Document:

Exhibit 4.1

 

 

 

	
  Number

  AT

  	
   

  	
   

  	
   

  	
  Shares

  
	
  INCORPORATED UNDER THE LAWS

  	
   

  	
  

  	
   

  	
  CUSIP 00484M 10 6

  
	
  OF THE STATE OF DELAWARE

  	
   

  	
   

  	
   

  	
  SEE
  REVERSE FOR CERTAIN DEFINITIONS

  

 

                This certifies that

 

 

 

 

                is the owner of

 

FULLY PAID AND NON-ASSESSABLE
SHARES OF THE

COMMON STOCK, PAR VALUE $.001 PER SHARE,
OF

Acorda Therapeutics, Inc.

 

(hereinafter the “Corporation”),
transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed. This certificate is not valid until countersigned and registered by
the Transfer Agent and Registrar.

 

                WITNESS the facsimile seal of the Corporation and the
facsimile signatures of its duly authorized officers.

 

Dated:

 

	
  

  	
  [SEAL]

  	
  

  
	
  PRESIDENT AND CHIEF

  EXECUTIVE OFFICER

  	
   

  	
  SECRETARY

  

 

	
   

  	
                  COUNTERSIGNED AND REGISTERED:

  
	
   

  	
   

  	
  AMERICAN STOCK TRANSFER & TRUST COMPANY

  
	
   

  	
   

  	
  (NEW YORK, NEW YORK)

  	
   

  	
  TRANSFER AGENT

  AND REGISTRAR

  
	
   

  	
   

  	
  BY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  AUTHORIZED

  SIGNATURE

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

ACORDA THERAPEUTICS, INC.

 

                The Corporation will furnish without charge to each
stockholder who so requests a statement of the powers, designations,
preferences, and relative, participating, optional or other special rights of
each class of stock or series thereof of the Corporation, and the
qualifications, limitations or restrictions of such preferences and/or rights.

 

                The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they
were written out in full according to applicable laws or regulations:

 

	
  TEN COM

  	
  —

  	
  as tenants in common

  	
  UNIF GIFT MIN ACT—

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
  —

  	
  as tenants by the entireties

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT TEN

  	
  —

  	
  as joint tenants with right of survivorship and not as tenants in
  common

  	
   

  	
  under Uniform Gifts to Minors
  Act

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  (State)

  

 

Additional
abbreviations may also be used though not in the above list.

 

                Important Notice: When you sign your name to this Assignment Form without filling in the
name of your “Assignee” or “Attorney”, this stock certificate becomes fully
negotiable, similar to a check endorsed in blank. Therefore, to safeguard a
signed certificate, it is recommended that you either (i) fill in the name
of the new owner in the “Assignee” blank, or (ii) if you are sending the
signed certificate to your bank or broker, fill in the name of the bank or
broker in the “Attorney” blank. Alternatively, instead of using the Assignment
Form, you may sign a separate “stock power” form and then mail the unsigned
stock certificate and the signed “stock power” in separate envelopes. For added
protection, use certified or registered mail for a stock certificate.

 

                For value received,                                                 
hereby sell, assign and transfer unto

 

	
  PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
  NUMBER OF ASSIGNEE

   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  Please print or typewrite name
  and address, including postal zip code, of assignee

  
	
   

  
	
   

   

  	
  Shares of the Common Stock

  
	
  represented by the within Certificate, and do
  hereby irrevocably constitute and appoint

  
	
   

   

  
	
  Attorney to transfer the said stock on the books
  of the within-named Corporation with full power of substitution in the
  premises.

  
	
  Dated 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

   

  

 

                NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the
Certificate, in every particular, without alteration or enlargement, or any
change whatever.

 

Signature(s) Guaranteed:

 

	
   

  	
   

  

THE SIGNATURE(S) SHOULD
BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH

MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT

TO S.E.C. RULE 17Ad-15Exhibit 4.2

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 AN OPINION OF
COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT
REQUIRED.

THESE
SECURITIES ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND RIGHTS OF FIRST
REFUSAL AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE WARRANTHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

SECOND CLOSING WARRANT

To Purchase Shares of the Series B Preferred Stock of

ACORDA THERAPEUTICS, INC.

 

 

	
  Warrant B-2

  	
   

  	
  Void after ___________, 20__

  
	
   

  	
   

  	
  [Five years after issuance]

  

 

1.             GRANT
OF THE RIGHT TO PURCHASE SERIES B PREFERRED STOCK.

For value received, Acorda Therapeutics, Inc., a
Delaware corporation (the “Company”) hereby grants to Elan International
Services, Ltd., a Bermuda corporation (the “Warrantholder”), and the
Warrantholder is entitled, upon the terms and subject to the conditions
hereinafter set forth, to subscribe for and purchase from the Company up to
100,000 fully paid and nonassessable shares of the Company’s Series B Preferred
Stock (the “Series B Preferred”). The exercise price will be equal to U.S.
$2.00 per share of Series B Preferred (the “Exercise Price”).  The number and Exercise Price of such shares
are subject to adjustment as provided in Section 8 hereof.

For purposes of this Warrant, “Series B Preferred”
shall be deemed to include the Common Stock of the Company upon the automatic
conversion of all of the outstanding Preferred Stock of the Company in
accordance with the provisions of the Company’s Certificate of Incorporation.

2.             TERM
OF THE WARRANT.

Except as otherwise provided herein, the term of this
Warrant and the right to purchase the Series B Preferred as granted herein will
commence on the Second Closing Date, as such term is defined in that certain
Preferred Stock, Convertible Note and Warrant Purchase Agreement dated as of
January 22, 1997 between the Company and the Warrantholder (the “Purchase
Agreement”), and will expire at 11:59 p.m. on the fifth anniversary of the
Second Closing Date.

3.             EXERCISE
OF PURCHASE RIGHTS.

The purchase rights set forth in this Warrant are
exercisable by the Warrantholder, in whole or in part, at any time, or from
time to time, prior to the expiration of the term set forth in Section 2 above,
by tendering to the Company at its principal office a notice of exercise (the “Notice
of Exercise”), duly completed and executed.  Upon receipt of the Notice of Exercise and the
payment of the purchase price in accordance with the terms set forth below, the
Company will issue to the Warrantholder a certificate for the number of shares
of the Series B Preferred purchased and will execute the Notice of Exercise
indicating the number of shares that remain subject to future purchases, if
any.

The Warrantholder may exercise all or any portion of
the outstanding warrants by paying to the Company, by cash or check, an amount
equal to the aggregate Exercise Price of the shares being purchased.

4.             RESERVATION
OF SHARES.

During the term of this Warrant, the Company will at
all times have authorized and reserved a sufficient number of shares of its
Series B Preferred to provide for the exercise of the rights to purchase Series
B Preferred as provided for herein and will have authorized and reserved a
sufficient number of shares of the Company’s Common Stock for issuance upon conversion
of the Series B Preferred issuable upon exercise of this Warrant.

5.             NO
FRACTIONAL SHARES OR SCRIP.

No fractional share or scrip representing fractional
shares will be issued upon the exercise of the Warrantholder’s right to
purchase the Series B Preferred, but in lieu of such fractional shares, the
Company will make a cash payment therefor upon the basis of the Exercise Price
then in effect.

6.             NO
RIGHTS AS STOCKHOLDER.

This Warrant does not entitle the Warrantholder to any
voting right, dividend right or other rights as a stockholder of the Company
prior to the exercise of the Warrantholder’s rights to purchase Series B
Preferred as provided for herein.

7.             WARRANTHOLDER
REGISTRY.

The Company will maintain a registry showing the name
and address of the registered holder of this Warrant.  This Warrant may be surrendered for exchange,
transfer or exercise, in accordance with its terms, at the principal offices of
the Company, and the Company shall be entitled to rely in all respects, prior
to written notice to the contrary, upon such registry.

8.             ADJUSTMENT
RIGHTS.

The Exercise Price and the number of shares of Series
B Preferred purchasable hereunder shall be subject to adjustment from time to
time in accordance with the following provisions:

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(a)           In case the Company shall at any time
subdivide the outstanding shares of its Series B Preferred, the Exercise Price
in effect immediately prior to such subdivision shall be proportionately
decreased, and in case the Company shall at any time combine the outstanding
shares of its Series B Preferred, the Exercise Price in effect immediately
prior to such combination shall be proportionately increased, effective at the
close of business on the date of such subdivision or combination, as the case
may be.  Upon each adjustment pursuant to
this Section 8(a), the Warrantholder shall thereafter (until another such
adjustment) be entitled to purchase shares of the Series B Preferred at the
adjusted Exercise Price.

(b)           If at any time after the date of
grant of this Warrant the Company shall take any action that results in an adjustment
to the conversion ratio of the Series B Preferred under the Company’s Amended
and Restated Certificate of Incorporation, upon exercise of this Warrant the
shares of Series B Preferred issued hereunder shall be entitled to the full
benefit of such conversion ratio adjustment as if such shares had been issued
and outstanding as of the date of such adjustment.

(c)           If at any time while this Warrant is
outstanding there shall be any reorganization or reclassification of the
capital stock of the Company (other than a subdivision or combination of shares
provided for in Section 8(a) above), or any consolidation or merger of the
Company with another corporation, the Warrantholder shall thereafter be
entitled to receive, during the term hereof and upon payment of the Exercise
Price, the number of shares of stock or other securities or property of the
Company or of the successor corporation resulting from such consolidation or
merger, as the case may be, to which a holder of the Series B Preferred,
deliverable upon the exercise of this Warrant, would have been entitled upon
such reorganization, reclassification, consolidation or merger if this Warrant had
been exercised, immediately prior to such reorganization, reclassification,
consolidation or merger; and in any such case, appropriate adjustment (as
reasonably determined in good faith by the Board of Directors of the Company)
shall be made in the application of the provisions herein set forth with
respect to the rights and interest thereafter of the Warrantholder to the end
that the provisions set forth herein (including the adjustment of the Exercise
Price and the number of shares issuable upon the exercise of this Warrant)
shall thereafter be applicable as near as reasonably may be, in relation to any
shares or other property thereafter deliverable upon the exercise hereof.

9.             NOTICE
OF ADJUSTMENTS.

Upon any adjustment of the Exercise Price and any increase
or decrease in the number of shares of Series B Preferred purchasable upon the
exercise of this Warrant, then, and in each such case, the Company, within
fifteen (15) days thereafter, shall give written notice thereof to the
Warrantholder at the address of the Warrantholder as shown on the books of the
Company which notice shall state the Exercise Price as adjusted and the
increased or decreased number of shares purchasable upon the exercise of this
Warrant, setting forth in reasonable detail the method of calculation of each.

10.           TRANSFERS.

This Warrant may not be transferred or assigned by the
Warrantholder without the prior written consent of the Company; provided,
however, that no consent of the Company shall 

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be required for any
transfer or assignment of this Warrant to an affiliate (within the meaning of
the Securities Act of 1933, as amended) of the Holder.  Any transfer of this Warrant must comply with
the requirements of this Section 10, and any assignee or transferee of this
Warrant (“permitted assignee”) shall be required to accept this Warrant subject
to all rights and obligations of the Warrantholder as set forth herein.  Any securities to be issued upon exercise of
this Warrant may not be sold, assigned, transferred, or otherwise disposed of
unless the securities are registered under the Act or unless the person seeking
to effect such disposition shall have requested and the Company shall have
received an opinion of the Company’s counsel that the proposed disposition may
be effected without registration of such securities under the Act or any
applicable state securities laws;  provided,
however, that any transfers to affiliates of the Warrantholder shall not
require such an opinion of the Company’s counsel.  Unless a registration statement with respect
to such shares of Series B Preferred is effective at the time, any shares of
Series B Preferred issued upon the exercise of this Warrant shall bear the
following legend:

“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 IN EFFECT WITH RESPECT TO THE SECURITIES UNDER
THE ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT
SUCH REGISTRATION IS NOT REQUIRED.”

11.           MARKET
STANDOFF AGREEMENT.

The Warrantholder agrees in connection with a public
offering of the Company’s securities, upon request of the Company or the
underwriters managing any underwritten 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 this Warrant, of the shares of Series B Preferred
issuable upon exercise hereof, or the shares of Common Stock issuable upon
conversion thereof, other than to affiliates of the Warrantholder 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 the case of the Company’s initial public offering, one hundred
eighty (180) days) from the effective date of such registration as may be
requested by the underwriters; provided, however, that the
officers and directors of the Company who own stock of the Company and a
majority-in-interest of the Company’s Series A Preferred Stock shall also agree
to such restrictions.

12.           MISCELLANEOUS.

(a)           Effective Date.  The provisions of this Warrant will be
construed and will be given effect in all respects as if it had been executed
and delivered by the Company on the date hereof.  This Warrant will be binding upon any
successors or assigns of the Company.

(b)           Loss, Theft, Destruction or
Mutilation of Warrant.  Upon receipt
by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
reimbursement to the Company of all reasonable expenses incidental 

4

thereto, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will make and deliver a new Warrant of like
tenor and dated as of such cancellation, in lieu of this Warrant.

(c)           Saturdays, Sundays, Holidays etc.
 If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day not a
Saturday or a Sunday or a legal holiday.

(d)           Attorneys’ Fees.  In any litigation, arbitration, or court
proceeding between the Company and the Warrantholder relating hereto, the
prevailing party will be entitled to attorneys’ fees and expenses and all costs
of proceedings incurred in enforcing this Warrant.

 

(e)           Governing Law.  This Warrant will be governed by and construed
for all purposes under and in accordance with the laws of the State of Delaware
as applied to agreements between Delaware residents entered and to be performed
entirely within Delaware.

(f)            Counterparts.  This Warrant may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

(g)           Titles and Subtitles.  The titles of the paragraphs and subparagraphs
of this Warrant are for convenience and are not to be considered in construing
this Warrant.

(h)           Notices.  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal
delivery or upon deposit in the United States mail, by registered or certified
mail, addressed (i) to the Warrantholder at the address set forth on the
signature page hereof, (ii) to the Company at its principal executive offices,
addressed to the attention of the President, or (iii) at such other address as
any such party may subsequently designate by written notice to the other party.

(i)            Surviva1.  The representations, warranties, covenants and
conditions of the respective parties contained herein or made pursuant to this
Warrant shall survive the execution and delivery of this Warrant.

(j)            Amendments.  Any provision of this Warrant may be amended
and the observance of any term of this Warrant may be waived only by a written
instrument signed by the Company and by the Warrantholder.

[Remainder of page
intentionally left blank]

 

5

IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be
executed by its officers thereunto duly authorized.

	
   

  	
   

  
	
   

  	
  Company:

  
	
   

  	
   

  	
   

  
	
   

  	
  ACORDA THERAPEUTICS, INC.

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Ron Cohen, M.D.

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Warrantholder:

  
	
   

  	
   

  	
   

  
	
   

  	
  ELAN INTERNATIONAL SERVICES, LTD.

  
	
   

  	
  a Bermuda corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

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