Document:

Exhibit 10.4

May 10, 2007

Dave Lawrence

15 Skyline Drive

Hawthorne, NY 10532

Re:   Amendment
to December 19, 2005 Employment Agreement

Dear Dave:

This letter serves as an amendment to your letter
agreement, dated December 19, 2005, with Acorda Therapeutics, Inc.
(the “Agreement”), in accordance with paragraph 8(b) of the Agreement. Specifically,
the Agreement is amended as follows, effective May 10, 2007:

Vacation.   Paragraph 3(b) of the Agreement is amended to
provide for paid vacation in accordance with the Company’s vacation policy for
senior managers (as that policy may be amended from time to time).

Equity
Compensation.   Paragraph
4 of the Agreement is amended to provide that you will be eligible to receive
annual Options, SARs, and/or Stock Awards under the Acorda Therapeutics, Inc.
2006 Incentive Plan, as amended (in addition to the 1999 Employee Stock Option
Plan).

Reorganization
Event.   The
following sentences are added to the end of paragraph 4:

In the event of a “reorganization event” (as defined
in the Acorda Therapeutics, Inc. 2006 Employee Incentive Plan (the “2006
Plan”)), each of your then outstanding “awards” (as defined in the 2006 Plan)
that were issued under the 2006 Plan, excluding grants of restricted stock as
to which you elected at the time of grant not to have such acceleration
applied, shall, immediately prior to such reorganization event, become
exercisable in full (or free from restrictions, if applicable). The preceding
sentence shall apply regardless of whether a Change in Control occurs before,
after, or in connection with such “reorganization event,” and regardless of
whether any other provision of this Agreement would provide or has provided
only partial vesting of an award.

Termination.   Paragraphs 5(a)-(c) of the Agreement are amended
to read in their entirety as follows:

Termination
of Your Employment by the Company Without Cause or Voluntary Termination by You
With Good Reason.   If the Company terminates your
employment without Cause or if you terminate your employment with Good Reason
other than pursuant to subsection (c) of this Section 5, the
following shall apply:

The Company shall continue to pay to you your base
salary for a period ending on the earlier of the date that is seven (7) months
after you terminate or the date on which you obtain other, comparable
employment (the “Severance Period”). Such salary continuation payments will be
paid at the time of the Company’s standard payroll during the Severance Period,
except as provided in the next sentence. To the extent that the sum of your
salary continuation payments that would otherwise be paid in the first six
months following your termination exceed the lesser of (A) two times your
annual rate of pay (determined under Treas. Reg. § 1.409A-1(b)(9)(iii))
and (B) two times the compensation limit under section 401(a)(17) of the
Internal Revenue Code (the “Code”) for the year of your termination, such
excess shall not be paid within the first six months of your termination and,
instead, will be paid in the seventh month after your termination of
employment.

If you or your eligible spouse and dependents timely
elect COBRA Coverage, the Company shall pay the monthly premiums for such
coverage during the Severance Period; provided that, if 

 1
 

you elect coverage under a
subsequent employer’s group health insurance plan during the Severance Period,
payment of such premiums shall cease.

The Options, SARs and other Stock Awards granted to
you hereunder or under any other agreement that have vested as of the
termination date shall remain exercisable for 90 days following such date,
provided that no Options or SAR will be exercisable after the earlier of the
latest date upon which the award could have expired by its original terms under
any circumstances (as determined under section 409A of the Code) or the 10th
anniversary of the original date of grant. All unvested Options, SARs and Stock
Awards will be cancelled on the date of termination.

The Company shall pay you for all amounts due under
this Agreement, including salary earned but not paid prior to termination and
vacation and sick leave days that have accrued through the date of termination
and have not been used. Payment under this subsection (a)(iv) shall be
made at the time of the Company’s standard payroll for the pay period that
includes the date of termination of your employment.

The Company shall pay you for all reimbursable
business expenses that you incur through the date of termination upon
presentation of acceptable supporting documentation. Payment under this
subsection (a)(v) shall be made within 10 days following your presentation
of appropriate supporting documentation but no later than December 31 of
the year next following the year of termination of your employment.

Termination
of Your Employment by the Company With Cause or by You Without Good Reason.   The
Company may terminate your employment with Cause or you may resign without Good
Reason at any time. In such case, you shall be paid all amounts due for
services rendered under this Agreement up until the termination date at the
time of the Company’s standard payroll for the pay period that includes the
date of termination of your employment. Thereafter, no further payments shall
be made to you under this Agreement. All Options granted to you hereunder or
under any other agreement that are fully vested as of the date of your
termination shall remain exercisable for ninety (90) days from the termination
date. If you dispute the grounds for your termination, your vested Options will
remain exercisable until ninety (90) days after the date the dispute is resolved.
Notwithstanding the preceding, no Option will be exercisable after the earlier
of the latest date upon which the award could have expired by its original
terms under any circumstances (as determined under section 409A of the Code) or
the 10th anniversary of the original date of grant. All unvested Options, SARs
and Stock Awards shall be forfeited.

Termination
of Your Employment by the Company Without Cause or Voluntary Termination by You
With Good Reason Following a Change in Control.   If
the Company terminates your employment without Cause or if you terminate your
employment with Good Reason within the first 18 months after a Change in
Control, the following shall apply:

The Company shall pay to you an amount equal to nine (9) months
of your base salary (the “CIC Severance Period”) in a lump sum in the month
next following the month of termination of your employment. You shall be under
no obligation to secure alternative employment during the CIC Severance Period,
and payment of your base salary shall be made without regard to any subsequent
employment you may obtain.

The Company shall also pay you a bonus equal to the
last annual bonus you received multiplied by a fraction, the numerator of which
shall be the number of days in the calendar year elapsed as of the termination
date and the denominator of which shall be 365. Such payment shall be made in
the month next following the month of termination of your employment.

 2
 

If you or your eligible spouse and dependents timely
elect COBRA Coverage, the Company shall pay the monthly premiums for such
coverage during the CIC Severance Period; provided that, if you elect coverage
under a subsequent employer’s group health insurance plan during the CIC
Severance Period, payment of such premiums shall cease.

To the extent that the last two sentences of Section 4
do not apply and/or your Options, SARs and Restricted or other Stock Awards
have not fully vested under Section 4 or otherwise at the time of the
termination of your employment, not less than 50% of the unvested Options, SARs
and Restricted or other Stock Awards granted to you hereunder or under any
other agreement shall become immediately and fully vested (and, with respect to
Restricted Stock Awards, have the restrictions removed) as of the termination
date, and all vested Options shall remain exercisable for 18 months following
such date, provided that no Options or SAR will be exercisable after the
earlier of the latest date upon which the award could have expired by its
original terms under any circumstances (as determined under section 409A of the
Code) or the 10th anniversary of the original date of grant. All remaining
unvested Options, SARs and Stock Awards will be cancelled on the date of
termination.

The Company shall pay you for all amounts due under
this Agreement, including salary earned but not paid prior to termination and
vacation and sick leave days that have accrued through the date of termination
and have not been used. Payment under this subsection (c)(v) shall be made
at the time of the Company’s standard payroll for the pay period that includes
the date of termination of your employment.

The Company shall pay you for all reimbursable
business expenses that you incur through the date of termination upon
presentation of appropriate supporting documentation. Payment under this
subsection (c)(vi) shall be made within 10 days following your
presentation of acceptable supporting documentation but no later than December 31
of the year next following the year of termination of your employment.

Good Reason.   Paragraph 6(e) is amended to read in its
entirety as follows:

(g)           Good Reason.   As
used herein, “Good Reason” means:

           (i)  a material diminution in the your base salary;

          (ii)  a material diminution in your authority,
duties, or responsibilities;

        (iii)  a material diminution in the authority,
duties, or responsibilities of the supervisor to whom you report;

         (iv)  a material diminution in the budget over which
you retain authority;

          (v)  a material change in the geographic location
at which you must perform the services; and

         (vi)  any other action or inaction that constitutes
a material breach by the Company of this Agreement.

Termination for Good Reason may occur only if (A) you
give the CEO notice within 90 days of the initial existence of the condition on
which Good Reason is based, (B) the Company does not cure the condition
within 30 days of receiving such notice, and (C) you terminate within two
years following the initial existence of the condition.

 3
 

Compliance with Section 409A.   To comply with Section 409A of the Internal
Revenue Code, a new paragraph 6(i) is added to the Agreement to read in
its entirety as follows:

(i)    Compliance with Section 409A. Any payment under this
Agreement that is subject to Section 409A and is contingent upon
termination of your employment shall be payable only if such termination
qualifies as a “separation from service” within the meaning of Section 409A,
and regulations promulgated thereunder. However, it is your obligation to pay
all required taxes (including any additional taxes under Section 409A) on
any payments provided under this Agreement.

Except as provided in this
letter, the Agreement remains in full force and effect. If this amendment is
acceptable, please sign and date the copy of this letter provided herewith and
return it to me at your earliest convenience.

	
  

  	
  Sincerely,

  
	
   

  	
  Acorda
  Therapeutics, Inc.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Ron Cohen

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
  Agreed to and Accepted:

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  David Lawrence

  
	
   

  	
  DATE:

  	
   

  
				

 

 4Exhibit 10.5

May 10, 2007

Jane Wasman

15 Skyline Drive

Hawthorne, NY 10532

Re:   Amendment
to December 19, 2005 Employment Agreement

Dear Jane:

This letter serves as an amendment to your letter
agreement, dated December 19, 2005, with Acorda Therapeutics, Inc.
(the “Agreement”), in accordance with paragraph 8(b) of the Agreement. Specifically,
the Agreement is amended as follows, effective May 10, 2007:

Vacation.   Paragraph 3(b) of the Agreement is amended to
provide for paid vacation in accordance with the Company’s vacation policy for
senior managers (as that policy may be amended from time to time).

Equity
Compensation.   Paragraph
4 of the Agreement is amended to provide that you will be eligible to receive
annual Options, SARs, and/or Stock Awards under the Acorda Therapeutics, Inc.
2006 Incentive Plan, as amended (in addition to the 1999 Employee Stock Option
Plan).

Reorganization
Event.   The
following sentences are added to the end of paragraph 4:

In the event of a “reorganization event” (as defined
in the Acorda Therapeutics, Inc. 2006 Employee Incentive Plan (the “2006
Plan”)), each of your then outstanding “awards” (as defined in the 2006 Plan)
that were issued under the 2006 Plan, excluding grants of restricted stock as
to which you elected at the time of grant not to have such acceleration
applied, shall, immediately prior to such reorganization event, become
exercisable in full (or free from restrictions, if applicable). The preceding
sentence shall apply regardless of whether a Change in Control occurs before,
after, or in connection with such “reorganization event,” and regardless of
whether any other provision of this Agreement would provide or has provided
only partial vesting of an award.

Termination.   Paragraphs 5(a)-(c) of the Agreement are amended
to read in their entirety as follows:

Termination
of Your Employment by the Company Without Cause or Voluntary Termination by You
With Good Reason.   If the Company terminates your
employment without Cause or if you terminate your employment with Good Reason
other than pursuant to subsection (c) of this Section 5, the
following shall apply:

The Company shall continue to pay to you your base
salary for a period ending on the earlier of the date that is seven (7) months
after you terminate or the date on which you obtain other, comparable
employment (the “Severance Period”). Such salary continuation payments will be
paid at the time of the Company’s standard payroll during the Severance Period,
except as provided in the next sentence. To the extent that the sum of your
salary continuation payments that would otherwise be paid in the first six
months following your termination exceed the lesser of (A) two times your
annual rate of pay (determined under Treas. Reg. § 1.409A-1(b)(9)(iii))
and (B) two times the compensation limit under section 401(a)(17) of the
Internal Revenue Code (the “Code”) for the year of your termination, such
excess shall not be paid within the first six months of your termination and,
instead, will be paid in the seventh month after your termination of
employment.

If you or your eligible spouse and dependents timely
elect COBRA Coverage, the Company shall pay the monthly premiums for such
coverage during the Severance Period; provided that, if 

 1
 

you elect coverage under a
subsequent employer’s group health insurance plan during the Severance Period,
payment of such premiums shall cease.

The Options, SARs and other Stock Awards granted to
you hereunder or under any other agreement that have vested as of the
termination date shall remain exercisable for 90 days following such date,
provided that no Options or SAR will be exercisable after the earlier of the
latest date upon which the award could have expired by its original terms under
any circumstances (as determined under section 409A of the Code) or the 10th
anniversary of the original date of grant. All unvested Options, SARs and Stock
Awards will be cancelled on the date of termination.

The Company shall pay you for all amounts due under
this Agreement, including salary earned but not paid prior to termination and
vacation and sick leave days that have accrued through the date of termination
and have not been used. Payment under this subsection (a)(iv) shall be
made at the time of the Company’s standard payroll for the pay period that
includes the date of termination of your employment.

The Company shall pay you for all reimbursable
business expenses that you incur through the date of termination upon
presentation of acceptable supporting documentation. Payment under this
subsection (a)(v) shall be made within 10 days following your presentation
of appropriate supporting documentation but no later than December 31 of
the year next following the year of termination of your employment.

Termination
of Your Employment by the Company With Cause or by You Without Good Reason.   The
Company may terminate your employment with Cause or you may resign without Good
Reason at any time. In such case, you shall be paid all amounts due for
services rendered under this Agreement up until the termination date at the
time of the Company’s standard payroll for the pay period that includes the
date of termination of your employment. Thereafter, no further payments shall
be made to you under this Agreement. All Options granted to you hereunder or
under any other agreement that are fully vested as of the date of your
termination shall remain exercisable for ninety (90) days from the termination
date. If you dispute the grounds for your termination, your vested Options will
remain exercisable until ninety (90) days after the date the dispute is resolved.
Notwithstanding the preceding, no Option will be exercisable after the earlier
of the latest date upon which the award could have expired by its original
terms under any circumstances (as determined under section 409A of the Code) or
the 10th anniversary of the original date of grant. All unvested Options, SARs
and Stock Awards shall be forfeited.

Termination
of Your Employment by the Company Without Cause or Voluntary Termination by You
With Good Reason Following a Change in Control.   If
the Company terminates your employment without Cause or if you terminate your
employment with Good Reason within the first 18 months after a Change in
Control, the following shall apply:

The Company shall pay to you an amount equal to nine (9) months
of your base salary (the “CIC Severance Period”) in a lump sum in the month
next following the month of termination of your employment. You shall be under
no obligation to secure alternative employment during the CIC Severance Period,
and payment of your base salary shall be made without regard to any subsequent
employment you may obtain.

The Company shall also pay you a bonus equal to the
last annual bonus you received multiplied by a fraction, the numerator of which
shall be the number of days in the calendar year elapsed as of the termination
date and the denominator of which shall be 365. Such payment shall be made in
the month next following the month of termination of your employment.

 2
 

If you or your eligible spouse and dependents timely
elect COBRA Coverage, the Company shall pay the monthly premiums for such
coverage during the CIC Severance Period; provided that, if you elect coverage
under a subsequent employer’s group health insurance plan during the CIC
Severance Period, payment of such premiums shall cease.

To the extent that the last two sentences of Section 4
do not apply and/or your Options, SARs and Restricted or other Stock Awards
have not fully vested under Section 4 or otherwise at the time of the
termination of your employment, not less than 50% of the unvested Options, SARs
and Restricted or other Stock Awards granted to you hereunder or under any
other agreement shall become immediately and fully vested (and, with respect to
Restricted Stock Awards, have the restrictions removed) as of the termination
date, and all vested Options shall remain exercisable for 18 months following
such date, provided that no Options or SAR will be exercisable after the
earlier of the latest date upon which the award could have expired by its
original terms under any circumstances (as determined under section 409A of the
Code) or the 10th anniversary of the original date of grant. All remaining
unvested Options, SARs and Stock Awards will be cancelled on the date of
termination.

The Company shall pay you for all amounts due under
this Agreement, including salary earned but not paid prior to termination and
vacation and sick leave days that have accrued through the date of termination
and have not been used. Payment under this subsection (c)(v) shall be made
at the time of the Company’s standard payroll for the pay period that includes
the date of termination of your employment.

The Company shall pay you for all reimbursable
business expenses that you incur through the date of termination upon
presentation of appropriate supporting documentation. Payment under this
subsection (c)(vi) shall be made within 10 days following your
presentation of acceptable supporting documentation but no later than December 31
of the year next following the year of termination of your employment.

Good Reason.   Paragraph 6(e) is amended to read in its
entirety as follows:

(h)          Good Reason.
As used herein, “Good Reason” means:

           (i)  a material diminution in the your base salary;

          (ii)  a material diminution in your authority,
duties, or responsibilities;

        (iii)  a material diminution in the authority,
duties, or responsibilities of the supervisor to whom you report;

         (iv)  a material diminution in the budget over which
you retain authority;

          (v)  a material change in the geographic location
at which you must perform the services; and

         (vi)  any other action or inaction that constitutes
a material breach by the Company of this Agreement.

Termination for Good Reason may occur only if (A) you
give the CEO notice within 90 days of the initial existence of the condition on
which Good Reason is based, (B) the Company does not cure the condition
within 30 days of receiving such notice, and (C) you terminate within two
years following the initial existence of the condition.

 3
 

Compliance with Section 409A.   To comply with Section 409A of the Internal
Revenue Code, a new paragraph 6(i) is added to the Agreement to read in
its entirety as follows:

(i)    Compliance with Section 409A.   Any payment under
this Agreement that is subject to Section 409A and is contingent upon
termination of your employment shall be payable only if such termination
qualifies as a “separation from service” within the meaning of Section 409A,
and regulations promulgated thereunder. However, it is your obligation to pay
all required taxes (including any additional taxes under Section 409A) on
any payments provided under this Agreement.

Except as provided in this
letter, the Agreement remains in full force and effect. If this amendment is
acceptable, please sign and date the copy of this letter provided herewith and
return it to me at your earliest convenience.

	
  

  	
  Sincerely,

  
	
   

  	
  Acorda
  Therapeutics, Inc.

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Ron Cohen

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
  Agreed to and Accepted:

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Jane Wasman

  
	
   

  	
  DATE:

  	
   

  
				

 

 4

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