Document:

Exhibit 4.1  

AMENDMENT NO. 1  

 TO THE  

 RIGHTS AGREEMENT  

 DATED AS OF APRIL 10, 1996  

 BETWEEN  

 NEORX CORPORATION  

 AND  

 MELLON INVESTOR SERVICES LLC,

AS RIGHTS AGENT  

        On April 10, 1996, the Board of Directors of NeoRx Corporation, a Washington corporation (the "Company"),
authorized and declared a dividend distribution of one Right (as defined in the Rights Agreement) for each share of its Common Stock, each Right initially representing the right to purchase
one-hundredth of a share of Series A Junior Participating Preferred Stock of the Company, upon the terms set forth in a Rights Agreement dated as of April 10, 1996 between
the
Mellon Investor Services LLC, a New Jersey limited liability company (formerly ChaseMellon Shareholder Services, L.L.C., and successor to First Interstate Bank of Washington, NA), as rights agent (the
"Rights Agent") and the Company (the "Rights Agreement"). 

        The
Company recently entered into a Preferred Stock and Warrant Purchase Agreement dated as of December 3, 2003 (the "Purchase
Agreement"), pursuant to which the Company issued and sold shares of its Series B Convertible Preferred Stock (the "Series B Preferred
Stock") and Common Stock Purchase Warrants (the "Warrants"). Pursuant to the terms of the Certificate of Designation of the
Series B Preferred Stock (the "Certificate of Designation"), each holder of the Series B Preferred Stock has the right to receive, on the
Distribution Date (as defined in the Rights Agreement), without further action by the Board, such number of Rights (as defined in the Rights Agreement) equal to the number of Rights such holder would
have held if, immediately prior to the Distribution Date, all of the shares of Series B Preferred Stock had been converted into shares of Common Stock at the then current Conversion Value (as
defined in the Certificate of Designation). 

        Therefore,
in order to give effect to the above terms of the Series B Preferred Stock, the Company and the Rights Agent hereby agreed to amend the Rights Agreement as follows: 

        1.     Amend
Section 1(a) of the Rights Agreement to add the following separate paragraph at the end of the section: 

        "Also,
notwithstanding the foregoing, each of the Purchasers listed on Schedule 1 to the Preferred Stock and Warrant Purchase Agreement dated December 3, 2003 (the
"Purchase Agreement"), by and among the Company and the Purchasers thereto, shall not be deemed to be an "Acquiring Person," by virtue of such Purchaser acquiring Beneficial Ownership of shares of
Common Stock pursuant to the terms of the Purchase Agreement, the Certificate of Designation (the "Certificate of Designation") of the Company's Series B Convertible Preferred Stock (the
"Series B Preferred Stock") or the Warrants (as defined in the Purchase Agreement). However, this exception to the definition of "Acquiring Person" shall not affect the determination of whether
the Purchasers shall be an "Acquiring Person" as the result of any other acquisition of Beneficial Ownership of shares of Common Stock." 

5

 

        2.     Amend
the first sentence of Section 2 of the Rights Agreement to delete the following words: 

"and
the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Shares)". 

        3.     Add
subsection (d) to Section 3 of the Rights Agreement to read in its entirety as follows: 

        "(d)
Notwithstanding any of the foregoing, each record holder of shares of Series B Preferred Stock has the right to receive, on the Distribution Date, such number of Rights equal
to the number of Rights such holder would have held if, immediately prior to the Distribution Date, all of the shares of Series B Preferred Stock had been converted into shares of Common Stock
at the then current Conversion Value (as defined in the Certificate of Designation). As soon as practicable after the Distribution Date (but in any case no later than 5 Business Days following the
Distribution Date), the Company will send or cause to send (and the Rights Agent will, if requested and provided with a list of the record holders of the Series B Preferred Stock, send) by
first-class, insured, postage prepaid mail, to each record holder of the Series B Preferred Stock as of the Close of business on the Distribution Date, at the address of such holder shown on
the records of the Company, a Rights Certificate evidencing the Rights so held. No further Rights shall attach or be issuable in respect of any shares of Common Stock issued thereafter upon conversion
of any shares of Series B Preferred Stock. In an event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11(n) hereof, the Company
shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and
cash is paid in lieu of any fractional Rights." 

        4.     Amend
Section 20(c) of the Rights Agreement by adding the following words to the end of such section: 

"Anything
to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage." 

        5.     Except
as set forth above, the provisions of the Rights Agreement shall remain in full force and effect. This Amendment shall be deemed to be a contract made under the
laws of the State of Washington and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such
State. This Amendment may be executed in any number of counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, illegal, or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, implied or invalidated. 

[Remainder
of page intentionally left blank] 

6

 

        IN
WITNESS WHEREOF, the Company and the Rights Agent have caused this Amendment to be executed this 8th day of December, 2003. 

	 	 	NeoRx Corporation
	

 	
 	

By:	

s/ MELINDA G. KILE
	 	 	Name:	Melinda G. Kile
	 	 	Title:	Vice President—Finance
	

 	
 	
Mellon Investor Services LLC,

as Rights Agent
	

 	
 	

By:	

s/ LISA PORTER
	 	 	Name:	Lisa Porter
	 	 	Title:	Client Service Manager

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Exhibit 4.9  

 
 

AMYLIN PHARMACEUTICALS, INC.    
    
    and    
    
     
    
    As Depositary    
    
    and    
    

 HOLDERS OF DEPOSITARY RECEIPTS    
    

DEPOSIT AGREEMENT  

 Dated as of  

 
  
 

    TABLE OF CONTENTS    
    

	 
	 	 
	 
	 	Page

	ARTICLE I	 	DEFINITIONS	 	1
	

ARTICLE II	
 	

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION AND REPURCHASE OF RECEIPTS	
 	

2
	 	

Section 2.1.	
 	

 	

Form and Transfer of Receipts	
 	

2
	 	

Section 2.2.	
 	

 	

Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	
 	

3
	 	

Section 2.3.	
 	

 	

Redemption and Repurchase of Stock	
 	

4
	 	

Section 2.4.	
 	

 	

Register of Transfer of Receipts	
 	

5
	 	

Section 2.5.	
 	

 	

Combination and Split-ups of Receipts	
 	

5
	 	

Section 2.6.	
 	

 	

Surrender of Receipts and Withdrawal of Stock	
 	

5
	 	

Section 2.7.	
 	

 	

Limitations on Execution and Delivery, Transfer, Split-up, Combination and Surrender of Receipts and Withdrawal or Deposit of Stock	
 	

6
	 	

Section 2.8.	
 	

 	

Lost Receipts, etc.	
 	

7
	 	

Section 2.9.	
 	

 	

Cancellation and Destruction of Surrendered Receipts	
 	

7
	 	

Section 2.10.	
 	

 	

Conversion	
 	

7
	

ARTICLE III	
 	

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY	
 	

8
	 	

Section 3.1.	
 	

 	

Filing Proofs, Certificates and Other Information	
 	

8
	 	

Section 3.2.	
 	

 	

Payment of Taxes or Other Governmental Charges	
 	

8
	 	

Section 3.3.	
 	

 	

Withholding	
 	

9
	 	

Section 3.4.	
 	

 	

Representations and Warranties as to Stock	
 	

9
	

ARTICLE IV	
 	

THE STOCK, NOTICES	
 	

9
	 	

Section 4.1.	
 	

 	

Cash Distributions	
 	

9
	 	

Section 4.2.	
 	

 	

Distributions Other Than Cash	
 	

9
	 	

Section 4.3.	
 	

 	

Subscription Rights, Preferences or Privileges	
 	

10
	 	

Section 4.4.	
 	

 	

Notice of Dividends, Fixing of Record Date for Holders of Receipts	
 	

10
	 	

Section 4.5.	
 	

 	

Voting Rights	
 	

10
	 	

Section 4.6.	
 	

 	

Changes Affecting Stock and Reclassifications, Recapitalizations, etc.	
 	

11
	 	

Section 4.7.	
 	

 	

Reports	
 	

11
	 	

Section 4.8.	
 	

 	

Lists of Receipt Holders	
 	

11
	

ARTICLE V	
 	

THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY	
 	

11
	 	

Section 5.1.	
 	

 	

Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar	
 	

11
	 	 	 	 	 	 

i

 

	 	

Section 5.2.	
 	

 	

Prevention or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the Company	
 	

12
	 	

Section 5.3.	
 	

 	

Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company	
 	

12
	 	

Section 5.4.	
 	

 	

Resignation and Removal of the Depositary, Appointment of Successor Depositary	
 	

13
	 	

Section 5.5.	
 	

 	

Corporate Notices and Reports	
 	

14
	 	

Section 5.6.	
 	

 	

Deposit of Stock by the Company	
 	

14
	 	

Section 5.7.	
 	

 	

Indemnification by the Company	
 	

14
	 	

Section 5.8.	
 	

 	

Fees, Charges and Expenses	
 	

14
	

ARTICLE VI	
 	

AMENDMENT AND TERMINATION	
 	

14
	 	

Section 6.1.	
 	

 	

Amendment	
 	

14
	 	

Section 6.2.	
 	

 	

Termination	
 	

15
	

ARTICLE VII	
 	

MISCELLANEOUS	
 	

15
	 	

Section 7.1.	
 	

 	

Counterparts	
 	

15
	 	

Section 7.2.	
 	

 	

Exclusive Benefits of Parties	
 	

15
	 	

Section 7.3.	
 	

 	

Invalidity of Provisions	
 	

15
	 	

Section 7.4.	
 	

 	

Notices	
 	

15
	 	

Section 7.5.	
 	

 	

Depositary's Agents	
 	

16
	 	

Section 7.6.	
 	

 	

Holders of Receipts Are Parties	
 	

16
	 	

Section 7.7.	
 	

 	

Governing Law	
 	

16
	 	

Section 7.8.	
 	

 	

Headings	
 	

16

ii

  

 
 

DEPOSIT AGREEMENT    
    

        DEPOSIT AGREEMENT, dated as
of                        among AMYLIN
PHARMACEUTICALS, INC., a Delaware corporation,                        ,
a                        existing under the laws of the State
of                        , as Depositary, and all holders
from time to time of Receipts issued hereunder. 

W I T N E S S E T H:  

        WHEREAS, the Company desires to provide as hereinafter set forth in this Deposit Agreement, for the deposit of
shares of the Stock with the Depositary, as agent for the holders of the Receipts evidencing Depositary Shares representing an interest in the Stock so deposited, for the purposes set forth in this
Deposit Agreement and for the issuance hereunder of such Receipts; and 

        WHEREAS, the Receipts are to be substantially in the form annexed as Exhibit A to this Deposit Agreement, with appropriate
insertions, modifications and omissions to reflect the terms of any Certificate of Designation and otherwise, as hereinafter provided in this Deposit Agreement. 

        NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows: 

 
 

ARTICLE I    
    
    DEFINITIONS    
    

        The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

        "Certificate of Designation" shall mean the Certificate of Designation establishing and setting forth the rights, preferences, privileges,
limitations and restrictions of the Stock, as filed with the Secretary of State of the State of Delaware. 

        "Certificate of Incorporation" shall mean the Amended and Restated Certificate of Incorporation, as amended or as amended and restated
from time to time, of the Company. 

        "Company" shall mean Amylin Pharmaceuticals, Inc., a Delaware corporation, and its successors. 

        "Corporate Office" shall mean the office of the Depositary in                        , at which
at any particular time its business in respect of
matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located
at                        . 

        "Deposit Agreement" shall mean this agreement, as the same may be amended, modified or supplemented from time to time to reflect the terms
of any Certificate of Designation or otherwise in accordance with the provisions hereof. 

        "Depositary" shall mean                        , as Depositary hereunder, and any successor as
Depositary hereunder. 

        "Depositary Share" shall mean the rights evidenced by the Receipts executed and delivered hereunder, including the interests in Stock
granted to holders of Receipts pursuant to the terms and conditions of the Deposit Agreement. Each Depositary Share shall represent an interest in            of one share of Stock deposited
with
the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement. Subject
to the terms of this Deposit Agreement, each record holder of a Receipt evidencing a Depositary Share or Shares is entitled, proportionately, to all the rights, preferences and privileges, and subject
to all the qualifications and restrictions, of the Stock represented by such Depositary Share or Shares, including any dividend, voting, conversion, redemption, liquidation and sinking fund rights
contained in the Certificate of Designation, and to the benefits of all obligations 

1

 

and
duties of the Company in respect of the Stock under the Certificate of Designation and the Certificate of Incorporation. 

        "Depositary's Agent" shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.5. 

        "Receipt" shall mean a Depositary Receipt executed and delivered hereunder, in substantially the form of Exhibit A hereto,
evidencing a Depositary Share or Shares, as the same may be amended from time to time to reflect the terms of any Certificate of Designation or otherwise in accordance with the provisions hereof. 

        "Record holder" or "holder" as applied to a Receipt shall mean the person in whose name a
Receipt is registered on the books maintained by or on behalf of the Depositary for such purpose. 

        "Registrar" shall mean any company appointed to register ownership and transfers of Receipts as herein provided. 

        "Securities Act" shall mean the Securities Act of 1933, as amended. 

        "Stock" shall mean shares of the Company's                        Preferred Stock,
Series                        , par value $0.001 per share.
 

 
 

ARTICLE II    
    
    FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION AND REPURCHASE OF RECEIPTS    
    

        Section 2.1.    Form and Transfer of Receipts.    Receipts shall be engraved or printed or lithographed unless
they are evidenced by a global receipt held by a depositary for a clearing system and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions to reflect the terms of any Certificate of Designation or otherwise, as hereinafter provided. Receipts shall be executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary; provided, however, that such signature may be a facsimile if a Registrar (other than the Depositary) shall have countersigned the
Receipts by manual signature of a duly authorized officer of the Registrar. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Company delivered in
accordance with Section 2.2, shall execute and deliver temporary Receipts which shall be printed, lithographed, typewritten, or otherwise reproduced substantially of the tenor of the definitive
Receipts in lieu of which they are issued and with appropriate insertions, modifications, omissions, substitutions and other variations as the persons executing such Receipts may determine are
necessary for such temporary Receipts, as evidenced by their execution of such temporary Receipts. If temporary Receipts are issued, the Company and the
Depositary will cause definitive Receipts to be prepared without unreasonable delay; provided that if such temporary Receipts are global Receipts held by a depositary for a clearing system, definitive
Receipts need not be prepared until the Receipts cease to be so held. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender
of the temporary Receipts at the Corporate Office or such other office as the Depositary may designate, without charge to the holder. Upon surrender for cancellation of any one or more temporary
Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or
Receipts. Such exchange shall be made at the Company's expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under
this Deposit Agreement, and with respect to the Stock, as definitive Receipts. 

        No
Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding
paragraph. 

2

 

The
Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the facsimile signature of anyone who was at any time a duly
authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such Receipts. 

        Receipts
may be issued in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their execution. 

        Receipts
may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Depositary or required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Stock or the Depositary Shares may be
listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the
Stock or otherwise. 

        Title
to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer shall be transferable
by delivery with the same effect as in the case of investment securities in general; provided, however, that the Depositary may, notwithstanding any notice to the contrary, treat the record holder
thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes. 

        Section 2.2.    Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof.    Subject to the
terms and conditions of this Deposit Agreement, the Company or any holder of Stock may deposit such Stock
under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a
properly executed instrument of transfer in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions
of this Deposit Agreement and (ii) a written order of the Company or such holder, as the case may be, directing the Depositary to execute and deliver to or upon the written order of the person
or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 

        Upon
receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above, the Depositary shall, as soon as
transfer and registration can be accomplished, present such certificate or certificates to the registrar and transfer agent of the Stock for transfer and registration in the name of the Depositary or
its nominee of the Stock being deposited. Deposited Stock shall be held by the Depositary in an account to be established by the Depositary at the Corporate Office. 

        Upon
receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above, the Depositary, subject to the
terms and conditions of this Deposit Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first
paragraph of this Section 2.2, a Receipt or Receipts for the number of whole Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by
such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office, except that, at the request, risk and expense of any person requesting such delivery
and for such person's account or, upon the order of such person, any other person's account, such delivery may be made at such other place as may be designated by such person. In each case, delivery
will be made only upon payment to the Depositary of all taxes and other governmental charges and any fees payable in connection with such deposit and the transfer of the deposited Stock. 

3

 

        The
Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this
Deposit Agreement. 

        Section 2.3.    Redemption and Repurchase of Stock.    Whenever the Company shall redeem shares of Stock in
accordance with a Certificate of Designation, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than 3 business days' prior
notice of the proposed date of the mailing of a notice of redemption of Stock and the simultaneous redemption of the Depositary Shares representing the Stock to be redeemed and of the number of such
shares of Stock held by the Depositary to be redeemed. Unless the Certificate of Designation for a specific series of Stock provides for a different notice period with respect to that Stock in the
event of its redemption, the Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption of Stock and the proposed simultaneous redemption of
the
Depositary Shares representing the Stock to be redeemed not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares, to the record
holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such holders as the same appear on the records of the Depositary or any Depositary's Agent or Registrar.
Notwithstanding the foregoing, neither failure to mail or publish any such notice to one or more such holders nor any defect in any notice shall affect the sufficiency of the proceedings for
redemption. The Company shall provide the Depositary with such notice, and each such notice shall state the method for determining the amount payable per Depositary Share, the redemption date, and the
number of Depositary Shares to be redeemed, and such notice shall call upon each holder of Depositary Shares to surrender, on the redemption date and at the place or places designated by the Company,
the Receipts evidencing Depositary Shares to be redeemed. On the date of any such redemption the Depositary shall surrender the certificate or certificates held by the Depositary evidencing the number
of shares of Stock to be redeemed in the manner specified in the notice of redemption of Stock provided by the Company pursuant to the applicable Certificate of Designation. The Depositary shall,
thereafter, redeem the number of Depositary Shares representing such redeemed Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record
holders of Receipts. 

        Notice
having been mailed by the Depositary as aforesaid, from and after the redemption date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it upon
the surrender of the certificate or certificates therefor by the Depositary as described in the preceding paragraph), the Depositary Shares called for redemption shall be deemed no longer to be
outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the cash, securities or other property payable upon redemption upon surrender of
such Receipts) shall, to the extent of such Depositary Shares, cease and terminate. The foregoing shall be subject further to the terms and conditions of the applicable Certificate of Designation. 

        If
fewer than all the Depositary Shares are to be redeemed, the Depositary Shares to be redeemed will be selected by lot or proportionately, as may be determined by the Depositary. If
fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, cash,
securities or other property payable upon redemption in respect of the Depositary Shares called for redemption and a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and
not called for redemption. 

        The
Depositary shall not be required to transfer or exchange for another Receipt any Receipt evidencing Depositary Shares called or being called for redemption, in whole or in part
except as provided in the immediately preceding paragraph of this Section 2.3. 

        Whenever
the Company shall be required to make an offer to repurchase Depositary Shares representing Stock in accordance with a Certificate of Designation, it shall (unless otherwise
agreed in 

4

 

writing
with the Depositary) give the Depositary in its capacity as Depositary not less than 3 business days' prior notice of the required date of the mailing of a notice of the repurchase offer. The
Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the relevant terms of the repurchase offer, as provided by the Company, to the record holders of
the Receipts at the addresses of such holders as the same appear on the records of the Depositary or any Depositary's Agent or Registrar, including: (i) that such notice is being given pursuant
to a repurchase offer, (ii) the number of Depositary Shares and Stock for which the offer is being made, (iii) the method for determining the amount payable per Depositary Share,
(iv) the last date, which, unless the Certificate of Designation for a specific series of Stock provides for a different period with respect to that Stock in the event that the Company is
required to make an offer to repurchase it, shall not be less than 30 nor more than 60 days after the date of such notice, by which a holder must elect to accept the repurchase offer,
(v) the procedures that such holder must follow to exercise its rights, and (vi) the procedures for withdrawing an election. 

        The
Depositary shall, thereafter, receive from each holder electing to have Depositary Shares repurchased pursuant to the repurchase offer in accordance with the instructions in the
notice, the holder's Receipts, with an appropriate form duly completed prior to the repurchase date. Holders will be entitled to withdraw an election by a written notice of withdrawal delivered to the
Depositary prior to the close of business on the repurchase date. The notice of withdrawal shall state the number of Depositary Shares and the Receipt numbers to which the notice of withdrawal relates
and the number of Depositary Shares and Receipt numbers, if any, which remain subject to election. In case the aggregate number of Depositary Shares offered for repurchase by the holders exceeds the
amount of Depositary Shares which the Company has offered to repurchase pursuant to the repurchase offer, the Depositary Shares to be repurchased shall be selected by the Depositary by lot or
proportionately, as may be determined by the Depositary. The Depositary shall, at the direction of the Company, cause payment to be mailed or delivered to each tendering holder as promptly as
reasonably practicable after the repurchase date, in the amount of the repurchase price for the Depositary Shares tendered, and any unpurchased Depositary Shares to be returned to the holder thereof.
The foregoing is subject further to the terms and conditions of the applicable Certificate of Designation. 

        Section 2.4.    Register of Transfer of Receipts.    Subject to the terms and conditions of this Deposit
Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof at the Corporate Office, or such other office as the Depositary may designate
for such purpose, by the record holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer, together with evidence of the payment
of any transfer taxes as may be required by law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto
evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

        Section 2.5.    Combination and Split-ups of Receipts.    Upon surrender of a Receipt or Receipts
at the Corporate Office, or such other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of
this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced
by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 

        Section 2.6.    Surrender of Receipts and Withdrawal of Stock.    Any holder of a Receipt, including the
Company, shall have the right, upon payment of any amount due to the Depositary with respect to the Receipt, to withdraw any or all of the Stock (but only in whole shares of Stock) represented by the
Depositary Shares and all money and other property, if any, represented by such Depositary Shares by surrendering the Receipt or Receipts evidencing such Depositary Shares at the Corporate Office, or
at 

5

 

such
other office as the Depositary may designate for such withdrawals (and cancellation of the surrendered Receipts as provided in Section 2.9). After such surrender, without unreasonable
delay, the Depositary shall deliver to the holder the whole number of shares of Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or
Receipts so surrendered for withdrawal. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess
of the number of whole Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall at the same time, in addition to such whole number of shares of Stock
and such money and other property, if any, to be withdrawn, deliver to the holder, or (subject to Section 2.4) upon its order, a new Receipt or Receipts evidencing such excess number of whole
Depositary Shares. 

        Delivery
of the Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may
deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 

        The
Depositary shall deliver the Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal, without
unreasonable delay, at the office at which such Receipts were surrendered, except that, at the request, risk and expense of the Company such delivery may be made, without unreasonable delay, at such
other place as may be designated by the Company. 

        For
purposes of determining the number of Depositary Shares outstanding on any dividend payment date, the Receipts representing Depositary Shares acquired by the Company on or prior to
such dividend payment date and not theretofore delivered to the Depositary for withdrawal and cancellation shall be deemed to be outstanding. 

        Section 2.7.    Limitations on Execution and Delivery, Transfer, Split-up, Combination and Surrender of Receipts and Withdrawal or
Deposit of Stock.    As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any Receipt,
the delivery of any distribution thereon or withdrawal or deposit of Stock, or the exercise of any conversion right referred to in Section 2.10, the Depositary, any of the Depositary's Agents,
the Registrar or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made
such payment, the reimbursement to it) of any tax or other governmental charge or fee with respect thereto (including any such tax or charge or fee with respect to the Stock being deposited or the
Stock being withdrawn or with respect to property of the Company being issued upon redemption or conversion); (ii) production of proof satisfactory to it as to the identity and genuineness of
any signature; and (iii) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not inconsistent with the provisions of this Deposit Agreement. 

        The
deposit of Stock may be refused, or the registration of transfer, split-up, combination or surrender of outstanding Receipts and the withdrawal of deposited Stock or the
exercise of any conversion right referred to in Section 2.10 may be suspended (i) during any period when the register of stockholders of the Company is closed, (ii) if any such
action is deemed necessary or advisable by the Depositary, any of the Depositary's Agents or the Company at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement, or (iii) with the approval of the Company, for any other reason. Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement any shares of Stock that are required to be registered under the Securities Act unless a registration statement under the
Securities Act is in effect as to such shares of Stock. 

6

  

        Section 2.8.    Lost Receipts, etc.    In case any Receipt shall be mutilated or destroyed or lost or stolen,
the Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen
Receipt unless the Depositary has notice that such Receipt has been acquired by a bona fide purchaser; provided, however, that the holder thereof provides the Depositary with (i) evidence
satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof, (ii) reasonable indemnification satisfactory to the
Depositary or the payment of any charges incurred by the Depositary in obtaining insurance in lieu of such indemnification and (iii) payment of any expense (including fees, charges and expenses
of the Depositary) in connection with such execution and delivery. 

        Section 2.9.    Cancellation and Destruction of Surrendered Receipts.    All Receipts surrendered to the
Depositary or any Depositary's Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so canceled. 

        Section 2.10.    Conversion.    In the event that the Stock, in accordance with its Certificate of Designation,
is convertible into the Company's common stock or other securities, subject to the terms and conditions of this Deposit Agreement, a holder of a Receipt or Receipts may surrender such Receipt or
Receipts at the Corporate Office or at such other office or to a Depositary's Agent that the Depositary may designate for such purpose, together with a notice of conversion duly completed and
executed, thereby directing the Depositary or such Depositary's Agent to instruct the Company to cause the conversion of the number of shares of Stock specified in such notice of conversion into
shares of the Company's common stock or other securities at the rate specified in the applicable Certificate of Designation, and an assignment of such Receipt or Receipts to the Company or in blank,
duly completed and executed, along with any other documents or instruments and any amounts required by the applicable Certificate of Designation. 

        Upon
receipt by the Depositary or a Depositary's Agent of a Receipt or Receipts, together with a notice of conversion, duly completed and executed, directing the Depositary or such
Depositary's Agent to instruct the Company to cause the conversion of a specified number of shares of Stock at the rate specified in the applicable Certificate of Designation, and an assignment of
such Receipt or Receipts to the Company or in blank, duly completed and executed, along with any other documents or instruments or amounts referred to in the preceding paragraph, the Depositary or
such Depositary's Agent shall instruct the Company, subject to any adjustment provided for in the applicable Certificate of Designation, (i) to cause the conversion at the rate specified in the
applicable Certificate of Designation of the number of shares of Stock represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for conversion as specified in the
written notice to the Depositary or such Depositary's Agent and (ii) to cause the delivery to the holder of such Receipt or Receipts of (a) a certificate or certificates evidencing the
number of whole shares of the Company's common stock or other securities into which such Stock has been converted, and (b) the amount of cash or other property, if any, to which such holder is
entitled in lieu of fractional shares of, or fractional interests in, the Company's common stock or other securities otherwise deliverable by the Company upon such conversion, calculated in accordance
with the applicable Certificate of Designation. The Company shall as promptly as practicable after receipt thereof cause the delivery of the certificate or certificates and cash or other property, if
any, referred to in clauses (a) and (b) above, and such conversion shall be deemed to have been effected immediately prior to the close of business on the date of such receipt and shall occur
at the rate specified in the Certificate of Designation in effect at such time and on such date. Upon such conversion, the Depositary or such Depositary's Agent (i) shall deliver to the holder
a Receipt evidencing the number of Depositary Shares evidenced by the surrendered Receipt or Receipts in excess of the number of Depositary Shares evidenced by such Receipt or Receipts that have been
so converted, (ii) shall cancel the Receipts surrendered for conversion and (iii) shall deliver to the Company for cancellation the number of shares of Stock evidenced by the Receipts so
surrendered and 

7

 

so
converted. Upon the delivery of the shares of Stock to be cancelled due to such conversion by the Depositary or such Depositary's Agent to the Company, the Company shall deliver to the Depositary
or such Depositary's Agent, as applicable, a certificate or certificates evidencing the number of shares of Stock, if any, that equals the excess of the number of shares evidenced by the surrendered
certificate over the number of shares evidenced by that certificate that have been so converted. Depositary Shares converted in connection with conversion of the Stock represented thereby shall only
be converted in whole, and not in part. 

        Upon
the conversion of any Stock for which a notice of conversion has been provided to the Depositary or a Depositary's Agent by the holder of the Receipt or Receipts representing such
Stock, the Depositary Shares evidenced by such Receipt or Receipts shall be deemed no longer outstanding, all rights of the holder of the Receipt or Receipts evidencing such Depositary Shares (except
the right to receive (i) the Company's common stock or other securities to which such holder is entitled upon conversion in accordance with the applicable Certificate of Designation,
(ii) any cash or other property payable in accordance with the applicable Certificate of Designation with respect to any fractional shares or other fractional interests in the Company's common
stock or other securities otherwise deliverable by the Company upon conversion, (iii) any Receipts evidencing Depositary Shares representing Stock which was not so converted and (iv) any
other securities, property or cash to which such holder is entitled under this Deposit Agreement) shall cease and terminate, and the Receipt or Receipts evidencing such Depositary Shares shall be
cancelled. 

        No
fractional shares or other fractional interests in the Company's common stock or other securities shall be deliverable by the Company upon conversion of the Stock represented by the
Depositary Shares. 

 
 

ARTICLE III    
    
    CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY    
    

        Section 3.1.    Filing Proofs, Certificates and Other Information.    Any person presenting Stock for deposit
or any holder of a Receipt may be required from time to time to file such proof of residence or other information, to execute such certificates and to make such representations and warranties as the
Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the registration of transfer or redemption of any
Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the exercise of any conversion right
referred to in Section 2.10, or refuse to accept Receipts that are delivered for surrender, until such proof or other information is filed, such certificates are executed or such
representations and warranties are made. 

        Section 3.2.    Payment of Taxes or Other Governmental Charges.    If any tax or other governmental charge or
fee shall become payable by or on behalf of the Depositary with respect to (i) any Receipt, (ii) the Depositary Shares evidenced by such Receipt, (iii) the Stock (or fractional
interest therein) or other property represented by such Depositary Shares, or (iv) any transaction referred to in Section 4.6, such tax (including transfer, issuance or acquisition
taxes, if any) or governmental charge or fee shall be payable by the holder of such Receipt, who shall pay the amount thereof to the Depositary. Until such payment is made, registration or transfer of
any Receipt or any split-up or combination thereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt or
Receipts delivered for surrender or the exercise of any conversion right referred to in Section 2.10 may be refused, any dividend or other distribution may be withheld and any part or all of
the Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder
prior to such sale). Any dividend or other 

8

 

distribution
so withheld and the proceeds of any such sale may be applied to any payment of such tax or other governmental charge or fee, the holder of such Receipt remaining liable for any
deficiency. 

        Section 3.3.    Withholding.    The Depositary shall act as the tax withholding agent for any payments,
distributions made with respect to the Depositary Shares and Receipts, and the Stock. The Depositary shall be responsible with respect to the Depositary Shares, Receipts and Stock for the timely
(i) collection and deposit of any required withholding or backup withholding tax, and (ii) filing of any information returns or other documents with federal (and other applicable) taxing
authorities. 

        Section 3.4.    Representations and Warranties as to Stock.    In the case of the initial deposit of the Stock,
the Company and, in the case of subsequent deposits thereof, each person so depositing Stock under this Deposit Agreement shall be deemed thereby to represent and warrant that such Stock and each
certificate therefor are valid and that the person making such deposit is duly authorized to do so. Such representations and warranties shall survive the deposit of the Stock and the issuance of
Receipts therefor. 

 
 

ARTICLE IV    
    
    THE STOCK, NOTICES    
    

        Section 4.1.    Cash Distributions.    Whenever the Depositary shall receive any cash dividend or other cash
distribution on the Stock (other than cash dividends or cash distributions paid by the Company in lieu of fractional shares or other fractional interests in the Company's common stock or other
securities otherwise deliverable by the Company in accordance with the applicable Certificate of Designation), the Depositary shall, subject to Section 3.2, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.4 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by
the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The
Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction
of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the
Depositary for distribution to record holders of Receipts then outstanding. 

        Section 4.2.    Distributions Other Than Cash.    Whenever the Depositary shall receive any distribution other
than cash, rights, preferences or privileges upon the Stock, the Depositary shall, subject to Section 3.2, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. If, in the opinion of the Company after consultation
with the Depositary, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any tax withholding or securities law requirement), the
Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company which approval shall not be unreasonably withheld,
adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or
any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.2, be distributed or made available for
distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. 

9

 

        Section 4.3.    Subscription Rights, Preferences or Privileges.    If the Company shall at any time offer or
cause to be offered to the persons in whose names Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner
as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (i) if at the time of
issue or offer of any such rights, preferences or privileges the Company determines and instructs the Depositary that it is not lawful or feasible to make such rights, preferences or privileges
available to some or all holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights,
preferences or privileges, the Depositary shall then, in each case, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges
of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be distributed by the Depositary to the record
holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

        If
registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold such
securities, the Company shall promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its reasonable best
efforts and take all steps reasonably available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to
enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for
or to purchase any securities unless and until such registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration
under the provisions of the Securities Act. 

        If
any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or
privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company will use its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

        Section 4.4.    Notice of Dividends, Fixing of Record Date for Holders of Receipts.    Whenever (i) any
cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to
the Stock, or (ii) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or (iii) of any
mandatory conversion of, or any election on the part of the Company to call for the redemption or exchange of, any shares of Stock, in accordance with the provisions of the applicable Certificate of
Designation or otherwise, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the
determination of the holders of Receipts (x) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or
(y) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or of such conversion, exchange or redemption. 

        Section 4.5.    Voting Rights.    Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain
(i) such information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at 

10

 

the
close of business on a specified record date fixed pursuant to Section 4.4 will be entitled, subject to any applicable provision of law, the Certificate of Incorporation or the applicable
Certificate of Designation, to instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares and (iii) a brief
statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such record date, the Depositary shall endeavor insofar as practicable to vote
or cause to be voted the Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all
reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 

        Section 4.6.    Changes Affecting Stock and Reclassifications, Recapitalizations, etc.    Upon any
split-up, consolidation or any other reclassification of Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which it is
a party or sale of all or substantially all of the Company's assets, the Depositary shall treat any shares of Stock or other securities or property (including cash) that shall be received by the
Depositary in exchange for or in conversion of or in respect of the Stock as new deposited property
under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in
respect of such Stock. In any such case the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. 

        Section 4.7.    Reports.    The Company or, at the option of the Company, the Depositary shall forward to the
holders of Receipts any reports and communications received from the Company that are received by the Depositary as the holder of Stock. 

        Section 4.8.    Lists of Receipt Holders.    Promptly upon request from time to time by the Company, the
Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the
Depositary, any Depositary's Agent or the Registrar. At the expense of the Company, the Company shall have the right to inspect transfer and registration records of the Depositary, any Depositary's
Agent or the Registrar, take copies thereof and require the Depositary, any Depositary's Agent or the Registrar to supply copies of such portions of such records as the Company may request. 

 
 

ARTICLE V    
    
    THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY    
    

        Section 5.1.    Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar.    Upon
execution of this Deposit Agreement in accordance with its terms, the Depositary shall maintain (i) at the Corporate Office facilities for the execution and delivery, registration, registration
of transfer, surrender, split-up, combination, redemption and conversion of Receipts and deposit and withdrawal of Stock, and (ii) at the offices of the Depositary's Agents, if any,
facilities for the delivery, registration, registration of transfer, surrender, split-up, combination, redemption and conversion of Receipts and deposit and withdrawal of Stock, all in
accordance with the provisions of this Deposit Agreement. 

        The
Depositary, acting as transfer agent and Registrar, shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall
be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper
purpose reasonably related to such person's interest as an owner of Depositary Shares. The Depositary shall consult with the Company upon receipt of any request for inspection. The Depositary may
close such books, at any 

11

 

time
or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

        If
the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more securities exchanges, the Depositary shall,
with the approval of the Company, appoint a Registrar for registry of such Receipts or Depositary Shares in accordance with the requirements of such exchange or exchanges. Such Registrar (which may be
the Depositary if so permitted by the requirements of such exchange or exchanges) may be removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the
Company. In addition, if the Receipts, such Depositary Shares or such Stock are listed on one or more securities exchanges, the Depositary will, at the request of the Company, arrange such facilities
for the delivery, registration, registration of transfer, surrender, split-up, combination, redemption and conversion of such Receipts, such Depositary Shares or such Stock as may be
required by law or applicable security exchange regulations. 

        Section 5.2.    Prevention or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the
Company.    Neither the Depositary nor any Depositary's Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt, if by reason
of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or of any provision, present or future, of the Certificate
of Incorporation or the applicable Certificate of Designation or by reason of any act of god or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary's
Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the
Depositary, any Depositary's Agent, the Registrar or the Company incur any liability to any holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in this Deposit Agreement except, in the case of the Depositary, any Depositary's Agent or the Registrar, if any such exercise or failure to exercise discretion is caused by its
negligence or willful misconduct. 

        Section 5.3.    Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company.    The
Company assumes no obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform its obligations as are specifically set
forth and undertaken by it to perform in this Deposit Agreement without negligence or bad faith. Each of the Depositary, the Depositary's Agents and the Registrar assumes no obligation and shall be
subject to
no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in this Deposit
Agreement without negligence or willful misconduct. 

        Neither
the Depositary nor any Depositary's Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or
information. The Depositary, any Depositary's Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties. 

        The
Depositary, the Registrar and any Depositary's Agent may own and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares. The
Depositary may also act as transfer agent or Registrar of any of the securities of the Company and its affiliates. 

        It
is intended that neither the Depositary nor any Depositary's Agent nor the Registrar shall be deemed to be an "issuer" of the Stock, the Depositary Shares, or the Receipts or other
securities 

12

 

issued
upon conversion, exchange or redemption of the Stock under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any
Depositary's Agent and the Registrar are acting only in a ministerial capacity; provided, however, that the Depositary and any Depositary's Agent agree to comply with all information reporting and
withholding requirements applicable to each of them under law or this Deposit Agreement in their capacity as such. 

        Neither
the Depositary (or its officers, directors, employees or agents) nor any Depositary's Agent nor the Registrar makes any representation or has any responsibility as to the
validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or any instruments referred to therein or
herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement. 

        The
Depositary assumes no responsibility for the correctness of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain
provisions of this Deposit Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity, genuineness or
sufficiency of any Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary
Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares except that the Depositary
hereby represents and warrants as follows: (i) the Depositary has been duly organized and is validly existing and in good standing under the laws of the State
of                        , with full
power, authority and legal right under such law to execute, deliver and carry out the terms of this Deposit Agreement; (ii) this Deposit Agreement has been duly authorized, executed and
delivered by the Depositary; and (iii) this Deposit Agreement constitutes, and when executed and delivered, each Receipt will constitute, a valid and binding obligation of the Depositary,
enforceable against the Depositary in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of
creditors' rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). The
Depositary shall not be accountable for the use or application by the Company of its proceeds from the Depositary Shares or the Receipts. 

        Section 5.4.    Resignation and Removal of the Depositary, Appointment of Successor Depositary.    The
Depositary may at any time resign as Depositary hereunder by written notice to the Company of its election to do so, such resignation to take effect upon the appointment of a successor Depositary and
its acceptance of such appointment as hereinafter provided. 

        The
Depositary may at any time be removed by the Company by written notice to the Depositary of such removal, such removal to take effect upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided. 

        In
case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as
the case may be, appoint a successor depositary, which shall be a bank or trust company, or an affiliate of a bank or trust company, having its principal office in the United States of America and
having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning or removed Depositary may petition a court of
competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request 

13

 

of
the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights,
title and interest in the Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor
Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

        Any
corporation into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or
any further act.
Such successor Depositary may execute the Receipts either in the name of the predecessor Depositary or in the name of the successor Depositary. 

        Section 5.5.    Corporate Notices and Reports.    The Company agrees that it will deliver to the Depositary,
and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary's books or the books of any Depositary's
Agent or the Registrar, copies of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary Shares
or the Receipts are listed or by the Certificate of Incorporation or the applicable Certificate of Designation to be furnished by the Company to holders of Stock. Such transmission will be at the
Company's expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the
record holders of Receipts at the Company's expense such other documents as may be requested by the Company. 

        Section 5.6.    Deposit of Stock by the Company.    The Company agrees with the Depositary that neither the
Company nor any Company controlled by the Company will at any time deposit any Stock if such Stock is required to be registered under the provisions of the Securities Act and no registration statement
is at such time in effect as to such Stock. 

        Section 5.7.    Indemnification by the Company.    The Company shall indemnify the Depositary for, and hold it
harmless against, any loss, liability, claim or expense ("Loss") arising out of or in connection with its duties under this Deposit Agreement, including the reasonable costs and expenses of defending
itself against Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of the Depositary's negligence or willful misconduct. 

        Section 5.8.    Fees, Charges and Expenses.    No fees, charges and expenses of the Depositary or any
Depositary's Agent hereunder or of any Registrar shall be payable by any person other than the Company, except for any taxes and other governmental charges and except as provided in this Deposit
Agreement. If, at the request of a holder of a Receipt, the Depositary incurs fees, charges or expenses for which it is not otherwise liable hereunder, such holder or other person will be liable for
such fees, charges and expenses. All other fees, charges and expenses of the Depositary and any Depositary's Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses
of counsel) incident to the performance of their respective obligations hereunder will be paid from time to time upon consultation and agreement between the Depositary and the Company as to the amount
and nature of such fees, charges and expenses. 

 
 

ARTICLE VI    
    
    AMENDMENT AND TERMINATION    
    

        Section 6.1.    Amendment.    The form of the Receipts and any provision of this Deposit Agreement may at any
time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable, including to reflect the terms of any Certificate of
Designation; provided, however, that no such amendment that shall materially and adversely alter the rights of the holders of Receipts shall be effective as to outstanding 

14

 

Receipts
until the expiration of 90 days after notice of such amendment shall have been given to the record holders of outstanding Receipts. Each holder of an outstanding Receipt at the time
any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. In no
event shall any amendment impair the right, subject to the provisions of this Deposit Agreement, of any holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with
instructions to the Depositary to deliver to the holder the Stock or to cause the conversion of such Stock into the Company's common stock or other securities in accordance with the applicable
Certificate of Designation and to deliver all securities, money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. 

        Section 6.2.    Termination.    This Deposit Agreement may be terminated by either the Company or the
Depositary, upon notice to the other, only if (i) all of the outstanding Depositary Shares have been redeemed or converted for any other securities into which the Stock is convertible, or
(ii) there has been a final distribution of the Stock to the holders of Receipts in connection with the Company's liquidation, dissolution or winding up. The Depositary will mail notice of such
termination to the record holders of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. If any Receipts shall remain outstanding after
the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue the transfer of Receipts, and shall not give any further notices or perform any further acts under this
Deposit Agreement, except that the Depositary shall continue to deliver the Stock and any money and other property represented by Receipts, without liability for interest thereon, upon surrender
thereof by the holders thereof, and the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such Stock, money and other property. Upon the
termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary's Agent and any
Registrar under Sections 5.7 and 5.8. 

 
 

ARTICLE VII    
    
    MISCELLANEOUS    
    

        Section 7.1.    Counterparts.    This Deposit Agreement may be executed by the Company and the Depositary in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Deposit Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. Copies of
this Deposit Agreement shall be filed with the Depositary and the Depositary's Agents and shall be open to inspection during business hours at the Corporate Office and the respective offices of the
Depositary's Agents, if any, by any holder of a Receipt. 

        Section 7.2.    Exclusive Benefits of Parties.    This Deposit Agreement is for the exclusive benefit of the
parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

        Section 7.3.    Invalidity of Provisions.    In case any one or more of the provisions contained in this
Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby. 

        Section 7.4.    Notices.    Any notices to be given to the Company hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail (first class postage prepaid), by a nationally recognized overnight courier service, or by telecopier
confirmed by letter, addressed to the Company at 9360 Towne Centre Drive, Suite 110, San Diego, 

15

 

California,
92121, Attention: General Counsel, or at any other place to which the Company may have transferred its principal executive office. 

        Any
notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail (first
class postage), by a
nationally recognized overnight courier service, or by telecopier confirmed by letter, addressed to the Depositary at the Corporate Office. 

        Except
as provided in the next paragraph, any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail (first class postage), by a nationally recognized overnight courier service or by telecopier confirmed by letter, addressed to such record holder at the
address of such record holder as it appears on the books of the Depositary or, if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to
some other address, at the address designated in such request. 

        In
addition, whenever the Certificate of Designation requires any notice to be published, the Depositary will, if requested by the Company, cause such notice to be published in the
manner directed by the Company. 

        Delivery
of a notice sent by mail, by overnight courier or by telecopier shall be deemed to be effected at the time when a duly addressed letter containing the same (or a duly addressed
letter confirming an earlier notice in the case of a telecopier message) is deposited, postage prepaid, in a post office letter box or with the overnight courier service. The Depositary or the Company
may, however, act upon any telecopier message received by it from the other or from any holder of a Receipt, notwithstanding that such telecopier message shall not subsequently be confirmed by letter
as aforesaid. 

        Section 7.5.    Depositary's Agents.    The Depositary may, with the approval of the Company which approval
shall not be unreasonably withheld, from time to time appoint one or more Depositary's Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may vary or
terminate the appointment of such Depositary's Agents. 

        Section 7.6.    Holders of Receipts Are Parties.    Notwithstanding that holders of Receipts have not executed
and delivered this Deposit Agreement or any counterpart thereof, the holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the
terms and conditions, and be entitled to all of the benefits, hereof and of the Receipts by acceptance of delivery of Receipts. 

        Section 7.7.    Governing Law.    This Deposit Agreement and the Receipts and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York without giving effect to principles of conflict of laws. 

        Section 7.8.    Headings.    The headings of articles and sections in this Deposit Agreement and in the form of
the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be
regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

16

        IN WITNESS WHEREOF, Amylin Pharmaceuticals, Inc.
and                        have duly executed this Deposit Agreement as of the day and
year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

	 	 	AMYLIN PHARMACEUTICALS, INC.
	

 	
 	

By:	
 	

    
 Authorized Officer
	

 	
 	

    
	
 	
, as Depositary
	

 	
 	

By:	
 	

    
 Authorized Officer

[SIGNATURE
PAGE TO DEPOSIT AGREEMENT] 

   Exhibit A to Deposit Agreement 

[FORM OF DEPOSITARY RECEIPT]  

        [Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Company
or its agent for registration of transfer, conversion, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL in as much as the registered owner hereof, Cede & Co., has an interest herein.] 

DEPOSITARY RECEIPT

FOR

DEPOSITARY SHARES

EACH REPRESENTING            OF A SHARE OF

                        PREFERRED STOCK, SERIES     

 OF  

 AMYLIN PHARMACEUTICALS, INC.  

No.     CUSIP:                        

                                (the
"Depositary") hereby certifies that [Cede & Co.]                        is the registered holder
of                        Depositary Shares (the
"Depositary Shares"), each Depositary Share representing                        of a share
of                        Preferred Stock, Series    , $0.001 par value (the "Stock"), of Amylin
Pharmaceuticals, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the "Company"), deposited with the Depositary and the same proportionate interest in
any and all other property received by the Depositary in respect of such shares of Stock and held by the Depositary under the Deposit Agreement (as defined below). Subject to the terms of the Deposit
Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges, and subject to all the limitations and restrictions, of the Stock represented
thereby, including any dividend, voting, conversion, redemption, liquidation and sinking fund rights contained in the Certificate of Designation establishing the rights, preferences, privileges,
limitations and restrictions of the Stock (the "Certificate of Designation"), copies of which are on file at the office of the Depositary in [the City of New York, Borough of
Manhattan]                        at which at any particular time its business in respect of matters governed by the Deposit
Agreement shall be administered, which at the time of the execution of
the Deposit Agreement is located at                        (the "Corporate Office"). 

        This
Depositary Receipt ("Receipt") shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose unless this Receipt shall have been
executed manually or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by facsimile by the Depositary by the signature of a duly authorized officer and, if
executed by facsimile signature of the Depositary, shall have been countersigned manually by such Registrar by the signature of a duly authorized officer. 

        THE
DEPOSITARY IS NOT RESPONSIBLE FOR THE VALIDITY OF ANY DEPOSITED STOCK. THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE CORRECTNESS OF THE DESCRIPTION SET FORTH IN THIS RECEIPT,
WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY SUMMARIZING CERTAIN PROVISIONS OF THE DEPOSIT AGREEMENT. UNLESS EXPRESSLY SET FORTH IN THE DEPOSIT AGREEMENT, THE 

A-1

 

DEPOSITARY
MAKES NO WARRANTIES OR REPRESENTATIONS AS TO THE VALIDITY, GENUINENESS OR SUFFICIENCY OF ANY STOCK AT ANY TIME DEPOSITED WITH THE DEPOSITARY UNDER THE DEPOSIT AGREEMENT OR OF THE DEPOSITARY
SHARES, AS TO THE VALIDITY OR SUFFICIENCY OF THE DEPOSIT AGREEMENT, AS TO THE VALUE OF THE DEPOSITARY SHARES OR AS TO ANY RIGHT, TITLE OR INTEREST OF THE RECORD HOLDERS OF THE RECEIPTS IN AND TO THE
DEPOSITARY SHARES. 

        The
Company will furnish to any holder of this Receipt without charge, upon request addressed to its executive office, a full statement of the designation, relative rights, preferences,
privileges, limitations and restrictions of the shares of each authorized class, and of each class of preferred stock authorized to be issued, so far as the same may have been fixed, and a statement
of the authority of the board of directors of the Company to designate and fix the relative rights, preferences, privileges, limitations and restrictions of other classes. 

        This
Receipt is continued on the reverse hereof and the additional provisions therein set forth for all purposes have the same effect as if set forth at this place. 

	Dated:	 	 
	 
	

 
 as Depositary and Registrar	

,
	

By:	
 	

 
 Authorized Officer	

 

Further
Conditions and Agreements Forming Part of this Receipt Appear on the Reverse Side. 

A-2

 
[REVERSE OF DEPOSITARY RECEIPT]  

        1.    The Deposit Agreement.    Receipts, of which this Receipt is one, are made available upon the terms and
conditions set forth in the Deposit Agreement, dated as of                        (the "Deposit Agreement"), among the Company,
the Depositary and all holders from time to time of Receipts. The Deposit
Agreement (copies of which are on file at the Corporate Office and at the office of any agent of the Depositary) sets forth the rights of holders of Receipts and the rights and duties of the
Depositary. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are subject to the detailed provisions thereof, to which
reference is hereby made. In the event of any conflict between the provisions of this Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern. 

        2.    Definitions.    Unless otherwise expressly herein provided, all defined terms used herein shall have the
meanings ascribed thereto in the Deposit Agreement. 

        3.    Redemption by the Company; Repurchase by the Company.    Whenever the Company shall redeem shares of Stock in
accordance with a Certificate of Designation, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than 3 business days' prior
notice of the proposed date of the mailing of a notice of redemption of Stock and the simultaneous redemption of the Depositary Shares representing the Stock to be redeemed and of the number of such
shares of Stock held by the Depositary to be redeemed. Unless the Certificate of Designation for a specific series of Stock provides for a different notice period with respect to that Stock in the
event of its redemption, the Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption not less than 30 and not more than 60 days
prior to the date fixed for redemption of such Stock and Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders
as the same appear on the records of the Depositary or any Depositary's Agent or Registrar. Notwithstanding the foregoing, neither failure to mail or publish any such notice to one or more such
holders nor any defect in any notice shall affect the sufficiency of the proceedings for redemption. On the date of any such redemption, the Depositary shall surrender the certificate or certificates
held by the Depositary evidencing the number of shares of Stock to be redeemed in the manner specified in the notice of redemption. The Depositary shall, thereafter, redeem the number of Depositary
Shares representing such redeemed Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record holders of Receipts. Notice having been
mailed as aforesaid, from and after the redemption date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it upon the surrender of the certificate or certificates
therefor by the Depositary as described above), the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such
Depositary Shares (except the right to receive the cash, securities or other property payable upon redemption upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and
terminate. The foregoing shall be subject further to the terms and conditions of the applicable Certificate of Designation. 

        Whenever
the Company shall be required to make an offer to repurchase Depositary Shares in accordance with a Certificate of Designation, it shall (unless otherwise agreed in writing with
the Depositary) give the Depositary in its capacity as Depositary not less than 3 business days' prior notice of the required date of the mailing of a notice of the repurchase offer. The Depositary
shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the relevant terms of the repurchase offer, as provided by the Company, to the record holders of the Receipts
at the addresses of such holders as the same appear on the records of the Depositary or any Depositary's Agent or Registrar. The Depositary shall, thereafter, receive from each holder electing to have
Depositary Shares repurchased pursuant to the repurchase offer in accordance with the instructions in the notice, the holder's Receipts, with an appropriate form duly completed prior to the repurchase
date. In case the aggregate number of Depositary Shares offered for repurchase by the holders exceeds the amount of 

A-3

 

Depositary
Shares which the Company has offered to repurchase pursuant to the repurchase offer, the Depositary Shares to be repurchased shall be selected by the Depositary by lot or proportionately,
as may be determined by the Depositary. The foregoing is subject further to the terms and conditions of the applicable Certificate of Designation. 

        4.    Conversion.    In the event that the Stock, in accordance with its Certificate of Designation, is convertible
into the Company's common stock or other securities, subject to the terms and conditions of the Deposit Agreement, a holder of a Receipt or Receipts may surrender such Receipt or Receipts at the
Corporate Office or at such other office or to a Depositary's Agent that the Depositary may designate for such purpose, together with a notice of conversion duly completed and executed, thereby
directing the Depositary or such Depositary's Agent to instruct the Company to cause the conversion of the number of shares of Stock specified in such notice of conversion into shares of the Company's
common stock or other securities at the rate specified in the applicable Certificate of Designation, and an assignment of such Receipt or Receipts to the Company or in blank, duly completed and
executed, along with any other documents or instruments and any amounts required by the applicable Certificate of Designation. 

        Upon
receipt by the Depositary or a Depositary's Agent of a Receipt or Receipts of such notice, assignment and other documents, instruments or amounts, the Depositary or such
Depositary's Agent shall instruct the Company, subject to any adjustment provided for in the applicable Certificate of Designation, (i) to cause the conversion at the rate specified in the
applicable Certificate of Designation of the number of shares of Stock evidenced by the Receipt or Receipts so surrendered for conversion as specified in the written notice to the Depositary or such
Depositary's Agent and (ii) to cause the delivery to the holder of such Receipt or Receipts of (a) a certificate or certificates evidencing the number of whole shares of the Company's
common stock or other securities into which such Stock has been converted, and (b) the amount of cash or other property, if any, to which such holder is entitled in lieu of fractional shares
of, or fractional interests in, the Company's common stock or other securities otherwise deliverable by the Company upon such conversion, calculated in accordance with the applicable Certificate of
Designation. Upon such conversion, the Depositary or such Depositary's Agent (i) shall deliver to the holder a Receipt evidencing the number of Depositary Shares evidenced by the surrendered
Receipt or Receipts in excess of the number of Depositary Shares evidenced by such Receipt or Receipts that have been so converted, (ii) shall cancel the Receipts surrendered for conversion and
(iii) shall deliver to the Company for cancellation the number of shares of Stock evidenced by the Receipts so surrendered and so converted. 

        Upon
the conversion of any Stock for which a notice of conversion has been provided to the Depositary or a Depositary's Agent by the holder of the Receipt or Receipts representing such
Stock, the Depositary Shares evidenced by such Receipt or Receipts shall be deemed no longer outstanding, all rights of the holder of the Receipt or Receipts evidencing such Depositary Shares (except
the right to receive (i) the Company's common stock or other securities to which such holder is entitled upon conversion in accordance with the applicable Certificate of Designation,
(ii) any cash or other property payable in accordance with the applicable Certificate of Designation with respect to any fractional shares or other fractional interests in the Company's common
stock or other securities otherwise deliverable by the Company upon conversion, (iii) any Receipts evidencing Depositary Shares representing Stock which was not so converted and (iv) any
other securities, property or cash to which such holder is entitled under this Deposit Agreement) shall cease and terminate, and the Receipt or Receipts evidencing such Depositary Shares shall be
cancelled. 

        No
fractional shares or other fractional interests in the Company's common stock or other securities shall be deliverable by the Company upon conversion of the Stock represented by the
Depositary Shares. 

A-4

 

        5.    Withdrawal of Stock.    Holders of Receipts shall have the right, upon payment of any amount due to the
Depositary with respect to the Receipts, to withdraw any or all of the Stock (but only in whole shares of Stock) represented by the Depositary Shares and all money and other property, if any,
represented by such Depositary Shares by surrendering the Receipt or Receipts evidencing such Depositary Shares at the Corporate Office, or at such other offices as the Depositary may designate for
such withdrawal (and cancellation of the surrendered Receipts as provided in the Deposit Agreement). 

        6.    Transfers, Split-ups, Combinations.    Subject to Paragraphs 7, 8 and 9 below, this Receipt is
transferable on the books of the Depositary upon surrender of this Receipt to the Depositary at the Corporate Office or at such other offices as the Depositary may designate for such purchase,
properly endorsed or accompanied by a properly executed instrument of transfer, together with evidence of the payment of any transfer taxes as may be required by law, and upon such transfer the
Depositary shall execute and deliver a Receipt or Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. Subject to the Deposit
Agreement, this Receipt may be split into other Receipts or combined with other Receipts into one Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 

        7.    Conditions to Signing and Delivery, Transfer, etc., of
Receipts.    Prior to the execution and delivery, registration of transfer, split-up, combination, or surrender of this Receipt, the delivery of any
distribution hereon or withdrawal or deposit of the Stock evidenced hereby, or the exercise of
any applicable conversion right, the Depositary, any of the Depositary's Agents, the Registrar or the Company may require any or all of the following: (i) payment to it of a sum sufficient for
the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge or fee with respect thereto (including
any such tax or charge or fee with respect to Stock being deposited or withdrawn or with respect to other property of the Company being issued upon redemption or conversion); (ii) production of
proof satisfactory to it as to the identity and genuineness of any signature; and (iii) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not
inconsistent with the Deposit Agreement. Any person presenting Stock for deposit, or any holder of this Receipt, may be required to file such proof of residence or other information, to execute such
certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery
of this Receipt, the registration of transfer or redemption of this Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by this Receipt, the distribution of any
dividend or other distribution or the exercise of any applicable conversion right, until such proof or other information is filed, such certificates are executed or such representations and warranties
are made. 

        8.    Suspension of Delivery, Transfer, etc.    The registration of transfer, split-up, combination or
surrender of this Receipt and the withdrawal of deposited Stock or the exercise of any applicable conversion right may be suspended (i) during any period when the register of stockholders of
the Company is closed, (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary's Agents or the Company at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or (iii) with the approval of the Company, for any other reason. 

        9.    Payment of Taxes or Other Governmental Charges.    If any tax or other governmental charge or fee shall become
payable by or on behalf of the Depositary with respect to (i) this Receipt, (ii) the Depositary Shares evidenced by this Receipt, (iii) the Stock (or fractional interest therein)
or other property represented by such Depositary Shares, or (iv) any transaction referred to in Section 4.6 of the Deposit Agreement, such tax (including transfer, issuance or
acquisition taxes, if any) or governmental charge or fee shall be payable by the holder of this Receipt, who shall pay the amount thereof to the Depositary. Until such payment is made, registration or
transfer of this Receipt or any split-up or 

A-5

 

combination
of this Receipt or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares evidenced by this Receipt upon its surrender or the exercise of any
applicable conversion right may be refused, any dividend or other distribution may be withheld and any part or all of the Stock or other property represented by the Depositary Shares evidenced by this
Receipt may be sold for the account of the holder hereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the
proceeds of any such sale may be applied to any payment of such tax or other governmental charge or fee, the holder of this Receipt remaining liable for any deficiency. 

        10.    Amendment.    The form of the Receipts and any provision of the Deposit Agreement may at any time and from time
to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable, including to reflect the terms of any Certificate of Designation;
provided, however, that no such amendment that shall materially and adversely alter the rights of the holders of Receipts shall be effective as to outstanding Receipts until the expiration of
90 days after notice of such amendment shall have been given to the record holders of outstanding Receipts. Each holder of an outstanding Receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment
impair the right, subject to the provisions of the Deposit Agreement, of the holder of the Depositary Shares evidenced by this Receipt to surrender this Receipt with instructions to the Depositary to
deliver to the holder the Stock or to cause the conversion of such Stock into the Company's common stock or other securities in accordance with the applicable Certificate of Designation and to deliver
all securities, money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. 

        11.    Fees, Charges and Expenses.    The Company will pay all fees, charges and expenses of the Depositary, except
for taxes and other governmental charges and such charges as are otherwise expressly provided for in the Deposit Agreement. 

        12.    Title to Receipts.    It is a condition of this Receipt, and every successive holder hereof by accepting or
holding the same consents and agrees, that title to this Receipt (and to the Depositary Shares evidenced hereby), when properly endorsed or accompanied by a properly executed instrument of transfer,
is transferable by delivery with the same effect as in the case of investment securities in general; provided, however, that the Depositary may, notwithstanding any notice to the contrary, treat the
record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in
the Deposit Agreement and for all other purposes. 

        13.    Dividends and Distributions.    Whenever the Depositary shall receive any cash dividend or other cash
distribution on the Stock (other than cash dividends or cash distributions paid by the Company in lieu of fractional shares or other fractional interests in the Company's common stock or other
securities otherwise deliverable by the Company in accordance with the applicable Certificate of Designation), the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to
record holders of Receipts on the record date fixed pursuant to paragraph 15 such amounts of such sums as are, as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or
other cash distribution in respect of the Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly.
The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a
fraction of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and 

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shall
be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. 

        14.    Subscription Rights, Preferences or Privileges.    If the Company shall at any time offer or cause to be
offered to the persons in whose name Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or
privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the
record holders of Receipts in such manner as the Company shall instruct. 

        15.    Notice of Dividends, Fixing of Record Date.    Whenever (i) any cash dividend or other cash distribution
shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (ii) the Depositary
shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or (iii) of any mandatory conversion of, or any election
on the part of the Company to call for redemption or exchange of, any shares of Stock, in accordance with the applicable Certificate of Designation or otherwise, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts (x) who shall be
entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (y) who shall be entitled to give instructions for the exercise of
voting rights at any such meeting or to receive notice of such meeting or of such conversion, exchange or redemption. 

        16.    Voting Rights.    Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall contain (i) such information as is contained in such notice of meeting,
(ii) a statement that the holders of Receipts at the close of business on a specified record date determined as provided in paragraph 15 will be entitled, subject to any applicable
provision of law, the Certificate of Incorporation or the applicable Certificate of Designation, to instruct the Depositary as to the exercise
of the voting rights pertaining to the Stock represented by their respective Depositary Shares, and (iii) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of this Receipt on such record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted the Stock represented by the Depositary Shares
evidenced by this Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order
to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of this Receipt, the Depositary will abstain from voting to the
extent of the Stock represented by the Depositary Shares evidenced by this Receipt. 

        17.    Reports, Inspection of Transfer Books.    The Company agrees that it will deliver to the Depositary, and the
Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary's books or the books of any Depositary's Agent or
the Registrar, copies of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary Shares or the
Receipts are listed or by the Certificate of Incorporation or the applicable Certificate of Designation to be furnished by the Company to holders of Stock. The Depositary, acting as transfer agent and
Registrar, shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts;
provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person's interest as an
owner of Depositary Shares. 

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        18.    Liability of the Depositary, the Depositary's Agents, the Registrar and the Company.    Neither the Depositary
nor any Depositary's Agent nor the Registrar nor the Company shall incur any liability to any holder of this Receipt, if by reason of any provision of any present or future law or regulation
thereunder of any governmental authority or of any provision, present or future, of the Certificate of Incorporation or the applicable Certificate of Designation or by reason of any act of god or war
or other circumstances beyond the control of the relevant party, the Depositary, any Depositary's Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act
or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary's Agent, the Registrar or the Company incur any liability to any holder of
this Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or
performed or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement except, in the case of the Depositary, any Depositary's Agent or the
Registrar, if such exercise or failure to exercise discretion is caused by its negligence or willful misconduct. 

        19.    Obligations of the Depositary, the Depositary's Agent, the Registrar and the Company.    The Company assumes no
obligation and shall be subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform its obligations as are specifically set forth and
undertaken by it to perform in the Deposit Agreement without negligence or bad faith. Each of the Depositary, the Depositary's Agents and the Registrar assumes no obligation and shall be subject to no
liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to
perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or willful misconduct. 

        Neither
the Depositary nor any Depositary's Agent nor the Registrar nor the Company shall be liable for any action or failure to act by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Stock for deposit, any holder of this Receipt or any other person believed by it in good faith to be competent to give such advice or
information. 

        20.    Termination of Deposit Agreement.    The Deposit Agreement may be terminated only if (i) all of the
outstanding Depositary Shares have been redeemed or converted for any other securities into which the Stock is convertible or (ii) there has been a final distribution of the Stock to the
holders of Receipts in connection with the Company's liquidation, dissolution or winding up. The Depositary will mail notice of such termination to the record holders of all Receipts then outstanding
at least 30 days prior to the date fixed in such notice for such termination. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations thereunder
except for its obligations to the Depositary, any Depositary's Agent and any Registrar under Sections 5.7 and 5.8 of the Deposit Agreement. 

        If
any Receipts remain outstanding after the date of termination of the Deposit Agreement, the Depositary thereafter shall discontinue all functions and be discharged from all
obligations as provided in the Deposit Agreement, except as specifically provided therein. 

        21.    Governing Law.    The Deposit Agreement and this Receipt and all rights thereunder and hereunder and provisions
thereof and hereof shall be governed by, and construed in accordance with, the law of the State of New York without giving effect to principles of conflict of laws. 

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FORM OF ASSIGNMENT    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                        the within Receipt
and all rights and interests represented by the Depositary Shares evidenced thereby, and hereby irrevocably constitutes and
appoints                        attorney, to transfer the same on the books of the
within-named Depositary, with full power of substitution in the premises. 

	Dated:	 	    
	 	Signature:	 	    

	

 	
 	

 	
 	

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

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AMYLIN PHARMACEUTICALS, INC. and As Depositary and HOLDERS OF DEPOSITARY RECEIPTS

TABLE OF CONTENTS

DEPOSIT AGREEMENT

ARTICLE I DEFINITIONS

ARTICLE II FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION AND REPURCHASE OF RECEIPTS

ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

ARTICLE IV THE STOCK, NOTICES

ARTICLE V THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY

ARTICLE VI AMENDMENT AND TERMINATION

ARTICLE VII MISCELLANEOUS

FORM OF ASSIGNMENT

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