Document:

Exhibit 10.5 Settlement Agreement

    
      
        

      

      
        

      

       

      
        

          FINAL

           

          Settlement
            Agreement

           

          PREAMBLE

           

          This
            Settlement Agreement (the “Agreement”)
            is
            made as of September 29, 2006 (“Effective
            Date”),
            by
            and between Chembio
            Diagnostic Systems, Inc.,
            a
            Delaware corporation having its principal place of business at 3661 Horseblock
            road, Medford, NY 11763 (“Chembio”),
            and
StatSure
            Diagnostic Systems, Inc.,
            (f/k/a
            Saliva Diagnostic Systems) a Delaware corporation having its principal
            place of
            business at One Clarks Hill, Framingham, MA 01702 (“SDS”)
            (Chembio and SDS are each referred to herein as a “Party” and jointly as the
“Parties”).

           

          RECITALS

           

          Chembio
            has brought an action against SDS (Civil Action No. 04-CV-1149) in the
            United
            States District Court for the Eastern District of New York seeking a
            declaration
            of invalidity of the SDS Patents, a declaration of unenforceability of
            the SDS
            Patents and a declaration of non-infringement of the SDS Patents by the
            HIV
            Barrel Product (the “Pending Litigation”). SDS has filed an Answer and
            Counterclaim alleging that the HIV Barrel Product infringes the SDS Patent
            Number 5,935,854 and has sought leave to amend its pleading to assert
            that
            Chembio has breached the Manufacturing Agreement between SDS and Chembio
            dated
            January __, 2001, (the “SDS/Chembio Manufacturing Agreement”), among other
            things (the “Counterclaim”).

           

          SDS
            and
            Chembio with to dismiss with prejudice the Pending Litigation and the
            Counterclaim as set forth herein.

           

          SDS,
            Chembio and Inverness Medical Innovations, Inc., a Delaware corporation,
            (“Inverness”) have entered into a License, Marketing and Distribution Agreement
            of even date herewith (the “3-Way Agreement”).

           

          SDS
            and
            Chembio intend to provide for joint Exploitation of products in the Barrel
            Field
            for the diagnosis or detection of HIV infection pursuant to the 3-Way
            Agreement
            and upon its expiration or termination through a separate agreement between
            them
            (“Joint HIV Barrel Product Commercialization Agreement”).

           

          NOW,
            THEREFORE, in consideration of the premises and the mutual promises,
            covenants
            and conditions hereinafter set forth, the receipt and adequacy of which
            are
            hereby acknowledged, Chembio and SDS hereby agree as follows:

           

          1.
            Definitions.

           

          For
            purposes of this Agreement, in addition to the terms that are defined
            on first
            use herein, capitalized terms herein shall have the meanings defined
            in the
            3-Way Agreement unless otherwise defined herein except that the 3-Way
            Agreement
            shall be a Related Document for purposes of this Agreement; provided,
            however,
            that no amendment of any definition in the 3-Way Agreement will amend
            any
            definition in this Agreement unless the Parties expressly agree in
            writing.

           

          2.
            Settlement
            of Pending Litigation

           

          2.1.
            Dismissal
            of Pending Litigation. Chembio
            and SDS will execute and file, within five business days of the effective
            date
            of this Agreement, a stipulation of dismissal in the form of Exhibit
            A hereto,
            dismissing the Pending Litigation. Nothing in this Agreement or in any
            of the
            Related Documents shall preclude any party from asserting res judicata,
            collateral estoppel, or law of the case with respect to any ruling(s)
            previously
            made in the Pending Litigation. Nothing herein shall grant any rights
            under any
            SDS Patents to Chembio for any products other than HIV Barrel
            Products.

           

          2.2.
            SDS
            Agreement Not to Sue. SDS
            agrees not to bring (and shall cause its Affiliates not to bring) an
            infringement action under the SDS Patents against Chembio with respect
            to any
            product in the Barrel Field for the diagnosis or detection of HIV infection
            that
            is being jointly marketed and sold by SDS and Chembio under the 3-Way
            Agreement
            or the Joint HIV Barrel Product Commercialization Agreement.

           

          2.3.
            Chembio
            Agreement Not to Sue.
            Chembio
            agrees not to bring (and shall cause its Affiliates not to bring) an
            action
            against SDS alleging that any product in the Barrel Field for the diagnosis
            or
            detection of HIV infection that is being jointly marketed and sold by
            SDS and
            Chembio under the 3-Way Agreement or the Joint HIV Barrel Product
            Commercialization Agreement does not infringe any of the SDS
            Patents.

           

          2.4.
            Limitations
            on Agreement Not to Sue.
            The
            obligations of SDS and Chembio under Section 2.2 and 2.3, or any other
            provisions in this Agreement, shall not extend to any product that is
            not an HIV
            Barrel Product, including any product in the Barrel Field for the detection
            or
            diagnosis of any target other than HIV.

           

          3.
            Agreements
            and Obligations
            of the Parties.

           

          3.1.
            Patent
            Validity.
            Chembio,
            having investigated and analyzed the SDS Patents during the course of
            the
            Pending Litigation, hereby acknowledges that each of the SDS Patents
            is valid
            and enforceable.

           

          3.2.
            No
            Validity Challenge. 

           

          (a)
            Chembio agrees not to (and to cause its Affiliates not to) Challenge
            Patent
            Rights in the SDS Patents,
            or
to
            assist
            any Third Party in doing so. 

           

          (b)
            SDS
            agrees not to (and to cause its Affiliates not to) Challenge any Patent
            Rights
            included in the Chembio IP or
            to
            assist any party in doing so,
            unless
            such Patent Rights are enforced or threatened to be enforced against
            SDS or an
            SDS customer or partner for infringement resulting from an SDS product
            or
            service other than a product in the Barrel Field that diagnoses or detects
            HIV
            or HIV infection which SDS product or service is sold in violation of
            this
            Agreement or the 3-Way Agreement. SDS further agrees not to challenge
            Chembio’s
            right to continued use for manufacture of the HIV Barrel Product of the
            Confidential Information or Technology utilized by Chembio in the manufacture
            of
            the HIV Barrel Product. 

           

          3.3.
            SDS/Chembio
            Manufacturing Agreement.
            Effective upon execution of this Agreement, neither Party shall have
            any rights
            or obligations under the SDS/Chembio Manufacturing Agreement. Each Party
            hereby
            irrevocably releases the other Party with respect to any prior breach
            of the
            SDS/Chembio Manufacturing Agreement.

           

          4.
            Press
            Release.

           

          The
            parties agree that each will issue, in its customary fashion, a press
            release in
            mutually agreed form.

           

          5.
            Representations
            and Warranties.

           

          5.1.
            Corporate
            Power.
            Each
            Party represents to the other Party that it has full corporate power
            and
            authority to enter into this Agreement and to carry out the provisions
            hereof.
            Each Party represents to the other that this Agreement constitutes a
            valid and
            binding agreement, enforceable against it in accordance with its
            terms.

           

          5.2.
            No
            Default or Violation.
            Each
            Party represents and warrants to the other Party that the execution,
            delivery
            and performance of this Agreement does not (i) violate or require any
            registration, qualification, consent, approval, or filing under, (1)
            any law,
            statute, ordinance, rule or regulation, or (2) any judgment, injunction,
            order,
            writ or decree of any court, arbitrator, or governmental entity by which
            such
            Party or any of its assets or properties may be bound or (ii) except
            in the case
            of the Existing SDS Agreements and the Existing Chembio Agreements, conflict
            with, require any consent, approval, or filing under, result in the breach
            or
            termination of any provision of, constitute a default under, result in
            the
            acceleration of the performance of any obligations under, result in the
            vesting
            or enhancement of any other Person’s rights under, or result in the creation of
            any lien upon any of such Party’s properties, assets, or businesses pursuant to
            (x) its organizing documents or By-Laws or (y) any material indenture,
            mortgage,
            deed of trust, license, permit, approval, consent, franchise, lease,
            contract,
            or other instrument or agreement to which such Party is a party or by
            which such
            Party or any of such Party’s properties or assets is bound.

           

          5.3.
            Exclusion
            of Other Representations and Warranties.
            EXCEPT
            AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY
            REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT
            LIMITATION
            ANY REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
            PURPOSE OR NON-INFRINGEMENT. NEITHER PARTY WARRANTS THAT THE OTHER PARTY
            WILL
            RECEIVE ANY PARTICULAR AMOUNT, OR ANY, REVENUES OR PROFITS AS A RESULT
            OF
            ENTERING INTO THE BUSINESS ARRANGEMENTS DESCRIBED IN THIS AGREEMENT.
            

           

          6.
            General.

           

          6.1.
            Term.
            Unless
            otherwise terminated by agreement of the Parties, this Agreement shall
            continue
            in effect perpetually.

           

          6.2.
            Waivers
            and Amendments.

           

          (a)
            This
            Agreement may be amended, modified or supplemented only by a written
            instrument
            executed by the Parties hereto.

           

          (b)
            No
            waiver of any provision of this Agreement, or consent to any departure
            from the
            terms hereof, shall be effective unless the same shall be in writing
            and signed
            by the Party waiving or consenting thereto. No failure on the part of
            either
            Party to exercise, and no delay in exercising, any right or remedy hereunder
            shall operate as a waiver thereof, nor shall any single or partial exercise
            of
            any such right or remedy by such Party preclude any other or further
            exercise
            thereof or the exercise of any other right or remedy. The waiver by either
            Party
            hereto of a breach of any provision of this Agreement shall not operate
            as a
            waiver of any subsequent breach. All rights and remedies hereunder are
            cumulative and are in addition to and not exclusive of any other rights
            and
            remedies provided by law.

           

          6.3.
            Entire
            Agreement.
            This
            Agreement and the Related Documents, including all schedules or attachments,
            taken together, constitute the entire agreement between the Parties hereto
            with
            respect to the subject matter hereof and supersede all prior agreements
            and
            understandings, whether written or oral, between the Parties in connection
            with
            such subject matter.

           

          6.4.
            Relationship
            of the Parties.
            This
            Agreement shall not constitute either Party the agent or legal representative
            of
            the other Party for any purpose whatsoever, and neither Party shall hold
            itself
            out as an agent of the other Party. This Agreement creates no relationship
            of
            joint venturers, partners, associates, employment or principal and agent
            between
            the Parties, and each of the Parties is acting as an independent contractor.
            Neither Party is granted herein any right or authority to, and shall
            not attempt
            to, assume or create any obligation or responsibility for or on behalf
            of the
            other Party. Neither Party shall have any authority to bind the other
            Party to
            any contract. 

           

          6.5.
            Notices.
            All
            notices and other communications hereunder shall be in writing and shall
            be
            deemed given if delivered personally, telecopied (with confirmation)
            or mailed
            by registered or certified mail (return receipt requested) or delivered
            by
            recognized courier service providing evidence of delivery to the Parties
            at the
            following addresses:

           

          (a)
            if to
            Chembio, to:

           

          Chembio
            Diagnostic Systems, Inc.

          3661
            Horseblock Road

          Medford,
            New York 11763

          Attention:
            Lawrence A. Siebert, President

          Telecopier
            No.: (631) 924-6033

          

          with
            a
            copy to:

           

          Ruskin
            Moscou Faltischek, P.C.

          1425
            Reckson Plaza

          15th
            Floor,
            East Tower

          Uniondale,
            New York 11556

          Attention:
            Michael L. Faltischek, Esq,

          Telecopier
            No.: (516) 663-6640

           

          (b)
            if to
            SDS, to:

           

          StatSure
            Diagnostic Systems, Inc.

          One
            Clark’s Hill

          Framingham,
            MA 01702

          Attention:
            Chief Executive Officer

          Telecopier
            No.: 

           

          with
            a
            copy to:

           

          Mintz,
            Levin, Cohn, Ferris,

          Glovsky
            and Popeo, P.C.

          One
            Financial Center

          Boston,
            MA 02111

          Attention:
            Jeffrey M. Wiesen, Esq.

          Telecopier
            No.: 617-542-2241

          

          or
            at
            such other address for a Party as shall be specified by like
            notice.

           

          6.6.
            Governing
            Law.
            This
            Agreement shall be governed by, and construed and enforced in accordance
            with,
            the substantive laws of the State of New York, without giving effect
            to its
            conflicts of laws rules. 

           

          6.7.
            Counterparts.
            This
            Agreement may be executed in two or more counterparts, all of which shall
            be
            considered one and the same agreement and shall become effective when
            two or
            more counterparts have been signed by each of the Parties and delivered
            to the
            other Party, it being understood that both Parties need not sign the
            same
            counterpart. Facsimile execution and delivery of this Agreement by either
            of the
            Parties shall be legal, valid and binding execution and delivery of such
            document for all purposes.

           

          6.8.
            Further
            Assurances.
            Each
            Party agrees to execute, acknowledge and deliver such further instructions,
            and
            to do all such other acts, as may be necessary or appropriate in order
            to carry
            out the purposes and intent of this Agreement.

           

          6.9.
            Dispute
            Resolution. In
            the
            event of any dispute or disagreement between the Parties as to the
            interpretation of any provision of this Agreement or the performance
            of any
            obligations hereunder, the matter, upon written request of either Party,
            shall
            be referred to [mediation
            and]
            arbitration in accordance with the procedures set forth in Schedule F
            to this
            Agreement. 

           

          6.10.
            Injunctive
            Relief.
            Each
            Party acknowledges that any breach or threatened breach of any of the
            terms
            and/or conditions set forth in this Agreement will result in substantial,
            continuing and irreparable injury to the other Party. Therefore, each
            Party
            hereby agrees that, in addition to any other remedy that may be available
            to the
            other Party, the other Party shall be entitled to injunctive or other
            equitable
            relief by a court of appropriate jurisdiction in the event of any breach
            or
            threatened breach of the terms of this Agreement. 

           

          6.11.
            Assignment.
            This
            Agreement is personal to each of the Parties, and neither Party shall
            assign any
            of its rights or delegate any of its obligations hereunder without the
            prior
            written consent of the other Party, which consent may be withheld for
            any
            reason, provided,
            however, that without
            the consent of the other Party, each Party may (i) assign its rights
            under this
            Agreement and delegate its obligations hereunder, in whole or in part,
            to any
            Person that shall acquire the business of such Party to which this Agreement
            relates, or to any Affiliate of such Party, if the assignee shall assume
            such
            Party’s obligations hereunder in writing, and (ii) assign this Agreement in
            connection with a sale or transfer of substantially all of the assets
            of, or a
            majority interest in the voting shares of, such Party or its corporate
            parent
            to, or the merger or consolidation of such Party or its corporate parent
            with or
            into, any other Person.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

           

          IN
            WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
            representatives to execute, this Agreement under seal as of the date
            first
            written above.

           

          Chembio
            Diagnostic Systems, Inc.

           

          By: 

           

          Title: 

           

          StatSure
            Diagnostic Systems, Inc.

           

          By: 

           

          Title: 

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            A

          IN
            THE
            UNITED STATES DISTRICT COURT

          FOR
            THE
            EASTERN DISTRICT OF NEW YORK

          

           

          ---------------------------------------------------------------x

           

          :

           

          CHEMBIO
            DIAGNOSTIC SYSTEMS INC.  :

           

          :

           

          Plaintiff,  :

           

          v.     :
            Civil
            Action No. 04-CV-1149-JS-ETB

           

          SALIVA
            DIAGNOSTIC SYSTEMS INC.  : 

           

          :

           

          Defendant.  :

           

          :

           

          ---------------------------------------------------------------x

           

          

           

          STIPULATION
            OF DISMISSAL

           

          

           

          It
            is
            hereby stipulated, by and between the parties through their respective
            counsel,
            that that above litigation, and all claims and counterclaims asserted
            therein,
            is hereby dismissed. Such dismissal shall be with prejudice with respect
            to the
            claims of the Plaintiff and without prejudice with respect to the counterclaims
            of the Defendant, all pursuant to and subject to the terms and conditions
            of a
            Settlement Agreement dated September 29, 2006.

           

          Each
            party shall bear its own costs and fees arising out of or related to
            this
            action.

           

          [signatures
            to be inserted]

           

          

          
            TRA
              2203497v.3EXHIBIT
10.44

	
  

  	
  SECURITIES PURCHASE
  AGREEMENT, dated as of October 3, 2006 (this “Agreement”),
  among ACORDA THERAPEUTICS, INC.,
  a Delaware corporation (the “Company”),
  and the Purchasers listed on Exhibit
  A hereto, together with their permitted transferees (each, a “Purchaser” and collectively, the “Purchasers”).

  	
   

  

 

INTRODUCTION

The Company and the Purchasers are executing and
delivering this Agreement in reliance upon the exemption from securities
registration afforded by Section 4(2) of the Securities Act.

The Purchasers desire to purchase and the Company
desires to sell, upon the terms and conditions stated in this Agreement, shares
of the Company’s common stock, par value $.001 per share (the “Common Stock”).

The capitalized terms used herein and not otherwise
defined have the meanings given them in Article 7.

In consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Purchasers (severally and not jointly) hereby agree as follows:

ARTICLE I

PURCHASE AND SALE OF SHARES

Section 1.1             Purchase and Sale of Shares.  At the Closing, the Company will issue and
sell to each Purchaser, and each Purchaser will, severally and not jointly,
purchase from the Company the number of shares of Common Stock (the “Shares”) set forth opposite such Purchaser’s
name on Exhibit A hereto.  The purchase
price for each Share shall be $9.75 (the “Purchase
Price”), which represents a discount of 15.22% to the closing bid
price of the Common Stock as reported on NASDAQ (symbol “ACOR”), as the 4:00 p.m. EDT, closing bid
price on October 3, 2006.

Section 1.2             Payment.  At the Closing, each Purchaser will pay the
aggregate Purchase Price set forth opposite its name on Exhibit A hereto by
wire transfer of immediately available funds in accordance with wire
instructions provided by the Company to the Purchasers prior to the
Closing.  At or promptly following the
Closing, the Company will instruct its transfer agent to credit each Purchaser
the number of Shares set forth on Exhibit A (and, upon request, will deliver
stock certificates to the Purchasers representing the Shares) against delivery
of the aggregate Purchase Price on the Closing Date.

Section 1.3             Closing Date.  The closing of the transaction contemplated
by this Agreement will take place on or about October 6, 2006 (the “Closing Date”) and the closing (the “Closing”)
will be held at the offices of Covington & Burling, 1330 Avenue of the

 

 

Americas, New
York, New York 10019 or at such other time and place as shall be agreed upon by
the Company and the Purchasers hereunder of a majority in interest of the
Shares.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company hereby represents and warrants to the
Purchasers that:

Section 2.1             Organization and Qualification;
Subsidiaries.  Each of the Company
and its subsidiary is duly incorporated, validly existing and in good standing
under the laws of the state of its organization, with corporate power and
authority to conduct its business as currently conducted as disclosed in the
SEC Documents.  Each of the Company and
its subsidiary is duly qualified to do business and is in good standing in
every jurisdiction in which the nature of the business conducted by it or
property owned by it makes such qualification necessary, except where the
failure to be so qualified or in good standing, as the case may be, would not
reasonably be expected to have a Material Adverse Effect.  Except for MS Research and Development Corp.,
the Company does not own or control, directly or indirectly, any corporation,
association or other entity.

Section 2.2             Authorization; Enforcement.  The Company has all requisite corporate power
and authority to enter into and to perform its obligations under this
Agreement, to consummate the transactions contemplated hereby and to issue the
Shares in accordance with the terms hereof. 
The execution, delivery and performance of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby (including
the issuance of the Shares) have been duly authorized by the Company’s Board of
Directors and no further consent or authorization of the Company, its Board of
Directors, or its stockholders is required. 
This Agreement has been duly executed by the Company and constitutes a
legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, or moratorium or similar
laws affecting creditors’ and contracting parties’ rights generally and except
as enforceability may be subject to general principles of equity and except as
rights to indemnity and contribution may be limited by state or federal
securities laws or public policy underlying such laws.

Section 2.3             Capitalization.  The authorized capital stock of the Company,
as of June 30, 2006, consisted of 80,000,000 shares of Common Stock, of which
19,630,636 shares were issued and outstanding and 20,000,000 shares of blank
check Preferred Stock, $0.001 par value per share, none of which have been
designated.  All of the issued and
outstanding shares of Common Stock have been duly authorized, validly issued,
fully paid, and nonassessable.  Options
and warrants to purchase an aggregate of 2,521,460 shares of Common Stock were
outstanding as of June 30, 2006.  Except
as disclosed in or contemplated by the SEC Documents, the Company does not have
outstanding any options to purchase, or any preemptive rights or other rights
to subscribe for or to purchase, any securities or obligations convertible
into, or any contracts or commitments to issue or sell, shares of its capital
stock or any such options, rights, convertible securities or obligations other
than options granted under the Company’s stock option plans and its employee
stock purchase plan.

 2
 

 

 

Section 2.4             Issuance of Shares.  The Shares are duly authorized and, upon
issuance in accordance with the terms of this Agreement, will be validly
issued, fully paid and non-assessable and will not be subject to preemptive
rights or other similar rights of stockholders of the Company.

Section 2.5             No Conflicts; Government
Consents and Permits.  (a) The
execution, delivery and performance of this Agreement by the Company and the
consummation by the Company of the transactions contemplated hereby (including
the issuance of the Shares) will not (i) conflict with or result in a violation
of any provision of its certificate of incorporation or bylaws or require the
approval of the Company’s stockholders, (ii) violate or conflict with, or
result in a breach of any provision of, or constitute a default under, any
agreement, indenture, or instrument to which the Company is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree
(including United States federal and state securities laws and regulations and
regulations of any self-regulatory organizations to which the Company or its
securities are subject) applicable to the Company, except in the case of
clauses (ii) and (iii) only, for such conflicts, breaches, defaults, and
violations as would not reasonably be expected to have a Material Adverse
Effect.

(b)           The
Company is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency or any
regulatory or self regulatory agency in order for it to execute, deliver or
perform any of its obligations under this Agreement in accordance with the
terms hereof, or to issue and sell the Shares in accordance with the terms
hereof other than such as have been made or obtained, and except for the
registration of the Shares under the Securities Act pursuant to Section 6
hereof, any filings required to be made under federal or state securities laws,
and any required filings or notifications regarding the issuance or listing of
additional shares with Nasdaq.

(c)           Each
of the Company and its subsidiary has all franchises, permits, licenses, and
any similar authority necessary for the conduct of its business as now being
conducted by it, except for such franchise, permit, license or similar
authority, the lack of which would not reasonably be expected to have a
Material Adverse Effect.  Each of the
Company and its subsidiary has not received any written notice of any
proceeding relating to revocation or modification of any such franchise,
permit, license, or similar authority except where such revocation or
modification would not reasonably be expected to have a Material Adverse
Effect.

Section 2.6             SEC Documents, Financial
Statements.  The Company has timely
filed all reports, schedules, forms, statements and other documents required to
be filed by it with the SEC, pursuant to the reporting requirements of the
Exchange Act (all of the foregoing filed prior to the date hereof and all
exhibits included therein and financial statements and schedules thereto and
documents (other than exhibits) incorporated by reference therein, being
hereinafter referred to herein as the “SEC
Documents”).  As of their
respective dates, the SEC Documents complied as to form in all material
respects with the requirements of the Exchange Act or the Securities Act, as
the case may be, and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at
the time they were filed with the SEC, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.  The Financial 

 3
 

 

 

Statements
have been prepared in accordance with accounting principles generally accepted
in the United States, consistently applied, during the periods involved (except
(i) as may be otherwise indicated in the Financial Statements or the notes
thereto, or (ii) in the case of unaudited interim statements, to the extent
they may not include footnotes, may be condensed or summary statements or may
conform to the SEC’s rules and instructions for Reports on Form 10-Q) and
fairly present in all material respects the consolidated financial position of
the Company as of the dates thereof and the consolidated results of its operations
and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal and recurring year-end audit adjustments).  All material agreements that were required to
be filed as exhibits to the SEC Documents under Item 601 of Regulation S-K
(collectively, the “Material Agreements”)
to which the Company or its subsidiary are a party, or the property or assets
of the Company or its subsidiary are subject, have been filed as exhibits to
the SEC Documents.  Each of the Company and its subsidiary is not
in breach of or default under any of the Material Agreements to which it is a
party, and to the Company’s knowledge, no other party to a Material Agreement
is in breach of or default under such Material Agreement, except in each case, for
such breaches or defaults as would not reasonably be expected to have a
Material Adverse Effect.  Neither the
Company nor its subsidiary has received a notice of termination of any of the
Material Agreements.

Section 2.7             Absence of Litigation.  As of the date hereof, there is no action,
suit, proceeding or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the
Company’s knowledge, threatened against the Company or its subsidiary  that if determined adversely would reasonably
be expected to have a Material Adverse Effect. 
There has not been, and to the knowledge of the Company, there is not
pending, any investigation by the SEC involving the Company or any current or
former director or officer of the Company. 
The Company has not received any stop order or other order suspending
the effectiveness of any registration statement filed by the Company under the
Exchange Act or the Securities Act and, to the Company’s knowledge, the SEC has
not issued any such order.

Section 2.8             Intellectual Property Rights.  To the Company’s knowledge, each of the Company and its subsidiary owns
or possesses licenses or sufficient rights to use all patents, patent
applications, patent rights, inventions, know-how, trade secrets, trademarks,
trademark applications, service marks, service names, trade names and
copyrights necessary to enable it to conduct its business as conducted as of
the date hereof (the “Intellectual Property”), except for such Intellectual Property the
lack of which could not reasonably be expected to result in a Material
Adverse Effect.  To the Company’s knowledge and except as
disclosed in the SEC Documents, neither the Company nor its subsidiary has
infringed the intellectual property rights of third parties and no third party,
to the Company’s knowledge and except as disclosed in the SEC Documents, is
infringing the Intellectual Property, in each case, which could reasonably be
expected to result in a Material Adverse Effect.  Except as disclosed in the SEC Documents,
there are no material options, licenses or agreements relating to the
Intellectual Property, nor is the Company nor its subsidiary bound by or a
party to any material options, licenses or agreements relating to the patents,
patent applications, patent rights, inventions, know-how, trade secrets,
trademarks, trademark applications, service marks, service names, trade names
or copyrights of any other person or entity. 
As of the date hereof, there is no material claim or action or
proceeding 

 4
 

 

 

pending or, to
the Company’s knowledge, threatened, that challenges the right of the Company
or its subsidiary with respect to any Intellectual Property.

Section 2.9             Placement Agents.  The Company has taken no action that would
give rise to any claim by any person for brokerage commissions, placement agent’s
fees or similar payments relating to this Agreement or the transactions
contemplated hereby, except for dealings with the Placement Agents, whose
commissions and fees will be paid by the Company.

Section 2.10           Investment Company.  The Company is not and, after giving effect
to the offering and sale of the Shares, will not be an “investment company” as
such term is defined in the Investment Company Act of 1940, as amended.

Section 2.11           No Material Adverse Effect.  Since June 30, 2006, except as described or
referred to in the SEC Documents and except for cash expenditures in the
ordinary course of business, there has not been any change in the business, its
assets or liabilities except for any such change that would not reasonably be
expected to result in a Material Adverse Effect.

Section 2.12           Nasdaq Global Market.  The issued and outstanding shares of Common
Stock are listed on Nasdaq, and, to the Company’s knowledge, there are no
proceedings to revoke or suspend such listing. 
The Company is in compliance in all material respects with the
requirements of Nasdaq for continued listing of the Common Stock thereon and
any other Nasdaq listing and maintenance requirements.

Section 2.13           Acknowledgment Regarding
Purchasers’ Purchase of Shares. The Company acknowledges and agrees that
each of the Purchasers is acting solely in the capacity of an arm’s length
purchaser with respect to this Agreement and the transactions contemplated
hereby.  The Company further acknowledges
that no Purchaser is acting as a financial advisor or fiduciary of the Company
(or in any similar capacity with respect to the Company), other than as an
officer or director of the Company, with respect to this Agreement and the
transactions contemplated hereby and any advice given by any Purchaser or any
of their respective representatives or agents to the Company in connection with
this Agreement and the transactions contemplated hereby is merely incidental to
such Purchaser’s purchase of the Shares. 
The Company further represents to each Purchaser that the Company’s
decision to enter into this Agreement has been based upon the independent
evaluation of the transactions contemplated hereby by the Company and its
representatives.

Section 2.14           Accountants.  KPMG LLP, who will express their opinion with
respect to the audited financial statements and schedules that will be included
as a part of the Registration Statement prior to the filing of the Registration
Statement, are independent accountants as required by the Securities Act.

Section 2.15           Insurance.  Each of the Company and its subsidiary is
insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as the Company believes are prudent and customary
for a company (i) in the businesses and location in which the Company or
its subsidiary, as applicable, is engaged, (ii) with the resources of the
Company or its subsidiary, as applicable, and (iii) at a similar stage of development
as the Company or its subsidiary, as applicable.  Neither the Company nor its 

 5
 

 

 

subsidiary has
received any written notice that it will not be able to renew its existing
insurance coverage as and when such coverage expires.  The Company believes it will be able to
obtain similar coverage at reasonable cost from similar insurers as may be
necessary to continue its business and the business of its subsidiary.

Section 2.16           Foreign Corrupt Practices.
Since January 1, 2004, neither the Company, nor to the Company’s
knowledge, any director, officer, agent, employee or other person acting on
behalf of the Company has, in the course of its actions for, or on behalf of,
the Company (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic
government official or employee from corporate funds; (iii) violated or is
in violation of in any material respect any provision of the U.S. Foreign
Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic government official or employee.

Section 2.17           Private Placement.  Neither the Company nor any person acting on
its or their behalf, has, directly or indirectly, made any offers or sales of
any security or solicited any offers to buy any security, under any
circumstances that would require registration of the Shares under the
Securities Act.

Section 2.18           No Registration Rights. No
person has the right to (i) prohibit the Company from filing the Registration
Statement or (ii) other than as disclosed in the SEC Documents, require
the Company to register any securities for sale under the Securities Act by
reason of the filing of the Registration Statement.  The granting and performance of the
registration rights under this Agreement will not violate or conflict with, or
result in a breach of any provision of, or constitute a default under, any
agreement, indenture or instrument to which the Company is a party.

Section 2.19           Application of Takeover
Protections.  The execution and
delivery of this Agreement and the consummation of the transactions
contemplated hereby will not impose any restriction on any Purchaser, or create
in any party (including any current stockholder of the Company) any rights,
under any share acquisition, business combination, poison pill (including any
distribution under a rights agreement), or other similar anti-takeover
provisions under the Company’s charter documents or the laws of its state of
incorporation.

Section 2.20           Sarbanes-Oxley Act.  The Company is in material compliance with
all applicable provisions of the U.S. Sarbanes-Oxley Act of 2002 that are
effective and the rules and regulations promulgated in connection therewith.

Section 2.21           Internal Accounting Controls.  To the extent legally required, the Company maintains (i) effective internal
control over financial reporting as defined in Rule 13a-15 under the Securities
Exchange Act of 1934, as amended, and (ii) a system of internal accounting
controls sufficient to provide reasonable assurance that (A) transactions
are executed in accordance with management’s general or specific authorizations;
(B) transactions are recorded as necessary to permit preparation of
financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability; (C) access to assets is

 6
 

 

 

permitted only in accordance with management’s general or specific
authorization; and (D) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

Section 2.22           Taxes.  The Company has filed (or has obtained an
extension of time within which to file) all necessary federal, state and
foreign income and franchise tax returns and has paid all taxes shown as due on
such tax returns, except where the failure to so file or the failure to so pay
would not reasonably be expected to have a Material Adverse Effect.

Section 2.23           No
Manipulation of Stock.  The Company
has not taken, nor will it take, directly or indirectly any action designed to
stabilize or manipulate the price of the Common Stock or any security of the
Company to facilitate the sale or resale of any of the Shares.

Section 2.24           Related
Party Transactions.  Except with
respect to transactions (i) that are not required to be disclosed and (ii)
contemplated hereby to the extent any director or an Affiliate of any director
purchases Securities hereunder, all transactions that have occurred between or
among the Company, on the one hand, and any of its officers or directors, or
any Affiliate or Affiliates of any such officer or director, on the other hand,
prior to the date hereof have been disclosed in the SEC Documents.

ARTICLE III

PURCHASER’S REPRESENTATIONS AND WARRANTIES

Each Purchaser represents and warrants to the Company,
severally and not jointly, with respect to itself and its purchase hereunder,
that:

Section 3.1             Investment
Purpose.  The Purchaser is purchasing
the Shares for its own account and not with a present view toward the public
sale or distribution thereof and has no intention of selling or distributing
any of such Shares or any arrangement or understanding with any other persons
regarding the sale or distribution of such Shares except in accordance with the
provisions of Article 6 and except as would not result in a violation of the
Securities Act.  The Purchaser will not, directly
or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or
solicit any offers to buy, purchase or otherwise acquire or take a pledge of)
any of the Shares except in accordance with the provisions of Article 6 or
pursuant to and in accordance with the Securities Act.

Section 3.2             Questionnaires. 
Purchaser has submitted to the Company a Stock Certificate and the
Registration Statement questionnaire substantially in the form of Exhibit B
hereto and such questionnaire shall be accurate and correct when delivered and
as of the Closing Date.

Section 3.3             Reliance on Exemptions.  The Purchaser understands that the Shares are
being offered and sold to it in reliance upon specific exemptions from the
registration requirements of United States federal and state securities laws
and that the Company is relying upon the truth and accuracy of, and the
Purchaser’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to
determine the availability of such exemptions and the eligibility of the
Purchaser to acquire the Shares.

Section 3.4             Information.  The Purchaser has had the opportunity to review the SEC Documents. At a
reasonable time prior to the Offering, the Purchaser has been afforded the
opportunity to ask questions and receive answers concerning the terms and
conditions of the Offering and to obtain any additional information which the
Company possesses or can acquire without unreasonable effort or expense that is
necessary to verify the accuracy of the information contained in the SEC
Documents. Neither such inquiries nor any other investigation conducted by or
on behalf of such Purchaser or its representatives or counsel shall modify,
amend or affect such Purchaser’s right to rely on the truth, accuracy and
completeness of the SEC Documents and the Company’s representations and
warranties contained herein.

Section 3.5             Acknowledgement of Risk.  (a) The Purchaser acknowledges and
understands that its investment in the Shares involves a significant degree of
risk, including, without limitation, (i) the Company remains a development
stage business with limited operating history and requires substantial funds in
addition to the proceeds from the sale of the 

 7
 

 

 

Shares; (ii) an
investment in the Company is speculative, and only Purchasers who can afford
the loss of their entire investment should consider investing in the Company
and the Shares; (iii) the Purchaser may not be able to liquidate its
investment; (iv) transferability of the Shares is extremely limited;
(v) in the event of a disposition of the Shares, the Purchaser could
sustain the loss of its entire investment; and (vi) the Company has not paid
any dividends on its Common Stock since inception and does not anticipate the
payment of dividends in the foreseeable future. 
Such risks are more fully set forth in the SEC Documents;

(b)           The
Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D
under the Securities Act.  The Purchaser
is able to bear the economic risk of holding the Shares for an indefinite
period, and has knowledge and experience in financial and business matters such
that it is capable of evaluating the risks of the investment in the Shares; and

(c)           The
Purchaser has, in connection with the Purchaser’s decision to purchase Shares,
not relied upon any representations or other information (whether oral or written)
other than as set forth in the representations and warranties of the Company
contained herein, and the Purchaser has, with respect to all matters relating
to this Agreement and the offer and sale of the Shares, relied solely upon the
advice of such Purchaser’s own counsel and has not relied upon or consulted any
counsel to the Placement Agents or counsel to the Company.

Section 3.6             Governmental Review.  The Purchaser understands that no United
States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Shares or an
investment therein.

Section 3.7             Transfer or Resale.  The Purchaser understands that:

(a)           the
Shares have not been and are not being registered under the Securities Act
(other than as contemplated in Article 6) or any applicable state securities
laws and, consequently, the Purchaser may have to bear the risk of owning the
Shares for an indefinite period of time because the Shares may not be
transferred unless (i) the resale of the Shares is registered pursuant to an
effective registration statement under the Securities Act, as contemplated in
Article 6; (ii) the Purchaser has delivered to the Company an opinion of
counsel (in form, substance and scope reasonably satisfactory to the Company)
to the effect that the Shares to be sold or transferred may be sold or
transferred pursuant to an exemption from such registration; or (iii) the
Shares are sold or transferred pursuant to Rule 144;

(b)           any
sale of the Shares made in reliance on Rule 144 may be made only in accordance
with the terms of Rule 144 and, if Rule 144 is not applicable, any resale of
the Shares under circumstances in which the seller (or the person through whom
the sale is made) may be deemed to be an underwriter (as that term is defined
in the Securities Act) may require compliance with some other exemption under
the Securities Act or the rules and regulations of the SEC thereunder; and

(c)           except
as set forth in Article 6, neither the Company nor any other person is under
any obligation to register the resale of the Shares under the Securities Act or
any state securities laws or to comply with the terms and conditions of any
exemption thereunder.

 8
 

 

 

Section 3.8             Legends.  (a) The Purchaser understands the
certificates representing the Shares will bear a restrictive legend in
substantially the following form (and a stop-transfer order may be placed
against transfer of the certificates for such Shares):

THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES. THE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SHARES UNDER APPLICABLE SECURITIES LAWS, OR UNLESS OFFERED, SOLD,
PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THOSE LAWS. 
THE COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED TO THE
EXTENT THAT SUCH OPINION IS REQUIRED PURSUANT TO THAT CERTAIN SECURITIES
PURCHASE AGREEMENT UNDER WHICH THE SHARES WERE ISSUED.

(b)           The
Purchaser may request that the Company remove, and the Company agrees to
authorize the removal of any legend from the Shares (i) following any sale of
the Shares pursuant to an effective Registration Statement or Rule 144, or (ii)
if such Shares are eligible for sale under Rule 144(k).  Following the time a legend is no longer
required for the Shares hereunder, the Company will, no later than five
Business Days following the delivery by a Purchaser to the Company or the
Company’s transfer agent of a legended certificate representing such
securities, deliver or cause to be delivered to such Purchaser a certificate
representing such securities that is free from all restrictive and other
legends.

Section 3.9             Authorization; Enforcement.  The Purchaser has the requisite power and
authority to enter into this Agreement and to consummate the transactions contemplated
hereby.  The Purchaser has taken all
necessary action to authorize the execution, delivery and performance of this
Agreement.  Upon the execution and
delivery of this Agreement, this Agreement shall constitute a valid and binding
obligation of the Purchaser enforceable in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ and contracting
parties’ rights generally and except as enforceability may be subject to
general principles of equity and except as rights to indemnity and contribution
may be limited by state or federal securities laws or public policy underlying
such laws.

Section 3.10           Residency.  The Purchaser is a resident of the
jurisdiction set forth immediately below such Purchaser’s name on the signature
pages hereto.

Section 3.11           Acknowledgements Regarding
Placement Agent.  The Purchaser
acknowledges that the Placement Agents are acting as the exclusive placement
agents on a “best efforts” basis for the Shares being offered hereby and will
be compensated by the Company for acting in such capacity.  The Purchaser represents that (i) the
Purchaser was contacted regarding the sale of the Shares by the Placement Agent
(or an authorized agent or representative thereof) 

 9
 

 

 

with whom the
Purchaser entered into a confidentiality agreement and (ii) no Shares were
offered or sold to it by means of any form of general solicitation or general
advertising.

ARTICLE IV

COVENANTS

Section 4.1             Reporting Status.  The Company’s Common Stock is registered under
Section 12 of the Exchange Act.  During
the Registration Period (or within the periods permitted under Rule 12b-25 of
the Exchange Act), the Company will timely file with the SEC all reports
required to be so filed under the Exchange Act, and the Company will not
terminate its status as an issuer required to file reports under the Exchange
Act even if the Exchange Act or the rules and regulations thereunder would
permit such termination.

Section 4.2             Expenses.  The Company and each Purchaser is each severally
and not jointly liable for, and each will pay, its own expenses incurred in
connection with the negotiation, preparation, execution and delivery of this
Agreement, including, without limitation, attorneys’ and consultants’ fees and
expenses.

Section 4.3             Financial Information.  The financial statements of the Company to be
included in any documents filed with the SEC will be prepared in accordance
with accounting principles generally accepted in the United States,
consistently applied (except (i) as may be otherwise indicated in such
financial statements or the notes thereto, or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes, may be
condensed or summary statements or may conform to the SEC’s rules and instructions
for Reports on Form 10-Q), and will fairly present in all material respects the
consolidated financial position of the Company and consolidated results of its
operations and cash flows as of, and for the periods covered by, such financial
statements (subject, in the case of unaudited statements, to normal and
recurring year-end audit adjustments).

Section 4.4             Securities Laws Disclosure;
Publicity.  On or before 9:30 a.m., New
York local time, on October 4, 2006 the Company shall issue a press release
announcing the signing of this Agreement and describing the material terms of
the transactions contemplated by this Agreement.  On or before October 4, 2006, the
Company shall file a Current Report on Form 8-K with the SEC describing the
terms of the transactions contemplated by this Agreement and including as an
exhibit to such Current Report on Form 8-K this Agreement, in the form required
by the Exchange Act. The Company shall not publicly disclose any information
concerning a Purchaser without the prior written consent of such Purchaser,
except for disclosure of the name of such Purchaser and the type and amount of
securities of the Company held by such Purchaser in connection with any legal
or regulatory filings required to be made by the Company or except as otherwise
required by law.

Section 4.5             Sales by Purchasers.  Each Purchaser will sell any Shares held by
it in compliance with applicable prospectus delivery requirements, if any, or
otherwise in compliance with the requirements for an exemption from
registration under the Securities Act and the rules and regulations promulgated
thereunder.  No Purchaser will make any
sale, transfer or other disposition of the Shares in violation of federal or
state securities laws.

Section 4.6             Pledge of Shares.  The Company acknowledges and agrees that the
Shares may be pledged by a Purchaser in connection with a bona fide
margin agreement or other loan or financing arrangement that is secured by the
Shares.  The pledge of Shares shall not
be deemed to be a transfer, sale or assignment of the Shares hereunder, and no
Purchasers

 10

 

 

effecting a pledge of the Shares shall be
required to provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement; provided that a Purchaser and its pledgee shall comply with
the provisions of this Agreement in order to effect a sale, transfer, or
assignment of any such Shares to such pledgee. 
At the expense of the Purchaser pledging such Shares, the Company hereby
agrees to execute and deliver such documentation as pledgee of the Shares may
reasonably request in connection with a pledge of the Shares to such pledgee by
a Purchaser.

ARTICLE
V

CONDITIONS TO CLOSING

Section 5.1               Conditions to Obligations of
the Company.  The Company’s
obligation to complete the purchase and sale of the Shares and deliver such
stock certificate(s) to each Purchaser is subject to the fulfillment or waiver
as of the Closing Date of the following conditions:

(a)           Receipt of Funds. 
The Company shall have received immediately available funds in the full
amount of the purchase price for the Shares being purchased hereunder as set
forth opposite such Purchaser’s name on Exhibit A hereto.

(b)           Representations and Warranties.  The representations and warranties made by
each Purchaser in Article 3 that are qualified by materiality shall be true and
correct in all respects as of the Closing Date as if they had been made on and
as of such date and the representations and warranties made by each Purchaser
in Article 3 that are not so qualified shall be true and correct in all
material respects as if they had been made on and as of such date, except that
the accuracy of representations and warranties that by their terms speak as of
a specified date will be determined as of such date.

(c)           Covenants. 
All covenants, agreements and conditions contained in this Agreement to
be performed by the Purchasers on or prior to the Closing Date shall have been
performed or complied with in all material respects.

(d)           Blue Sky. 
The Company shall have obtained all necessary blue sky law permits and
qualifications, or secured exemptions therefrom, required by any state for the
offer and sale of the Shares.

(e)           Absence of Litigation.  No proceeding challenging this Agreement or
the transactions contemplated hereby, or seeking to prohibit, alter, prevent or
materially delay the Closing, shall have been instituted or be pending before
any court, arbitrator, governmental body, agency or official.

(f)            No Governmental Prohibition.  The sale of the Shares by the Company shall
not be prohibited by any law or governmental order or regulation.

(g)           No Stop Order. 
No stop order or suspension of trading shall have been imposed by
Nasdaq, the SEC or any other governmental or regulatory body with respect to
public trading in the Common Stock.

Section 5.2               Conditions to Purchasers’
Obligations at the Closing.  Each
Purchaser’s obligation to complete the purchase and sale of the Shares is
subject to the fulfillment or waiver as of the Closing Date of the following
conditions:

 

 11
 

 

 

(a)           Representations and Warranties.  The representations and warranties made by
the Company in Article 2 that are qualified by materiality (including in the
definition of Material Adverse Effect) shall be true and correct in all respects
as of the Closing Date as if they had been made on and as of such date and the
representations and warranties made by the Company in Article 2 that are not so
qualified shall be true and correct in all material respects as if they had
been made on and as of such date, except that the accuracy of representations
and warranties that by their terms speak as of a specified date will be
determined as of such date.

(b)           Covenants.  All covenants, agreements and conditions
contained in this Agreement to be performed by the Company on or prior to the
Closing Date shall have been performed or complied with in all material
respects.

(c)           Blue Sky. 
The Company shall have obtained all necessary blue sky law permits and
qualifications, or secured exemptions therefrom, required by any state or
foreign or other jurisdiction for the offer and sale of the Shares.

(d)           Legal Opinion. 
The Company shall have delivered to such Purchaser an opinion, dated as
of the Closing Date, from Covington & Burling LLP, counsel to the Company,
in substantially the form attached hereto as Exhibit C hereto.

(e)           Certificates of the Company.  The Company shall have delivered to such
Purchaser (i) a certificate of a senior executive officer of the Company, dated
the Closing Date, confirming the satisfaction of the conditions set forth in
clauses (a) and (b) of this Section 5.2, (ii) a certificate of the Secretary or
Assistant Secretary of the Company, dated the Closing Date, certifying as to
the incumbency and signatures of the officers executing this Agreement and the
other documents delivered by the Company under this Agreement and (iii) a good
standing certificate of the Company, dated as of a recent date, from the Secretary
of State of the State of Delaware.

(f)            Transfer Agent Instructions.  The Company shall have delivered to its
transfer agent irrevocable instructions to issue to such Purchaser or in such
nominee name(s) as designated by such Purchaser in writing such number of
Shares set forth opposite such Purchaser’s name on Exhibit A hereto or, if
requested by the Purchaser, one or more certificates representing such Shares.

(g)           Absence of Litigation.  No proceeding challenging this Agreement or
the transactions contemplated hereby, or seeking to prohibit, alter, prevent or
materially delay the Closing, shall have been instituted or be pending before
any court, arbitrator, governmental body, agency or official.

(h)           No Governmental Prohibition.  The sale of the Shares by the Company shall
not be prohibited by any law or governmental order or regulation.

(i)            No Stop Order. 
No stop order or suspension of trading shall have been imposed by
Nasdaq, the SEC or any other governmental or regulatory body with respect to
public trading in the Common Stock.

ARTICLE
VI

REGISTRATION RIGHTS

Section 6.1               Filing of Registration
Statement.  The Company shall use its
reasonable best efforts to (i) file a registration statement covering the
resale of the Registrable Securities no later than 45 days after the Closing
Date (the “Filing Date”) on a
registration statement on Form S-1 (the “Registration
Statement”) with the SEC and (ii) effect the registration,
qualifications or compliances (including, without limitation, the execution of
any required undertaking to file post-effective amendments, appropriate
qualifications or exemptions under applicable blue sky or other state
securities laws and appropriate compliance with applicable securities laws,
requirements or regulations) as promptly as possible after the filing thereof,
but in any event by the date which is 135 days after the Closing Date.

 

 12
 

 

 

Section 6.2               Expenses.  All Registration Expenses incurred in
connection with any registration, qualification, exemption or compliance pursuant
to Section 6.1 shall be borne by the Company. 
All Selling Expenses relating to the sale of securities registered by or
on behalf of any Holder shall be borne by such Holder.

Section 6.3               Registration Defaults.  The Company further agrees that, in the event
that the Registration Statement (i) has not been filed by the SEC within 45
days after the Closing Date, (ii) has not been declared effective by the SEC
within 90 days after the Closing Date, if the SEC determines not to review the
Registration Statement, (iii) has not been declared effective by the SEC within
135 days after the Closing Date, if the SEC determines to review the
Registration Statement, or (iv) after the Registration Statement is declared effective by the SEC, is
suspended by the Company or ceases to remain continuously effective as to all
Registrable Securities for which it is required to be effective, other than, in
each case, within the time period(s) permitted by Section 6.8(b) (each
such event referred to in clauses (i), (ii) and (iii), (a “Registration Default”)),
for any thirty-day period (a “Penalty Period”) during which the Registration
Default remains uncured (which initial thirty-day period shall commence on the
fifth Business Day after the date of such Registration Default if such
Registration Default has not been cured by such date), the Company shall pay in
cash to each Purchaser 1% per month of such Purchaser’s aggregate Purchase
Price for such Purchaser’s Shares for each Penalty Period during which the
Registration Default remains uncured; provided,
however, that if a Purchaser fails to provide the Company with any
information that is required to be provided in the Registration Statement with
respect to such Purchaser as set forth herein, then the commencement of the
Penalty Period described above shall be extended until two Business Days
following the date of receipt by the Company of such required information; provided  further,
that the amount payable to any Holder hereunder for any partial Penalty Period
shall be prorated for the number of actual days during such Penalty Period
during which a Registration Default remains uncured; and provided further, that in no event shall
the Company be required to pay to any Purchaser pursuant to this Section 6.3 an
aggregate amount that exceeds 10% of the aggregate Purchase Price paid by such
Purchaser for such Purchaser’s Shares.

Section 6.4               Registration Period Covenants.  In the case of the registration,
qualification, exemption or compliance effected by the Company pursuant to this
Agreement, the Company shall, upon reasonable request, inform each Holder as to
the status of such registration, qualification, exemption and compliance.  At its expense, during the Registration
Period, the Company shall:

(a)           except for such times as the Company is permitted
hereunder to suspend the use of the prospectus forming part of the Registration
Statement, use its commercially reasonable efforts to keep such registration,
and any qualification, exemption or compliance under state securities laws that
the Company determines to obtain, continuously effective with respect to a
Holder, when the Company has the ability to register its securities on Form
S-3, to convert such Registration Statement into a registration statement on
Form S-3 and to keep such converted registration statement continuously
effective (including, filing any necessary post-effective amendment to the
Registration Statement) and to keep such Registration Statement  free of any material misstatements or
omissions, until the earlier of the following: 
(i) the second anniversary of the Closing Date, (ii) the date on which
all Shares held by such Holder may be sold under Rule 144(k) or (iii) the date
that all of the Shares have been sold by the Holders.  The period of time during which the Company
is required hereunder to keep the Registration Statement effective is referred
to herein as the “Registration Period.”

 

 13
 

 

 

(b)           advise the Holders:

(i)            within
two Business Days when the Registration Statement or any amendment thereto has
been filed with the SEC and when the Registration Statement or any
post-effective amendment thereto has become effective;

(ii)           within
five Business Days of any request by the SEC following the effectiveness of the
Registration Statement for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional information;

(iii)          within
five Business Days of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any
proceedings for such purpose;

(iv)          within
five Business Days of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Registrable Securities
included therein for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; and

(v)           within
five Business Days of the occurrence of any event that requires the making of
any changes in the Registration Statement or the prospectus so that, as of such
date, the statements therein are not misleading and do not omit to state a
material fact required to be stated therein or necessary to make the statements
therein (in the case of the prospectus, in the light of the circumstances under
which they were made) not misleading;

(c)           use its commercially reasonable efforts to obtain the
withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

(d)           promptly deliver to each such Holder, without charge, as
many copies of the prospectus included in such Registration Statement and any
amendment or supplement thereto as such Holder may reasonably request in
writing; and the Company consents to the use, consistent with the provisions
hereof, of the prospectus or any amendment or supplement thereto by each of the
selling Holders of Registrable Securities in connection with the offering and
sale of the Registrable Securities covered by the prospectus or any amendment
or supplement thereto;

(e)           if a Holder so requests in writing, deliver to each
Holder, without charge, (i) one copy of the following documents, other
than those documents available via EDGAR: (A) its annual report to its
stockholders, if any (which annual report shall contain financial statements
audited in accordance with generally accepted accounting principles in the
United States of America by a firm of certified public accountants of
recognized standing), (B) if not included in substance in its annual report to
stockholders, its annual report on Form 10-K (or similar form), (C) its
definitive proxy statement with respect to its annual meeting of stockholders,
(D) each of its quarterly reports to its stockholders, and, if not included in
substance in its quarterly reports to stockholders, its quarterly report on
Form 10-Q (or similar form), and (E) a copy of the full Registration Statement
(the foregoing, in each case, excluding exhibits); and (ii) if explicitly
requested, all exhibits excluded by the parenthetical to the immediately
preceding clause (E);

 

 14
 

 

 

(f)            prior to any public offering of Registrable Securities
pursuant to any Registration Statement, promptly take such actions as may be
necessary to register or qualify or obtain an exemption for offer and sale
under the securities or blue sky laws of such United States jurisdictions as
any such Holders reasonably request in writing, provided that the Company shall
not for any such purpose be required to qualify generally to transact business
as a foreign corporation in any jurisdiction where it is not so qualified or to
consent to general service of process in any such jurisdiction, and do any and
all other acts or things reasonably necessary or advisable to enable the offer
and sale in such jurisdictions of the Registrable Securities covered by such
Registration Statement;

(g)           upon the occurrence of any event contemplated by Section
6.4(b)(v) above, except for such times as the Company is permitted hereunder to
suspend the use of the prospectus forming part of the Registration Statement,
the Company shall use its commercially reasonable efforts to as soon as
reasonably practicable prepare a post-effective amendment to the
Registration Statement or a supplement to the related prospectus, or file any
other required document so that, as thereafter delivered to purchasers of the
Registrable Securities included therein, the prospectus will not include any
untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

(h)           otherwise use its commercially reasonable efforts to
comply in all material respects with all applicable rules and regulations of
the SEC which could affect the sale of the Registrable Securities;

(i)            use its commercially reasonable efforts to cause all
Registrable Securities to be listed on each securities exchange or market, if
any, on which equity securities issued by the Company have been listed; and

(j)            use its commercially reasonable efforts to take all other
steps necessary to effect the registration of the Registrable Securities
contemplated hereby and to enable the Holders to sell Registrable Securities
under Rule 144.

Section 6.5               Certain Limitations.  The Holders shall have no right to take any
action to restrain, enjoin or otherwise delay any registration pursuant to
Section 6.1 hereof as a result of any controversy that may arise with respect
to the interpretation or implementation of this Agreement.

Section 6.6               Indemnity.  (a) To the extent permitted by law, the
Company shall indemnify each Holder, its directors, officers, employees and
agents, and each person controlling such Holder within the meaning of Section
15 of the Securities Act, with respect to which any registration that has been
effected pursuant to this Agreement, against all claims, losses, damages and
liabilities (or action in respect thereof), including any of the foregoing
incurred in settlement of any litigation, commenced or threatened (subject to
Section 6.6(c) below), arising out of or based on any untrue statement (or
alleged untrue statement) of a material fact contained in the Registration
Statement, prospectus, any amendment or supplement thereof, or other document
incident to any such registration, qualification or compliance or based on any
omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statements therein not

 

 15
 

 

 

misleading, in light of the circumstances in
which they were made, or any violation by the Company of any rule or regulation
promulgated by the Securities Act applicable to the Company and relating to any
action or inaction required of the Company in connection with any such
registration, qualification or compliance, and will reimburse each Holder and
each person controlling such Holder, for reasonable legal and other
out-of-pocket expenses reasonably incurred in connection with investigating or
defending any such claim, loss, damage, liability or action as incurred; provided that the Company will not be
liable in any such case to the extent that any untrue statement or omission or
allegation thereof is made in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Holder for use in
preparation of such Registration Statement, prospectus, amendment or
supplement; provided further that
the Company will not be liable in any such case where the claim, loss, damage
or liability arises out of or is related to the failure of such Holder to
comply with the covenants and agreements contained in this Agreement respecting
sales of Registrable Securities, and except that the foregoing indemnity
agreement is subject to the condition that, insofar as it relates to any such
untrue statement or alleged untrue statement or omission or alleged omission
made in the preliminary prospectus but eliminated or remedied in the amended
prospectus on file with the SEC at the time the Registration Statement becomes
effective or in the amended prospectus filed with the SEC pursuant to Rule
424(b) or in the prospectus subject to completion under Rule 434 of the
Securities Act, which together meet the requirements of Section 10(a) of the
Securities Act (the “Final Prospectus”),
such indemnity shall not inure to the benefit of any such Holder or any such
controlling person, if a copy of the Final Prospectus furnished by the Company
to the Holder for delivery was not furnished to the person or entity asserting
the loss, liability, claim or damage at or prior to the time such furnishing is
required by the Securities Act and the Final Prospectus would have cured the
defect giving rise to such loss, liability, claim or damage.

(b)           Each Holder will severally, and not jointly, indemnify the
Company, each of its directors, officers, employees and agents, and each person
who controls the Company within the meaning of Section 15 of the
Securities Act, against all claims, losses, damages and liabilities (or actions
in respect thereof), including any of the foregoing incurred in settlement of
any litigation, commenced or threatened (subject to Section 6.6(c) below),
arising out of or based on any untrue statement (or alleged untrue statement)
of a material fact contained in the Registration Statement, prospectus, or any
amendment or supplement thereof, incident to any such registration, or based on
any omission (or alleged omission) to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading,
in light of the circumstances in which they were made, and will reimburse the
Company, such directors and officers, and each person controlling the Company
for reasonable legal and any other expenses reasonably incurred in connection
with investigating or defending any such claim, loss, damage, liability or
action as incurred, in each case to the extent, but only to the extent, that
such untrue statement or omission or allegation thereof is made in reliance
upon and in conformity with written information furnished to the Company by or
on behalf of the Holder for use in preparation of the Registration Statement,
prospectus, amendment or supplement; provided that
the indemnity shall not apply to the extent that such claim, loss, damage or
liability results from the fact that a current copy of the prospectus was not
made available to the person or entity asserting the loss, liability, claim or
damage at or prior to the time such furnishing is required by the Securities
Act and the Final Prospectus would have cured the defect giving rise to such
loss, claim, damage or liability.  Notwithstanding
the foregoing, a Holder’s aggregate liability pursuant to this subsection (b)
shall

 

 16
 

 

 

be limited to the net amount received by the
Holder from the sale of the Registrable Securities giving rise to such claims,
losses, damages and liabilities (and actions in respect thereof).

(c)           Each party entitled to indemnification under this Section
6.6 (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying
Party”) promptly after such Indemnified Party has actual knowledge
of any claim as to which indemnity may be sought, and shall permit the
Indemnifying Party (at its expense) to assume the defense of any such claim or
any litigation resulting therefrom; provided that
counsel for the Indemnifying Party, who shall conduct the defense of such claim
or litigation, shall be approved by the Indemnified Party (whose approval shall
not unreasonably be withheld or delayed), and the Indemnified Party may
participate in such defense at such Indemnified Party’s expense; provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this Agreement, unless such failure is materially
prejudicial to the Indemnifying Party in defending such claim or
litigation.  An Indemnifying Party shall
not be liable for any settlement of an action or claim effected without its
written consent (which consent will not be unreasonably withheld or delayed).  No Indemnifying Party, in its defense of any
such claim or litigation, shall, except with the consent (such consent not to
be unreasonably withheld or delayed) of the Indemnified Party consent to entry
of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation.  After notice by the
Indemnifying Person to such Indemnified Person of the Indemnifying Person’s
election to assume the defense of any claim or litigation, the Indemnifying
Person shall not be liable to such Indemnified Person for any legal expenses
subsequently incurred by such Indemnified Person in connection with the defense
thereof.

(d)           If the indemnification provided for in this Section 6.6 is
held by a court of competent jurisdiction to be unavailable to an Indemnified
Party or is insufficient to hold such Indemnified Party harmless with respect
to any loss, liability, claim, damage or expense referred to therein, then the
Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage or expense
in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in
connection with the statements or omissions which resulted in such loss,
liability, claim, damage or expense as well as any other relevant equitable
considerations.  The relative fault of
the Indemnifying Party and of the Indemnified Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates
to information supplied by the Indemnifying Party or by the Indemnified Party
and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  Notwithstanding the foregoing, a Holder’s aggregate liability pursuant
to this subsection (d) shall be limited to the net amount received by the
Holder from the sale of Registrable Securities giving rise to such loss,
liability, claim, damage or expense (or actions in respect thereof) less all
other amounts paid as damages in respect thereto.

Section 6.7               Additional Covenants and
Agreements of the Holders. 
(a) Each Holder agrees that, upon receipt of any notice from the
Company of the happening of any event requiring the preparation of a supplement
or amendment to a prospectus relating to Registrable

 

 17
 

 

 

Securities so that, as thereafter delivered
to the Holders, such prospectus shall not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, each Holder will
forthwith discontinue disposition of Registrable Securities pursuant to the
Registration Statement and prospectus contemplated by Section 6.1 until its
receipt of copies of the supplemented or amended prospectus from the Company
and, if so directed by the Company, each Holder shall deliver to the Company
all copies, other than permanent file copies then in such Holder’s possession,
of the prospectus covering such Registrable Securities current at the time of
receipt of such notice.

(b)           Each Holder shall suspend, upon request of the Company,
any disposition of Registrable Securities pursuant to the Registration
Statement and prospectus contemplated by Section 6.1 during no more than two
periods of no more than 60 calendar days each during any 12-month period to the extent
that the Board of Directors of the Company determines in good faith that the
sale of Registrable Securities under the Registration Statement would be
reasonably likely to cause a violation of the Securities Act or Exchange Act.

(c)           As a condition to the inclusion of its Registrable
Securities, each Holder shall furnish to the Company such information regarding
such Holder and the distribution proposed by such Holder as the Company may
reasonably request in writing, including completing a Registration Statement
questionnaire in the form provided by the Company, or as shall be required in
connection with any registration referred to in this Article 6.

(d)           Each Holder hereby covenants with the Company (i) not to
make any sale of the Registrable Securities without effectively causing the
prospectus delivery requirements under the Securities Act to be satisfied, and
(ii) if such Registrable Securities are to be sold by any method or in any
transaction other than on a national securities exchange, Nasdaq or in the
over-the-counter market, in privately negotiated transactions, or in a
combination of such methods, to notify the Company at least five Business Days
prior to the date on which the Holder first offers to sell any such Registrable
Securities.

(e)           Each Holder acknowledges and agrees that the Registrable
Securities sold pursuant to the Registration Statement are not transferable on
the books of the Company unless the stock certificate submitted to the transfer
agent evidencing such Registrable Securities is accompanied by a certificate
reasonably satisfactory to the Company to the effect that (i) the Registrable
Securities have been sold in accordance with such Registration Statement and
(ii) the requirement of delivering a current prospectus has been satisfied.

(f)            Each Holder agrees not to take any action with respect to
any distribution deemed to be made pursuant to such Registration Statement
which would constitute a violation of Regulation M under the Exchange Act or
any other applicable rule, regulation or law.

(g)           At the end of the Registration Period, the Holders shall
discontinue sales of shares pursuant to such Registration Statement upon
receipt of notice from the Company of its intention to remove from registration
the shares covered by such Registration Statement which remain unsold, and such
Holders shall notify the Company of the number of shares registered which
remain unsold immediately upon receipt of such notice from the Company.

 

 18
 

 

 

Section 6.8             Additional
Covenants and Agreements of the Company. 
With a view to making available to the Holders the benefits of certain
rules and regulations of the SEC which at any time permit the sale of the
Registrable Securities to the public without registration, so long as the
Holders still own Registrable Securities, the Company shall use its reasonable
best efforts to:

(a)           make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times;

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

(c)           so long as a Holder owns any Registrable Securities,
furnish to such Holder, upon any reasonable request, a written statement by the
Company as to its compliance with Rule 144 under the Securities Act, and of the
Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents of the Company as such Holder may
reasonably request in availing itself of any rule or regulation of the SEC
allowing a Holder to sell any such securities without registration.

Section 6.9             Assignment
of Registration Rights.  The rights
to cause the Company to register Registrable Securities granted to the Holders
by the Company under Section 6.1 may be assigned by a Holder in connection with
a transfer by such Holder of all or a portion of its Registrable Securities, provided, however, that (i) such transfer
complies with all applicable securities laws; (ii) such Holder gives prior
written notice to the Company; and (iii) such transferee agrees in writing to
comply with the terms and provisions of this Agreement, and has provided the
Company with a completed Registration Statement questionnaire in such form as
is reasonably requested by the Company. 
Except as specifically permitted by this Section 6.9, the rights of a
Holder with respect to Registrable Securities as set out herein shall not be
transferable to any other Person, and any attempted transfer shall cause all
rights of such Holder therein to be forfeited.

Section 6.10           Waiver
of Registration Rights.  The rights
of any Holder under any provision of this Article 6 may be waived (either
generally or in a particular instance, either retroactively or prospectively
and either for a specified period of time or indefinitely) or amended by an
instrument in writing signed by Holders holding not less than a majority of the
Registrable Securities; provided, however,
that no consideration shall be offered or paid to any person to amend or
consent to a waiver or modification of any provision of this Section 6 unless
the same consideration also is offered to all Holders of Registrable
Securities.

ARTICLE
VII

DEFINITIONS

Section 7.1               Definitions.  The
following capitalized terms have the following meanings:

“Affiliate”
means, with respect to any Person (as defined below), any other Person
controlling, controlled by or under direct or indirect common control with such
Person (for the purposes of this definition “control,”
when used with respect to any specified Person, shall mean the power to direct
the management and policies of such person, directly or indirectly, whether
through ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled”
shall have meanings correlative to the foregoing).

“Business Day”
means a day Monday through Friday on which banks are generally open for
business in New York City.

 

 19
 

 

 

“Closing” has
the meaning set forth in Section 1.3.

“Closing Date” has
the meaning set forth in Section 1.3.

“Common Stock”
has the meaning set forth in the introduction.

“Company” has
the meaning set forth in the preamble.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

“Filing Date” has the meaning set forth in Section
6.1.

“Final Prospectus” has the meaning set forth in
Section 6.6(a).

“Financial Statements” means
the financial statements of the Company included in the SEC Documents.

“Holder” means
any person holding Registrable Securities or any person to whom the rights
under Article 6 have been transferred in accordance with Section 6.9 hereof.

“Indemnified Party” has the meaning set forth in
Section 6.6(c).

“Indemnifying Party” has the meaning set forth in
Section 6.6(c).

“Intellectual Property”
has the meaning set forth in Section 2.8.

“Material Adverse Effect”
means a material adverse effect on (a) the business, operations, assets or
financial condition of the Company and its subsidiary, taken as a whole, or (b)
the ability of the Company to perform its obligations pursuant to the
transactions contemplated by this Agreement.

“Material Agreements”
has the meaning set forth in Section 2.6.

“Nasdaq” means
The Nasdaq Global Market.

“Offering” means
the private placement of the Company’s Shares contemplated by this Agreement.

“Penalty Period” has the meaning set forth in Section 6.3.

“Person” means
any person, individual, corporation, limited liability company, partnership,
trust or other nongovernmental entity or any governmental agency, court, authority
or other body (whether foreign, federal, state, local or otherwise).

“Placement Agents”
means Banc of America Securities LLC and Lazard Frères & Co. LLC.

“Purchasers”
mean the Purchasers whose names are set forth on the signature pages of this
Agreement, and their permitted transferees.

 

 20

 

 

“Purchase Price”
has the meaning set forth in Section 1.1.

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

“Registrable Securities”
means the Shares; provided, however, that
securities shall only be treated as Registrable Securities if and only for so
long as they (A) have not been disposed of pursuant to a registration statement
declared effective by the SEC, (B) have not been sold in a transaction exempt
from the registration and prospectus delivery requirements of the Securities
Act so that all transfer restrictions and restrictive legends with respect thereto
are removed upon the consummation of such sale or (C) are held by a Holder
or a permitted transferee pursuant to Section 6.9.

“Registration Default” has the meaning set forth in Section 6.3.

“Registration Expenses”
means all expenses incurred by the Company in complying with Section 6.1
hereof, including, without limitation, all registration, qualification and
filing fees, printing expenses, escrow fees, fees and expenses of counsel for
the Company, blue sky fees and expenses and the expense of any special audits
incident to or required by any such registration (but excluding the fees of
legal counsel for any Holder).

“Registration Statement”
has the meaning set forth in Section 6.1.

“Registration Period”
has the meaning set forth in Section 6.4(a).

“Rule 144” means
Rule 144 promulgated under the Securities Act, or any successor rule.

“SEC” means the
United States Securities and Exchange Commission.

“SEC Documents”
has the meaning set forth in Section 2.6.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute.

“Selling Expenses”
means all selling commissions applicable to the sale of Registrable Securities
and all fees and expenses of legal counsel for any Holder.

“Shares” has the
meaning set forth in Section 1.1.

Section 7.2             Certain Interpretations.  Except where expressly stated otherwise in
this Agreement, the following rules of interpretation apply to this
Agreement:  (i) “or” is not exclusive and “include”, “includes” and “including” are not limiting; (ii) definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms; (iii)
references to an agreement or instrument mean such agreement or instrument as
from time to time amended, modified or supplemented; (iv) references to a
Person are also to its permitted successors and assigns; (v) references to an “Article”,
“Section”, “Subsection”, “Exhibit” or 

 21
 

 

 

“Schedule” refer to an
Article of, a Section or Subsection of, or an Exhibit or Schedule to, this
Agreement; and (vi) words importing the masculine gender include the
feminine or neuter and, in each case, vice versa.

ARTICLE VIII

GOVERNING LAW; MISCELLANEOUS

Section 8.1             Governing Law; Jurisdiction;
Waiver of Jury Trial.  This Agreement
will be governed by and interpreted in accordance with the laws of the State of
New York.  Each of the parties hereto irrevocably
submits and consents to the exclusive jurisdiction of the courts of the State
of New York and the United States District Court for the Southern District of
New York, in each case located in the Borough of Manhattan, for the purpose of
any suit, action, proceeding or judgment relating to or arising out of this
Agreement and the transactions contemplated hereby.  Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought
in such courts and irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient
forum.  EACH OF THE PARTIES HERETO WAIVES
ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO
THIS WAIVER.

Section 8.2             Counterparts; Signatures by
Facsimile.  This Agreement may be
executed in two or more counterparts, all of which are considered one and the
same agreement and will become effective when counterparts have been signed by
each party and delivered to the other parties. 
This Agreement, once executed by a party, may be delivered to the other
parties hereto by facsimile transmission of a copy of this Agreement bearing
the signature of the party so delivering this Agreement.

Section 8.3             Headings.  The headings of this Agreement are for convenience
of reference only, are not part of this Agreement and do not affect its
interpretation.

Section 8.4             Severability.  If any provision of this Agreement is invalid
or unenforceable under any applicable statute or rule of law, then such
provision will be deemed modified in order to conform with such statute or rule
of law.  Any provision hereof that may
prove invalid or unenforceable under any law will not affect the validity or
enforceability of any other provision hereof.

Section 8.5             Entire Agreement; Amendments.  This Agreement (including all schedules and
exhibits hereto) and any confidentiality agreement entered into between the
Company and a Purchaser (which confidentiality agreement shall continue to be
in full force and effect) constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein or
therein.  This Agreement supersedes all
prior agreements and understandings among the parties hereto with respect to
the subject matter hereof.  No provision
of this Agreement may be waived or amended other than by an instrument in
writing signed by the party to be charged with enforcement.  Any amendment or waiver effected in
accordance with this Section 8.5 shall be binding upon each holder of any
Shares 

 22
 

 

 

purchased
under this Agreement at the time outstanding, each future holder of all such
securities, and the Company.

Section 8.6             Notices.  All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed
email, telex or facsimile if sent during normal business hours of the recipient,
if not, then on the next business day, (c) five days after having been
sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written
verification of receipt.  The addresses
for such communications are:

If to the Company:                                                                                             Acorda
Therapeutics, Inc. 

15 Skyline Drive

Hawthorne, New York 10532

Facsimile:  (914) 347-4560

Attn:  General Counsel

With a copy to:                                                                                                             Covington
& Burling LLP

1330 Avenue of the Americas

New York, NY 10019

Attn:  Ellen B. Corenswet

If to a Purchaser: 
To the address set forth immediately below such Purchaser’s name on the
signature pages hereto.  Each party will
provide ten days’ advance written notice to the other parties of any change in
its address.

Section 8.7             Successors and Assigns.  This Agreement is binding upon and inures to
the benefit of the parties and their successors and assigns.  The Company will not assign this Agreement or
any rights or obligations hereunder without the prior written consent of the
Purchasers, and no Purchaser may assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Company, except
as permitted in accordance with Section 6.9 hereof.

Section 8.8             Third Party Beneficiaries.  This Agreement is intended for the benefit of
the parties hereto, their respective permitted successors and assigns and the
Placement Agents, and is not for the benefit of, nor may any provision hereof
be enforced by, any other person.

Section 8.9             Further Assurances.  Each party will do and perform, or cause to
be done and performed, all such further acts and things, and will execute and
deliver all other agreements, certificates, instruments and documents, as
another party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

Section 8.10           No Strict Construction.  The language used in this Agreement is deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

 23
 

 

 

Section 8.11           Equitable Relief.  The Company recognizes that if it fails to
perform or discharge any of its obligations under this Agreement, any remedy at
law may prove to be inadequate relief to the Purchasers.  The Company therefore agrees that the
Purchasers are entitled to seek temporary and permanent injunctive relief in
any such case.  Each Purchaser also
recognizes that, if it fails to perform or discharge any of its obligations
under this Agreement, any remedy at law may prove to be inadequate relief to
the Company.  Each Purchaser therefore
agrees that the Company is entitled to seek temporary and permanent injunctive
relief in any such case.

Section 8.12           Survival of Representations and
Warranties.  Notwithstanding any
investigation made by any party to this Agreement, all representations and
warranties made by the Company and the Purchasers herein shall survive for
a period of one year following the date hereof.

Section 8.13           Independent Nature of
Purchasers’ Obligations and Rights. 
The obligations of each Purchaser under this Agreement are several and
not joint with the obligations of any other Purchaser, and no Purchaser shall
be responsible in any way for the performance of the obligations of any other
Purchaser under this Agreement. Nothing contained herein and no action taken by
any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as
a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Purchasers are in any way acting in concert or as
a group, or are deemed affiliates (as such term is defined under the Exchange
Act) with respect to such obligations or the transactions contemplated by this
Agreement.  Each Purchaser shall be
entitled to independently protect and enforce its rights, including without
limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

[Signature Page Follows]

 

 24

 

 

IN
WITNESS WHEREOF, the undersigned Purchasers and the Company have caused
this Agreement to be duly executed as of the date first above written.

	
  

  	
  ACORDA THERAPEUTICS, INC.

  
	
   

  	
  By:

  	
  /s/ Ron Cohen

  
	
   

  	
  Name: Ron Cohen

  
	
   

  	
  Title: President and Chief Executive Officer

  

 

 

 25

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Green Way Managed Account Series, Ltd., in respect
  to

  
	
   

  	
  its segregated account, Green Way Portfolio D

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Atticus Capital L.P. its Investment Manager

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ MATTHEW EDMONDS

  
	
   

  	
   

  	
   

  	
  Matthew Edmonds, President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Atticus Capital LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  152 West 57th St., 45th Fl.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-373-0801

  
					

 

 26
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Atticus Trading, Ltd.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ MATTHEW EDMONDS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Matthew Edmonds, Director

  
	
   

  	
           (print name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Atticus Capital LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  152 West 57th St., 45th Fl.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-373-0801

  
					

 

 27
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Atticus Global Advisors, Ltd.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ MATTHEW EDMONDS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Matthew Edmonds, Director

  
	
   

  	
           (print name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Atticus Capital LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  152 West 57th St., 45th Fl.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-373-0801

  
					

 

 28
 

 

 

	
  

  	
  PURCHASER

  	 

	
   

  	
   

  	 

	
   

  	
  Visium Balanced Fund, LP

  	 

	
   

  	
  (investor name)

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  /s/ Mark Gottlieb

  	 

	
   

  	
  (signature)

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  Mark Gottlieb, CCO

  	 

	
   

  	
  (print name and
  title)

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  Address:

  	
  135 East 57th Street, 27th Floor

  	 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	 

	
   

  	
  Facsimile:

  	
  212-808-2301

  	 

									

 

 29
 

 

 

	
  

  	
  PURCHASER

  	 

	
   

  	
   

  	 

	
   

  	
  Visium Balanced Offshore Fund, Ltd.

  	 

	
   

  	
  (investor name)

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
  /s/ Mark Gottlieb

  	 

	
   

  	
  (signature)

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  Mark Gottlieb, CCO

  	 

	
   

  	
  (print name and
  title)

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  Address:

  	
  135 East 57th Street, 27th Floor

  	 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	 

	
   

  	
  Facsimile:

  	
  212-808-2301

  	 

									

 

 30
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Visium Long Bias Fund, LP

  
	
   

  	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK GOTTLIEB

  
	
   

  	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  	
   

  
	
   

  	
  Mark Gottlieb, CCO

  
	
   

  	
   

  	
  (print name and title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  135 East 57th Street, 27th Floor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  ###-##-####

  
						

 

 31
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Atlas Master Fund, Ltd.

  
	
   

  	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SCOTT SCHROEDER

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  	
   

  
	
   

  	
  Scott Schroeder

  
	
   

  	
   

  	
  (print name and title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  135 East 57th Street, 27th Floor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-808-2301

  
						

 

 32
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Visium Long Bias Offshore Fund, Ltd.

  
	
   

  	
           (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK
  GOTTLIEB

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Mark Gottlieb, CCO

  
	
   

  	
   

  	
  (print name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  135 East 57th Street, 27th Floor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-808-2301

  
					

 

 33

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Pierce Diversified Strategy Master Fund LLC, Enable

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Brendan O’Neil

  
	
   

  	
           (signature)

  
	
   

  	
  Brendan O’Neil,
  Principal and Portfolio Manager

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  One Ferry Building, Suite 255

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  San Francisco, CA 94111

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (415) 677-1580

  
					

 

 34
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Enable Operating Partners LP

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Brendan O’Neil

  
	
   

  	
           (signature)

  
	
   

  	
  Brendan O’Neil,
  Principal and Portfolio Manager

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  One Ferry Building, Suite 255

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  San Francisco, CA 94111

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (415) 677-1580

  
					

 

 35
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Pierce Diversified Strategy Master Fund LLC, Enable

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Brendan O’Neil

  
	
   

  	
           (signature)

  
	
   

  	
  Brendan O’Neil,
  Principal and Portfolio Manager

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  One Ferry Building, Suite 255

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  San Francisco, CA 94111

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (415) 677-1580

  
					

 

 36
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  UBS O’Connor LLC FBO

  
	
   

  	
  O’Connor PIPES Corporate Strategies Master Ltd.

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Nicholas S. Nocerino

  
	
   

  	
           (signature)

  
	
   

  	
  Nicholas S. Nocerino

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  UBS O’Connor LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  One North Wacker Drive, 32nd Floor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chicago, IL 60606

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (312) 525-6271

  
	
   

  	
   

  	
   

  
	
   

  	
  Contact:

  	
  Jeff Richmond

  
	
   

  	
   

  	
   

  
	
   

  	
  Tele:

  	
  (312) 525-5839

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  jeff.richmond@ubs.com

  
					

 

 37
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  HIGHBRIDGE INTERNATIONAL LLC

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
  By: HIGHBRIDGE CAPITAL MANAGEMENT, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Adam J. Chill

  
	
   

  	
           (signature)

  
	
   

  	
  Adam J. Chill, Managing
  Director

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Highbridge Capital Management, LLC

  
	
   

  	
   

  	
  9 West 57th Street, 27th Floor

  
	
   

  	
   

  	
  New York, New York 10019

  
	
   

  	
   

  	
  Attn: Ari J. Storch / Adam J. Chill

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (212) 751-0755

  
					

 

 38
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Iroquois Master Fund Ltd.

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Silverman

  
	
   

  	
           (signature)

  
	
   

  	
  Joshua Silverman, Authorized
  Signatory

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  641 Lexington Ave.

  
	
   

  	
   

  	
  26th Floor

  
	
   

  	
   

  	
  NY, NY 10022

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (212) 207-3452

  
					

 

 39
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  LB I Group Inc.

  
	
   

  	
               (investor
  name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Eric Salzman

  
	
   

  	
           (signature)

  
	
   

  	
  Eric Salzman SVP

  
	
   

  	
               (print
  name and title)

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  399 Park Ave 9th Floor

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  (646) 758-1630

  
					

 

 40

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Life Science Capital Master Fund

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tom Daniel

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Tom Daniel / Director

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  PO Box 309 GT, Ugland House

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  South Church St, Georgetown

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Grand Cayman, Cayman Islands

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  011 44 207 499 9317

  
					

 

 41
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  SF Capital Partners Ltd.

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian H. Davidson

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Brian H. Davidson, Managing Director

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  3600 South Lake Drive

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  St. Francis, WI 53235

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  414-294-7700

  
	
   

  	
   

  	
   

  
	
   

  	
  SF Capital Partners Ltd. is a

  British Virgin Islands corporation

  
					

 

 42
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Third Point Offshore Fund Ltd

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Waller

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Keith Waller

  Managing Director Operations

  Third Point LLC

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  390 Park Ave, 18th Fl

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-224-7401

  
	
   

  	
   

  	
   

  
					

 

 43
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Third Point Partners LP

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Waller

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Keith Waller

  Managing Director Operations

  Third Point LLC

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  390 Park Ave, 18th Fl

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-224-7401

  
	
   

  	
   

  	
   

  
					

 

 44
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Third Point Partners Qualified LP

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Waller

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Keith Waller

  Managing Director Operations

  Third Point LLC

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  390 Park Ave, 18th Fl

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-224-7401

  
	
   

  	
   

  	
   

  
					

 

 45
 

 

 

	
  

  	
  PURCHASER

  
	
   

  	
   

  
	
   

  	
  Third Point Partners Qualified LP

  
	
   

  	
  (investor name)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Waller

  
	
   

  	
   

  	
  (signature)

  
	
   

  	
   

  
	
   

  	
  Keith Waller

  Managing Director Operations

  Third Point LLC

  
	
   

  	
  (print name and
  title)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  390 Park Ave, 18th Fl

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, NY 10022

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Facsimile:

  	
  212-224-7401

  
	
   

  	
   

  	
   

  
					

 

 46

 

	
   

  	
   

  	
  PURCHASER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Baker Biotech Fund I, L.P.

  
	
   

  	
   

  	
  By:

  	
  Baker Biotech Capital, L.P.

  
	
   

  	
   

  	
   

  	
  its general Partner

  
	
   

  	
   

  	
  By:

  	
  Baker Biotech Capital (GP), LLC

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ FELIX
  BAKER, PH.D.

  
	
   

  	
   

  	
   

  	
  Felix Baker, Ph.D.

  
	
   

  	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Baker Brothers Life Sciences L.P.

  
	
   

  	
   

  	
  By:

  	
  Baker Brothers Life Sciences Capital, L.P.

  
	
   

  	
   

  	
   

  	
  its general Partner

  
	
   

  	
   

  	
  By:

  	
  Baker Brothers Life Sciences Capital (GP), LLC

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ FELIX
  BAKER, PH.D.

  
	
   

  	
   

  	
   

  	
  Felix Baker, Ph.D.

  
	
   

  	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  14159, L.P.

  
	
   

  	
   

  	
  By:

  	
  14159 Capital, L.P.

  
	
   

  	
   

  	
   

  	
  its general Partner

  
	
   

  	
   

  	
  By:

  	
  14159 Capital (GP), LLC

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ FELIX
  BAKER, PH.D.

  
	
   

  	
   

  	
   

  	
  Felix Baker, Ph.D.

  
	
   

  	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for above entities is:

  
	
   

  	
   

  	
  667 Madison Avenue 17th Floor

  
	
   

  	
   

  	
  New York, NY 10012

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fax # 212 521 2245

  

 

[SIGNATURE PAGE TO ACORDA
SECURITIES PURCHASE AGREEMENT]

 

 

 47

 

EXHIBIT A

SCHEDULE OF
PURCHASERS

	
  Purchaser

  	
   

  	
   

  	
   

  	
  Shares

  	
   

  	
  Aggregate Purchase Price

  	
   

  
	
  Atticus Global
  Advisors, Ltd.

  	
   

  	
  311,450

  	
   

  	
  $

  	
  3,036,637.50

  	
   

  
	
  Atticus Trading, Ltd.

  	
   

  	
  53,336

  	
   

  	
  $

  	
  520,026.00

  	
   

  
	
  Green Way Managed
  Account Series, Ltd.

  	
   

  	
  45,470

  	
   

  	
  $

  	
  443,332.50

  	
   

  
	
  Baker Biotech Fund I,
  L.P.

  	
   

  	
  78,701

  	
   

  	
  $

  	
  767,334.75

  	
   

  
	
  Baker Brothers Life
  Sciences, L.P.

  	
   

  	
  675,357

  	
   

  	
  $

  	
  6,584,730.75

  	
   

  
	
  14159, L.P.

  	
   

  	
  15,173

  	
   

  	
  $

  	
  147,936.75

  	
   

  
	
  Atlas Master Fund, Ltd.

  	
   

  	
  28,674

  	
   

  	
  $

  	
  279,571.50

  	
   

  
	
  Visium Long Bias
  Offshore Fund, Ltd.

  	
   

  	
  119,639

  	
   

  	
  $

  	
  1,166,480.25

  	
   

  
	
  Visium Long Bias Fund,
  LP

  	
   

  	
  30,560

  	
   

  	
  $

  	
  297,960.00

  	
   

  
	
  Visium Balanced
  Offshore Fund, Ltd.

  	
   

  	
  167,610

  	
   

  	
  $

  	
  1,634,197.50

  	
   

  
	
  Visium Balanced Fund,
  LP

  	
   

  	
  102,300

  	
   

  	
  $

  	
  997,425.00

  	
   

  
	
  Pierce Diversified
  Strategy Master Fund LLC, Enable

  	
   

  	
  15,385

  	
   

  	
  $

  	
  150,003.75

  	
   

  
	
  Enable Growth Partners,
  LP

  	
   

  	
  261,538

  	
   

  	
  $

  	
  2,549,995.50

  	
   

  
	
  Enable Opportunity
  Partners, LP

  	
   

  	
  30,769

  	
   

  	
  $

  	
  299,997.75

  	
   

  
	
  Highbridge
  International LLC

  	
   

  	
  89,679

  	
   

  	
  $

  	
  874,370.25

  	
   

  
	
  JP Morgan Ventures
  Corp.

  	
   

  	
  461,538

  	
   

  	
  $

  	
  4,499,995.50

  	
   

  
	
  Iroquois Master Fund
  Ltd.

  	
   

  	
  76,923

  	
   

  	
  $

  	
  749,999.25

  	
   

  
	
  LB I Group Inc.

  	
   

  	
  205,128

  	
   

  	
  $

  	
  1,999,998

  	
   

  
	
  Life Science Capital
  Master Fund

  	
   

  	
  25,641

  	
   

  	
  $

  	
  249,999.75

  	
   

  
	
  SF Capital Partners
  Ltd.

  	
   

  	
  102,564

  	
   

  	
  $

  	
  999,999.00

  	
   

  
	
  Third Point Partners
  Qualified LP

  	
   

  	
  22,700

  	
   

  	
  $

  	
  221,325.00

  	
   

  
	
  Third Point Partners LP

  	
   

  	
  28,800

  	
   

  	
  $

  	
  280,800.00

  	
   

  
	
  Third Point Offshore
  Ltd.

  	
   

  	
  184,511

  	
   

  	
  $

  	
  1,798,982.25

  	
   

  
	
  Third Point Ultra Ltd.

  	
   

  	
  20,400

  	
   

  	
  $

  	
  198,900.00

  	
   

  
	
  UBS O’Connor LLC FBO
  O’Connor PIPES Corporate Strategies Master Ltd.

  	
   

  	
  76,923

  	
   

  	
  $

  	
  749,999.25

  	
   

  
	
  Total

  	
   

  	
  3,320,769

  	
   

  	
  $

  	
  31,499,997.75

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]