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                                                                    Exhibit 10.5

                                  MITOKOR, INC.
                        2002 EMPLOYEE STOCK PURCHASE PLAN

         1.       ESTABLISHMENT, PURPOSE AND TERM OF PLAN.

                  1.1      ESTABLISHMENT. The MitoKor, Inc. 2002 Employee Stock
Purchase Plan (the "PLAN") is hereby established effective as of the effective
date of the initial registration by the Company of its Stock under Section 12 of
the Securities Exchange Act of 1934, as amended (the "EFFECTIVE DATE").

                  1.2      PURPOSE. The purpose of the Plan is to advance the
interests of the Company and its stockholders by providing an incentive to
attract, retain and reward Eligible Employees of the Participating Company Group
and by motivating such persons to contribute to the growth and profitability of
the Participating Company Group. The Plan provides such Eligible Employees with
an opportunity to acquire a proprietary interest in the Company through the
purchase of Stock. The Company intends that the Plan qualify as an "employee
stock purchase plan" under Section 423 of the Code (including any amendments or
replacements of such section), and the Plan shall be so construed.

                  1.3      TERM OF PLAN. The Plan shall continue in effect until
the earlier of its termination by the Board or the date on which all of the
shares of Stock available for issuance under the Plan have been issued.

         2.       DEFINITIONS AND CONSTRUCTION.

                  2.1      DEFINITIONS. Any term not expressly defined in the
Plan but defined for purposes of Section 423 of the Code shall have the same
definition herein. Whenever used herein, the following terms shall have their
respective meanings set forth below:

                           (a)      "BOARD" means the Board of Directors of the
Company. If one or more Committees have been appointed by the Board to
administer the Plan, "Board" also means such Committee(s).

                           (b)      "CODE" means the Internal Revenue Code of
1986, as amended, and any applicable regulations promulgated thereunder.

                           (c)      "COMMITTEE" means a committee of the Board
duly appointed to administer the Plan and having such powers as specified by the
Board. Unless the powers of the Committee have been specifically limited, the
Committee shall have all of the powers of the Board granted herein, including,
without limitation, the power to amend or terminate the Plan at any time,
subject to the terms of the Plan and any applicable limitations imposed by law.

                           (d)      "COMPANY" means MitoKor, Inc., a Delaware
corporation, or any successor corporation thereto.

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                           (e)      "COMPENSATION" means, with respect to any
Offering Period, base salary and commissions, including any base salary or
commissions deferred under any program or plan established by a Participating
Company, including, without limitation, any plan described in Section 401(k) or
Section 125 of the Code. Compensation shall be limited to amounts actually
payable in cash directly to the Participant or deferred by the Participant
during the Offering Period. Compensation shall not include overtime, bonuses,
annual awards, profit sharing, other incentive payments, shift premiums,
long-term disability, workers' compensation, moving allowances, payments
pursuant to a severance agreement, termination pay, relocation payments, sign-on
bonuses, expense reimbursements, the cost of employee benefits paid by a
Participating Company, tuition reimbursements, imputed income arising under any
benefit program, contributions made by a Participating Company under any
employee benefit plan, income directly or indirectly received pursuant to the
Plan or any other stock purchase or stock option plan, or any other compensation
not included in base salary and commissions.

                           (f)      "ELIGIBLE EMPLOYEE" means an Employee who
meets the requirements set forth in Section 5 for eligibility to participate in
the Plan.

                           (g)      "EMPLOYEE" means a person treated as an
employee of a Participating Company for purposes of Section 423 of the Code. A
Participant shall be deemed to have ceased to be an Employee either upon an
actual termination of employment or upon the corporation employing the
Participant ceasing to be a Participating Company. For purposes of the Plan, an
individual shall not be deemed to have ceased to be an Employee while on any
military leave, sick leave, or other bona fide leave of absence approved by the
Company of ninety (90) days or less. If an individual's leave of absence exceeds
ninety (90) days, the individual shall be deemed to have ceased to be an
Employee on the ninety-first (91st) day of such leave unless the individual's
right to reemployment with the Participating Company Group is guaranteed either
by statute or by contract.

                           (h)      "FAIR MARKET VALUE" means, as of any date:

                                    (i)      If the Stock is then listed on a
national or regional securities exchange or market system or is regularly quoted
by a recognized securities dealer, the closing sale price of a share of Stock
(or the mean of the closing bid and asked prices if the Stock is so quoted
instead) as quoted on the Nasdaq National Market, the Nasdaq SmallCap Market or
such other national or regional securities exchange or market system
constituting the primary market for the Stock, or by such recognized securities
dealer, as reported in THE WALL STREET JOURNAL or such other source as the
Company deems reliable. If the relevant date does not fall on a day on which the
Stock has traded on such securities exchange or market system or has been quoted
by such securities dealer, the date on which the Fair Market Value is
established shall be the last day on which the Stock was so traded or quoted
prior to the relevant date, or such other appropriate day as determined by the
Board, in its discretion.

                                    (ii)     If, on the relevant date, the Stock
is not then listed on a national or regional securities exchange or market
system or regularly quoted by a recognized securities dealer, the Fair Market
Value of a share of Stock shall be as determined in good faith by the Board.

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                                    (iii)    Notwithstanding the foregoing, the
Fair Market Value of a share of Stock on the Effective Date shall be deemed to
be the public offering price set forth in the final prospectus filed with the
Securities and Exchange Commission in connection with the Company's initial
public offering of the Stock.

                           (i)      "INITIAL OFFERING PERIOD CASH EXERCISE
NOTICE" means a written notice in such form as specified by the Company, which
states a Participant's election to exercise, as of the next Purchase Date, a
Purchase Right granted to such Participant with respect to the Initial Offering
Period.

                           (j)      "OFFERING" means an offering of Stock as
provided in Section 6.1.

                           (k)      "OFFERING DATE" means, for any Offering, the
first day of the Offering Period.

                           (l)      "OFFERING PERIOD" means a period established
in accordance with Section 6.

                           (m)      "PARENT CORPORATION" means any present or
future "parent corporation" of the Company, as defined in Section 424(e) of the
Code.

                           (n)      "PARTICIPANT" means an Eligible Employee who
has become a participant in an Offering Period in accordance with Section 7 and
remains a participant in accordance with the Plan.

                           (o)      "PARTICIPATING COMPANY" means the Company or
any Parent Corporation or Subsidiary Corporation designated by the Board as a
corporation the Employees of which may, if Eligible Employees, participate in
the Plan. The Board shall have the sole and absolute discretion to determine
from time to time which Parent Corporations or Subsidiary Corporations shall be
Participating Companies.

                           (p)      "PARTICIPATING COMPANY GROUP" means, at any
point in time, the Company and all other corporations collectively which are
then Participating Companies.

                           (q)      "PURCHASE DATE" means, for any Purchase
Period, the last day of such period.

                           (r)      "PURCHASE PERIOD" means a period established
in accordance with Section 6.2.

                           (s)      "PURCHASE PRICE" means the price at which a
share of Stock may be purchased under the Plan, as determined in accordance with
Section 9.

                           (t)      "PURCHASE RIGHT" means an option granted to
a Participant pursuant to the Plan to purchase such shares of Stock as provided
in Section 8, which the Participant may or may not exercise during the Offering
Period in which such option is outstanding. Such option arises from the right of
a Participant to withdraw any accumulated

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payroll deductions of the Participant not previously applied to the purchase of
Stock under the Plan and to terminate participation in the Plan at any time
during an Offering Period.

                           (u)      "REGISTRATION DATE" means the effective date
of the initial registration on Form S-8 of shares of Stock issuable pursuant to
the Plan.

                           (v)      "STOCK" means the common stock of the
Company, as adjusted from time to time in accordance with Section 4.2.

                           (w)      "SUBSCRIPTION AGREEMENT" means a written
agreement in such form as specified by the Company, stating an Employee's
election to participate in the Plan and authorizing payroll deductions under the
Plan from the Employee's Compensation.

                           (x)      "SUBSCRIPTION DATE" means the last business
day prior to the Offering Date of an Offering Period or such earlier date as the
Company shall establish.

                           (y)      "SUBSIDIARY CORPORATION" means any present
or future "subsidiary corporation" of the Company, as defined in Section 424(f)
of the Code.

                  2.2      CONSTRUCTION. Captions and titles contained herein
are for convenience only and shall not affect the meaning or interpretation of
any provision of the Plan. Except when otherwise indicated by the context, the
singular shall include the plural and the plural shall include the singular. Use
of the term "or" is not intended to be exclusive, unless the context clearly
requires otherwise.

         3.       ADMINISTRATION.

                  3.1      ADMINISTRATION BY THE BOARD. The Plan shall be
administered by the Board. All questions of interpretation of the Plan, of any
form of agreement or other document employed by the Company in the
administration of the Plan, or of any Purchase Right shall be determined by the
Board, and such determinations shall be final, binding and conclusive upon all
persons having an interest in the Plan or the Purchase Right, unless fraudulent
or made in bad faith. Subject to the provisions of the Plan, the Board shall
determine all of the relevant terms and conditions of Purchase Rights; provided,
however, that all Participants granted Purchase Rights pursuant to an Offering
shall have the same rights and privileges within the meaning of Section
423(b)(5) of the Code. Any and all actions, decisions and determinations taken
or made by the Board in the exercise of its discretion pursuant to the Plan or
any agreement thereunder (other than determining questions of interpretation
pursuant to the second sentence of this Section 3.1) shall be final, binding and
conclusive upon all persons having an interest therein. All expenses incurred in
connection with the administration of the Plan shall be paid by the Company.

                  3.2      AUTHORITY OF OFFICERS. Any officer of the Company
shall have the authority to act on behalf of the Company with respect to any
matter, right, obligation, determination or election that is the responsibility
of or that is allocated to the Company herein, provided that the officer has
apparent authority with respect to such matter, right, obligation, determination
or election.

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                  3.3      POLICIES AND PROCEDURES ESTABLISHED BY THE COMPANY.
The Company may, from time to time, consistent with the Plan and the
requirements of Section 423 of the Code, establish, change or terminate such
rules, guidelines, policies, procedures, limitations, or adjustments as deemed
advisable by the Company, in its discretion, for the proper administration of
the Plan, including, without limitation, (a) a minimum payroll deduction amount
required for participation in an Offering, (b) a limitation on the frequency or
number of changes permitted in the rate of payroll deduction during an Offering,
(c) an exchange ratio applicable to amounts withheld in a currency other than
United States dollars, (d) a payroll deduction greater than or less than the
amount designated by a Participant in order to adjust for the Company's delay or
mistake in processing a Subscription Agreement or in otherwise effecting a
Participant's election under the Plan or as advisable to comply with the
requirements of Section 423 of the Code, and (e) determination of the date and
manner by which the Fair Market Value of a share of Stock is determined for
purposes of administration of the Plan. All such actions by the Company shall be
taken consistent with the requirement under Section 423(b)(5) of the Code that
all Participants granted Purchase Rights pursuant to an Offering shall have the
same rights and privileges within the meaning of such section.

                  3.4      INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Board or officers or
employees of the Participating Company Group, members of the Board and any
officers or employees of the Participating Company Group to whom authority to
act for the Board or the Company is delegated shall be indemnified by the
Company against all reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in
connection with the Plan, or any right granted hereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or
proceeding that such person is liable for gross negligence, bad faith or
intentional misconduct in duties; provided, however, that within sixty (60) days
after the institution of such action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at its own expense to handle
and defend the same.

         4.       SHARES SUBJECT TO PLAN.

                  4.1      MAXIMUM NUMBER OF SHARES ISSUABLE. Subject to
adjustment as provided in Section 4.2, the maximum aggregate number of shares of
Stock that may be issued under the Plan shall be three hundred thousand
(300,000), cumulatively increased on January 1, 2003 and each January 1
thereafter until and including January 1, 2012 (the "ANNUAL INCREASE") by the
lesser of (a) 1% of the number of shares of Stock issued and outstanding on the
immediately preceding December 31, (b) three hundred thousand (300,000) shares,
or (c) such lesser number of shares determined by the Board, and shall consist
of authorized but unissued or reacquired shares of Stock, or any combination
thereof. If an outstanding Purchase Right for any reason expires or is
terminated or canceled, the shares of Stock allocable to the unexercised portion
of that Purchase Right shall again be available for issuance under the Plan.

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                  4.2      ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. In the
event of any stock dividend, stock split, reverse stock split, recapitalization,
combination, reclassification or similar change in the capital structure of the
Company, or in the event of any merger (including a merger effected for the
purpose of changing the Company's domicile), sale of assets or other
reorganization in which the Company is a party, appropriate adjustments shall be
made in the number and class of shares subject to the Plan, the Annual Increase,
the limit on the shares which may be purchased by any Participant during an
Offering (as described in Section 8.1) and each Purchase Right, and in the
Purchase Price. If a majority of the shares of the same class as the shares
subject to outstanding Purchase Rights are exchanged for, converted into, or
otherwise become (whether or not pursuant to an Ownership Change Event) shares
of another corporation (the "NEW SHARES"), the Board may unilaterally amend the
outstanding Purchase Rights to provide that such Purchase Rights are exercisable
for New Shares. In the event of any such amendment, the number of shares subject
to, and the Purchase Price of, the outstanding Purchase Rights shall be adjusted
in a fair and equitable manner, as determined by the Board, in its discretion.
Notwithstanding the foregoing, any fractional share resulting from an adjustment
pursuant to this Section 4.2 shall be rounded down to the nearest whole number,
and in no event may the Purchase Price be decreased to an amount less than the
par value, if any, of the stock subject to the Purchase Right. The adjustments
determined by the Board pursuant to this Section 4.2 shall be final, binding and
conclusive.

         5.       ELIGIBILITY.

                  5.1      EMPLOYEES ELIGIBLE TO PARTICIPATE. Each Employee of a
Participating Company is eligible to participate in the Plan and shall be deemed
an Eligible Employee, except the following:

                           (a)      Any Employee who is customarily employed by
the Participating Company Group for less than twenty (20) hours per week; or

                           (b)      Any Employee who is customarily employed by
the Participating Company Group for not more than five (5) months in any
calendar year.

                  5.2      EXCLUSION OF CERTAIN STOCKHOLDERS. Notwithstanding
any provision of the Plan to the contrary, no Employee shall be treated as an
Eligible Employee and granted a Purchase Right under the Plan if, immediately
after such grant, the Employee would own or hold options to purchase stock of
the Company or of any Parent Corporation or Subsidiary Corporation possessing
five percent (5%) or more of the total combined voting power or value of all
classes of stock of such corporation, as determined in accordance with Section
423(b)(3) of the Code. For purposes of this Section 5.2, the attribution rules
of Section 424(d) of the Code shall apply in determining the stock ownership of
such Employee.

                  5.3      DETERMINATION BY COMPANY. The Company shall determine
in good faith and in the exercise of its discretion whether an individual has
become or has ceased to be an Employee or an Eligible Employee and the effective
date of such individual's attainment or termination of such status, as the case
may be. For purposes of an individual's participation in or other rights, if
any, under the Plan as of the time of the Company's determination, all such
determinations by the Company shall be final, binding and conclusive,
notwithstanding that the

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Company or any court of law or governmental agency subsequently makes a contrary
determination.

         6.       OFFERINGS.

                  6.1      OFFERING PERIODS. The Plan shall be implemented on
and after the Effective Date by sequential and overlapping Offerings of
approximately twenty four (24) months duration or such other duration as the
Board shall determine (an "OFFERING PERIOD"); provided, however, that the first
Offering Period (the "INITIAL OFFERING PERIOD") shall commence on the Effective
Date and end on April 30, 2004. Subsequent Offering Periods shall commence on or
about May and November of each year and end on or about the last days of the
second April and October, respectively, occurring thereafter. Notwithstanding
the foregoing, the Board may establish a different duration for one or more
Offering Periods or different commencing or ending dates for such Offering
Periods; provided, however, that no Offering Period may have a duration
exceeding twenty-seven (27) months. If the first or last day of an Offering
Period is not a day on which the national securities exchanges or Nasdaq Stock
Market are open for trading, the Company shall specify the trading day that will
be deemed the first or last day, as the case may be, of the Offering Period.

                  6.2      PURCHASE PERIODS. Each Offering Period shall consist
of four (4) consecutive Purchase Periods of approximately six (6) months
duration, or such other number or duration as the Board shall determine
(individually, a "PURCHASE Period"). A Purchase Period commencing on or about
May 1 shall end on or about the next October 31. A Purchase Period commencing on
or about November 1 shall end on or about the next April 30. Notwithstanding the
foregoing, the Board may establish a different duration for one or more Purchase
Periods or different commencing or ending dates for such Purchase Periods. If
the first or last day of a Purchase Period is not a day on which the national
securities exchanges or Nasdaq Stock Market are open for trading, the Company
shall specify the trading day that will be deemed the first or last day, as the
case may be, of the Purchase Period.

         7.       PARTICIPATION IN THE PLAN.

                  7.1      INITIAL PARTICIPATION.

                           (a)      GENERALLY. Except as provided in Section
7.1(b), an Eligible Employee may become a Participant in an Offering Period by
delivering a properly completed Subscription Agreement to the office designated
by the Company not later than the close of business for such office on the
Subscription Date established by the Company for that Offering Period. An
Eligible Employee who does not deliver a properly completed Subscription
Agreement to the Company's designated office on or before the Subscription Date
for an Offering Period shall not participate in the Plan for that Offering
Period or for any subsequent Offering Period unless the Eligible Employee
subsequently delivers a properly completed Subscription Agreement to the
appropriate office of the Company on or before the Subscription Date for such
subsequent Offering Period. An Employee who becomes an Eligible Employee after
the Offering Date of an Offering Period shall not be eligible to participate in
that Offering Period but may participate in any subsequent Offering Period
provided the Employee is still an Eligible Employee as of the Offering Date of
such subsequent Offering Period.

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                           (b)      AUTOMATIC PARTICIPATION IN INITIAL OFFERING
PERIOD. Notwithstanding Section 7.1(a), each Employee who is an Eligible
Employee as of the Effective Date shall automatically become a Participant in
the Initial Offering Period and shall be granted automatically a Purchase Right
consisting of an option to purchase the lesser of (a) a number of whole shares
of Stock determined in accordance with Section 8 or (b) a number of whole shares
of Stock determined by dividing fifteen percent (15%) of such Participant's
Compensation paid during the Initial Offering Period by the Purchase Price
applicable to the Initial Offering Period. The Company shall not require or
permit any Participant to deliver a Subscription Agreement for participation in
the Initial Offering Period; provided, however, that following the Registration
Date a Participant may deliver a Subscription Agreement to the office designated
by the Company if the Participant wishes to change the terms of the
Participant's participation in the Initial Offering Period. Such changes may
include, for example, an election to commence payroll deductions in accordance
with Section 10.

                  7.2      CONTINUED PARTICIPATION.

                           (a)      GENERALLY. Except as provided in Section
7.2(b), a Participant shall automatically participate in the next Offering
Period commencing immediately after the final Purchase Date of each Offering
Period in which the Participant participates provided that the Participant
remains an Eligible Employee on the Offering Date of the new Offering Period and
has not either (a) withdrawn from the Plan pursuant to Section 12.1 or (b)
terminated employment as provided in Section 13. A Participant who may
automatically participate in a subsequent Offering Period, as provided in this
Section, is not required to deliver any additional Subscription Agreement for
the subsequent Offering Period in order to continue participation in the Plan.
However, a Participant may deliver a new Subscription Agreement for a subsequent
Offering Period in accordance with the procedures set forth in Section 7.1(a) if
the Participant desires to change any of the elections contained in the
Participant's then effective Subscription Agreement.

                           (b)      PARTICIPATION IN SUBSEQUENT OFFERING PERIOD.
Notwithstanding Section 7.2(a), an Eligible Employee who was automatically
enrolled in the Initial Offering Period and who wishes to participate in an
Offering Period which begins after the Initial Offering Period shall deliver a
Subscription Agreement in accordance with Section 7.1(a) no earlier than the
Registration Date and no later than the Subscription Date for such Offering
Period, unless such Employee was a Participant in the Initial Offering Period
who delivered a Subscription Agreement with respect to the Initial Offering
Period as provided in Section 7.1(b).

         8.       RIGHT TO PURCHASE SHARES.

                  8.1      GRANT OF PURCHASE RIGHT. Except as provided in
Section 7.1 with respect to the Initial Offering Period or as set forth below
(or otherwise specified by the Board prior to the Offering Date), on the
Offering Date of each Offering Period, each Participant in such Offering Period
shall be granted automatically, on the Offering Date, a Purchase Right
consisting of an option to purchase the lesser of (a) that number of whole
shares of Stock determined by dividing Fifty Thousand Dollars ($50,000) by the
Fair Market Value of a share of Stock on such Offering Date or (b) five
thousand (5,000) shares of Stock. No Purchase Right shall be

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granted on an Offering Date to any person who is not, on such Offering Date, an
Eligible Employee.

                  8.2      PRO RATA ADJUSTMENT OF PURCHASE RIGHT.
Notwithstanding the provisions of Section 8.1, if the Board establishes an
Offering Period of any duration other than twenty four months, then (a) the
dollar amount in Section 8.1 shall be determined by multiplying $2,083.33 by the
number of months (rounded to the nearest whole month) in the Offering Period and
rounding to the nearest whole dollar, and (b) the share amount in Section 8.1
shall be determined by multiplying 208.33 shares by the number of months
(rounded to the nearest whole month) in the Offering Period and rounding to the
nearest whole share.

                  8.3      CALENDAR YEAR PURCHASE LIMITATION. Notwithstanding
any provision of the Plan to the contrary, no Participant shall be granted a
Purchase Right which permits his or her right to purchase shares of Stock under
the Plan to accrue at a rate which, when aggregated with such Participant's
rights to purchase shares under all other employee stock purchase plans of a
Participating Company intended to meet the requirements of Section 423 of the
Code, exceeds Twenty-Five Thousand Dollars ($25,000) in Fair Market Value (or
such other limit, if any, as may be imposed by the Code) for each calendar year
in which such Purchase Right is outstanding at any time. For purposes of the
preceding sentence, the Fair Market Value of shares purchased during a given
Offering Period shall be determined as of the Offering Date for such Offering
Period. The limitation described in this Section shall be applied in conformance
with applicable regulations under Section 423(b)(8) of the Code.

         9.       PURCHASE PRICE.

                  The Purchase Price at which each share of Stock may be
acquired in an Offering Period upon the exercise of all or any portion of a
Purchase Right shall be established by the Board; provided, however, that the
Purchase Price on each Purchase Date shall not be less than eighty-five percent
(85%) of the lesser of (a) the Fair Market Value of a share of Stock on the
Offering Date of the Offering Period or (b) the Fair Market Value of a share of
Stock on the Purchase Date. Unless otherwise provided by the Board prior to the
commencement of an Offering Period, the Purchase Price on each Purchase Date
during that Offering Period shall be eighty-five percent (85%) of the lesser of
(a) the Fair Market Value of a share of Stock on the Offering Date of the
Offering Period, or (b) the Fair Market Value of a share of Stock on the
Purchase Date.

         10.      ACCUMULATION OF PURCHASE PRICE THROUGH PAYROLL DEDUCTION.

                  Except as provided in Section 11.1(b) with respect to the
Initial Offering Period, shares of Stock acquired pursuant to the exercise of
all or any portion of a Purchase Right may be paid for only by means of payroll
deductions from the Participant's Compensation accumulated during the Offering
Period for which such Purchase Right was granted, subject to the following:

                  10.1     AMOUNT OF PAYROLL DEDUCTIONS. Except as otherwise
provided herein, the amount to be deducted under the Plan from a Participant's
Compensation on each payday during an Offering Period shall be determined by the
Participant's Subscription Agreement. The

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Subscription Agreement shall set forth the percentage of the Participant's
Compensation to be deducted on each payday during an Offering Period in whole
percentages of not less than one percent (1%) (except as a result of an election
pursuant to Section 10.3 to stop payroll deductions effective following the
first payday during an Offering) or more than fifteen percent (15%). The Board
may change the foregoing limits on payroll deductions effective as of any
Offering Date.

                  10.2     COMMENCEMENT OF PAYROLL DEDUCTIONS. Payroll
deductions shall commence on the first payday following the Offering Date and
shall continue to the end of the Offering Period unless sooner altered or
terminated as provided herein; provided, however, that with respect to the
Initial Offering Period, payroll deductions shall commence as soon as
practicable following the Company's receipt of the Participant's Subscription
Agreement (delivered no earlier than the Registration Date), if any.

                  10.3     ELECTION TO CHANGE OR STOP PAYROLL DEDUCTIONS. During
an Offering Period, a Participant may elect to stop deductions from his or her
Compensation by delivering to the Company's designated office an amended
Subscription Agreement authorizing such change on or before the Change Notice
Date, as defined below. A Participant who elects, effective following the first
payday of an Offering Period, to decrease the rate of his or her payroll
deductions to zero percent (0%) shall nevertheless remain a Participant in the
current Offering Period unless such Participant withdraws from the Plan as
provided in Section 12.1. The "CHANGE NOTICE DATE" shall be the day immediately
prior to the beginning of the first pay period for which such election is to be
effective, unless a different date is established by the Company and announced
to the Participants. Except as otherwise described above, a Participant may not
elect to increase or decrease deductions from his or her Compensation during an
Offering.

                  10.4     ADMINISTRATIVE SUSPENSION OF PAYROLL DEDUCTIONS. The
Company may, in its sole discretion, suspend a Participant's payroll deductions
under the Plan as the Company deems advisable to avoid accumulating payroll
deductions in excess of the amount that could reasonably be anticipated to
purchase the maximum number of shares of Stock permitted (a) under the
Participant's Purchase Right or (b) during a calendar year under the limit set
forth in Section 8.3. Payroll deductions shall be resumed at the rate specified
in the Participant's then effective Subscription Agreement at the beginning,
respectively, of (a) the next Offering Period the first Purchase Date of which
falls in the following calendar year, provided that the individual is a
Participant in such Offering Period or (b) the next Purchase Period the Purchase
Date of which falls in the following calendar year, unless the Participant has
either withdrawn from the Plan as provided in Section 12.1 or has ceased to be
an Eligible Employee.

                  10.5     PARTICIPANT ACCOUNTS. Individual bookkeeping accounts
shall be maintained for each Participant. All payroll deductions from a
Participant's Compensation (and other amounts received from the Participant in
the Initial Offering Period) shall be credited to such Participant's Plan
account and shall be deposited with the general funds of the Company. All such
amounts received or held by the Company may be used by the Company for any
corporate purpose.

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                  10.6     NO INTEREST PAID. Interest shall not be paid on sums
deducted from a Participant's Compensation pursuant to the Plan or otherwise
credited to the Participant's Plan account.

         11.      PURCHASE OF SHARES.

                  11.1     EXERCISE OF PURCHASE RIGHT.

                           (a)      GENERALLY. Except as provided in Section
11.1(b), on each Purchase Date of an Offering Period, each Participant who has
not withdrawn from the Plan and whose participation in the Offering has not
otherwise terminated before such Purchase Date shall automatically acquire
pursuant to the exercise of the Participant's Purchase Right the number of whole
shares of Stock determined by dividing (a) the total amount of the Participant's
payroll deductions accumulated in the Participant's Plan account during the
Offering Period and not previously applied toward the purchase of Stock by (b)
the Purchase Price. However, in no event shall the number of shares purchased by
the Participant during an Offering Period exceed the number of shares subject to
the Participant's Purchase Right. No shares of Stock shall be purchased on a
Purchase Date on behalf of a Participant whose participation in the Offering or
the Plan has terminated before such Purchase Date.

                           (b)      PURCHASE IN INITIAL OFFERING PERIOD.
Notwithstanding Section 11.1(a), on each Purchase Date of the Initial Offering
Period, each Participant who has not withdrawn from the Plan and whose
participation in such Offering has not otherwise terminated before such Purchase
Date shall automatically acquire pursuant to the exercise of the Participant's
Purchase Right (i) a number of whole shares of Stock determined in accordance
with Section 11.1(a) to the extent of the total amount of the Participant's
payroll deductions accumulated in the Participant's Plan account during the
Initial Offering Period, if any, and not previously applied toward the purchase
of Stock and (ii) such additional shares of Stock (not exceeding in the
aggregate the Participant's Purchase Right) as determined in accordance with an
Initial Offering Period Cash Exercise Notice delivered to the office designated
by the Company no earlier than the Registration Date and not later than the
close of business for such office on the last business day immediately preceding
the Purchase Date or such earlier date as the Company shall establish,
accompanied by payment in cash or by check of the Purchase Price for such
additional shares. However, in no event shall the number of shares purchased by
a Participant during the Initial Offering Period exceed the number of shares
subject to the Participant's Purchase Right. In addition, if a Participant
delivers a Subscription Agreement to the Company after the Registration Date,
the Participant may not elect to exercise a Purchase Right pursuant to an
Initial Offering Period Cash Exercise Notice in an amount which exceeds fifteen
percent (15%) of the Compensation paid such Participant prior to the
effectiveness of such initial Subscription Agreement. The Company shall refund
to the Participant in accordance with Section 11.4 any excess Purchase Price
payment received from the Participant.

                  11.2     PRO RATA ALLOCATION OF SHARES. If the number of
shares of Stock which might be purchased by all Participants in the Plan on a
Purchase Date exceeds the number of shares of Stock available in the Plan as
provided in Section 4.1, the Company shall make a pro rata allocation of the
remaining shares in as uniform a manner as practicable and as the Company

                                       11
<Page>

determines to be equitable. Any fractional share resulting from such pro rata
allocation to any Participant shall be disregarded.

                  11.3     DELIVERY OF CERTIFICATES. As soon as practicable
after each Purchase Date, the Company shall arrange the delivery to each
Participant of a certificate representing the shares acquired by the Participant
on such Purchase Date; provided that the Company may deliver such shares to a
broker designated by the Company that will hold such shares for the benefit of
the Participant. Shares to be delivered to a Participant under the Plan shall be
registered in the name of the Participant, or, if requested by the Participant,
in the name of the Participant and his or her spouse, or, if applicable, in the
names of the heirs of the Participant.

                  11.4     RETURN OF CASH BALANCE. Any cash balance remaining in
a Participant's Plan account following any Purchase Date shall be refunded to
the Participant as soon as practicable after such Purchase Date. However, if the
cash balance to be returned to a Participant pursuant to the preceding sentence
is less than the amount that would have been necessary to purchase an additional
whole share of Stock on such Purchase Date, the Company may retain the cash
balance in the Participant's Plan account to be applied toward the purchase of
shares of Stock in the subsequent Purchase Period or Offering Period, as the
case may be.

                  11.5     TAX WITHHOLDING. At the time a Participant's Purchase
Right is exercised, in whole or in part, or at the time a Participant disposes
of some or all of the shares of Stock he or she acquires under the Plan, the
Participant shall make adequate provision for the federal, state, local and
foreign tax withholding obligations, if any, of the Participating Company Group
which arise upon exercise of the Purchase Right or upon such disposition of
shares, respectively. The Participating Company Group may, but shall not be
obligated to, withhold from the Participant's compensation the amount necessary
to meet such withholding obligations.

                  11.6     EXPIRATION OF PURCHASE RIGHT. Any portion of a
Participant's Purchase Right remaining unexercised after the end of the Offering
Period to which the Purchase Right relates shall expire immediately upon the end
of the Offering Period.

                  11.7     PROVISION OF REPORTS AND STOCKHOLDER INFORMATION TO
PARTICIPANTS. Each Participant who has exercised all or part of his or her
Purchase Right shall receive, as soon as practicable after the Purchase Date, a
report of such Participant's Plan account setting forth the total amount
credited to his or her Plan account prior to such exercise, the number of shares
of Stock purchased, the Purchase Price for such shares, the date of purchase and
the cash balance, if any, remaining immediately after such purchase that is to
be refunded or retained in the Participant's Plan account pursuant to Section
11.4. The report required by this Section may be delivered in such form and by
such means, including by electronic transmission, as the Company may determine.
In addition, each Participant shall be provided information concerning the
Company equivalent to that information provided generally to the Company's
common stockholders.

         12.      WITHDRAWAL FROM PLAN OR OFFERING.

                  12.1     VOLUNTARY WITHDRAWAL FROM THE PLAN. A Participant may
withdraw from the Plan by signing and delivering to the Company's designated
office a written notice of

                                       12
<Page>

withdrawal on a form provided by the Company for this purpose. Such withdrawal
may be elected at any time prior to the end of an Offering Period; provided,
however, that if a Participant withdraws from the Plan after a Purchase Date,
the withdrawal shall not affect shares of Stock acquired by the Participant on
such Purchase Date. A Participant who voluntarily withdraws from the Plan is
prohibited from resuming participation in the Plan in the same Offering from
which he or she withdrew, but may participate in any subsequent Offering by
again satisfying the requirements of Sections 5 and 7.1. The Company may impose,
from time to time, a requirement that the notice of withdrawal from the Plan be
on file with the Company's designated office for a reasonable period prior to
the effectiveness of the Participant's withdrawal.

                  12.2     AUTOMATIC WITHDRAWAL FROM AN OFFERING. If the Fair
Market Value of a share of Stock on a Purchase Date other than the final
Purchase Date of an Offering is less than the Fair Market Value of a share of
Stock on the Offering Date of the Offering, then every Participant (except for a
Participant in the Initial Offering Period who did not deliver a Subscription
Agreement prior to such Purchase Date) automatically shall be (a) withdrawn from
such Offering after the acquisition of shares of Stock on the Purchase Date and
(b) enrolled in the new Offering commencing immediately following such Purchase
Date. A Participant may elect not to be automatically withdrawn from an from an
Offering pursuant to this Section 12.2 by delivering to the Company's designated
office not later than the close of business on the Purchase Date a written
notice indicating such election.

                  12.3     RETURN OF PAYROLL DEDUCTIONS. Upon a Participant's
voluntary withdrawal from the Plan pursuant to Section 12.1 or automatic
withdrawal from an Offering pursuant to Section 12.2, the Participant's
accumulated Plan account balance which has not been applied toward the purchase
of shares of Stock (except, in the case of an automatic withdrawal pursuant to
Section 12.2, for an amount necessary to purchase an additional whole share of
Stock as provided in Section 11.4) shall be refunded to the Participant as soon
as practicable after the withdrawal, without the payment of any interest, and
the Participant's interest in the Plan or the Offering, as applicable, shall
terminate. Such amounts to be refunded in accordance with this Section may not
be applied to any other Offering under the Plan.

         13.      TERMINATION OF EMPLOYMENT OR ELIGIBILITY.

                  Upon a Participant's ceasing, prior to a Purchase Date, to be
an Employee of the Participating Company Group for any reason, including
retirement, disability or death, or upon the failure of a Participant to remain
an Eligible Employee, the Participant's participation in the Plan shall
terminate immediately. In such event, the Participant's Plan account balance
which has not been applied toward the purchase of shares shall, as soon as
practicable, be returned to the Participant or, in the case of the Participant's
death, to the Participant's beneficiary designated in accordance with Section
20, if any, or legal representative, and all of the Participant's rights under
the Plan shall terminate. Interest shall not be paid on sums returned pursuant
to this Section 13. A Participant whose participation has been so terminated may
again become eligible to participate in the Plan by satisfying the requirements
of Sections 5 and 7.1.

                                       13
<Page>

         14.      CHANGE IN CONTROL.

                  14.1     DEFINITIONS.

                           (a)      An "OWNERSHIP CHANGE EVENT" shall be deemed
to have occurred if any of the following occurs with respect to the Company: (i)
the direct or indirect sale or exchange in a single or series of related
transactions by the stockholders of the Company of more than fifty percent (50%)
of the voting stock of the Company; (ii) a merger or consolidation in which the
Company is a party; (iii) the sale, exchange, or transfer of all or
substantially all of the assets of the Company; or (iv) a liquidation or
dissolution of the Company.

                           (b)      A "CHANGE IN CONTROL" shall mean an
Ownership Change Event or a series of related Ownership Change Events
(collectively, the "TRANSACTION") wherein the stockholders of the Company
immediately before the Transaction do not retain immediately after the
Transaction, in substantially the same proportions as their ownership of shares
of the Company's voting stock immediately before the Transaction, direct or
indirect beneficial ownership of more than fifty percent (50%) of the total
combined voting power of the outstanding voting securities of the Company or, in
the case of a Transaction described in Section 14.1(a)(iii), the corporation or
other business entity to which the assets of the Company were transferred (the
"TRANSFEREE"), as the case may be. For purposes of the preceding sentence,
indirect beneficial ownership shall include, without limitation, an interest
resulting from ownership of the voting securities of one or more corporations or
other business entities which own the Company or the Transferee, as the case may
be, either directly or through one or more subsidiary corporations or other
business entities. The Board shall have the right to determine whether multiple
sales or exchanges of the voting securities of the Company or multiple Ownership
Change Events are related, and its determination shall be final, binding and
conclusive.

                  14.2     EFFECT OF CHANGE IN CONTROL ON PURCHASE RIGHTS. In
the event of a Change in Control, the surviving, continuing, successor, or
purchasing corporation or other business entity or parent thereof, as the case
may be (the "ACQUIRING CORPORATION"), may, without the consent of any
Participant, assume the Company's rights and obligations under the Plan. If the
Acquiring Corporation elects not to assume the Company's rights and obligations
under the Plan, the Purchase Date of the then current Purchase Period shall be
accelerated to a date before the date of the Change in Control specified by the
Board, but the number of shares of Stock subject to outstanding Purchase Rights
shall not be adjusted. All Purchase Rights which are neither assumed by the
Acquiring Corporation in connection with the Change in Control nor exercised as
of the date of the Change in Control shall terminate and cease to be outstanding
effective as of the date of the Change in Control.

         15.      NONTRANSFERABILITY OF PURCHASE RIGHTS.

                  Neither payroll deductions or other amounts credited to a
Participant's Plan account nor a Participant's Purchase Right may be assigned,
transferred, pledged or otherwise disposed of in any manner other than as
provided by the Plan or by will or the laws of descent and distribution. (A
beneficiary designation pursuant to Section 20 shall not be treated as a
disposition for this purpose.) Any such attempted assignment, transfer, pledge
or other

                                       14
<Page>

disposition shall be without effect, except that the Company may treat such act
as an election to withdraw from the Plan as provided in Section 12.1. A Purchase
Right shall be exercisable during the lifetime of the Participant only by the
Participant.

         16.      COMPLIANCE WITH SECURITIES LAW.

                  The issuance of shares under the Plan shall be subject to
compliance with all applicable requirements of federal, state and foreign law
with respect to such securities. A Purchase Right may not be exercised if the
issuance of shares upon such exercise would constitute a violation of any
applicable federal, state or foreign securities laws or other law or regulations
or the requirements of any securities exchange or market system upon which the
Stock may then be listed. In addition, no Purchase Right may be exercised unless
(a) a registration statement under the Securities Act of 1933, as amended, shall
at the time of exercise of the Purchase Right be in effect with respect to the
shares issuable upon exercise of the Purchase Right, or (b) in the opinion of
legal counsel to the Company, the shares issuable upon exercise of the Purchase
Right may be issued in accordance with the terms of an applicable exemption from
the registration requirements of said Act. The inability of the Company to
obtain from any regulatory body having jurisdiction the authority, if any,
deemed by the Company's legal counsel to be necessary to the lawful issuance and
sale of any shares under the Plan shall relieve the Company of any liability in
respect of the failure to issue or sell such shares as to which such requisite
authority shall not have been obtained. As a condition to the exercise of a
Purchase Right, the Company may require the Participant to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with
any applicable law or regulation, and to make any representation or warranty
with respect thereto as may be requested by the Company.

         17.      RIGHTS AS A STOCKHOLDER AND EMPLOYEE.

                  A Participant shall have no rights as a stockholder by virtue
of the Participant's participation in the Plan until the date of the issuance of
a certificate for the shares purchased pursuant to the exercise of the
Participant's Purchase Right (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company). No
adjustment shall be made for dividends, distributions or other rights for which
the record date is prior to the date such certificate is issued, except as
provided in Section 4.2. Nothing herein shall confer upon a Participant any
right to continue in the employ of the Participating Company Group or interfere
in any way with any right of the Participating Company Group to terminate the
Participant's employment at any time.

         18.      LEGENDS.

                  The Company may at any time place legends or other identifying
symbols referencing any applicable federal, state or foreign securities law
restrictions or any provision convenient in the administration of the Plan on
some or all of the certificates representing shares of Stock issued under the
Plan. The Participant shall, at the request of the Company, promptly present to
the Company any and all certificates representing shares acquired pursuant to a
Purchase Right in the possession of the Participant in order to carry out the
provisions of this

                                       15
<Page>

Section. Unless otherwise specified by the Company, legends placed on such
certificates may include but shall not be limited to the following:

"THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE
REGISTERED HOLDER UPON THE PURCHASE OF SHARES UNDER AN EMPLOYEE STOCK PURCHASE
PLAN AS DEFINED IN SECTION 423 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.
THE TRANSFER AGENT FOR THE SHARES EVIDENCED HEREBY SHALL NOTIFY THE CORPORATION
IMMEDIATELY OF ANY TRANSFER OF THE SHARES BY THE REGISTERED HOLDER HEREOF. THE
REGISTERED HOLDER SHALL HOLD ALL SHARES PURCHASED UNDER THE PLAN IN THE
REGISTERED HOLDER'S NAME (AND NOT IN THE NAME OF ANY NOMINEE)."

         19.      NOTIFICATION OF DISPOSITION OF SHARES.

                  The Company may require the Participant to give the Company
prompt notice of any disposition of shares acquired by exercise of a Purchase
Right. The Company may require that until such time as a Participant disposes of
shares acquired upon exercise of a Purchase Right, the Participant shall hold
all such shares in the Participant's name (or, if elected by the Participant, in
the name of the Participant and his or her spouse but not in the name of any
nominee) until the later of two years after the date of grant of such Purchase
Right or one year after the date of exercise of such Purchase Right. The Company
may direct that the certificates evidencing shares acquired by exercise of a
Purchase Right refer to such requirement to give prompt notice of disposition.

         20.      DESIGNATION OF BENEFICIARY.

                  20.1     DESIGNATION PROCEDURE. A Participant may file a
written designation of a beneficiary who is to receive (a) shares and cash, if
any, from the Participant's Plan account if the Participant dies subsequent to a
Purchase Date but prior to delivery to the Participant of such shares and cash
or (b) cash, if any, from the Participant's Plan account if the Participant dies
prior to the exercise of the Participant's Purchase Right. If a married
Participant designates a beneficiary other than the Participant's spouse, the
effectiveness of such designation shall be subject to the consent of the
Participant's spouse. A Participant may change his or her beneficiary
designation at any time by written notice to the Company.

                  20.2     ABSENCE OF BENEFICIARY DESIGNATION. If a Participant
dies without an effective designation pursuant to Section 20.1 of a beneficiary
who is living at the time of the Participant's death, the Company shall deliver
any shares or cash credited to the Participant's Plan account to the
Participant's legal representative.

         21.      NOTICES.

                  All notices or other communications by a Participant to the
Company under or in connection with the Plan shall be deemed to have been duly
given when received in the form specified by the Company at the location, or by
the person, designated by the Company for the receipt thereof.

                                       16
<Page>

         22.      AMENDMENT OR TERMINATION OF THE PLAN.

                  The Board may at any time amend or terminate the Plan, except
that (a) no such amendment or termination shall affect Purchase Rights
previously granted under the Plan unless expressly provided by the Board and (b)
no such amendment or termination may adversely affect a Purchase Right
previously granted under the Plan without the consent of the Participant, except
to the extent permitted by the Plan or as may be necessary to qualify the Plan
as an employee stock purchase plan pursuant to Section 423 of the Code or to
comply with any applicable law, regulation or rule. In addition, an amendment to
the Plan must be approved by the stockholders of the Company within twelve (12)
months of the adoption of such amendment if such amendment would authorize the
sale of more shares than are then authorized for issuance under the Plan or
would change the definition of the corporations that may be designated by the
Board as Participating Companies.

                                       17
<Page>

                                  PLAN HISTORY

April 17, 2002              Board of Directors of MitoKor, Inc., a California
                            corporation ("MitoKor California") adopts the Plan,
                            with an initial reserve of 300,000 shares. The Board
                            also established that the share reserve will be
                            increased cumulatively on each January 1 from
                            January 1, 2003 through January 1, 2012 by the
                            lesser of (i) 1% of the shares of common stock
                            issued and outstanding on the immediately preceding
                            December 31, (ii) 300,000 shares, or (iii) such
                            lesser number of shares determined by the Board.

______________, 2002        Shareholders of MitoKor California approve Plan.

______________, 2002        Effective date of Delaware reincorporation of
                            MitoKor California.

______________, 2002        Effective Date of the Plan (i.e., date on which
                            Initial Offering Period commenced).

<Page>

                                  MITOKOR, INC.
                        2002 EMPLOYEE STOCK PURCHASE PLAN
                             SUBSCRIPTION AGREEMENT

NAME (Please print):
                    ------------------------------------------------------------
                    (Last)                   (First)                   (Middle)

/ / Original application for the Offering Period beginning (date):______________

/ / Stop payroll deductions effective with the pay period ending (date):________

/ / Change of beneficiary.

I.       SUBSCRIPTION

         I elect to participate in the 2002 Employee Stock Purchase Plan (the
"PLAN") of MitoKor, Inc. (the "COMPANY") and to subscribe to purchase shares of
the Company's Common Stock in accordance with this Subscription Agreement and
the Plan.

         I authorize payroll deductions of __________ percent (in whole
percentages not less than 1%, unless an election to stop deductions is being
made, or more than [15%]) of my "COMPENSATION" on each payday throughout the
"OFFERING PERIOD" in accordance with the Plan. I understand that these payroll
deductions will be accumulated for the purchase of shares of Common Stock at the
applicable purchase price determined in accordance with the Plan. Except as
otherwise provided by the Plan, I will automatically purchase shares on each
"PURCHASE DATE" unless I withdraw from the Plan by giving written notice on a
form provided by the Company or unless my eligibility or employment terminates.

         I understand that I will automatically participate in each subsequent
Offering that commences immediately after the last day of an Offering in which I
am participating until I withdraw from the Plan by giving written notice on a
form provided by the Company or my eligibility or employment terminates.

         Shares I purchase under the Plan should be issued in the name(s) set
forth below. (Shares may be issued in the participant's name alone or together
with the participant's spouse as community property or in joint tenancy.)

         NAME(S) (please print):
                                ------------------------------------------------

         ADDRESS:
                 ---------------------------------------------------------------

         MY SOCIAL SECURITY NUMBER:
                                   ---------------------------------------------

         I agree to make adequate provision for the federal, state, local and
foreign tax withholding obligations, if any, which arise upon my purchase of
shares under the Plan and/or my disposition of shares. The Company may withhold
from my compensation the amount necessary to meet such withholding obligations.

         I agree that, unless otherwise permitted by the Company, until I
dispose of shares I purchase under the Plan, I will hold such shares in the
name(s) entered above (and not in the name of any nominee) until the later of
(i) two years after the first day of the Offering Period in which I purchased
the shares and (ii) one year after the Purchase Date on which I purchased the
shares. This restriction only applies to the name(s) in which shares are held
and does NOT affect my ability to dispose of Plan shares.

         I AGREE THAT I WILL NOTIFY THE CHIEF FINANCIAL OFFICER OF THE COMPANY
IN WRITING WITHIN 30 DAYS AFTER ANY SALE, GIFT, TRANSFER OR OTHER DISPOSITION OF
ANY KIND PRIOR TO THE END OF THE PERIODS REFERRED TO IN THE PRECEDING PARAGRAPH
(A "DISQUALIFYING DISPOSITION") OF ANY SHARES I PURCHASED

                                        1
<Page>

UNDER THE PLAN. IF I DO NOT RESPOND WITHIN 30 DAYS OF THE DATE OF A
DISQUALIFYING DISPOSITION SURVEY DELIVERED TO ME BY CERTIFIED MAIL, THE COMPANY
IS AUTHORIZED TO TREAT MY NONRESPONSE AS MY NOTICE TO THE COMPANY OF A
DISQUALIFYING DISPOSITION AND TO COMPUTE AND REPORT TO THE INTERNAL REVENUE
SERVICE THE ORDINARY INCOME I MUST RECOGNIZE UPON SUCH DISQUALIFYING
DISPOSITION.

II.      BENEFICIARY DESIGNATION

         In the event of my death, I designate the following as my beneficiary
to receive all payments and shares then due me under the Plan:

         BENEFICIARY'S NAME (please print):
                                           ------------------------------------
                                           (First)        (Middle)        (Last)

         RELATIONSHIP:                          SOC. SEC. NO.:
                      ------------------------                ------------------

         ADDRESS:
                 ---------------------------------------------------------------

         If you are married and your beneficiary is someone other than your
spouse, then your spouse must sign and date this form as indicated below. If you
are not married when you designate a beneficiary and you later become married,
or if you later become married to a different person, the beneficiary
designation previously made will be automatically revoked. Payments and shares
then due you upon your death will be delivered to your then spouse unless you
have completed a new beneficiary designation and it is consented to by your then
spouse.

III.     CONSENT OF SPOUSE

         I am the spouse of _____________. I consent to the above designation of
a beneficiary other than me to receive payments and shares due my spouse under
the Plan.

Date:
      ------------------------         -----------------------------------------
                                       Signature of Participant's Spouse

IV.      PARTICIPANT DECLARATION

         Any election I have made on this form revokes all prior elections with
regard to this form.

         I am familiar with the provisions of the Plan and agree to participate
in the Plan subject to all of its provisions. I understand that the Board of
Directors of the Company reserves the right to terminate the Plan or to amend
the Plan and my right to purchase stock under the Plan to the extent provided by
the Plan. I understand that the effectiveness of this Subscription Agreement is
dependent upon my eligibility to participate in the Plan.

Date:
      ------------------------         -----------------------------------------
                                       Signature of Participant

                                       2
<Page>

                                  MITOKOR, INC.
                        2002 EMPLOYEE STOCK PURCHASE PLAN
                              NOTICE OF WITHDRAWAL

NAME (Please print):
                    ------------------------------------------------------------
                    (Last)                  (First)                    (Middle)

         I elect to withdraw from the MitoKor, Inc. 2002 Employee Stock Purchase
Plan (the "PLAN") and the Offering which began on (date) ____________________
and in which I am participating (the "CURRENT OFFERING").

                  I elect to terminate immediately my participation in the
                  Current Offering and the Plan. I request that the Company
                  cease all further payroll deductions under the Plan (provided
                  I have given sufficient notice before the next payday). My
                  payroll deductions not previously used to purchase shares
                  should NOT be used to purchase shares in the Current Offering.
                  Instead, I request that all such amounts be paid to me as soon
                  as practicable. I understand that this election immediately
                  terminates my interest in the Current Offering and in the
                  Plan.

         I understand that I am terminating my interest in the Plan and that no
further payroll deductions will be made (provided I have given sufficient notice
before the next payday), unless I elect to become a participant in another
Offering by filing a new Subscription Agreement with the Company. I understand
that I will receive no interest on the amounts paid to me from my Plan account,
and that I may not apply such amounts to any other Offering under the Plan or
any other employee stock purchase plan of the Company.

Date:                                   Signature:
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Exhibit 4.7  

 EXECUTION COPY  

 
 

REGISTRATION RIGHTS AGREEMENT    
    
    by and between    
    
    HILTON HOTELS CORPORATION    
    
    and    
    
    PAN GLOBAL PARTNERS    
  

Dated
as of May 1, 2002 

 
 

TABLE OF CONTENTS    
  

	1.	 	CERTAIN DEFINITIONS.	 	1
	

2.	
 	

DEMAND REGISTRATIONS.	
 	

2
	 	 	(a	)	Right to Request Registration	 	2
	 	 	(b	)	Number of Demand Registrations	 	2
	 	 	(c	)	Priority on Demand Registrations	 	2
	 	 	(d	)	Restrictions on Demand Registrations	 	3
	 	 	(e	)	Selection of Underwriters	 	4
	 	 	(f	)	Other Registration Rights	 	4
	 	 	(g	)	Effective Period of Demand Registrations	 	4
	

3.	
 	

PIGGYBACK REGISTRATIONS	
 	

4
	 	 	(a	)	Right to Piggyback	 	4
	 	 	(b	)	Priority on Primary Registrations	 	4
	 	 	(c	)	Priority on Secondary Registrations	 	5
	 	 	(d	)	Selection of Underwriters	 	5
	

4.	
 	

SHELF REGISTRATION	
 	

5
	

5.	
 	

HOLDBACK AGREEMENTS	
 	

5
	

6.	
 	

REGISTRATION PROCEDURES	
 	

6
	

7.	
 	

REGISTRATION EXPENSES	
 	

9
	

8.	
 	

INDEMNIFICATION	
 	

9
	

9.	
 	

PARTICIPATION IN UNDERWRITTEN REGISTRATIONS	
 	

11
	

10.	
 	

RULE 144	
 	

11
	

11.	
 	

HOLDER TO SELL IN COMPLIANCE WITH LAWS	
 	

12
	

12.	
 	

MISCELLANEOUS	
 	

12
	 	 	(a	)	Notices	 	12
	 	 	(b	)	No Waivers	 	13
	 	 	(c	)	Certificate	 	13
	 	 	(d	)	Expenses	 	13
	 	 	(e	)	Successors and Assigns and Third Party Beneficiaries	 	13
	 	 	(f	)	Governing Law	 	13
	 	 	(g	)	Jurisdiction	 	13
	 	 	(h	)	Waiver of Jury Trial	 	14
	 	 	(i	)	Counterparts; Effectiveness	 	14
	 	 	(j	)	Entire Agreement	 	14
	 	 	(k	)	Captions	 	14
	 	 	(l	)	Severability	 	14
	 	 	(m	)	Amendments	 	14
	 	 	(n	)	Aggregation of Stock	 	14
	 	 	(o	)	Equitable Relief	 	15
	 	 	(p	)	Limitations under Purchase Agreement not to Apply	 	15

   
        REGISTRATION RIGHTS AGREEMENT dated as of May 1, 2002, between Hilton Hotels Corporation, a Delaware corporation (the "Company"), and Pan Global Partners, a Hawaii limited partnership
(the "Stockholder"). 

        In
consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
to this Agreement hereby agree as follows: 

        1.    Certain Definitions.    

        In
addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: 

        "Affiliate" of any Person means any other Person which directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term "control" (including the terms "controlled by" and "under common control with") as used with respect to any Person means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or
otherwise. 

        "Agreement" means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or
schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

        "Business Day" means any day on which commercial banks are open for business in New York, New York. 

        "Common Stock" means common stock, par value $2.50 per share, of the Company. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Final Date" has the meaning specified in Section 4 hereof. 

        "Holder" means any holder of record of Registrable Common Stock and any transferees of such Registrable Common Stock from such Holders,
other than holders who acquire such Common Stock pursuant to an effective Registration Statement. For purposes of this Agreement, the Company may deem and treat the registered holder of Registrable
Common Stock as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 

        "Person" means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated
organization, association, corporation, institution, public benefit corporation, government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof) or any other entity. 

        "Prospectus" means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the
prospectus, including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 

        "Purchase Agreement" means the Partnership Interest Purchase and Sale Agreement and Joint Escrow Instructions, dated as of
April 22, 2002, by and among Hilton Waikoloa, LLC, a Delaware limited liability company, Pan Global Partners, a Hawaii limited partnership, Hilton Recreation, Inc., a Delaware
corporation and the Company. 

1

 

        "Registrable Common Stock" means the Common Stock received by the Stockholder pursuant to the Purchase Agreement;  provided that a security ceases to be Registrable
Common Stock when it is no longer a Transfer Restricted Security. 

        "Registration Statement" means any registration statement of the Company which covers any of the Registrable Common Stock pursuant to the
provisions of this Agreement, including the related Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all
materials incorporated by reference in such Registration Statement. 

        "SEC" means the Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Transfer Restricted Securities" means the Registrable Common Stock, until (i) the date on which such shares of Registrable Common
Stock are effectively registered under the Securities Act and disposed of in accordance with an effective registration statement under the Securities Act or (ii) the date all shares of such
Registrable Common Stock may be disposed of in any 90-day period pursuant to Rule 144 (or successor rule) under the Securities Act. 

        "Underwritten registration or underwritten offering" means a registration in which securities of the Company are sold to underwriters for
reoffering to the public. 

        2.    Demand Registrations.    

        (a)  Right to Request Registration. At any time after the date hereof and until the Final Date (as defined in
Section 4) any Holder or Holders who together hold a majority of the then outstanding Registrable Common Stock ("Initiating Holders") may request registration under the Securities Act of all or
part of the Registrable Common Stock by delivering a written notice to the Company specifically requesting a demand registration pursuant to this Section 2 ("Demand Registration"); provided,
however, that no Holder shall have the right to request a Demand Registration or have any rights under this Section 2 if such Holder's Registrable Common Stock is included in a Registration
Statement filed with the SEC under Section 4 hereof that the Company is diligently seeking to have declared effective by the SEC, and for so long as such Registration Statement is effective. 

Within
10 days after receipt of any such request for Demand Registration, the Company shall give written notice of such request to all other Holders of Registrable Common Stock and shall,
subject to the provisions of Section 2(d) hereof, include in such registration all such Registrable Common Stock with respect to which the Company has received written requests for inclusion
therein within 15 days after the receipt of the Company's notice. 

        (b)  Number of Demand Registrations. Subject to the provisions of Section 2(a), the Initiating Holders of Registrable
Common Stock shall be entitled to request an aggregate of two (2) Demand Registrations. A registration shall not count as one of the permitted Demand Registrations (i) until it has
become effective, (ii) if the Initiating Holder requesting such registration is not able to register and sell at least 50% of the Registrable Common Stock requested by such Initiating Holder to
be included in such registration or (iii) in the case of a Demand Registration that would be the last permitted Demand Registration requested hereunder, if the Initiating Holder requesting such
registration is not able to
register and sell all of the Registrable Common Stock requested to be included by such Initiating Holder in such registration. 

        (c)  Priority on Demand Registrations. Except as provided in Section 2(g) hereof, the Company shall not include in any
Demand Registration any securities which are not Registrable Common Stock without the written consent of the Holders of a majority of the shares of Registrable Common Stock to be included in such
registration, or, if such Demand Registration is an underwritten offering, without the written consent of the managing underwriters. If the managing 

2

 

underwriters of the requested Demand Registration advise the Company in writing that in their opinion the number of shares of Registrable Common Stock proposed to be included in any such registration
exceeds the number of securities which can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect
the price per share of the Company's equity securities to be sold in such offering, the Company shall include in such registration only the number of shares of Registrable Common Stock which in the
opinion of such managing underwriters can be sold. If the number of shares which can be sold is less than the number of shares of Registrable Common Stock proposed to be registered, the amount of
Registrable Common Stock to be so sold shall be allocated first, to the shares of Registrable Common Stock requested to be registered by the Initiating Holders and then pro rata among the other
Holders of Registrable Common Stock desiring to participate in such registration on the basis of the amount of such Registrable Common Stock initially proposed to be registered by such other Holders.
If the number of shares which can be sold exceeds the number of shares of Registrable Common Stock proposed to be sold, such excess shall be allocated pro rata among the other holders of securities,
if any, desiring to participate in such registration based on the amount of such securities initially requested to be registered by such holders or as such holders may otherwise agree. 

        (d)  Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within three
months after the effective date of a previous Demand Registration or a previous registration under which the Initiating Holders had piggyback rights pursuant to Section 3 hereof wherein the
Initiating Holders were permitted to register, and sold, at least 50% of the shares of Registrable Common Stock requested to be included therein. The Company may (i) postpone the filing or the
effectiveness of a Registration Statement for a Demand Registration if, after consulting with and based on the advice provided by a special outside counsel to the Company (which counsel shall be
experienced in securities law matters), the Company then is unable to comply with its disclosure obligations (because it would otherwise need to disclose material information, and the Company has bona
fide business purposes for preserving such information as confidential) or Securities and Exchange Commission requirements in connection with a registration statement or (ii) postpone the
filing of a Demand Registration in the event the Company shall be required to prepare audited financial statements as of a date other than its fiscal year end (unless the stockholders requesting such
registration agree to pay the expenses of such an audit); provided, however, that in no event shall the Company withdraw a Registration Statement under clause (i) after such Registration
Statement has been declared effective; and provided, further, however, that in any of the events described in clause (i) or (ii) above, the Initiating Holders requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall
provide written notice to the Initiating Holders requesting such Demand Registration of (x) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to
this Section 2(d), (y) the Company's decision to file or seek effectiveness of such Registration Statement following such withdrawal or postponement and
(z) the effectiveness of such Registration Statement. The Company may defer the filing of a particular Registration Statement pursuant to this Section 2(d) only once, and may not
postpone the filing or the effectiveness of the Registration Statement for a period longer than ninety (90) days. The Company, as expeditiously as possible and by using its best efforts, will
file or resume the effectiveness of the Registration Statement when the circumstances permitting it to postpone the filing or the effectiveness of the Registration Statement no longer exist. 

A
Demand Registration withdrawn by the Company at the written request of the requesting Holders shall count as an exercised Demand Registration for the purpose of determining the remaining available
Demand Registrations. 

3

 

        (e)  Selection of Underwriters. If any of the Registrable Common Stock covered by a Demand Registration is to be sold in an
underwritten offering, the Initiating Holders shall have the right to select the managing underwriter(s) to administer the offering subject to the approval of the Company, which will not be
unreasonably withheld. 

        (f)    Other Registration Rights. The Company shall not until the Final Date grant to any Person the right, and does not have
any currently effective agreements granting to any Person the right, other than as set forth herein and except to employees of the Company with respect to registrations on Form S-8
(or any successor forms thereto), to request the Company to register any securities of the Company except, in respect of such future grants, such rights as will be not more favorable than or
inconsistent with the rights granted to the Holders herein. In the event the Company grants rights which are more favorable, or immediately upon the Company becoming aware that it has granted to other
Persons rights which are more favorable, the Company will make such provisions available to the Holders and will enter into any amendments necessary to confer such rights on the Holders. 

        (g)  Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this Agreement has become
effective, the Company shall use its best efforts to keep such Demand Registration effective for a period equal to 180 days from the date on which the SEC declares such Demand Registration
effective (or if such Demand Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period
when such Demand Registration is not effective), or such shorter period which shall terminate when all of the Registrable Common Stock covered by such Demand Registration has been sold pursuant to
such Demand Registration. If the Company shall withdraw any Demand Registration pursuant to subsection (d) of this Section 2 (a "Withdrawn Demand Registration"), the Initiating Holders
of the Registrable Common Stock remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled to a replacement Demand Registration which (subject to the provisions of
this Section 2) the Company shall use its best efforts to keep effective for a period commencing on the effective date of such Demand Registration and ending on the earlier to occur of the date
(i) which is 180 days from the effective date of such Demand Registration and (ii) on which all of the Registrable Common Stock covered by such Demand Registration has been sold.
Such additional Demand Registration otherwise shall be subject to all of the provisions of this Agreement. 

        3.    Piggyback Registrations.    

        (a)  Right to Piggyback. Until the Final Date, whenever the Company proposes to register any of its common equity securities
under the Securities Act (other than a registration statement on Form S-8 or on Form S-4 or any similar successor forms thereto), whether for its own account or
for the account of one or more stockholders of the Company, and the registration form to be used may be used for any registration of Registrable Common Stock (a "Piggyback Registration"), the Company
shall give prompt written notice (in any event within 10 business days after its receipt of notice of any exercise of other demand registration rights) to all Holders of its intention to effect such a
registration and, subject to Sections 3(b) and 3(c), shall include in such registration all Registrable Common Stock with respect to which the Company has received written requests for inclusion
therein within 15 days after the receipt of the Company's notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
discretion. 

        (b)  Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold
in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect 

4

 

the price per share of the Company's equity securities to be sold in such offering, the Company shall include in such registration (i) first, the securities the Company proposes to sell,
(ii) second, the Registrable Common Stock requested to be included therein by the Holders, pro rata among the Holders of such Registrable Common Stock on the basis of the number of shares
requested to be registered by such Holders, and (iii) third, other securities requested to be included in such registration pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders or as such holders may otherwise agree. 

        (c)  Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of a
holder of the Company's securities other than Registrable Common Stock, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would
adversely affect the price per share of the Company's equity securities to be sold in such offering, the Company shall include in such registration (i) first the securities requested to be
included therein by the holders requesting such registration and the Registrable Common Stock requested to be included in such registration, pro rata among the holders of such securities on the basis
of the number of shares requested to be registered by such holders, and (ii) second, other securities requested to be included in such registration pro rata among the holders of such securities
on the basis of the number of shares requested to be registered by such holders or as such holders may otherwise agree. 

        (d)  Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company shall have the
right to select the managing underwriter or underwriters to administer any such offering. 

        4.    Shelf Registration.    

        The
Company shall, as soon as reasonably practicable following the Closing but in no event later than ten (10) Business Days following the Closing Date (as defined in the Purchase
Agreement) (the "Filing Deadline Date"), file with the SEC a Registration Statement for the resale of the Registrable Common Stock in an offering to be made on a delayed or continuous basis pursuant
to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) and permitting sales in ordinary course brokerage or dealer transactions not involving an underwritten
offering and shall make its best efforts to have the Registration Statement declared effective no later than the 120th day following the Closing (as defined in the Purchase Agreement)
(the "Effectiveness Deadline Date"). The registration of the Registrable Common Stock so effected by the Company pursuant to this Section is referred to herein as a "Shelf Registration." The Company
shall keep the registration statement relating to the Shelf Registration effective for resales of Registrable Common Stock pursuant to Rule 415 (or any similar rule that may be adopted by the
SEC) until such date as is the earlier of (i) the date on which all of the shares of Registrable Common Stock have been sold pursuant to an effective Registration Statement, and (ii) the
first anniversary following the date hereof (in either case, the "Final Date"). In the event that the Shelf Registration is not filed with the SEC on or before the Filing Deadline Date, the Company
shall pay the Holders, on a pro rata basis, as liquidated damages and not as a penalty, an amount equal to $142,857 per day for each day that the Company fails to make such filing. In the event that
the Shelf Registration is not declared effective by the SEC on or prior to the Effectiveness Deadline Date, and for so long as such failure continues, the Company shall pay the Holders, on a pro rata
basis, as liquidated damages and not as penalty, an amount equal to $35,714 per day for each day that the Shelf Registration is not declared effective. 

        5.    Holdback Agreements.    

        The
Company agrees not to effect any sale or distribution of any of its equity securities during the 10 days prior to and during the 90 days beginning on the effective date
of any underwritten Demand 

5

 

Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-8 or S-4 or any
successor forms thereto) unless the underwriters managing the offering otherwise agree to a shorter period. 

        6.    Registration Procedures.    

        Whenever
the Company is required to register any Registrable Common Stock pursuant to this Agreement, the Company shall use its best efforts to effect the registration and the sale of
such Registrable Common Stock in accordance with the intended methods of disposition thereof and the terms of this Agreement, and pursuant thereto the Company shall as expeditiously as possible and by
using its best efforts: 

        (a)  prepare
and file with the SEC a Registration Statement with respect to such Registrable Common Stock and use its best efforts to cause such Registration Statement to
become effective as soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Common
Stock covered by such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by reference in the
Prospectus and, if requested by such Holders, the exhibits incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is
contained therein and the Company will make the corrections reasonably requested by such Holders with respect to such information prior to filing any Registration Statement or amendment thereto or any
Prospectus or any supplement thereto; 

        (b)  prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep
such Registration Statement effective during the periods it is required to remain effective under this Agreement or, if not otherwise required, for a period of not less than 180 days, in the
case of a Demand Registration, or such shorter period as is necessary to complete the distribution of the securities covered by such Registration Statement and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the Holders thereof
set forth in such Registration Statement; 

        (c)  furnish
to each Holder of Registrable Common Stock such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included
in such Registration Statement (including each preliminary Prospectus) and such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Common
Stock owned by such Holder; 

        (d)  use
its best efforts to register or qualify such Registrable Common Stock under such other securities or blue sky laws of such jurisdictions as any Holder reasonably
requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Common
Stock owned by such Holder (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

        (e)  notify
each Holder of such Registrable Common Stock, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the
occurrence of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a
material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such Holder, subject to the provisions hereof, the Company 

6

 

shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Stock, such Prospectus shall not contain an untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 

        (f)    in
the case of an underwritten offering, enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as
the Holders of a majority of number of shares of the Registrable Common Stock being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Common Stock (but not including any "road-show" participation by management of the Company) and cause to be delivered to the underwriters and the Holders, if any, opinions of
counsel to the Company in customary form, covering such matters as are customarily covered by opinions for an underwritten public offering as the underwriters may request and addressed to the
underwriters and the Holders; 

        (g)  make
available, for reasonable inspection during normal business hours by any Holder of Registrable Common Stock, any underwriter participating in any disposition
pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such Holder or underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company's officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney,
accountant or agent in connection with such Registration Statement to enable such Holders and underwriters to fulfill their statutory responsibilities under the Securities Act; provided that the
Company shall not be required to disclose any confidential information to any Holder until and unless the Holder shall have agreed to keep such information confidential and, if requested by the
Company, the Holder shall have entered into a customary confidentiality agreement with the Company in form and substance reasonably satisfactory to the Company with respect thereto, it being
understood that such confidentiality agreement shall provide that notwithstanding the confidentiality provisions contained therein the Registration Statement and Prospectus shall contain such
information as shall be required under applicable securities laws; 

        (h)  use
its best efforts to cause all such Registrable Common Stock to be listed on each securities exchange on which securities of the same class issued by the Company are
then listed or, if no such similar securities are then listed, on Nasdaq or a national securities exchange selected by the Company; 

        (i)    provide
a transfer agent and registrar for all such Registrable Common Stock not later than the effective date of such Registration Statement; 

        (j)    if
requested, use its reasonable efforts to cause to be delivered (i) at the Company's expense, in the case of any underwritten offering, at the time of pricing
and at the time of delivery of any Registrable Common Stock sold pursuant thereto, and (ii) at such other times, at the expense of the Holders of the
Registrable Common Stock so reasonably requesting, letters from the Company's independent certified public accountants addressed to each selling Holder (unless such selling Holder does not provide to
such accountants the appropriate representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such accountants are independent public
accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting
matters as are customarily covered by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten public offerings, as the case may be; 

7

 

        (k)  promptly
notify each Holder of Registrable Common Stock and the underwriter or underwriters, if any: 

          (i)  when
the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the
Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

        (ii)  of
any written request by the SEC for amendments or supplements to the Registration Statement or Prospectus; 

        (iii)  of
the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement; and 

        (iv)  of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Stock for sale under the applicable
securities or blue sky laws of any jurisdiction. 

        At
all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders may reasonably
request, all to the extent required to enable such Holders to be eligible to sell Registrable Common Stock pursuant to Rule 144 (or any similar rule then in effect). 

        The
Company may require each Holder of Registrable Common Stock as to which any registration is being effected to furnish to the Company any other information regarding such Holder and
the distribution of such securities as the Company may from time to time reasonably request in writing. 

        Each
Holder agrees to furnish to the Company such information regarding such Holder, the Registrable Common Stock to be sold by such Holder and the intended method of disposition of such
securities as shall be required to effect the registration of the Registrable Common Stock pursuant to a Registration Statement. 

        Each
Holder of Registrable Common Stock agrees by having its stock treated as Registrable Common Stock hereunder that, upon notice by the Company, which notice shall be provided by the
Company after consultation with and based on the advice of special outside counsel to the Company (which counsel shall be experienced in securities law matters), (a) of any request by the SEC
or any other federal or state governmental authority during the effectiveness of the Registration Statement for any amendment or supplement to a Registration Statement or related Prospectus or
preliminary prospectus or for additional information, (b) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, (c) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Common Stock for sale in any jurisdiction or the initiation of any proceeding for that purpose, (d) of the happening of any event as a
result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not
misleading or (e) that the Prospectus is required, pursuant Rule 3-05 of Regulation S-X, to include separate financial statements of businesses acquired or
to be acquired as a result of such businesses exceeding the condition of significance in the definition of significant subsidiary in Rule 1-02 at the 50% level (a "Suspension
Notice"), such Holder will forthwith discontinue disposition of Registrable Common Stock until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed and is
furnished with a supplemented or amended Prospectus as contemplated by Section 6(e) hereof, and, if so directed by the Company, 

8

 

such Holder will deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Common
Stock current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable Common Stock by the Holders shall not exceed ninety (90) days in the
aggregate in any one year; provided that to the extent that an event occurred under (e) above and the Company has elected to rely on the occurrence of such event in providing the Suspension
Notice, such period shall not exceed one hundred and twenty (120) days in the aggregate in any one year. If the Company shall give any notice to suspend the disposition of Registrable Common
Stock pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain the Registration Statement effective pursuant to this Agreement by the
number of days in excess of thirty (30) days in the aggregate during the period from and including the date of the giving of such notice to and including the date such Holder either is advised
by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section 6(e). In any event, the Company shall not
be entitled to deliver more than four (4) Suspension Notices in any one year. 

        7.    Registration Expenses.    

        (a)  All
expenses incident to the Company's performance of or compliance with this Agreement, including, without limitation, all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, listing application fees, printing expenses, transfer agent's and registrar's fees, cost of distributing Prospectuses in preliminary and final
form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company (all such
expenses being herein called "Registration Expenses") (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Stock or fees and expenses of more
than one counsel representing the Holders of Registrable Common Stock as provided in (b) below), shall be borne by the Company. In addition, the Company shall pay its internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any
liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. 

        (b)  In
connection with each registration initiated hereunder (whether a Demand Registration, Shelf Registration or a Piggyback Registration), the Company shall reimburse the
Holders covered by such registration or sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the number of shares of Registrable Common Stock included
in such registration or sale but in no event shall the fees so reimbursable exceed $15,000. 

        (c)  The
obligation of the Company to bear the expenses described in Section 7(a) and to reimburse the Holders for the expenses described in Section 7(b) shall
apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when
any of the foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Stock (unless withdrawn
following postponement of filing by the Company in accordance with Section 2(d)(i) or (ii)) or any supplements or amendments to a Registration Statement or Prospectus resulting from a
misstatement furnished to the Company by a Holder shall be borne by such Holder. 

        8.    Indemnification.    

        (a)  The
Company shall indemnify, to the fullest extent permitted by law, each Holder, its officers, directors and Affiliates and each Person who controls such Holder (within
the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in any
Registration 

9

 

Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or applicable "blue sky" laws, except insofar as (i) the
same are made in reliance and in conformity with information relating to such Holder furnished in writing to the
Company by such Holder expressly for use therein or caused by such Holder's failure to comply with its prospectus delivery requirements under applicable law, including the requirement to deliver to
such Holder's immediate purchaser a copy of the Registration Statement, Prospectus or preliminary prospectus or any amendments or supplements thereto (if the same was required by applicable law to be
so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same as requested by such Holder in accordance with Section 6(c) hereof or
(ii) (A) such untrue or alleged untrue statement, or omission or alleged omission is corrected in an amendment or supplement to the Prospectus delivered to the indemnified party prior to
the sale of the Registrable Common Stock and such indemnified party thereafter failed to deliver such Prospectus as so amended or supplemented prior to or concurrently with the sale of the shares to
the person asserting such loss, claim, damage, liability or expense arising out of or based upon an untrue statement or alleged untrue statement or omission or alleged omission in the Prospectus, or
(B) such untrue statement or alleged untrue statement, omission or alleged omission is contained in a Prospectus which is the subject of a Suspension Notice and such indemnified party shall
have breached its obligation to refrain from selling Registrable Common Stock pursuant to the last paragraph of Section 6. In connection with an underwritten offering, the Company shall
indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to
the indemnification of the Holders. 

        (b)  In
connection with any Registration Statement in which a Holder of Registrable Common Stock is participating, each such Holder shall furnish to the Company in writing
such information as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company,
its officers, directors Affiliates, and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or
based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are made in reliance and
in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder's failure to deliver to such Holder's
immediate purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has
furnished such Holder with a sufficient number of copies of the same, as provided in Section 6(c) hereof; provided, however, that the obligation to indemnify shall be several, not joint and
several, among such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount received by such Holder from the sale of Registrable Common Stock pursuant to
such Registration Statement. 

        (c)  Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be
subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be 

10

 

unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to
such indemnified party which are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release
the indemnifying party from its obligations hereunder, except to the extent the indemnifying party is materially prejudiced thereby. 

        (d)  The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 

        (e)  If
the indemnification provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held by a court to be unavailable or
unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or
expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified Person 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. In no event
shall the liability of any selling Holder be greater in amount than the amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been
obligated to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had been available under the circumstances. 

        9.    Participation in Underwritten Registrations.    

        No
Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all customary and reasonable questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

        10.    Rule 144.    

        The
Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder,
and it will take
such further action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information requirements of
Rule 144(c) under the Securities Act, to the extent required to enable such Holder to sell Registrable Common Stock without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC.
Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such information and requirements. 

11

 

        11.    Holder to Sell in Compliance with Laws    

        The
Stockholder agrees, and every Holder shall be deemed to have agreed, that it will not effect any disposition of any shares of Registrable Common Stock, other than transactions exempt
from the registration requirements of the Securities Act and "blue sky" law, except as contemplated in the applicable Registration Statement and that it will promptly notify the Company of any changes
in the information set forth in the applicable Registration Statement regarding such Holder or its plan of distribution. 

        12.    Miscellaneous.    

        (a)  Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given, 

        If
to the Company: 

Hilton
Hotels Corporation

9336 Civic Center Drive

Beverly Hills, CA 90210

Phone: (310) 278-4321

Fax: (310) 278-7677

Attention: General Counsel 

        with
copies to: 

Latham &
Watkins

633 West Fifth St., Suite 4000

Los Angeles, CA 90071-2007

Phone: (213) 485-1234

Fax: (213) 891-8763

Attention: Cynthia A. Rotell 

        If
to the Stockholders: 

Pan
Global Partners

c/o Starn O'Toole Marcus & Fisher

737 Bishop Street, Suite 1740

Honolulu, Hawaii 96813

Phone: (808) 537-6100

Fax: (808) 537-5434

Attention: Duane R. Fisher, Esq. 

        If
to a transferee Holder, to the address of such Holder set forth in the transfer documentation provided to the Company; 

        in
each case with copies to: 

Robert
M. Chilstrom, Esq.

Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square

New York, NY 10036

Phone: (212) 735-3000

Fax: (212) 735-2000 

or
such other address or facsimile number as such party (or transferee) may hereafter specify for the purpose by notice to the other parties. Each such notice, request or other communication shall be
effective (a) if given by facsimile, when such facsimile is transmitted to the facsimile number specified 

12

 

in this Section and the appropriate facsimile confirmation is received or (b) if given by any other means, when delivered at the address specified in this Section. 

        (b)  No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
law. 

        (c)  Certificate. Each certificate evidencing Transfer Restricted Securities will be imprinted with legends substantially in
the following forms: 

"THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE APPLICABLE SECURITIES LAWS OF ANY STATE. SUCH SECURITIES HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE PROPOSED DISPOSITION IS THE SUBJECT OF A CURRENTLY
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT AND SUCH STATE SECURITIES LAWS IN CONNECTION WITH SUCH DISPOSITION. 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, SALE AND HYPOTHECATION. A COMPLETE STATEMENT OF THE TERMS AND CONDITIONS GOVERNING SUCH RESTRICTIONS IS SET
FORTH IN A REGISTRATION RIGHTS AGREEMENT, DATED AS OF MAY 1, 2002, A COPY OF WHICH IS ON FILE AT THE COMPANY'S PRINCIPAL OFFICE." 

In
order to transfer Registrable Common Stock (other than pursuant to an effective Registration Statement), a Holder must furnish the Company with (i) a written opinion satisfactory to the
Company in form and substance from counsel satisfactory to the Company by reason of experience to the effect that the holder may transfer the Registrable Common Stock as desired without registration
under the Securities Act and (ii) a written undertaking executed by the desired transferee reasonably satisfactory to the Company in form and substance agreeing to be bound by the restrictions
on transfer contained herein and the provisions of this Agreement. 

        (d)  Expenses. Except as otherwise provided for herein or otherwise agreed to in writing by the parties, all costs and
expenses incurred by the Company in connection with the preparation of this Agreement shall be paid by the Company. 

        (e)  Successors and Assigns and Third Party Beneficiaries. Notwithstanding anything herein to the contrary, the provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns and transferees, it being understood that subsequent Holders of the
Registrable Common Stock are intended third party beneficiaries hereof and shall be bound by all obligations of a Holder under this Agreement. 

        (f)    Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York,
without regard to principles of conflicts of law. 

        (g)  Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of
or in connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and State 

13

 

of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the
world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 10(a) shall
be deemed effective service of process on such party. 

        (h)  Waiver of Jury Trial. 

EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

        (i)    Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

        (j)    Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the transactions contemplated herein. No provision of this
Agreement or any other agreement contemplated hereby is intended to confer on any Person other than the parties hereto any rights or remedies. 

        (k)  Captions. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. 

        (l)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and
shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

        (m)  Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the holders of a majority of the Registrable Common Stock;
provided, however, that without a Holder's written consent no such amendment, modification, supplement or waiver shall affect adversely such Holder's rights hereunder in a discriminatory manner
inconsistent with its adverse effects on rights of other Holders hereunder (other than as reflected by the different number of shares held by such Holder); provided, further, that the consent or
agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the
Company's obligations hereunder. 

        (n)  Aggregation of Stock. All Registrable Common Stock held by or acquired by any Affiliates will be aggregated together for
the purpose of determining the availability of any rights under this Agreement. 

14

 

        (o)  Equitable Relief. The parties hereto agree that legal remedies may be inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

        (p)  Limitations under Purchase Agreement not to Apply. For the avoidance of doubt, any limitations provided in the Purchase
Agreement with respect to the right of the parties thereto to bring actions, including limitations on the period of time in which actions may be brought, the amount of damages or any other similar
limitations thereunder shall not apply to the rights of the parties hereunder. 

[Execution Page Follows]  

15

 

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties hereto as of the date first written above.  

	 
	 	 
	 
	 

	 	 	PAN GLOBAL PARTNERS

a Hawaii limited partnership
	

 	
 	

By:	

PAN WAIKOLOA CORPORATION

a Hawaii corporation

Its: General Partner
	

 	
 	

By:	

/s/  JUDY YEH      

	 	 	 	Name:	Judy Yeh
	 	 	 	Title:	Secretary
	 	 	 	 	 
	

 	
 	

HILTON HOTELS CORPORATION
	

 	
 	

By:	

/s/  TED MIDDLETON      

	 	 	 	Name:	Ted Middleton
	 	 	 	Title:	Senior Vice President

16

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REGISTRATION RIGHTS AGREEMENT by and between HILTON HOTELS CORPORATION and PAN GLOBAL PARTNERS

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