Document:

Exhibit 10.3

 

AMENDMENT NO. 2 TO

1999 EMPLOYEE STOCK OPTION PLAN

 

This Amendment No. 2
(this “Amendment”) dated as of September 18, 2005 amends the 1999 Employee
Stock Option Plan, as previously amended as of February 24, 2004 (the “Stock
Option Plan”) of Acorda Therapeutics, Inc. (the “Company”).

 

W I T N E S S E T
H:

 

WHEREAS,
the Company wishes to amend the terms of the Stock Option Plan to increase the
number of shares of common stock, $0.001 par value, of the Company (the “Common
Stock”) subject thereto;

 

NOW,
THEREFORE, the Stock Option Plan is amended as follows:

 

1.     SECTION 3. SHARES OF STOCK SUBJECT TO THE PLAN be and
hereby is deleted in its entirety and the following two paragraphs are inserted
in lieu thereof:

 

“Subject to adjustment under Section 9 of the
Plan, the number of shares of Common Stock reserved for issuance pursuant to
Awards made under the Plan shall not exceed 4,136,414 shares of Stock.  Shares delivered under the Plan may be authorized and unissued shares
or issued shares held by the Company in its treasury.  If any Awards expire or terminate without
having been exercised, the shares of Stock covered by such Award shall become
available again for the grant of Awards hereunder.  Similarly, if any Awards are surrendered for
cash pursuant to the provisions of Section 7, the shares of Stock covered
by such Awards shall also become available again for the grant of Awards
hereunder.  Shares of Stock covered by
Awards surrendered for Stock pursuant to Section 7, however, shall not
become available again for the grant of Awards hereunder.

 

The total number of shares of Stock available for issuance under this
Plan, including shares of Stock subject to then outstanding Awards, shall automatically
increase on January 1 of each year during the term of this Plan, beginning
January 1, 2006, by a number of shares of Stock equal to 4% of the
outstanding shares of Stock on that date, unless otherwise determined by the
Board.”

 

2.     Capitalized
terms used herein and not otherwise defined shall have the meanings set forth
in the Plan.

 

3.     This
Amendment shall be deemed effective immediately upon receipt of stockholder
approval of its adoption.Exhibit 10.4

 

SIXTH
AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

This Sixth Amended and Restated Registration Rights Agreement (the “Agreement”)
is made as of March 3,2004, by and among Acorda Therapeutics, Inc., a
Delaware corporation (the “Company”), and each of the persons and entities that
are parties to the “Prior Agreement” (as hereafter defined), each of the “Purchasers”
under the Series K Agreement that becomes a party hereto and each other
person or entity that becomes a party hereto pursuant to the terms hereof (all
such persons and entities are referred to herein as “Purchasers” and their
names and addresses are set forth on the Schedule of Purchasers attached
hereto as it may be amended from time to time).

 

Recitals

 

A.                                   In connection with the issuance and sale of
shares of its Preferred Stock, the Company has granted, and anticipates that it
will continue to grant, registration and other rights to the purchasers of its
Preferred Stock or other securities or obligations entitling the holder to
acquire directly or indirectly Preferred Stock of the Company on a pari passu
basis.

 

B.                                     The Company desires to amend and restate the
Fifth Amended and Restated Registration Rights Agreement dated as of May 8,2003,
between the Company and the “Purchasers” identified therein (the “Prior
Agreement”) to effect certain changes to the rights and obligations of the
parties herein in connection with the completion of an equity financing involving
the sale of the Company’s Series K Preferred Stock pursuant to a Series K
Preferred Stock Purchase Agreement dated as of the date hereof among the
Company and the “Purchasers” identified therein (the “Series K Agreement”).

 

NOW THEREFORE, in consideration of the foregoing, the parties agree as
follows:

 

1.                                       Certain Definitions.  As
used in this Agreement, the following terms will have the following respective
meanings:

 

“Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

 

“Affiliate” of a Holder, as used in Section 2(a) and Section 13,
includes, but is not limited to (a) a general or limited partner of a
Holder, (b) a member of a Holder, (c) an officer, director or manager
of a Holder, (d) an equity owner of a Holder, (e) if the Holder is a
trust, a successor trust or the beneficiaries of the trust, (f) a company
controlling, controlled by or under common control with the Holder, (g) a
spouse, child, stepchild, parent, stepparent or sibling of a Holder, by way of
gift, (h) a revocable trust for the benefit of the Holder or his immediate
family via an inter vivos transfer and assignment.

 

“Commission” means the United States Securities and Exchange Commission
or any other federal agency at the time administering the Act or the Exchange
Act or the Exchange Act.

 

 

“Conversion Stock” means the shares of the Company’s Common Stock
issuable or issued upon conversion or exercise of Preferred Stock.

 

“Convertible Securities” means securities or obligations of the Company
entitling the holder to acquire directly or indirectly Preferred Stock pursuant
to a stock purchase, warrant, convertible note or related-agreement.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

 

“Holder” means the Purchasers holding Registrable Securities or
securities convertible, exercisable or exchangeable into Registrable Securities
and any person holding such securities to whom the rights under this Agreement
have been transferred in accordance with Section 13 hereof.

 

“Initiating Holders” means any Holder or Holders who in the aggregate
hold at least 60% of the Registrable Securities at the time of the relevant
event if an initial public offering of Company securities registered under the
Act has not taken place or 30% of the Registrable Securities at any other time.

 

“Notes” means any promissory notes issued by the Company that are
convertible into or exchangeable for any series of the Preferred Stock or other
equity securities of the Company.

 

“Preferred Stock” means, collectively, issued and outstanding shares of
the Company’s Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock, Series E-1 Preferred
Stock, Series E-2 Preferred Stock, Series F Preferred Stock, Series G
Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J
Preferred Stock, Series K Preferred Stock and Convertible Securities.

 

The terms “register,” “registered” and “registration” refer to a
registration effected by preparing and filing a registration statement in
compliance with the Act, and the declaration or ordering of the effectiveness
of such registration statement.

 

“Registrable Securities” means (i) the Conversion Stock, (ii) any
Common Stock of the Company issued or issuable with respect to the Conversion
Stock upon any stock split, stock dividend, recapitalization, or similar event
and (iii) any Common Stock delivered to the Holder as full or partial
payment in respect of the Notes which are “restricted securities” within the
meaning of Rule 144; provided, however, that shares of Common Stock or
other securities shall no longer be treated as Registrable Securities after
they have been sold to or through a broker or dealer or underwriter in a public
distribution or a public securities transaction, whether in a registered
offering, pursuant to Rule 144, or otherwise, if in connection with the
sale the restrictive legends required pursuant to Section 2(a) have
been removed; and provided, further, that if all Company securities of a
Purchaser that would be Registrable Securities but for this provision can be
sold without any volume or time restrictions under Rule 144(k) and if the
Company removes the restrictive legends required by Section 2(a), then
those Company securities shall no longer be Registrable Securities.

 

2

 

“Registration Expenses” means all expenses incurred by the Company in complying
with Sections 5, 6, and 7 hereof, including, without limitation, all
registration, qualification, and filing fees, printing expenses, escrow fees
and disbursements of counsel for the Company, blue sky fees and expenses, all
accounting fees, including the expense of any special audits incident to or
required by such registration, and the reasonable fees and expenses of one counsel
for the selling Holders not to exceed $15,000 (but excluding the compensation
of regular employees of the Company which shall be paid in any event by the
Company). Registration Expenses will not include expenses of the holders of
Registrable Securities to the extent limited or precluded by applicable blue
sky laws. Registration Expenses will not include selling commissions,
underwriting discounts, other compensation paid to underwriters or other agents
or brokers to effect the sale, stock transfer taxes, or special counsel of any
Holder or Holders except as provided in the first sentence of this paragraph.

 

“Restricted Securities” means the securities of the Company required to
bear the legend set forth in Section 2 hereof.

 

“Warrants” means any warrants granted by the Company for the purchase of
any series of the Preferred Stock.

 

2.                                       Restrictive Legend.  Each
certificate representing (i) the Preferred Stock, (ii) the Warrants, (ii) the
Conversion Stock, (iv) the Notes, and (v) any other securities issued
in respect of the Preferred Stock, the Warrants, or the Conversion Stock or the
Notes upon any stock split, stock dividend, recapitalization, merger,
consolidation or similar event, shall (unless otherwise permitted by the provisions
of Section 4 below) be stamped or otherwise imprinted with a legend in
substantially the following form (in addition to any legend required under applicable
securities laws of any state or foreign jurisdiction), as and if appropriate.

 

(a)                                  “THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE
ACT OR, IF REASONABLY REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

(b)                                 “THESE SECURITIES
ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN AN AGREEMENT
BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

(c)                                  Each Holder consents to the Company’s making
a notation on its records and giving instructions to any transfer agent of the
Restricted Securities, in order to implement the restrictions on transfer
established in this Agreement.

 

3.                                       Notice of Proposed Transfers.

 

(a)                                  Each Holder by acceptance of Restricted
Securities agrees to comply in all respects with the provisions of this Section 3;
provided, however, that the

 

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restrictions
on transfer as set forth herein shall be subject to any superseding agreement
that may exist between the Holder and the Company. Prior to any proposed sale,
assignment, transfer, or pledge of any Restricted Securities, unless either (i) there
is in effect a registration statement under the Act covering the proposed
transfer, or (ii) within a reasonable time after sale, assignment,
transfer or pledge if made to an Affiliate of a Holder, the Holder thereof
gives notice to the Company of such Holder’s intention to effect such transfer,
sale, assignment, or pledge (the “Transfer Notice”). The Transfer Notice shall
describe the manner and circumstances of the proposed transfer, sale,
assignment, or pledge in sufficient detail, including (i) the number or
amount of the Restricted Securities to be sold or transferred, (ii) the
price for which the Holder proposes to sell, transfer, or assign the Restricted
Securities, and (iii) the name of the proposed purchaser or transferee. Except
for a transfer of Restricted Securities by a Holder to one of its Affiliates,
each such notice shall also be accompanied, if requested by the Company and at
such Holder’s expense, by a written opinion of legal counsel reasonably
satisfactory to the Company, which opinion shall be addressed to the Company to
the effect that the proposed transfer of the Restricted Securities may be
effected without registration under the Act. The Company agrees that it will
not require such opinions of counsel to the Holder for transfers made pursuant
to Rule 144, except in unusual circumstances,

 

(b)                                 Each certificate evidencing the Restricted
Securities transferred as provided above (except sales pursuant to a
registration statement under the Act) will bear, except if such transfer is
made pursuant to Rule 144, the appropriate restrictive legends set forth
in Section 2 above, except that such certificate shall not bear the
restrictive legend set forth in Section 2(a) if in the opinion of
counsel of such Holder and counsel for the Company such legend is not required
in order to establish compliance with any provision of the Act.

 

4.                                       Removal of Restrictions on Transfer
Securities.  Any legend referred to in Section 2(a) hereof
stamped or imprinted on a certificate evidencing the Restricted Securities, and
the stock transfer instructions and record notations with respect to such
Restricted Securities will be removed and the Company will issue a certificate
without such legend to the Holder of such Restricted Securities if (i) such
Restricted Securities are registered under the Act or (ii) such Holder
provides the Company with (a) an opinion of counsel (which may be counsel
for the Company), reasonably satisfactory to the Company, to the effect that a
public sale or transfer of such Restricted Securities may be made without
registration under the Act or (b) assurances, which may, at the Company’s
reasonable discretion, include an opinion of counsel reasonably satisfactory to
the Company, that such Restricted Securities can be sold pursuant to an
exemption from registration under Section (k) of Rule 144 under the
Act.

 

5.                                       Requested Registration.

 

(a)                                  Request for Registration. In the event the Company shall receive from
Initiating Holders a request that the Company effect any registration,
qualification, or compliance under the Act with respect to all or any portion
of the Registrable Securities the Company will:

 

(i)                                     within twenty days of the Company’s receipt
of such notice, give written
notice of the proposed registration, qualification, or compliance to all other Holders;
and

 

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(ii)                                  as soon as
practicable, use its best efforts to effect such registration, qualification, or compliance
(including without limitation, filing post effective amendments,
appropriate qualification under applicable blue sky or other state securities
laws and appropriate compliance with applicable registrations issued under the
Act and any other governmental requirements or regulations) as may be so
requested and as would permit or facilitate the sale and distribution of all or
such portion of such Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any Holder
or such Holders joining in such request as are specified in a written request
received by the Company within 20 days after receipt of such written notice
from the Company; provided, however, that the Company shall not be obligated to
take any action to effect any such registration, qualification, or compliance
pursuant to this Section 5:

 

(1)                                  in any particular
jurisdiction in which the Company would be required to execute a general consent to
service of process in effecting such registration, qualification, or compliance
unless the Company is already subject to service in such jurisdiction and
except as may be required by the Act; or

 

(2)                                  if the anticipated
aggregate offering price of the Registrable Securities proposed to be registered
could not be reasonably determined by the Initiating Holders at the time of
their request for registration to be at least $5 million; or

 

(3)                                  prior to the
earlier of (i) [March 1,2005] or (ii) the date six months
immediately following the effective date of any registration statement
pertaining to the initial public offering of securities of the Company (other
than a registration of securities in a Rule 145 transaction or with
respect to an employee benefit plan); or

 

(4)                                  after the Company
has effected three such registrations pursuant to this Section 5(a),
and such registrations have been declared or ordered effective; or

 

(5)                                  at any time during
which the Company is qualified to use Form S-3 for registration of the
Registrable Securities, provided the Company treats the Initiating Holders’
request as a request for registration pursuant to Section 7 and promptly proceeds
to effect such registration; or

 

(6)                                  if the Company shall
furnish to such Holders a certificate signed by the President of the Company
stating that in the good faith judgment of the Board of Directors it would be
seriously detrimental to the Company or its stockholders for a registration
statement to be filed in the near future, whereby the Company’s obligations to
use its best efforts to register, qualify or comply under this Section 5(a) shall
be deferred for a period of up to 120 days; provided, however, that the Company
shall not exercise such right more than once in a twelve month period.

 

Subject to the foregoing clauses (1) through
(6), the Company shall file a registration statement covering the Registrable
Securities so requested to be registered as soon as reasonably practicable
after receipt of the request or requests of the Initiating Holders.

 

5

 

(b)                                 Underwriting.
If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as part of their request made
pursuant to Section 5, and the Company shall include such information in
the written notice referred to in Section 5(a)(i) above. The right of
any Holder to registration pursuant to Section 5 shall be conditioned upon
such Holder’s participation in the underwriting arrangements described by this Section 5(b),
and the inclusion of such Holder’s Registrable Securities in the underwriting
(unless otherwise mutually agreed by a majority in interest of the Initiating
Holders and such Holder with respect to such participation and inclusion) to
the extent requested shall be limited to the extent provided herein. A Holder
may elect to include in such underwriting all or any portion of the Registrable
Securities he, she or it holds.

 

The Company shall (together with all Holders proposing to distribute
their securities through such underwriting) enter into an underwriting
agreement in customary form with a managing underwriter of recognized national
standing selected for such underwriting by the Company and reasonably
acceptable to a majority of the Holders proposing to distribute their
securities through such underwriting. Notwithstanding any other provision of
this Section 5, if the managing underwriter advises the Initiating Holders
in writing that marketing factors require a limitation of the number of shares
to be underwritten, then the Company will so advise all Holders of Registrable
Securities, and the number of shares of Registrable Securities that may be
included in the registration and underwriting shall be allocated among all such
Holders thereof in proportion, as nearly as practicable, to the respective
amounts of Registrable Securities held by such Holder; provided, however, that
the number of shares of Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities are first entirely
excluded from the underwriting. No Registrable Securities excluded from the
underwriting by reason of the underwriter’s marketing limitation shall be
included in such registration. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round
the number of shares allocated to any Holder to the nearest 100 shares.

 

If any Holder of Registrable Securities disapproves of the terms of the
underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company, the managing underwriter and the Initiating Holders. The
Registrable Securities and/or other securities so withdrawn shall also be
withdrawn from registration; provided, however, that if by the withdrawal of
such Registrable Securities a greater number of Registrable Securities held by
other Holders may be included in such registration (up to the maximum of any
limitation imposed by the underwriters), then the Company will offer to all
other Holders who have included Registrable Securities in the registration the
right to include additional Registrable Securities in the same proportion used
in determining the underwriter limitation in this Section 5(b).

 

If the underwriter has not limited the number of Registrable Securities
to be underwritten, the Company may include securities for its own account if
the underwriter so agrees and if the number of Registrable Securities that
would otherwise have been included in such registration and underwriting will
not thereby be limited.

 

6

 

6.                                       Company Registration.

 

(a)                                  Notice of Registration.  If
at any time or from time to time, the Company shall determine to register any of its securities, either for
its own account or the account of any holder of its securities, other than (i) a
registration relating solely to employee benefit plans, (ii) a
registration relating solely to a Commission Rule 145 transaction, (iii) a
registration pursuant to Section 5 hereof, or (iv) a registration pursuant
to Section 7 hereof, the Company will:

 

(i)                                     Promptly give to each Holder written notice
thereof; and

 

(ii)                                  include in such registration (and any related
qualification under blue sky laws or other compliance), and in any underwriting
involved therein, all the Registrable Securities specified in a written request
or requests, made within 20 days after receipt of such written notice from the
Company, by any Holder. Such written request may seek the registration of all
or any portion of a Holder’s Registrable Securities.

 

(b)                                 Underwriting.  If
the registration of which the Company gives notice is for a registered public offering involving an underwriting,
the Company shall so advise the Holders as a part of the written notice
pursuant to Section 6(a)(i).  In
such event, the right of any Holder to registration pursuant to this Section 6
shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of Holder’s Registrable Securities in
the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with the
Company) enter into an underwriting agreement in customary form with the
managing underwriter selected for such underwriting by the Company. Notwithstanding
any other provision of this Section 6, if the managing underwriter
determines that marketing factors require a limitation of the number of shares
to be underwritten, the managing underwriter may (subject to the limitation set
forth below) limit or exclude from such underwriting the Registrable Securities
and other securities of the Holders to be distributed. If the Company is so
advised by the managing underwriter, then all securities other than Registrable
Securities and the securities proposed to be registered by the Company shall
first be excluded from the registration. If additional securities must be
eliminated as a consequence of the managing underwriter’s determination, then
the Company shall so advise all Holders distributing their Registrable
Securities through such underwriting of such limitation or exclusion and, if
applicable, the number of shares of Registrable Securities that the managing
underwriter determines may be included in the registration and underwriting
shall be allocated among all Holders of Registrable Securities in proportion,
as nearly as practicable, to the respective amounts of Registrable Securities
held by such Holders. Notwithstanding the foregoing, in no event shall the
amount of securities of the selling Holders included in the offering be reduced
below thirty percent (30%) of the total amount of securities included in such
offering, unless such offering is the initial public offering of the Company’s
securities, in which case the selling Holders may be excluded entirely if the
underwriters make the determination described above and no other stockholder’s
securities are included in such initial public offering. To facilitate the
allocation of shares in accordance with the above provisions, the Company may
round the number of shares allocated to any Holder or holder to the nearest 100
shares.

 

7

 

If any Holder of Registrable Securities disapproves of the terms of the
underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company and the managing underwriter. If by the withdrawal of such
Registrable Securities a greater number of Registrable Securities held by other
Holders may be included in such registration (up to the maximum of any
limitation imposed by the underwriters), then the Company will offer to all
other Holders who have included Registrable Securities in the registration the
right to include additional Registrable Securities in the same proportion used
in determining the underwriter limitation in this Section 6(b).

 

(c)                                  Right to Terminate Registration.  The Company shall have the right to terminate or withdraw any
registration by it under this Section 6 prior to the effectiveness of such
registration whether or not any Holder has elected to include securities in
such registration.

 

7.                                       Registration on Form S-3.

 

(a)                                  Subject to the remainder of this Section 7,
and unless Rule 144 is available for effecting a proposed transfer of all
of the Registrable Securities of a Holder and such transfer would result in the
removal of the restrictive legend required by Section 2(a) hereof, in
the event that (i) the Company receives from any Holder or Holders a
written request that the Company file a registration statement on Form S-3
(or any successor form to Form S-3), or any similar short form
registration statement (collectively, “Form S-3”), for a public offering of
Registrable Securities, the reasonably anticipated aggregate price to the
public of which, net of underwriting discounts and commissions, would exceed $2
million and (ii) the Company is a registrant entitled to use Form S-3
to register the Registrable Securities for such an offering, the Company will
promptly give written notice of the proposed registration to all other Holders.
As soon as reasonably practicable thereafter, the Company will use its diligent
best efforts to cause all Registrable Securities to be registered as may be so
requested for the offering on such form and as would permit or facilitate the
sale and distribution of all or such portion of such Registrable Securities as
are specified in such request, together with all or such portion of the Registrable
Securities of any Holder or Holders joining in such request as are specified in
a written request received by the Company within (20) days after receipt of
such written notice from the Company. The provisions of Section 5(b) shall
be applicable to each registration initiated under this Section 7.

 

(b)                                 Notwithstanding the foregoing, the Company
will not be obligated to take any action pursuant to this Section 7(a): (i) in
any particular jurisdiction in which the Company would be required to execute a
general consent to service of process in effectuating such registration,
qualification, or compliance unless the Company is already subject to service in
such jurisdiction and except as may be required by the Act; (ii) if the
Company has previously effected two registrations pursuant to Section 7(a) whose
effective dates were within the twelve month period whose last day is the date
the Company receives the request; and (iii) if the Company shall furnish
to such Holder a certificate signed by the President of the Company stating
that, in the good faith judgment of the Board of Directors, it would be
seriously detrimental to the Company or its stockholders for registration
statements to be filed in the near future or for any disclosure to be made
that, in the opinion of the Board of Directors, duly advised by counsel, is
required to be made in connection with the sale of Registrable Securities

 

8

 

pursuant
to such registration, whereby the Company’s obligation to use its best efforts
to file a  registration
statement shall be deferred for a period not to exceed 120 days from the
receipt of the request to file such registration by such Holder; provided
however, that the Company shall not exercise such right more than once in any
twelve month period.

 

8.                                       Expenses of Registration.  All
Registration Expenses incurred in connection with the registrations pursuant to
Sections 5, 6 and 7 shall be
borne by the Company.

 

9.                                       Registration Procedures. 
Whenever required under this Agreement to effect the registration of any
Registrable Securities, the Company will:

 

(a)                                  Prepare and promptly file with the Commission
a registration statement with
respect to such Registrable Securities and use its best efforts to cause such registration
statement to become and remain effective for the greater of (i) one
hundred twenty (120) days or (ii) until the distribution described in the
registration statement has been completed;

 

(b)                                 Prepare and file with the Commission such
amendments and supplements to such registration statements and the prospectus
used in connection with such registration statement as may be necessary to
comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement;

 

(c)                                  At least two business days before filing a
registration statement or prospectus
including Registrable Securities and at least two business days before filing
any amendments or supplements
thereto, furnish to the counsel of the Holders copies of all documents proposed
to be filed for that counsel’s review and approval, which approval shall not be
unreasonably withheld or delayed;

 

(d)                                 Furnish to the Holders participating in such
registration and to the underwriters of the securities being registered such
reasonable number of copies of the registration statement, preliminary
prospectus, final prospectus and such other documents as such Holders and
underwriters may reasonably request in order to facilitate the public offering
of such securities; 

 

(e)                                  Furnish, at the request of any Holder
requesting registration of Registrable Securities pursuant to this Agreement,
on the date that such Registrable Securities are delivered to the underwriters
for the sale in connection with a registration pursuant to this Agreement, or,
if such securities are not being sold through underwriters, on the date that
the registration statement with respect to such securities becomes effective, (i) an
opinion, dated such date, of counsel representing the Company for the purposes
of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities
and (ii) a letter dated such date, from the independent accountants of the
Company, in form and substance as is customarily given by independent accountants
to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and to the Holders requesting registration of Registrable
Securities;

 

9

 

(f)                                    In the event of any underwritten public
offering, enter into and perform its obligations under an underwriting and
other agreements, in usual and customary form, with the managing underwriter of
such offering and take all other actions in connection with those agreements
reasonably necessary to effect the offer and sale of the Registrable Securities.
Each Holder participating in such underwriting shall also enter into and
perform its obligations under such underwriting agreement;

 

(g)                                 Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating
thereto is required to be delivered under the Securities Act of the happening
of any event as a result of which the prospectus included in such registration
statement, as then in effect, or any document included therein by reference
includes an untrue statement of material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing, and prepare a
supplement or amendment to the prospectus or any such document incorporated
therein by reference so that thereafter the prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

 

(h)                                 Cooperate with each seller of Registrable
Securities and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel in connection with any
required filings with the National Association of Securities Dealers, Inc.;

 

(i)                                     Cause such Registrable Securities registered
pursuant hereunder to be listed on each securities exchange or each inter
dealer quotation system on which similar securities issued by the Company are
then listed or quoted;

 

(j)                                     Provide an institutional transfer agent and
registrar for all Registrable
Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such
registration;

 

(k)                                  Use its reasonable best efforts to register
and qualify the securities covered
by such registration statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the Holders, provided that
the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions;

 

(l)                                     Subject to reasonable confidentiality
agreements, make available for inspection during business hours on reasonable
advance notice by any underwriter participating in any disposition pursuant to
a registration statement, and any attorney, accountant or other agent of such
underwriter (collectively, the “Inspectors”), financial records, pertinent
corporate documents and properties of the Company (collectively, the “Records”)
as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to
supply all information reasonably requested by any such Inspector in connection
with such registration statement. Records which the Company determines, in good
faith, to be confidential and which it notifies the Inspectors are confidential

 

10

 

shall
not be disclosed by the Inspectors unless (i) the disclosure of such
Records is necessary to avoid or correct a material misstatement or omission in
the registration statement or (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent
jurisdiction.  Each Holder selling
Registrable Securities further agrees that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give
written notice to the Company, and allow the Company, at the Company’s expense,
to undertake appropriate action to prevent disclosure of the Records it deemed
confidential. Each Holder of such Registrable Securities further agrees that
information obtained by it as a result of such inspections which is deemed
confidential by the Company shall not be used by it, and it shall cause each of
its Inspectors not to use such confidential information as the basis for any market
transactions in securities of the Company or for any purpose other than any due
diligence review with respect to decisions regarding such Holder’s investment
in the Registrable Shares, unless and until such information is made generally
available to the public; and

 

(m)                               Notify the Holders and the managing
underwriters, if any, promptly,
and (if requested by any such Person) confirm such advice in writing, (i) when
the registration statement, the prospectus or any prospectus supplement or post
effective amendment, has been filed, and, with respect to the registration
statement or any post effective amendment, when the same has become effective, (ii) of
the issuance by the Commission of any stop order suspending or threatening to
suspend the effectiveness of a registration statement or of any order preventing
or suspending the use of any preliminary prospectus or the initiation of any proceedings
for that purpose and the Company shall promptly use its best efforts to prevent
the issuance of any stop order or to obtain a withdrawal of such stop order
should the order be issued and (iii) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption
from qualification of a registration statement of any of the Registrable Securities
for offer or sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose.

 

10.                                 Indemnification.  In
the event any Registrable Securities are included in a registration statement
filed pursuant to this Agreement.

 

(a)                                  To the extent permitted by law, the Company
will indemnify each Holder, each of its officers, directors, and partners, and
each person controlling such Holder within the meaning of Section 15 of
the Act, with respect to which registration, qualification, or compliance has
been effected pursuant to this Agreement, and each underwriter, if any, and
each person who controls any underwriter within the meaning of Section 15
of the Act, against all expenses, claims, losses, damages, or liabilities
(whether joint or several and including actions in respect thereof), including
any of the foregoing incurred in settlement of any litigation, commenced or
threatened, arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any registration statement,
prospectus, offering circular, or other document, or any amendment or
supplement thereto, incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements
therein,  in light of the circumstances
in which they were made, not misleading, or any violation by the Company of the
Act, the Exchange Act, any federal or state securities law or any rule or
regulation promulgated under the Act, the Exchange Act or any federal or state
securities law or regulation applicable to the Company in connection with any
such registration, qualification, or

 

11

 

compliance,
and the Company will reimburse each such Holder, each of its officers, directors,
partners, each person controlling such Holder, each such underwriter and each
person who controls such underwriter, for any legal and any other expenses
reasonably incurred in connection with the investigating, preparing, or
defending any such claim, loss, damage, liability, or action; provided that the
Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability or expense arises out of or is based solely on any untrue
statement or omission or alleged untrue statement or omission, made solely in
reliance upon and in conformity with written information furnished to the
Company by an instrument duly executed by such Holder, controlling person, or
underwriter and stated to be specifically for use therein; and provided
further, that the Company will not be liable to any underwriter or any person
who controls such underwriter for any claim, loss, damage, liability or expense
that arises out of or is based upon any untrue statement or omission or alleged
untrue statement or omission made in a preliminary prospectus on file with the
Securities and Exchange Commission at the time the Registration Statement
becomes effective or in the amended prospectus filed with the Securities and
Exchange Commission pursuant to Rule 424(b) (the “Final Prospectus”)
if a copy of the Final Prospectus was not furnished to the person asserting the
claim, loss, damage, liability or expense at or prior to the time such action
is required by the Act.

 

(b)                                 To the extent permitted by law, each Holder
will, if Registrable Securities held by such Holder are included in the
securities as to which such registration, qualification, or compliance is being
effected, and each other Company stockholder whose securities are included in
the securities as to which such registration, qualification or compliance is
being effected (“Other Stockholder”) indemnify the Company, each of its
directors and officers, each underwriter, if any, of the Company’s securities
covered by such a registration statement, each person who controls the Company
or such underwriter within the meaning of Section 15 of the Act, and each
other such Holder and Other Stockholder, each of its officers, directors, and
partners and each person controlling such Holder and Other Stockholder within
the meaning of Section 15 of the Act, against all claims, losses, damages
and liabilities (whether joint or several and including actions in respect
thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement,
prospectus, offering circular or other document, or any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Company, such other Holders, such Other Stockholders, such directors, officers,
persons, underwriters, or control persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such
claim, loss, damage, liability or action, in each case to the extent, but only
to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement,
prospectus, offering circular, or other document in reliance upon and
conformity with written information furnished to the Company by an instrument
duly executed by such Holder or such Other Stockholder and stated to be
specifically for use therein; provided, however, that the indemnity agreement
contained in this subsection 10(b) shall not apply to amounts paid in
settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of the Holder or the Other
Stockholder, which consent shall not be unreasonably withheld; and provided
further, that, in no event shall any indemnity under this subsection 10(b) exceed
the net proceeds (after deducting any discounts or commissions received by any
underwriter in connection with such registration) from the offering received by
such Holder or such Other Stockholder; and provided further, that any such
Holder or such Other

 

12

 

Stockholder
will not be liable to any underwriter or any person who controls such
underwriter for any claim, loss, damage, liability or expense that arises out
of or is based upon any untrue  statement or omission or alleged untrue statement or omission made in
the Final Prospectus if a copy of the Final Prospectus was not furnished to the
person asserting the claim, loss, damage, liability or expense at or prior to
the time such action is required by the Act.

 

(c)                                  Each party entitled to indemnification under
this Section 10 (the “Indemnified Party”) shall give notice to the party
required to provide indemnification (the “Indemnifying Party”) promptly after
such Indemnified Party has actual knowledge of any claim as to which indemnity
may be sought, and shall permit the Indemnifying Party to assume the defense of
any such claim or litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party’s expense, and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Agreement except to the
extent, but only to the extent, that the failure to give such notice is
materially prejudicial to an Indemnifying Party’s ability to defend such action
and provided further, that the Indemnifying Party shall not assume the defense
for matters as to which there is a conflict of interest or separate and
different defenses but shall bear the expense of such defense nevertheless. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation.

 

(d)                                 If the indemnification provided for in this Section 10
is unavailable to or
unenforceable by the Indemnified Party in respect of any losses, claims,
damages, liabilities or judgments referred to herein, then each such
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such losses, claims, damages, liabilities and judgments in such proportions
as is appropriate to reflect the relative fault of the Indemnified Party in
connection with the actions or inactions which resulted in such losses, claims,
damages, liabilities and judgments, as well as any other relevant equitable
considerations (including the relative fault and indemnification or contribution
obligations of other relevant parties). The relative fault of the Indemnifying
Party on the one hand and of the Indemnified Party on the other shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Indemnifying Party
or by the Indemnified Party, and by such party’s relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission. The Indemnified Persons agree that it would not be just and equitable
if contribution pursuant to this Section 10(d) were determined by pro
rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately
preceding paragraph.  No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. In no event shall any Holder
or Other Stockholder be liable for contribution pursuant to this Section 10(d) to
the extent the aggregate payments made by such Holder or Other Stockholder pursuant to Section 10(b) and
this Section 10(d) exceed the

 

13

 

net
proceeds (after deducting any discounts or commissions received by an
underwriter in connection with such registration) from the offering received by
such Holder or Other Stockholder.

 

(e)                                  The obligations of the Company and the
Holders under this Section 10 shall survive the completion of any offering
of Registrable Securities in a registration statement pursuant to this
Agreement.

 

11.                                 Information by Holder.  The
Holder or Holders of Registrable Securities included in any registration shall
furnish to the Company such information regarding such Holder or Holders, the
Registrable Securities held by them, and the distribution proposed by such Holder
or Holders as the Company may request in writing and as shall be required in
connection with any registration, qualification, or compliance referred to in
this Agreement.

 

12.                                 Rule 144 Reporting.  With
a view to making available the benefits of certain rules and regulations
of the Commission which may at any time permit the sale of the Restricted
Securities to the public without registration, after such time as a public
market exists for the Common Stock of the Company, the Company agrees to use
its best efforts to:

 

(a)                                  Make and keep public information available,
as those terms are understood and defined Rule 144 under the Act, at all
times after the effective date that the Company becomes subject to the
reporting requirements of the Act or the Exchange Act.

 

(b)                                 File with the Commission in a timely manner
all reports and other documents required of the Company under the Act and the
Exchange Act; and

 

(c)                                  So long as a Holder owns any Restricted
Securities, to furnish to the Holder forthwith upon request a written statement
by the Company as to its compliance with the reporting requirements of said Rule 144
(at any time after 90 days after the effective date of the first registration
statement filed by the Company for an offering of its securities to the general
public), a copy of the most recent annual or quarterly report of the Company,
and such other reports and documents of the Company and other information in
the possession of or reasonably obtainable by the Company as a Holder may
reasonably request in availing itself of any rule or regulation of the
Commission allowing a Holder to sell any such securities without registration.

 

13.                                 Transfer of Registration Rights.  The
rights to cause the Company to register securities granted to Holders under
Sections 5, 6, and 7 may be assigned to a transferee or assignee in connection
with any transfer or assignment of Registrable Securities by a Holder of not
less than 100,000 shares of Registrable Securities (subject to the limitations
of Section 3), or to any transferee or assignee who is an affiliate or a
constituent partner of a Holder or the estate of such constituent partner,
provided that such transfer may otherwise be effected in accordance with
applicable securities laws, and notice of such transfer is provided promptly to
the Company.

 

14.                                 Market Standoff Agreement.  Each
Holder agrees in connection with the Company’s initial public offering of
securities, upon request of the Company or the underwriters managing such
offering of the Company’s securities, not to sell, make any short sale of,
loan, grant any option for the purchase of, or otherwise dispose of any
Registrable Securities (other

 

14

 

than
those Registrable Securities included in the registration and other than
transactions with affiliates of the Holder who shall agree to be similarly
bound) without the prior written consent of the Company or such underwriters,
as the case may be, for such period of time (not to exceed, in any event, one
hundred eighty (180) days) from the effective date of such registration as may
be requested by the underwriters; provided, however, that the Holders shall
have no such obligation under this paragraph 14 unless the officers and
directors and all holders of at least one percent (1 %) of the Company’s issued
and outstanding capital stock shall also agree to such restrictions.

 

15.                                 Limitations on Registration of Resales of
Securities.  From and after the date of this Agreement, the
Company shall not enter into any agreement with any holder or prospective
holder of any securities of the Company giving such holder or prospective
holder either (i) the right to require the Company to initiate any
registration of any securities of the Company or (ii) the right to have
its securities included in a registration by the Company, the Holders pursuant
to this Agreement or any other person or entity if such right would permit the
securities held by such holder or perspective holder to be registered before
all Registrable Securities that have been requested to be included are
included. The Company’s obligations set forth in the preceding sentence shall
be for a period of four years (plus the aggregate number of days that the
Company has delayed any registrations pursuant to its rights under Section 5(a)(6))
following the effective date of the initial public offering of the Company’s
Common Stock registered under the Securities Act. This Section 15 shall
not limit the right of the Company to enter into any agreements with any holder
or prospective holder of any securities of the Company giving such holder or
prospective holder the right to require the Company, upon any registration of
any of its securities (except on initial public offering), to include, among
the securities which the Company is then registering, securities owned by such
holder so long as they are subject to all cutback and priority limitations of
this Agreement.

 

16.                                 Notices, etc.  All
notices and other communications required or permitted hereunder shall be in writing
and shall be deemed effectively given upon delivery to the party to be notified
in person or by courier service or five (5) days after deposit with the
United States mail, by registered or certified mail, postage prepaid, addressed
(a) if to a Holder of any Registrable Securities, to its address set forth
on the Schedule of Purchasers attached hereto or such address as such
holder shall have furnished the Company in writing, or (b) if to the
Company, to:

 

Acorda Therapeutics, Inc.

15 Skyline Drive

Hawthorne, NY 10532

Attn: Chief Financial Officer

 

or
at such other address as the Company shall have furnished to the Holders in
writing.

 

17.                                 Amendment.  Any provision of this
Agreement may be amended, waived or modified upon the written consent of (i) the
Company and (ii) holders of sixty percent or more of the outstanding
shares of Registrable Securities. Any Holder may waive any of its rights or the
Company’s obligations hereunder without obtaining the consent of any other
person.

 

15

 

18.                                 Suppression of Earlier Agreement.  This
Agreement shall supersede in its entirety the Prior Agreement. This agreement
shall be effective simultaneous with the closing of the initial sale of Series K
Preferred Stock by the Company, provided at such time Holders that hold
sufficient shares of Preferred Stock and shares of one or more series of
Preferred Stock sufficient to amend the Prior Agreement shall have executed and
delivered a signed counterpart of this Agreement.

 

19.                                 Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
an original and all of which together shall constitute one instrument.

 

20.                                 Governing Law.  This
Agreement shall be governed by the laws of the State of Delaware.

 

21.                                 Regulated Financial Institutions Compliance
Obligations.  Nothing in this agreement shall diminish the
continuing obligations of any financial institution to comply with applicable
requirements of law that it maintain responsibility for the disposition of, and
control over its admitted assets, investments and property, including (without
limiting the generality of the foregoing) the provisions of Section 1l4l(b) of
the New York Insurance Law, as amended, and as hereinafter from time to time in
effect.

 

22.                                 Listing.  If the Common Stock is listed
for trading on any national securities exchange, that listing shall include all
Registrable Securities of the Holders (to the extent permitted by the rules of
the exchange).

 

23.                                 Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law,
that provision will be ineffective only to the extent of the prohibition or
invalidity, without invalidating the remainder of this Agreement.

 

24.                                 Specific Performance.  Each
of the parties agrees that damages for a breach of or default under this
Agreement would be inadequate and that in addition to all other remedies
available at law or in equity the parties and their successors and assigns
shall be entitled to specific performance on injunctive relief, or both, in the
event of a breach or threatened breach of this Agreement.

 

25.                                 Validity of Provisions.  Should
any part of this Agreement for any reason be declared by any court of competent
jurisdiction to be invalid, that decision shall not affect the validity of the
remaining portion, which shall continue in full force and effect as if this
Agreement had been executed with the invalid portion eliminated, it being the
intent of the parties that they would have executed the remaining portion of
the Agreement without including any part or portion that may for any reason be
declared invalid.

 

26.                                 Waiver of Breach.  Neither
any waiver of any breach of, nor any failure to enforce any term or condition
of, this Agreement shall operate as a waiver of any other breach of any term or
condition, nor constitute nor be deemed a waiver or release of any other
rights, in law or at equity, or claims that any party may have against any
other party for anything arising

 

16

 

out
of, connected with, or based upon this Agreement. No waiver shall be
enforceable against any party hereto unless set forth in a written instrument
or agreement signed by that party. No waiver shall be deemed to occur as a
result of the failure of any party to enforce any term or condition of this
Agreement.

 

17

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ron
  Cohen

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

18

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ron
  Cohen

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  EASTON HUNT CAPITAL
  PARTNERS, L.P.

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard P.
  Schneider

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RICHARD P. SCHNEIDER

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VICE PRESIDENT &
  SECRETARY,

  EHC, INC, the General Partner

  of EHC GP, LP, General Partner

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

19

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  EASTON HUNT NEW YORK,
  LP

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard P.
  Schneider

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RICHARD P. SCHNEIDER

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VICE PRESIDENT

  EHCNY, Inc, the Managing Member of

  EHNY, LLC, General Partner

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

20

 

out
of, connected with, or based upon this Agreement. No waiver shall be
enforceable against any party hereto unless set forth in a written instrument
or agreement signed by that party. No  waiver shall be deemed to occur as a result of the failure of any party
to enforce any term or condition of this Agreement.

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Cross Atlantic Partners
  IV

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Sandra Panem

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra Panem

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

21

 

 

out
of, connected with, or based upon this Agreement. No waiver shall be
enforceable against any party hereto unless set forth in a written instrument or
agreement signed by that party. No  waiver shall be deemed to occur as a result of the failure of any party
to enforce any term or condition of this Agreement.

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Cross Atlantic Partners
  for

  Nordea Bank Danmark A/S

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Sandra Panem

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra Panem

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Investment Officer

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

22

 

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  TVM
  V Life Science Ventures GmbH & Co. KG

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Gert
  Gaspritz                /s/
  Mark G. Cipriano

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gert Gaspritz / Mark G.
  Cipriano

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MANAGING LIMITED
  PARTNERS

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  
						

 

23

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended and
Restated Registration Rights Agreement as of the date first set forth above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Integra Ventures III,
  L.P., SBIC

  	
   

  
	
   

  	
   

  	
  By

  	
  IV Technologies, LLC General Partner

  
	
   

  	
   

  	
  (Print Name of Holder) 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Joseph K.
  Piper

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Joseph K. Piper

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  
						

 

24

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Jennison Health
  Sciences Fund, a series of the Jennison Sector Funds, Inc. (the “Fund”)

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David Chan

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jennison Associates LLC
  (“Jennison”), as

  subadviser for the Fund, by David Chan

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive Vice
  President of Jennison and portfolio Manager of the Fund

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

25

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  NIF Ventures Co., Ltd,

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Nobuo Suzuki

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Nobuo Suzuki

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive Officer

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

26

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Investment Enterprise
  Partnership

  “NIF 21-ONE(1)”

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Shinichiro Hakuta

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shinichiro Hakuta

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  General Manager

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

27

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Grand Cathay Venture
  Capital Co., Ltd.

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Edward Chang

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Edward Chang

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

28

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Prudence Venture
  Investment Crop.

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jessica Wu

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jessica Wu

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

29

 

IN WITNESS WHEREOF, the undersigned have executed this Sixth Amended
and Restated Registration Rights Agreement as of the date first set forth
above.

 

	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acorda Therapeutics, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Ron
  Cohen, M.D., President and CEO

  
	
   

  	
   

  
	
   

  	
  “Holders”

  
	
   

  	
   

  
	
   

  	
   

  	
  Pan-Pacific Venture
  Capital Co., Ltd.

  	
   

  
	
   

  	
   

  	
  (Print Name of Holder)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David Y. S. Chao

  	
   

  
	
   

  	
   

  	
  (Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  David Y. S. Chao

  	
   

  
	
   

  	
   

  	
  (Print Name of Signatory)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President

  	
   

  
	
   

  	
   

  	
  (Title of Signatory)

  

 

30

 

 

SCHEDULE OF
PURCHASERS

 

Dated as of
March 2, 2004

 

	
  Name
  and Address of Purchaser

  	
   

  	
  Number of

  Purchased Shares

  	
   

  	
  Purchase Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Easton
  Hunt Capital Partners, L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  641
  Lexington Avenue, 21st Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New
  York, NY 10022

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  John H. Friedman

  	
   

  	
  100,000

  	
   

  	
  $

  	
  750,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Easton
  Hunt New York, L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  641
  Lexington Avenue, 21st Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New
  York, NY 10022

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  John H. Friedman

  	
   

  	
  100,000

  	
   

  	
  $

  	
  750,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cross
  Atlantic Partners IV, K/S

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  Cross Atlantic Partners, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  55
  Madison Avenue, 7th Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New
  York, NY 10022

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  John L. Cassis

  	
   

  	
  55,574

  	
   

  	
  416,805.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nordea
  Bank Danmark A/S

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  Cross Atlantic Partners, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  551
  Madison Avenue, 7th Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New
  York, NY 10022

  	
   

  	
  11,093

  	
   

  	
  83,197.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TVM
  V Life Science Ventures GmbH & Co. KG.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  TVM Techno Venture Management Gmbh & Co.  KG

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maximillanstrasse
  35

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Entrance
  C

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  80539
  Munich, Germany

  	
   

  	
  66,666

  	
   

  	
  $

  	
  499,995.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Integra
  Ventures III, L.P., SBIC

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  300
  E. Pine

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seattle,
  WA 98122

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  Tim Black

  	
   

  	
  133,333

  	
   

  	
  $

  	
  999,997.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jennison
  Health Sciences Fund

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jennison
  Sector Funds, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o Jennison Associates, LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  466
  Lexington Avenue, 18th Floor

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New
  York, NY 10017

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  David Chan, CFA

  	
   

  	
  533,333

  	
   

  	
  $

  	
  3,999,997.50

  	
   

  

 

31

 

 

	
  Name
  and Address of Purchaser

  	
   

  	
  Number of

  Purchased Shares

  	
   

  	
  Purchase Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NIF
  Ventures Co, Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1-2-1,
  Kyobashi, Chuo-ku

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tokyo,
  104-0031, Japan

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  Chika Yoshinaga, MD

  	
   

  	
  53,333

  	
   

  	
  $

  	
  399,997.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Investment
  Enterprise Partnership NIF 21-ONE (1)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  NIF Ventures Co, Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1-2-1,
  Kyobashi, Chuo-ku

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tokyo,
  104-0031, Japan

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  Chika Yoshinaga, MD

  	
   

  	
  213,333  

  	
   

  	
  $

  	
  1,599,997.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Grand
  Cathay Venture Capital Co., Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  CIDC Consultants, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Prudence
  Capital

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Taipei,
  Taiwan

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  Ching-chih Lai

  	
   

  	
  93,330

  	
   

  	
  $

  	
  699,980.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Prudence
  Venture Investment

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o
  CIDC Consultants, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Prudence
  Capital

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Taipei,
  Taiwan

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  Ching-chih Lai  

  	
   

  	
  66,666

  	
   

  	
  $

  	
  499,995.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pan-Pacific
  Venture Capital Co., Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Uni-Pac
  Management Company

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PVCC
  Fund I & II

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6F, No. 21, Lane 120, Sec. 1 Neihu Rd.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Taipei, 144, Taiwan, R.O.C.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:
  David Y.S. Chao  

  	
   

  	
  106,666

  	
   

  	
  $

  	
  799,995.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  1,533,327

  	
   

  	
  $

  	
  11,499,958.00

  	
   

  

 

32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]