of the Pledged Collateral except for the
lien created by this Pledge Agreement. If any Pledged Collateral, or any part thereof, is
sold, transferred or otherwise disposed of in violation of this Section 5, the security
interest of Pledgee shall continue in the Pledged Collateral notwithstanding such sale,
transfer or other disposition, and the Pledgor will deliver any proceeds thereof to the
Pledgee to be held as Pledged Collateral hereunder; 

	 	     (b) shall,
at Pledgor’s own expense, promptly execute, acknowledge, and deliver all such
instruments and take all such actions as Pledgee from time to time may reasonably request
in order to ensure to Pledgee the benefits of the lien in and to the Pledged Collateral
intended to be created by this Pledge Agreement; and 

	 	     (c) shall
maintain, preserve and defend the title to the Pledged Collateral and the lien of Pledgee
thereon against the claim of any other person. 

	

     6. So
long as no Event of Default shall have occurred and be continuing: 

	 	     (a) The
Pledgor shall have the right, from time to time, to vote and give consents with respect
to the Pledged Collateral or any part thereof for all purposes not inconsistent with the
provisions of this Pledge Agreement; provided, however, that no vote shall be
cast, and no consent shall be given or action taken, which would have the effect of
impairing the position or interest of the Pledgee in respect of the Pledged Collateral. 

	

3.

	 	     (b) The
Pledgor shall be entitled, from time to time, to collect and receive for the Pledgor’s
own use, and shall not be required to pledge pursuant to Section 1 above, any cash
dividends paid in respect of the Pledged Collateral; provided, however, that until
actually paid or distributed to Pledgor, all rights to any such permitted cash dividends
shall remain subject to the lien created by this Pledge Agreement. 

	 	     (c) Upon
five (5) business days’ written notice, the Pledgor shall be entitled to request the
release of the Pledged Shares from the pledge as the indebtedness is paid. The number of
Pledged Shares released shall be equal to the principal amount of the indebtedness paid
divided by the then Fair Market Value (as defined in Section 8 below) of the Pledged
Shares. 

	

     7. All
advances, charges, costs and expenses, including reasonable attorneys’ fees, incurred
or paid by Pledgee in exercising any right, power or remedy conferred by this agreement,
or in the enforcement thereof, shall become a part of the indebtedness secured hereunder
and shall be paid to Pledgee by the Pledgor immediately and without demand. 

     8. Upon
the occurrence and during the continuance of an Event of Default, and without any further
notice to Pledgor, Pledgee may then, or at any time thereafter, with or without any
previous demands or demand of performance, at its election, apply, set off, collect or
sell in one or more sales, or take such steps as may be necessary to liquidate and reduce
to cash in the hands of Pledgee in whole or in part, the whole or any part of the Pledged
Collateral in such order as Pledgee may elect, and any such sale may be made either at
public or private sale at its place of business or elsewhere, or at any broker’s
board or securities exchange, either for cash or upon credit or for future delivery; provided,
however, that if such disposition is at private sale, then the per share price of the
Pledged Collateral (the “Fair Market Value”) shall be equal to
the public market price then in effect, or, if at the time of sale no public market for
the Pledged Collateral exists, then, Pledgee and Pledgor hereby agree that such private
sale shall be at a purchase price mutually agreed to by Pledgee and Pledgor or, if the
parties cannot agree upon a purchase price, then at a purchase price established by a
majority of three independent appraisers knowledgeable of the value of such collateral,
one named by Pledgor within 10 days after written request by the Pledgee to do so, one
named by Pledgee within such 10 day period, and the third named by the two appraisers so
selected, with the appraisal to be rendered by such body within 30 days after the
appointment of the third appraiser. The cost of such appraisal, including all appraisers’ fees,
shall be charged against the proceeds of sale as an expense of such sale. Pledgee may be
the purchaser of any or all Pledged Collateral so sold and hold the same thereafter in
its own right free from any claim of Pledgor or right of redemption, except as required
by applicable law. To the extent allowed by the law, demands of performance, notices of
sale, advertisements and presence of property at sale are hereby waived. Any sale
hereunder may be conducted by any officer or agent of Pledgee.  

4.

     9. The
proceeds of the sale of any of the Pledged Collateral and all sums received or collected
by Pledgee from or on account of such Pledged Collateral shall be applied by Pledgee to
the payment of expenses incurred or paid by Pledgee in connection with any sale, transfer
or delivery of the Pledged Collateral, to the payment of any other costs, charges,
reasonable attorneys’ fees or expenses mentioned herein, and to the payment of the
indebtedness or any part hereof, all in such order and manner as Pledgee in its
discretion may determine. Pledgee shall then pay any balance to Pledgor.  

     10.
Except as expressly permitted hereunder, Pledgee may not transfer all or any part of the
Pledged Collateral without the prior written consent of Pledgor. 

     11. Upon
the transfer of all or any part of the indebtedness, Pledgee may transfer all or any part
of (a) the security interest granted herein to the Pledged Collateral and (b) the
Pledged Collateral, and shall be fully discharged thereafter from all liability and
responsibility with respect to such Pledged Collateral so transferred, and the transferee
shall be vested with all the rights and powers of Pledgee hereunder with respect to such
Pledged Collateral so transferred, but with respect to any Pledged Collateral not so
transferred Pledgee shall retain all rights and powers hereby given.  

     12. Until
all indebtedness shall have been paid in full the power of sale and all other rights,
powers and remedies granted to Pledgee hereunder shall continue to exist and may be
exercised by Pledgee at any time and from time to time irrespective of the fact that the
indebtedness or any part thereof may have become barred by any statute of limitations, or
that the personal liability of Pledgor may have ceased.  

     13. Pledgee
may at any time deliver the Pledged Collateral or any part thereof to Pledgor and the
receipt thereof by Pledgor shall be a complete and full acquittance for the Pledged
Collateral so delivered, and Pledgee shall thereafter be discharged from any liability or
responsibility therefor.  

     14. Immediately
following the full and complete payment of all the Liabilities, the Pledgee shall deliver
to the Pledgor the Pledged Collateral and all instruments of assignment executed in
connection therewith, free and clear of the lien hereof, and all of the Pledgor’s
obligations hereunder shall at such time terminate.  

     15. If
any provision of this Pledge Agreement is held to be unenforceable for any reason, it
shall be adjusted, if possible, rather than voided in order to achieve the intent of the
parties to the extent possible. In any event, all other provisions of this Pledge
Agreement shall be deemed valid and enforceable to the full extent possible.  

     16. This
Pledge Agreement may be executed in any number of counterparts and by different parties
on separate counterparts, each of which, when executed and delivered, shall be deemed to
be an original, and all of which, when taken together, shall constitute but one and the
same Pledge Agreement.  

5.

     17. This
Pledge Agreement shall be governed by, and construed in accordance with, the laws of the
State of California as applied to contracts made and performed entirely within the State
of California by residents of such State.  

Dated: May 17, 2002

	PLEDGOR		
—————————————————
Orville G. Kolterman, M.D.

	

PLEDGOR'S SPOUSE

     Pledgor’s
spouse acknowledges receiving value in connection with the loan secured by the
Collateral, hereby consents to the granting of a security interest in the
Collateral, and waives any spousal or other rights he or she may have in the
Collateral. 

			
—————————————————

Name:

—————————————————

Date:

—————————————————

	PLEDGEE		Amylin Pharmaceuticals, Inc.

By:

—————————————————

Name: Lloyd A. Rowland

—————————————————

Title: Vice President and General Counsel

—————————————————

	

6.

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