Document:

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                                                                   EXHIBIT 10.36

March 20, 1996                                           [WESTERN WIRELESS LOGO]

Brad Horwitz
Western Wireless Corporation
330 - 120th Avenue NE, Suite 200
Bellevue, WA  98005

Dear Brad:

This letter (the "Letter Agreement") sets forth the terms of your employment
with Western Wireless Corporation ("WWC"). It will supersede all prior
agreements and understandings between you and WWC with respect to your
employment by WWC; provided, however, that any existing stock option agreements
and indemnification agreements between you and WWC shall remain unmodified and
in full force and effect.

1.      Your title will be President of Western Wireless International ("WWI")
        and Vice President of WWC. In that capacity you will report to the Chief
        Executive Officer of WWC (the "CEO").

2.      Your responsibilities will include identifying attractive international
        opportunities, negotiating joint venture arrangements, participating to
        the extent of WWI's responsibilities in the construction and operation
        of the systems, together with such other duties as may be assigned to
        you by the CEO. In addition, you agree to serve as a director and/or
        senior officer of any subsidiary of WWC, if so elected, without any
        additional salary or other compensation. You will devote substantially
        all of your business time and attention to the obligations delineated in
        this Letter Agreement.

3.      Your base compensation will be $120,000, payable in accordance with
        standard payroll practices of WWC. In addition, you will have an
        opportunity, as determined by the Board of Directors of WWC, to earn an
        annual bonus of up to 60 percent of your base compensation, and to
        continue, during the course of your employment, participation in the
        option program at a level comparable to recent grants. It is understood
        that nothing contained herein will prevent the Board of Directors of
        WWC, in its sole and absolute discretion, from, at any time, increasing
        your compensation, either permanently or for a limited period, whether
        in base compensation, by bonus or otherwise, if the Board of Directors
        in its sole discretion, shall deem it advisable to do so in order to
        recognize and fairly compensate you for the value of your services to
        WWC; provided, however, that nothing contained in this paragraph three
        shall in any manner obligate the Board of Directors to make any such
        increase or provide any such additional compensation or benefits.

4.      WWC will reimburse you for all reasonable out-of-pocket business
        expenses paid or incurred by you in connection with the performance of
        your duties, upon submission of signed, itemized lists of such expenses
        on general forms established for that purpose by WWC.

5.      You will be entitled to participate in all group health and insurance
        programs and all other fringe benefit or retirement plans or other plans
        effective generally with respect to executives of WWC.

6.      WWC has previously entered, or will enter, into an Indemnification
        Agreement with you pursuant to which WWC will agree to indemnify you
        against certain liabilities arising by reason of your affiliation with
        WWC.

7.      (a) Notwithstanding any other provision of this Letter Agreement, your
        employment by WWC may be terminated by WWC at any time, with or without
        Cause, as defined below. In the event of a termination for Cause you
        will have no rights to severance payments. Termination for "Cause" means

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        (i) your gross neglect or willful material breach of your principal
        employment responsibilities or duties, (ii) a final judicial
        adjudication that you are guilty of a felony, (iii) fraudulent conduct
        as determined by a court of competent jurisdiction in the course of your
        employment with WWC or any of its subsidiaries, (iv) the breach by you
        of the covenant set forth in paragraph nine, below, or (v) the material
        breach by you of any other provision of this Letter Agreement which
        continues uncured for a period of thirty (30) days after notice thereof
        by WWC. In the event of your voluntary termination of employment with
        WWC, you will have no rights to severance benefits.

        (b) In the event of an involuntary termination for other than Cause
        (which shall include your resignation as a direct result of (i) a
        reduction in your base compensation and/or incentive bonus target
        percentage, (ii) a material relocation of the business site where you
        perform your principal job responsibilities or duties, (iii) a material
        change in responsibility, (iv) a change in reporting relationship or (v)
        the material breach by the Company of any provision of this Letter
        Agreement which continues uncured for a period of thirty (30) days after
        notice thereof by you), then (A) you will be entitled to receive a
        severance payment in an amount equal to your accrued but unpaid existing
        annual targeted incentive bonus through the date of termination, 12
        months of your then base compensation and an amount equal to 12 months
        of your existing annual targeted incentive bonus; (B) WWC will, at its
        expense, make all COBRA benefit payments on behalf of you and your
        dependents for twelve (12) months following such involuntary
        termination; and (C) with respect to any stock options previously
        granted to you by WWC which remain unvested at the time of the
        involuntary termination, notwithstanding the vesting language in the
        stock option agreement pursuant to which such options were granted,
        there shall be immediate vesting of that portion of each such grant of
        unvested stock options as equals the product of the total number of such
        options under such grant which remain unvested multiplied by a fraction
        the numerator of which is the sum of (i) the number of days from the
        date on which the last vesting of options under such grant took place to
        and including the date on which the termination occurs plus (ii) 365 and
        the denominator of which is the number of days remaining from the date
        on which the last vesting of options under such grant took place to and
        including the date on which the final vesting under such grant would
        have occurred.

        Your death or permanent disability will be deemed an involuntary
        termination for other than Cause. "Permanent disability" shall mean your
        inability substantially to render the services required hereunder for
        eight (8) months in any eighteen (18) month period because of a physical
        or mental condition, it being understood that until you have received
        notice from WWC terminating this Letter Agreement, you will continue to
        receive your base compensation and all other benefits to which you are
        entitled under this Letter Agreement.

        (c) Each of your stock option agreements with WWC shall provide for full
        vesting of all stock options granted to you upon a change of control (as
        defined in such stock option agreements) of WWC.

        (d) You agree that upon termination of your employment by WWC for any
        reason you will surrender to WWC all proprietary records, lists and
        other documents obtained by you or entrusted to you during the course of
        your employment by WWC, together with all copies of all such documents.

8.      You agree not to disclose at any time, whether during the term of this
        Letter Agreement or thereafter, any secret or confidential information
        relating to WWC's or any of its subsidiaries' businesses, financial
        condition or prospects, which information you have obtained while
        employed by WWC or by any of its subsidiaries or any of the predecessors
        in interest of any of them, except (i) as may be required in furtherance
        of the businesses of WWC or of any of its subsidiaries, (ii) with WWC's
        express prior

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        written consent, (iii) if such information is made generally available
        to the public through no fault of yours, or (iv) if such disclosure is
        required by applicable law or regulation or by legal process and then
        only with prompt written notice to WWC in advance of any such
        disclosure.

9.      You agree that, during the term of your employment by WWC and for a
        period of one (1) year immediately following the termination of your
        employment with WWC for any reason whatsoever, you will not, either
        directly or indirectly, for compensation or any other consideration,
        individually or as an employee, broker, agent, consultant, lender,
        contractor, advisor, solicitor, stockholder (provided that ownership of
        5% or less of the outstanding stock of any corporation listed on a
        national securities exchange is not prohibited), proprietor, partner, or
        person having any other material economic interest in, affiliated with
        or rendering services to any other entity, engage in or provide services
        to or for a business that is substantially the same as or similar to
        WWC's or its subsidiaries' businesses and which competes within the
        applicable commercial mobile radio services markets serviced by WWC or
        its subsidiaries, directly or indirectly.

10.     This Letter Agreement contains the entire agreement between you and WWC
        with respect to your employment by WWC. This Letter Agreement may not be
        amended, waived, changed, modified or discharged except by an instrument
        in writing executed by or on behalf of you and WWC.

11.     All notices, requests, demands and other communications with respect to
        this Letter Agreement will be in writing and will be deemed to have been
        duly given if delivered by hand, registered or certified mail (first
        class postage and fees prepaid, return receipt requested), telecopier or
        overnight courier guaranteeing next-day delivery, as follows:

        a)     to WWC:

               Western Wireless Corporation
               2001 NW Sammamish Road, Suite 100
               Issaquah, Washington 98027
               Attention:  Chief Executive Officer
               Telecopier:  (206) 450-7731

               with a copy (which does not constitute notice) to:

               Rubin Baum Levin Constant & Friedman
               30 Rockefeller Plaza, 29th Floor
               New York, New York  10112
               Attention:  Barry A. Adelman, Esq.
               Telecopier:  (212) 698-7825

        b)     to you:

               Brad Horwitz

               ---------------------------

               ---------------------------

        and/or to such other persons and addresses as either you or WWC has
        specified in writing to the other by notice as aforesaid.
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12.     If any part of this Letter Agreement is hereafter construed to be
        invalid or unenforceable in any jurisdiction, the same will not affect
        the remainder of the Letter Agreement or the enforceability of such part
        in any other jurisdiction, which will be given full effect, without
        regard to the invalid portions or the enforceability in such other
        jurisdiction. If any part of this Letter Agreement is held to be
        unenforceable because of the scope thereof, you and WWC agree that the
        court making such determination will have the power to reduce the
        duration and/or area of such provision and, in its reduced form, said
        provision shall be enforceable; provided, however, that such court's
        determination will not affect the enforceability of this Letter
        Agreement in any other jurisdiction beyond such court's authority.

13.     This Letter Agreement will be governed by and construed and interpreted
        in accordance with the laws of the State of Washington without reference
        to conflicts of laws principles.

Please signify your acceptance of the terms of this Letter Agreement by signing
where indicated below.

                                            Sincerely yours,

                                            WESTERN WIRELESS CORPORATION

                                            /s/  John W. Stanton
                                            ------------------------------------
                                            By:    John W. Stanton
                                               ---------------------------------
                                            Title: Chairman & CEO
                                                  ------------------------------

AGREED TO AND ACCEPTED:

/s/ Bradley J. Horwitz
--------------------------------
Brad Horwitz<PAGE>   1

                                                                     EXHIBIT 4.6

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THESE SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED AND THAT AN APPLICABLE EXEMPTION IS AVAILABLE.

                               WARRANT TO PURCHASE
                        25,000 SHARES OF COMMON STOCK OF
                          AMYLIN PHARMACEUTICALS, INC.
                          (Void after October 17, 2007)

        This certifies that Alkermes Controlled Therapeutics Inc. II, a
Pennsylvania corporation, or its permitted assigns (the "Holder"), for value
received, is entitled to purchase from AMYLIN PHARMACEUTICALS, INC., a Delaware
corporation (the "Company"), having a place of business at 9373 Towne Centre
Drive, San Diego, California 92121, Twenty-five Thousand (25,000) fully paid and
nonassessable shares of the Company's Common Stock ("Stock") for cash at a price
of $10.55 per share (the "Stock Purchase Price") at any time or from time to
time on or after October 17, 2000 and up to and including 5:00 p.m. (Pacific
time) on October 17, 2007, such day being referred to herein as the "Expiration
Date," upon surrender to the Company at its principal office (or at such other
location as the Company may advise the Holder in writing) of this Warrant
properly endorsed with the Form of Subscription attached hereto as Addendum A
duly filled in and signed and upon payment in cash or by check of the aggregate
Stock Purchase Price for the number of shares for which this Warrant is being
exercised determined in accordance with the provisions hereof. The Stock
Purchase Price and the number of shares purchasable hereunder are subject to
adjustment as provided in Section 3 of this Warrant.

        This Warrant is subject to the following terms and conditions:

        1. EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.

                1.1 GENERAL. This Warrant is exercisable at the option of the
holder of record hereof at any time or from time to time on or after October 17,
2000 and up to and including the Expiration Date for all or any part of the
shares of Stock (but not for a fraction of a share) which may be purchased
hereunder. The Company agrees that the shares of Stock purchased under this
Warrant shall be and are deemed to be issued to the Holder hereof as the record
owner of such shares as of the close of business on the date on which this
Warrant shall have been surrendered,

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properly endorsed, the completed, executed Form of Subscription delivered and
payment made for such shares. Certificates for the shares of Stock so purchased,
together with any other securities or property to which the Holder hereof is
entitled upon such exercise, shall be delivered to the Holder hereof by the
Company at the Company's expense within a reasonable time after the rights
represented by this Warrant have been so exercised. In case of a purchase of
less than all the shares which may be purchased under this Warrant, the Company
shall cancel this Warrant and execute and deliver a new Warrant or Warrants of
like tenor for the balance of the shares purchasable under the Warrant
surrendered upon such purchase to the Holder hereof within a reasonable time.
Each stock certificate so delivered shall be in such denominations of Stock as
may be requested by the Holder hereof and shall be registered in the name of
such Holder.

        Notwithstanding anything to the contrary contained in this Section 1,
the Holder shall either (i) exercise this Warrant in full by paying to the
Company, by cash or check, an amount equal to the aggregate Stock Purchase Price
of the shares being purchased, or (ii) convert this Warrant into shares equal to
the value (as determined below) of this Warrant by surrender of this Warrant a
the principal office of the Company together with the Form of Subscription in
which event the Company shall issue to the Holder a number of shares of Common
Stock computed using the following formula:

                X = Y (A-B)
                    -------
                       A

<TABLE>
<S>             <C>
Where:          X = the number of shares of Common Stock to be issued to the Holder

                Y = the number of shares of Common Stock under this Warrant

                A = the fair market value of one share of Common Stock (at the date
                    of such surrender)

                B = the Stock Purchase Price (as adjusted to the date of such surrender)
</TABLE>

        As used herein, current fair market value of Common Stock shall mean
with respect to each share of Common Stock the closing price of the Company's
Common Stock as quoted on the Nasdaq Stock Market, or, if on any day the Common
Stock is not so listed, the average of the highest bid and the lowest asked
price on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau, Incorporated, or any similar successor organization,
in each case averaged over a period of 15 trading days consisting of the day as
of which the current fair market value of Common Stock is being determined and
the 14 consecutive trading days prior to such day. If at any time the Common
Stock is not listed on any securities exchange or quoted in the over-the-counter
market, the current fair market value of Common Stock shall be used for the
calculation of A above, and shall be determined in good faith by the Board of
Directors of the Company.

        2. SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company covenants
and agrees that all shares of Stock which may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be duly authorized,
validly issued, fully paid and nonassessable and free from all preemptive rights
of any shareholder and free of all taxes, liens and charges

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with respect to the issue thereof. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized and reserved, for the
purpose of issue or transfer upon exercise of the subscription rights evidenced
by this Warrant, a sufficient number of shares of authorized but unissued Stock,
or other securities and property, when and as required to provide for the
exercise of the rights represented by this Warrant. The Company will take all
such action as may be necessary to assure that such shares of Stock may be
issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any domestic securities exchange upon which the Stock
may be listed; provided, however, that the Company shall not be required to
effect a registration under Federal or State securities laws with respect to
such exercise. The Company will not take any action which would result in any
adjustment of the Stock Purchase Price (as defined in Section 3 hereof) if the
total number of shares of Stock issuable after such action upon exercise of all
outstanding warrants, together with all shares of Stock then issuable upon
exercise of all options and upon the conversion of all convertible securities
then outstanding, would exceed the total number of shares of Stock then
authorized by the Company's Certificate of Incorporation.

        3. ADJUSTMENT OF STOCK PURCHASE PRICE AND NUMBER OF Shares. The Stock
Purchase Price and the number of shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events described in this Section 3. Upon each adjustment of the Stock
Purchase Price, the Holder of this Warrant shall thereafter be entitled to
purchase, at the Stock Purchase Price resulting from such adjustment, the number
of shares obtained by multiplying the Stock Purchase Price in effect immediately
prior to such adjustment by the number of shares purchasable pursuant hereto
immediately prior to such adjustment, and dividing the product thereof by the
Stock Purchase Price resulting from such adjustment.

                3.1 SUBDIVISION OR COMBINATION OF STOCK. In case the Company
shall at any time subdivide its outstanding shares of Stock into a greater
number of shares, the Stock Purchase Price in effect immediately prior to such
subdivision shall be proportionately reduced, and conversely, in case the
outstanding shares of Stock of the Company shall be combined into a smaller
number of shares, the Stock Purchase Price in effect immediately prior to such
combination shall be proportionately increased.

                3.2 DIVIDENDS IN STOCK, OTHER STOCK, PROPERTY, RECLASSIFICATION.
If at any time or from time to time all holders of shares of the Company's
Common Stock (or any shares of stock or other securities at the time receivable
upon the exercise of this Warrant) shall have received or become entitled to
receive, without payment therefor:

                        (A) Stock or any shares of stock or other securities
which are at any time directly or indirectly convertible into or exchangeable
for Stock, or any rights or options to subscribe for, purchase or otherwise
acquire any of the foregoing by way of dividend or other distribution, or

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                        (B) Stock or additional stock or other securities or
property (including cash) by way of spin-off, split-up, reclassification,
combination of shares or similar corporate rearrangement, (other than shares of
Stock issued as a stock-split, adjustments in respect of which shall be covered
by the terms of Section 3.1 above), then and in each such case, the Holder
hereof shall, upon the exercise of this Warrant, be entitled to receive, in
addition to the number of shares of Stock receivable thereupon, and without
payment of any additional consideration therefor, the amount of stock and other
securities and property which such Holder would hold on the date of such
exercise had he been the holder of record of such Stock as of the date on which
holders of Stock received or became entitled to receive such shares or all other
additional stock and other securities and property.

                3.3 REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER OR
SALE. If any capital reorganization of the capital stock of the Company, or any
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its assets to another corporation shall be effected
in such a way that holders of Stock shall be entitled to receive stock,
securities, or other assets or property, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provisions shall be made whereby the Holder hereof shall thereafter
have the right to purchase and receive (in lieu of the shares of the Stock of
the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented hereby) such shares of stock, securities or other
assets or property as may be issued or payable with respect to or in exchange
for a number of outstanding shares of such Stock equal to the number of shares
of such stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby. In any reorganization described
above, appropriate provision shall be made with respect to the rights and
interests of the Holder of this Warrant to the end that the provisions hereof
(including, without limitation, provisions for adjustments of the Stock Purchase
Price and of the number of shares purchasable and receivable upon the exercise
of this Warrant) shall thereafter be applicable, as nearly as may be, in
relation to any shares of stock, securities or assets thereafter deliverable
upon the exercise hereof.

                3.4 NOTICE OF ADJUSTMENT. Upon any adjustment of the Stock
Purchase Price or any increase or decrease in the number of shares purchasable
upon the exercise of this Warrant, the Company shall give written notice
thereof, by first class mail, postage prepaid, addressed to the registered
Holder of this Warrant at the address of such Holder as shown on the books of
the Company. The notice shall be signed by the Company's chief financial officer
and shall state the Stock Purchase Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price
upon the exercise of this Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based.

                3.5 OTHER NOTICES. If at any time:

                        (A) the Company shall declare any cash dividend upon its
Common Stock;

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                        (B) the Company shall declare any dividend upon its
Common Stock payable in stock or make any special dividend or other distribution
to the holders of its Common Stock;

                        (C) the Company shall offer for subscription pro rata to
the holders of its Common Stock any additional shares of stock of any class or
other rights;

                        (D) there shall be any capital reorganization or
reclassification of the capital stock of the Company; or consolidation or merger
of the Company with, or sale of all or substantially all of its assets to,
another corporation; or

                        (E) there shall be a voluntary or involuntary
dissolution, liquidation or winding-up of the Company;

then, in any one or more of said cases, the Company shall give, by first class
mail, postage prepaid, addressed to the Holder of this Warrant at the address of
such Holder as shown on the books of the Company, (a) at least 20 days' prior
written notice of the date on which the books of the Company shall close or a
record shall be taken for such dividend, distribution or subscription rights or
for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up, and (b) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, winding-up or pro-rata
subscription, at least 20 days' prior written notice of the date when the same
shall take place; provided, however, that the Holder shall make a best efforts
attempt to respond to such notice as early as possible after the receipt
thereof. Any notice given in accordance with the foregoing clause (a) shall also
specify, in the case of any such dividend, distribution or subscription rights,
the date on which the holders of Common Stock shall be entitled thereto. Any
notice given in accordance with the foregoing clause (b) shall also specify the
date on which the holders of Stock shall be entitled to exchange their Stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation,
winding-up, or conversion, as the case may be.

        4. ISSUE TAX. The issuance of certificates for shares of Stock upon the
exercise of the Warrant shall be made without charge to the Holder of the
Warrant for any issue tax (other than any applicable income taxes) in respect
thereof; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the issuance and
delivery of any certificate in a name other than that of the then Holder of the
Warrant being exercised.

        5. CLOSING OF BOOKS. The Company will at no time close its transfer
books against the transfer of any warrant or of any shares of Stock issued or
issuable upon the exercise of any warrant in any manner which interferes with
the timely exercise of this Warrant.

        6. NO VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY. Nothing
contained in this Warrant shall be construed as conferring upon the Holder
hereof the right to vote or to consent or to receive notice as a shareholder of
the Company or any other matters or any rights whatsoever as a shareholder of
the Company. No dividends or interest shall be payable or

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accrued in respect of this Warrant or the interest represented hereby or the
shares purchasable hereunder until, and only to the extent that, this Warrant
shall have been exercised. No provisions hereof, in the absence of affirmative
action by the Holder to purchase shares of Stock, and no mere enumeration herein
of the rights or privileges of the Holder hereof, shall give rise to any
liability of such Holder for the Stock Purchase Price or as a shareholder of the
Company, whether such liability is asserted by the Company or by its creditors.

        7. WARRANTS TRANSFERABLE. Subject to compliance with applicable federal
and state securities laws, this Warrant and all rights hereunder are
transferable, in whole, without charge to the Holder hereof (except for transfer
taxes), upon surrender of this Warrant properly endorsed. Each taker and holder
of this Warrant, by taking or holding the same, consents and agrees that this
Warrant, when endorsed in blank, shall be deemed negotiable, and that the Holder
hereof, when this Warrant shall have been so endorsed, may be treated by the
Company, at the Company's option, and all other persons dealing with this
Warrant as the absolute owner hereof for any purpose and as the person entitled
to exercise the rights represented by this Warrant, or to the transfer hereof on
the books of the Company any notice to the contrary notwithstanding; but until
such transfer on such books, the Company may treat the registered owner hereof
as the owner for all purposes.

        8. MODIFICATION AND WAIVER. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the Company and the Holder.

        9. NOTICES. Any notice, request or other document required or permitted
to be given or delivered to the Holder hereof or the Company shall be delivered
or shall be sent by certified mail, postage prepaid, to each such holder at its
address as shown on the books of the Company or to the Company at the address
indicated therefor in the first paragraph of this Warrant or such other address
as either may from time to time provide to the other.

        10. BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets. All of the obligations of the
Company relating to the Stock issuable upon the exercise of this Warrant shall
survive the exercise and termination of this Warrant. All of the covenants and
agreements of the Company shall inure to the benefit of the successors and
assigns of the Holder hereof.

        11. DESCRIPTIVE HEADINGS AND GOVERNING LAW. The description headings of
the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of Delaware without regard to conflict of
laws principles.

        12. LOST WARRANTS. The Company represents and warrants to the Holder
hereof that upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction, or mutilation of this Warrant and, in the case of
any such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon

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surrender and cancellation of such Warrant, the Company, at its expense, will
make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen,
destroyed or mutilated Warrant.

        13. FRACTIONAL SHARES. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the then effective Stock Purchase Price.

        IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its officers, thereunto duly authorized as of the 17th day of
October, 2000.

                                       AMYLIN PHARMACEUTICALS, INC.,
                                       a Delaware corporation

                                       By:
                                           -------------------------------------
                                           Joseph C. Cook, Jr.
                                           Chief Executive Officer and
                                           Chairman of the Board of Directors

                                       7

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