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Exhibit 4.2  

 
  Certificate to Provide for the Designation, Preferences,
  Rights, Qualifications, Limitations or Restrictions Thereof,
  of the Series A Preferred Stock,    
    

        The
first series of Preferred Stock shall be comprised of eleven thousand (11,000) shares and shall be designated "Series A Preferred
Stock." 

        The
relative rights, preferences, privileges and restrictions granted to or imposed upon the Series A Preferred Stock are as follows: 

        1.    Definitions:    For purposes of this certificate: 

        (a)   "Additional
Shares of Common Stock" shall have the meaning set forth in Section 6(c)(i)(A)(3). 

        (b)   "Conversion
Rights" shall have the meaning set forth in Section 6. 

        (c)   "Convertible
Securities" shall have the meaning set forth in Section 6(c)(i)(A)(2). 

        (d)   "Corporate
Sale" shall have the meaning set forth in Section 3(c). 

        (e)   "Dilution
Price" shall have the meaning set forth in Section 6(c)(i)(D). 

        (f)    "Holder's
Pro Rata Share" shall have the meaning set forth in Section 7(a). 

        (g)   "New
Series A Conversion Price" shall have the meaning set forth in Section 6(c)(i)(D)(1). 

        (h)   "Notice"
shall have the meaning set forth in Section 7(b)(i)(A). 

        (i)    "Offered
Shares" shall have the meaning set forth in Section 7(b)(i). 

        (j)    "Options"
shall have the meaning set forth in Section 6(c)(i)(A)(1). 

        (k)   "Original
Series A Conversion Ratio" shall have the meaning set forth in Section 6(a). 

        (l)    "Preemptive
Rights" shall have the meaning set forth in Section 7(a). 

        (m)  "Recapitalization
Event" shall have the meaning set forth in Section 3(a). 

        (n)   "Series A
Conversion Price" shall have the meaning set forth in Section 6(c)(i)(B). 

        (o)   "Series A
Conversion Ratio" shall have the meaning set forth in Section 6(a). 

        (p)   "Series A
Original Issue Date" shall have the meaning set forth in Section 6(c)(i)(A)(4). 

        (q)   "Series A
Original Issue Price" shall have the meaning set forth in Section 3(a). 

        2.    Dividends.    The holders of shares of Series A Preferred Stock shall be entitled to receive dividends,
out of assets legally available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock or other securities and rights convertible into or
entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) on the Common Stock of the Corporation, at a rate of $25.00 per share per annum
out of surplus funds determined by the board of directors to be available for payment thereof, provided, that, if in any year a dividend (payable other than in Common Stock or other securities and
rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) is declared and paid on any shares of Common Stock,
the holders of Series A Preferred Stock shall be entitled to receive, in lieu of the foregoing, the greater of (i) $25.00 per share or (ii) an amount equal to the dividend(s) that
would have been paid to the holder of a share of Series A Preferred Stock had the Series A Preferred Stock been converted into Common Stock immediately prior to the record date(s) for
such dividend(s) on the Common Stock. Such dividends shall accrue on each share from the date of issuance of such share and shall accrue from day 

 

to
day, whether or not earned or declared. Such dividend shall be paid when declared by the board of directors. Such dividends shall not be cumulative. Unpaid dividends shall not represent a
contingent claim against the Corporation. 

        3.    Liquidation Preference.    In the event of the liquidation, dissolution or winding up of the Corporation, either
voluntary or involuntary, distributions to the shareholders of the Corporation shall be made in the following manner: 

        (a)    Preference.    The holders of Series A Preferred Stock shall be entitled to receive prior and in
preference to any distribution of any assets or property of the Corporation to the holders of Common Stock by reason of their ownership hereof, an amount equal to $875.00 per share (the
"Series A Original Issue Price") (as adjusted for any consolidations, combinations, stock distributions, stock dividends, stock splits or similar
events, each a "Recapitalization Event"), plus an amount equal to all accrued but unpaid dividends. If, upon the occurrence of such event, the assets
and funds available for distribution are insufficient to permit the payment to the holders of Series A Preferred Stock of the full preferential amount, then the entire assets and funds of the
Corporation legally available for distribution to shareholders shall be distributed among the holders of the Series A Preferred Stock ratably in proportion to the relative preferential amounts
which they would be entitled to receive pursuant to the preceding sentence of this Section 3(a). 

        (b)    Remaining Assets.    After payment has been made to the holders of Series A Preferred Stock pursuant to
Section 3(a), if any remaining assets of the Corporation are available for distribution to shareholders, the holders of the Common Stock of the Corporation shall receive all of the remaining
assets of the Corporation, and the holder of the Series A Preferred Stock shall not further participate therein. 

        (c)    Reorganization or Merger.    A reorganization or merger of the Corporation with or into any other corporation
or corporations, in which the shareholders of the Corporation immediately prior to the transaction hold less than a majority of the voting stock immediately after the transaction, or any transaction
or series of transactions resulting in the sale, transfer, lease or other disposition (but not including a transfer by pledge or mortgage to a bona fide lender) of all or substantially all of the
assets of the Corporation (other than to a wholly-owned subsidiary) or any transaction or series of related transactions to which the Corporation is a party in which the shareholders of the
Corporation immediately prior to the transaction hold less than a majority of the voting stock immediately after the transaction (any such transaction or series of transactions, a
"Corporate Sale") shall be deemed to be a liquidation within the meaning of this Section 3. Any securities to be delivered to the holders of the
Preferred Stock and Common Stock upon a Corporate Sale or any merger or reorganization of the Corporation shall be valued as determined in good faith by the Board of Directors of the Corporation. 

        4.    Voting Rights.    The Series A Preferred Stock shall be nonvoting in all matters other than those matters
where voting is specifically required by the Oregon Business Corporation Act and as otherwise provided in this Section 4. Each share of Series A Preferred Stock shall be entitled to a
number of votes equal to the number of shares of Common Stock into which such share of Series A Preferred Stock could be converted on the record date for the vote or written consent of
shareholders on all matters on which the holders of Series A Preferred Stock must be permitted to vote under the Oregon Business Corporation Act and shall vote with the holders of the Common
Stock and not as a separate class on (i) on any merger or consolidation of the Corporation with one or more other corporations in which the shareholders of the Corporation immediately after
such merger or consolidation hold stock representing less than a majority of the voting power of the outstanding stock of the surviving corporation; and (ii) the sale of all or substantially
all the Corporation's assets. The holders of Series A Preferred Stock shall be entitled to vote as required under the Oregon Business Corporation Act on the following matters: (i) any
increase or decrease in the aggregate number of authorized shares of 

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Series A
Preferred Stock; (ii) any action that effects an exchange or reclassification of all or a part of the Series A Preferred Stock into shares of another class of stock;
(iii) any action that effects an exchange or reclassification or creates the right of exchange of all or part of the shares of another class of stock into the Series A Preferred Stock;
(iv) any action that changes the designation, rights, preferences or limitations of the Series A Preferred Stock; (v) any stock split, stock dividend or other recapitalization of
the Series A Preferred Stock; (vi) any action that authorizes, creates or issues shares of any class of stock having preferences superior to or on parity with the Series A
Preferred Stock; (vii) any action that reclassifies any outstanding shares into shares having preferences or priority as to dividends or assets senior to or on parity with the preference of the
Series A Preferred Stock; (viii) any action that limits or denies the preemptive rights of the Series A Preferred Stock; (ix) any action that cancels or otherwise affects
the rights of the Series A Preferred Stock to dividends that have accumulated but not yet been declared; and (x) the liquidation or dissolution of the Corporation. The holder of each
share of Series A Preferred Stock shall be entitled to notice of any shareholders' meeting in accordance with the bylaws of the Corporation and shall vote with holders of the Common Stock at
any annual or special meeting of shareholders of the Corporation, or by written consent, upon those matters required by law or by this paragraph to be submitted to a separate class vote. Fractional
votes shall not, however, be permitted and any fractional voting rights resulting from the above formula (after aggregating all shares of Common Stock into which shares of Series A Preferred
Stock held by each holder could be converted) shall be rounded down to the nearest whole number. 

        5.    Redemption.    The Series A Preferred Stock is not redeemable. 

        6.    Conversion.    The holders of the Series A Preferred Stock shall have conversion rights as follows (the
"Conversion Rights"): 

        (a)    Optional Conversion.    Each share of Series A Preferred Stock shall be convertible, at the option of
the holder thereof, at (i) any time beginning three (3) years after the Series A Original Issue Date (as defined in Section 6(c)(i)(A)(4)), or (ii) upon the
occurrence of a Corporate Sale as defined in Section 3(c), conversion shall be effected at the office of the Corporation or any transfer agent of the Corporation for the Series A
Preferred Stock, into such number of fully paid and nonassessable shares of Common Stock as shall be determined by multiplying the number of shares of Series A Preferred held by such holder by
the Series A Conversion Ratio (determined as provided herein) in effect at the time of conversion. The "Original Series A Conversion
Ratio" shall be 87.50 shares of Common Stock for each share of Series A Preferred Stock. The number of shares of Common Stock into which each share of Series A
Preferred Stock may be converted at any given time is hereinafter referred to as the "Series A Conversion Ratio." The Series A Conversion
Ratio then in effect shall be subject to adjustment as set forth in Section 6(c) below. 

        (b)    Automatic Conversion.    Each share of Series A Preferred Stock shall automatically be converted into
fully paid and nonassessable shares of Common Stock at the then effective Series A Conversion Rate, immediately and without action by any person, five (5) years after the Series A
Original Issue Date (as defined in Section 6(c)(i)(A)(4)). 

        (c)    Adjustments to Series A Conversion Ratio.    

          (i)  Dilutive Issuances

        (A)  Special Definitions.    For purposes of this Section 6(c)(i), the following definitions shall apply: 

        (1)   "Options" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire either Common Stock or
Convertible Securities (as defined below) not otherwise excluded from the definition of Additional Shares of Common Stock (as defined below). 

3

 

        (2)   "Convertible Securities" shall mean any evidences of indebtedness, shares or other securities convertible into or
exchangeable for Common Stock not otherwise excluded from the definition of Additional Shares of Common Stock (as defined below). 

        (3)   "Additional Shares of Common Stock" shall mean all shares of Common Stock issued (or, pursuant to
Section 6(c)(i)(C) below, deemed to be issued) by the Corporation after the Series A Original Issue Date (as defined below), other than shares of Common Stock issued or issuable: 

        (aa) upon
conversion of shares of Series A Preferred Stock; 

        (bb) shares
to officers, directors or employees of, or consultants to, the Corporation pursuant to any equity based or incentive-based compensation plan that existed as of
the Series A Original Issue Date; 

        (cc) in
connection with the acquisition by the Corporation of another business entity or majority ownership thereof, the assets of another business entity, or any other
business combination approved by the Board of Directors; 

        (dd) in
connection with a transaction described in Section 6(c)(ii); 

        (ee) by
way of dividend or other distribution on shares of Common Stock excluded from the definition of Additional Shares of Common Stock by the foregoing clauses (aa)
through (dd). 

        (4)   "Series A Original Issue Date" shall mean the date on which the Series A Preferred Stock is first issued by
the Corporation. 

        (B)  No Adjustment of Series A Conversion Price.    No adjustment in the Series A Conversion Price
shall be made with respect to the issuance of Additional Shares of Common Stock unless the consideration per share for an Additional Share of Common Stock issued or deemed to be issued by the
Corporation is less than the Series A Conversion Price, as defined below, in effect on the date of, and immediately prior to, such issue. The "Series A Conversion
Price" at any time shall be the quotient of the Series A Original Issue Price, as adjusted for any Recapitalization Event, divided by the Series A Conversion
Ratio then in effect. 

        (C)  Deemed Issue of Additional Shares of Common Stock.    In the event the Corporation at any time or from time to
time after the Series A Original Issue Date shall issue any Options or Convertible
Securities or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of
Common Stock issuable upon the exercise of such Options or, in the case of Convertible Securities, the conversion or exchange of the Convertible Securities (as set forth in the instrument relating
thereto without regard to any provisions contained therein for a subsequent adjustment of such number) shall be deemed to be Additional Shares of Common Stock issued as of the time of the issuance of
such Option or Convertible Security or, in case such a record date shall have been fixed, as of the close of business on such record date: 

        (1)   except
as provided in Section 6(c)(i)(C)(2) and 6(c)(i)(C)(3) below, no further adjustment in the Series A Conversion Ratio shall be made upon the
subsequent issue of Convertible Securities or shares of Common Stock upon the exercise of such Options or conversion or exchange of such Convertible Securities; 

4

 

        (2)   if
such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any change in the consideration payable to the Corporation,
or change in the number of shares of Common Stock issuable, upon the exercise, conversion or exchange thereof (other than under or by reason of provisions designed to protect against dilution), a
Series A Conversion Ratio computed upon the original issue thereof (or upon the occurrence of a record date with respect thereto) and any subsequent adjustments based thereon, shall, upon any
such increase or decrease becoming effective, be recomputed to reflect such increase or decrease insofar as it affects such Options or the rights of conversion or exchange under such Convertible
Securities; 

        (3)   upon
the expiration or other termination of any unexercised Options or Convertible Securities, the Series A Conversion Ratio, to the extent in any way affected by
or computed using such Options or Convertible Securities, shall be recomputed to reflect the issuance of only the number of shares of Common Stock actually issued upon the exercise of such Options or
Convertible Securities; and 

        (4)   no
readjustment pursuant to Section 6(c)(i)(C) clauses (2) and (3) above shall have the effect of reducing the Series A Conversion Ratio to a
ratio less than the greater of (1) the Series A Conversion Ratio on the Series A Original Issue Date or (2) the Series A Conversion Ratio that would have resulted
from any issuance of Additional Shares of Common Stock between the Series A Original Issue Date and such readjustment date. 

        (D)  Adjustment of Series A Conversion Ratio Upon Issuance of Additional Shares of Common Stock Below Purchase
Price.    In the event this Corporation shall issue Additional Shares of Common Stock after the Series A Original Issue Date, without consideration or for a
consideration per share less than the Series A Conversion Price in effect on the date of and immediately prior to such issue (such issuance
price being referred to herein as the "Dilution Price"), then and in each such event the Series A Conversion Ratio shall automatically be
adjusted as set forth in this Section 6(c)(i)(D). 

        (1)   Adjustment Formula.    Whenever the Series A Conversion Ratio is adjusted by Section 6(c)(i)(D),
the new Series A Conversion Ratio shall be determined by dividing the Series A Original Purchase Price by the "New Series A Conversion
Price", which shall be determined by multiplying the Series A Conversion Price then in effect by a fraction, (x) the numerator of which shall be the sum of
(i) the number of shares of Common Stock outstanding immediately prior to such issue plus (ii) the number of shares of Common Stock which the aggregate consideration received by the
Corporation for the total number of Additional Shares of Common Stock so issued would purchase at such Series A Conversion Price in effect immediately prior to such issuance, and (y) the
denominator of which shall be the sum of (i) the number of shares of Common Stock outstanding immediately prior to such issues plus (ii) the number of such additional shares of Common
Stock so issued. For the purposes of this paragraph, the number of outstanding shares of Common Stock shall be deemed to include the Common Stock issuable on conversion of all other outstanding
Preferred Stock, upon conversion or exercise of any other outstanding Convertible Securities and upon exercise of all reserved Options (and assuming conversion of Convertible Securities issuable upon
exercise of Options). 

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        (E)  Determination of Consideration.    For purposes of this Section 6(c)(i)(E), the consideration received
by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows: 

        (1)   Cash and Property:    Such consideration shall: 

        (aa) insofar
as it consists of cash, be computed at the aggregate amount of cash received by the Corporation after deducting any reasonable discounts, commissions or other
expenses allowed, paid or incurred by the Corporation for any underwriting, commission, finder's fee or otherwise in connection with the issuance and sale thereof; 

        (bb) insofar
as it consists of property other than cash, be computed at the fair value thereof at the time of such issue, as determined by the Board of Directors in the good
faith exercise of its reasonable business judgment; and 

        (cc) in
the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers
both, be the proportion of such consideration so received, computed as provided in clauses (aa) and (bb) above, as determined in good faith by the Board. 

        (2)   Options and Convertible Securities.    The consideration per share received by the Corporation for Additional
Shares of Common Stock deemed to have been issued pursuant to Section 6(c)(i)(C), relating to Options and Convertible Securities, shall be determined by dividing: 

        (aa) the
total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate
amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to
the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for
Convertible Securities and the conversion or exchange of such Convertible Securities, by 

        (bb) the
maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities 

         (ii)  Other Adjustments to Series A Conversion Ratio.

        (A)  Subdivisions, Combinations, or Consolidations of Common Stock.    In the event the outstanding shares of any
class of Common Stock shall be subdivided, combined or consolidated, by stock split, stock dividend, combination or like event, into a greater or lesser number of shares of Common Stock after the
Series A Original Issue Date, the Series A Conversion Ratio in effect immediately prior to such subdivision, combination, consolidation or stock dividend shall, concurrently with the
effectiveness of such subdivision, combination or consolidation, be proportionately adjusted. 

        (B)  Distributions Other than Cash Dividends Out of Retained Earnings.    In case the Corporation shall declare a
cash dividend upon any class of its Common Stock payable otherwise than out of retained earnings or shall distribute to holders of any class of its Common Stock shares of its capital stock (other than
shares of any class of Common 

6

 

Stock
and other than as otherwise adjusted in this Section 6(c)), stock or other securities of other persons, evidences of indebtedness issued by the Corporation or other persons, assets
(excluding cash dividends) or options or rights (excluding options to purchase and rights to subscribe for any class of Common Stock or other securities of the Corporation convertible into or
exchangeable for any class of Common Stock), then, in each such case, provision shall be made so that the holders of Series A Preferred Stock shall receive upon conversion thereof, in addition
to the number of shares of Common Stock receivable thereupon, the amount of cash or securities of the Corporation which they would have received had their Series A Preferred Stock been
converted into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to and including the date of conversion, retained such securities
receivable by them as aforesaid during such period, subject to all other adjustments called for during such period under this Section 5 with respect to the rights of the holders of the
Series A Preferred Stock. 

        (C)  Adjustment for Common Stock Dividends and Distributions.    If, after the Series A Original Issue Date,
the Corporation at any time or from time to time makes, or fixes a record date for determination of holders of any class of Common Stock entitled to receive, a dividend or other distribution payable
in additional shares of any class of Common Stock, in each such event the Series A Conversion Ratio that is then in effect shall be increased as of the time of such issuance or, in the event
such record date is fixed, as of the close of business on such record date, by multiplying the Series A Conversion Ratio then in effect by a fraction of (A) the numerator of which is the
total number of shares of all classes of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of
any class of Common Stock issuable in payment of such dividend or distribution; and (B) the denominator of which is the total number of shares of Common Stock issued and outstanding immediately
prior to the time of such issuance or the close of business on such record date, provided, however, that if such record date is fixed and such dividend is not fully paid or if such distribution is not
fully made on the date fixed therefor, the Series A Conversion Ratio shall be recomputed accordingly as of the close of business on such record date and thereafter the Series A
Conversion Ratio shall be adjusted pursuant to Section 6(c)(ii)(C) to reflect the actual payment of such dividend or distribution. 

        (D)  Reclassifications and Reorganizations.    In the case, at any time after the date hereof, of any capital
reorganization (except as provided in Section 3(c)) or any reclassification of the stock of the Corporation (other than as a result of a stock dividend or subdivision, split-up or
combination of shares), the Series A Conversion Ratio then in effect shall, concurrently with the effectiveness of such reorganization or reclassification, be proportionately adjusted such that
the shares of the Series A Preferred Stock shall, after such reorganization or reclassification, be convertible into the kind and number of shares of stock or other securities or property of
the Corporation or otherwise to which such holder would have been entitled if immediately prior to such reorganization or reclassification, the holder had converted the holder's shares of the
Series A Preferred Stock into Common Stock. The provisions of this Section 6(c)(ii)(D) shall similarly apply to successive reorganizations, reclassifications, consolidations or Corporate
Sales. 

        (d)    Certificate as to Adjustments.    Upon the occurrence of each adjustment or readjustment of the Series A
Conversion Ratio pursuant to this Section 6, the Corporation at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and shall furnish to each
holder of the Series A Preferred Stock a certificate setting forth such adjustment 

7

 

or
readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, upon the written request at any time of any holder of the Series A
Preferred Stock, furnish or cause to be furnished to such holder a like certificate setting forth (i) such adjustments and readjustments, (ii) the Series A Conversion Ratio then
in effect and (iii) the number of shares of Common Stock and the type and amount, if any, of other property which then would be received upon the conversion of the Series A Preferred
Stock. 

        (e)    Mechanics of Conversion.    Before any holder of Series A Preferred Stock shall be entitled to convert
the same into shares of Common Stock, such holder shall surrender the certificate or certificates therefor, duly endorsed, at the headquarters of the Corporation or of any transfer agent for the
Corporation and shall give written notice to the Corporation at such office that the holder elects to convert the same and shall state therein the name or names in which the certificate or
certificates for shares of Common Stock are to be issued (except that no such written notice of election to convert shall be necessary in the event of an automatic conversion pursuant to
Section 6(b) hereof). The Corporation shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Series A Preferred Stock, or to the nominee or nominees
of such holder, a certificate or certificates for the number of shares of Common Stock to which he or she shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately
prior to the close of business on the date of such surrender of the shares of Series A Preferred Stock to be converted (except that in the case of an automatic conversion pursuant to
Section 6(b) hereof such conversion shall be deemed to have been made as of 12:01 a.m., Pacific time, on the date referred to in Section 6(b)) and the person or persons entitled
to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock on such date. On the date specified
in Section 6(b) above, the outstanding shares of Series A Preferred Stock shall be converted automatically without any further action by the holders of such shares and whether or not the
certificates representing such shares are surrendered to the Corporation or its transfer agent; provided, however, that the Corporation shall not be
obligated to issue certificates evidencing the shares of Common Stock issuable upon such conversion unless the certificates evidencing such shares of Series A Preferred Stock are either
delivered to the Corporation or its transfer agent as provided above, or the holder notifies the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed and
executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates. 

        (f)    Fractional Shares.    No fractional shares of Common Stock shall be issued upon conversion of shares of
Series A Preferred Stock. In lieu of any fractional shares to which the holder of Series A Preferred Stock would otherwise be entitled, the Corporation shall pay cash equal to such
fraction multiplied by the fair market value of one share of Common Stock determined on the basis of the closing sale price of the Corporation's Common Stock on the day before such conversion, or if
none, then as determined in good faith by the Board of Directors of the Corporation. The number of whole shares issuable to each
holder upon such conversion shall be determined on the basis of the number of shares of Common Stock issuable upon conversion of the total number of shares of Series A Preferred Stock of each
holder at the time converting into Common Stock. 

        (g)    No Dilution or Impairment.    Without the consent of the Series A Preferred Stock in accordance with
Section 4, the Corporation will not amend its Articles of Incorporation or participate in any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, for the purpose of avoiding or seeking to avoid the observance or performance of any of the terms to be observed or performed hereunder by the
Corporation, but will at all times in good faith assist in the taking of all such 

8

 

action
as may be necessary or appropriate in order to protect the conversion rights of the holders of the Series A Preferred Stock against dilution or other impairment. 

        (h)    Status of Converted Shares.    Following any optional or automatic conversion of the Series A Preferred
Stock to Common Stock, the transfer records respecting the Series A Preferred Stock shall be closed and no subsequent transfers thereof shall be recognized. No shares of Series A
Preferred Stock which have been converted into Common Stock shall ever again be reissued and all such shares so converted shall upon such conversion be appropriately canceled on the books of the
Corporation and shall be restored to the status of authorized but unissued Preferred Stock of the Corporation, undesignated as to series. 

        (i)    Reservation of Stock Issuable Upon Conversion.    The Corporation shall at all times reserve and keep available
out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of the shares of Series A Preferred Stock such number of its shares of Common Stock
as shall from time to time be sufficient to effect the conversion of all outstanding shares of Series A Preferred Stock; and if at any time the number of authorized but unissued shares of
Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of Series A Preferred Stock, the Corporation shall take such corporate action as may, in the opinion
of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose. 

        7.    Preemptive Rights.    The holders of Series A Preferred Stock shall have such preemptive rights as
follows: 

        (a)    Rights to Purchase Additional Common Stock.    If the Corporation issues any shares of Common Stock subsequent
to the Series A Original Issue Date, each holder of the Series A Preferred Stock shall have the right to purchase up to such holder's pro rata share of such shares of Common Stock being
issued on the same terms and conditions as the Corporation is willing to sell such shares to any other person (the "Preemptive Rights"). Each holder's
pro rata share of the Common Stock being issued equals the proportion that (x) the number of shares of Common Stock that are then issuable to such holder upon
conversion of the Series A Preferred Stock bears to (y) the total number of shares of Common Stock of the Corporation then outstanding (assuming full conversion and exercise of all
convertible and exercisable securities then outstanding) (the "Holder's Pro Rata Share"). Notwithstanding the foregoing, a holder of Series A
Preferred Stock shall have no preemptive rights with respect to shares of Common Stock issued for the following purposes: 

          (i)  upon
conversion of shares of Series A Preferred Stock; 

         (ii)  shares
to officers, directors or employees of, or consultants to, the Corporation pursuant to a warrant, stock grant, option agreement or plan, purchase plan or other
employee stock incentive program or agreement that is in effect as of the Series A Original Issue Date or is approved by the holders of the Common Stock of the Corporation in accordance with
then-applicable rules of the Nasdaq Stock Market; 

        (iii)  upon
conversion of any warrant, stock grant, option agreement or other security outstanding at the Series A Original Issue Date that is convertible into or
exchangeable for Common Stock; 

        (iv)  in
connection with a merger, acquisition of assets or other business combination of another business entity approved by the Board of Directors of the Corporation; 

         (v)  by
way of dividend or other distribution on shares of the Corporation's capital stock. 

9

 

        (b)    Notice.    The exercise of the Preemptive Rights is subject to the following provisions: 

          (i)  Each
time the Corporation proposes to offer any shares of Common Stock subsequent to the Series A Original Issue Date as set forth in Section 7(a) above
(the "Offered Shares"), the Corporation shall first make an offering of such Offered Shares to each holder of Series A Preferred Stock in
accordance with the following provisions: 

        (A)  The
Corporation shall deliver a notice ("Notice") to the holder of Series A Preferred Stock stating (i) its
bona fide intention to offer such Offered Shares, (ii) the number of such Offered Shares to be offered and (iii) the terms upon which it proposes to offer such Offered Shares. 

        (B)  By
written notification received by the Corporation within fifteen (15) calendar days after the giving of Notice, each holder of Series A Preferred Stock
may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Offered Shares that equals such Holder's Pro Rata Share. 

         (ii)  If
all Offered Shares that such holders of Series A Preferred Stock are entitled to obtain pursuant to subsection 6(a) are not elected to be obtained as provided
in subsection 6(b)(ii) hereof, the Corporation may, during the ninety (90) day period following the expiration of the period provided in subsection 6(b)(ii) hereof, offer the
remaining unsubscribed portion of such Offered Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If
the Corporation does not enter into an agreement for the sale of the Offered Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof,
the right provided hereunder shall be deemed to be revived and such Offered Shares shall not be offered unless first reoffered to the holders of Series A Preferred Stock in accordance herewith. 

10

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Certificate to Provide for the Designation, Preferences, Rights, Qualifications, Limitations or Restrictions Thereof, of the Series A Preferred Stock,Exhibit 10.5

 

ACORDA

Therapeutics

 

August 11, 2002

 

Dr. Ron Cohen

145 West 58th Street

New York, NY 10019

 

Dear Ron:

 

We are delighted to
present this letter agreement, setting out the terms of your continued
employment with Acorda Therapeutics, Inc. (the “Company”) as President,
Director and Chief Executive Officer. 
If these terms are acceptable, please sign and date the copy of this
letter provided herewith and return it to me at your first convenience.  If you accept the terms offered herein, this
Agreement shall be deemed to be effective as of January 1, 2002 (the “Effective
Date”).

 

1.                                      Employment.

 

You will be employed by
the Company, as President and Chief Executive Officer.  As President and Chief Executive Officer you
will have overall responsibility for all aspects of the Company’s
business.  You will report directly to
the Board of the Director’s of the Company (the “Board”).  You will also serve as a member of the Board.

 

2.                                      Base
Salary.

 

In consideration for your
services under this Agreement, you shall be paid an annual base salary of Two
Hundred and Eighty Thousand Dollars ($280,000), to be paid in accordance with
the Company’s standard payroll practices. Your base salary shall be reviewed
annually by the Board and any increase to your base salary shall be determined
by the Board based on your performance and the Company’s overall performance.

 

3.                                      Annual
Bonus.

 

You shall be eligible to
receive an annual bonus in an amount determined by the Board in its sole
discretion based on your performance.

 

4.                                      Benefits;
Perquisites; Reimbursement of Expenses.

 

In addition to those
payments set forth above, you shall be entitled to the following benefits and
payments:

 

(a)                                  Employee
Benefit Plans Generally.  You
shall be entitled to participate in all employee benefit plans which the
Company provides or may establish from time to time for the benefit of its
senior executives.

 

(b)                                 Vacation.  You shall be entitled to paid vacation in
accordance with the Company’s vacation policy as that policy may be amended from
time to time.

 

 

(c)                                  Perquisites
and Reimbursement of Expenses. 
You shall be entitled to all perquisites offered to senior executives of
the Company.  In addition, you shall be
entitled to reimbursement for all ordinary and reasonable out-of-pocket business
expenses which are incurred by you in furtherance of the Company’s business, in
accordance with the policies adopted from time to time by the Company.

 

(d)                                 Insurance.  You shall be covered by a Directors and
Officers Liability Insurance policy that generally covers the directors and
officers of the Company, provided by the Company at its expense.  You shall cooperate in all respects with the
Company’s efforts to obtain and maintain key person life insurance on your
life.

 

(e)                                  Legal Fees.  The Company shall reimburse you for legal
fees incurred in connection with the negotiation and drafting of this
Agreement, up to a maximum of  Five
Thousand Five Dollars ($5,500).

 

5.                                      Stock
Options.

 

You shall be eligible to
receive annual performance-based stock option grants to purchase shares of the
Company’s common stock.  The number of
annual options granted shall be determined by the Board, based on the
achievement of individual performance objectives and the Company’s achievement
of its goals and objectives.  All such
options shall be granted pursuant to and in accordance with the terms of the
Acorda Therapeutics, Inc. 1999 Employee Stock Option Plan and/or any additional
or replacement plan adopted by the Board (the “Plan(s)”) except as such terms
may be specifically modified herein. 
Unless otherwise provided for in any option agreement, all options
granted to you shall vest in 16 equal quarterly installments, beginning with
the first day of the quarter next following the date the option is
granted.  Unless otherwise limited by
IRS rules governing the issuance of incentive options to principal stockholders
of the Company, all options shall be exercisable for 10 years following the
date of grant.  You shall be eligible to
exercise all options granted on a cashless basis, and otherwise in accordance
with the terms of the Plan(s).

 

6.                                      Term;
Termination.

 

(a)                                  Term.  The term of this Agreement shall continue
for a period of one year following the Effective Date, unless earlier
terminated as provided herein, and shall be automatically renewed for
successive one year terms unless the Company or you provide written notice of
its or your determination not to renew this Agreement at least 60 days prior to
the expiration of the then current term. A determination by you or the Company
not to renew this Agreement based upon Good Reason or Without Cause, as the
case may be, shall be deemed a termination of employment for purposes of
Section 6(c) and the terms thereof shall apply.

 

2

 

(b)                                 Death or
Disability.  Your employment
with the Company shall terminate as of the date of your death or the date you
are determined to be “Disabled.”  Upon
such termination, the following shall apply:

 

(i)                                     The
Company shall pay to you or your estate, as the case may be, (A)  all amounts due and owing as of the date of
termination and (B) your base salary through the end of the third month
following the date your employment is terminated.

 

(ii)                                  If
you or your eligible spouse and dependents timely elect health care
continuation coverage (“COBRA Coverage”), the Company shall pay the monthly
premiums for such coverage for the duration of the applicable COBRA Coverage
period.

 

(iii)                               65%
of all unvested stock options shall become immediately vested and shall remain
exercisable by you or your estate, as the case may be, for 48 months following
the termination date.

 

For these purposes, you
shall be considered to be Disabled if you are unable to perform the substantial
functions of your position for 180 consecutive days or more in a 12 month
period, unless a greater period is required by law.  A determination of disability shall be made jointly by a
physician of your choice and a physician of the Company’s choice.  If both physicians can not agree on whether
you are Disabled, a third physician chosen by the first two shall make the
final and binding determination.

 

(c)                                  Termination
of Your Employment by the Company Without Cause or Voluntary Termination by You
With Good Reason.  If the
Company terminates your employment without Cause or if you terminate your
employment with Good Reason the following shall apply:

 

(i)                                     The
Company shall pay to you your base salary for a period of one (1) year
following the date of such termination (the “Severance Period”).  You shall be under no obligation to secure
alternative employment during the Severance Period, and payment of your base
salary shall be made without regard to any subsequent employment you may
obtain.

 

(ii)                                  The
Company shall also pay you a bonus equal to the last annual bonus you received
multiplied by a fraction, the numerator of which shall be the number of days in
the calendar year elapsed as of the termination date and the denominator of
which shall be 365.

 

(iii)                               If
you or your eligible spouse and dependents timely elect COBRA Coverage, the
Company shall pay the monthly premiums for such coverage during the Severance
Period; provided that, if you elect coverage under a subsequent employer’s
group health insurance plan during the Severance Period, payment of such
premiums shall cease.

 

3

 

(iv)                              All
stock options granted to you hereunder or under any other agreement shall
become immediately and fully vested as of the termination date, and shall
remain exercisable for 48 months following such date.

 

(d)                                 Termination
of Your Employment by the Company With Cause or by You Without Good Reason.  The Company may terminate your employment
with Cause or you may resign at any time. 
In such case, you shall be paid all amounts due for services rendered
under this Agreement up until the termination date.  Thereafter, no further payments shall be made to you under this
Agreement.  All stock options granted to
you hereunder or under any other agreement that are fully vested as of the date
of your termination shall remain exercisable for ninety (90) days from the
termination date.  If you dispute the
grounds for your termination, your vested options will remain exercisable until
ninety (90) day after the date the dispute is resolved.  All unvested options shall be forfeited.

 

(e)                                  Cause.  As used herein, “Cause” means that you have:

 

(i)                                     committed
gross negligence in connection with your duties as set forth herein or
otherwise with respect to the business and affairs of the Company, which gross
negligence has a material adverse effect on the business of the Company or your
ability to perform your duties under this Agreement;

 

(ii)                                  committed
fraud in connection with your duties as set forth herein or otherwise with
respect to the business and affairs of the Company;

 

(iii)                               engaged
in “willful misconduct” with respect to the business and affairs of the
Company.  For purposes of this
Agreement, “willful misconduct” means misconduct committed with actual
knowledge that your actions violate directions and instructions of the Board,
which directions and instructions are legal and consistent with the Agreement;

 

(iv)                              materially
breached your duties under this Agreement, which breach has a material adverse
effect on the business of the Company or your ability to perform your duties
under the Agreement; or

 

(v)                                 been
found by a court of competent jurisdiction to have committed or plead guilty to
an unlawful act whether or not related to the business of the Company if the
commission of such act has a material adverse effect either on (a) your ability
to perform your duties under the Agreement or (b) the reputation and goodwill
of the Company.

 

“Cause” shall be found only by a majority of the full
Board and only after you have received notice from the Board, have had an
opportunity to

 

4

 

discuss the issues with the Board, have had an
opportunity to be heard generally and through counsel, and have been given a 30
day period to cure, where cure is feasible.

 

(f)                                    Good Reason.  As used herein, “Good Reason” means that:

 

(i)                                     the
Company has materially breached this Agreement;

 

(ii)                                  you
are removed or not appointed as a member the Board;

 

(iii)                               the
Company fails to acquire the assignment of this Agreement by an acquiring
entity;

 

(iv)                              your
position has been materially reduced or you have been assigned duties that are
materially inconsistent with your duties as set forth herein or which
materially impair your ability to perform the services contemplated hereunder;
or

 

(v)                                 the
Company relocates its offices more than 60 miles from Hawthorne, New York.

 

(vi)                              Termination
for Good Reason may occur only after you have given the Board notice and 30
days to cure, where cure is feasible.

 

7.                                      Change
in Control.

 

(a)                                  Subject
to the provisions of this Section 7, the vesting of your options upon a Change
of Control shall be governed by the terms of the Plans and your option
agreements, but in no event shall less than 65% of your then unvested stock
options become immediately vested and exercisable.

 

(b)                                 Voluntary
Termination by You After a Change in Control Without Good Reason.  If you voluntarily terminate your employment
following the effective date of the Change in Control the following shall
apply:

 

(i)                                     The
Company shall pay to you your base salary for a period of one (1) year
following the date of such termination (the “Change in Control Severance
Period”).  You shall be under no
obligation to secure alternative employment during the Change in Control
Severance Period, and payment of your base salary shall be made without regard
to any subsequent employment you may obtain;

 

(ii)                                  The
Company shall also pay you a bonus equal to the last annual bonus you received
multiplied by a fraction, the numerator of which shall be the number of days in
the calendar year elapsed as of the termination date and the denominator of
which shall be 365.  Should the Company
revise its compensation schedule, you will be paid a pro-rata bonus as
reasonably determined under the compensation system then in place;

 

5

 

(iii)                               If
you or your eligible spouse and dependents timely elect COBRA Coverage, the
Company shall pay the monthly premiums for such coverage during the Change in
Control Severance Period; provided that, if you elect coverage under a
subsequent employer’s group health insurance plan during the Change in Control
Severance Period, payment of such premiums shall cease; and

 

(iv)                              65%
of all outstanding options shall vest as of the termination date and shall
remain exercisable for 48 months following such date.

 

(c)                                  If
you voluntarily terminate your employment after a Change in Control with Good
Reason, then Paragraph 6(c) shall apply in lieu of Paragraph 7(b).

 

(d)                                 Change in
Control Defined.  A Change in
Control shall be deemed to have occurred if:

 

(i)                                     there
is a consolidation or merger of the Company in which the Company is not the
continuing or surviving corporation; or there is any other merger or
consolidation if, after such merger or consolidation shareholders of the
Company immediately prior to such merger or consolidation hold less than 50% of
the voting stock of the surviving entity;

 

(ii)                                  there
is a sale or transfer of all or substantially all of the assets of the Company
in one or a series of transactions or there is a complete liquidation or
dissolution of the Company; or

 

(iii)                               any
individual or entity or group acting in concert and affiliates thereof,
acquires, directly or indirectly, more than 50% of the outstanding shares of
voting stock of the Company; provided that this subsection (iii) shall not
apply to an underwritten public offering of the Company’s securities.

 

8.                                      Confidentiality/Noncompetition.

 

(a)                                  During
the term of your employment and for an additional period of five years after
you are no longer employed by the Company, you will not reveal, divulge or make
known to any individual, partnership, joint venture, corporation or other
business entity (other than the Company or its affiliates) or use for your own
account any customer lists, trade secrets or any confidential information of
any kind (“Protected Information”) used by the Company or any of its commonly
controlled affiliates in the conduct of the Company’s business and made known
to you by reason of your employment with the Company or any of its affiliates
(whether or not developed, devised or otherwise created in whole or in part by
your efforts); provided, that Protected Information shall not include
information that shall become known to the public or the trade without
violation of this Section 8(a); and provided, further, that you
shall not violate this Section 8(a) if Protected Information is disclosed by
you at the direction of the Company or if you are required to provide Protected
Information in any legal proceeding or by order of any court.

 

6

 

(b)                                 During
the term of your employment and for an additional period of one  year
after you are no longer employed by the Company, you will not, directly or
indirectly, engage in a Competitive Business, including owning or controlling
an interest in (except as a passive investor owning less than two percent (2%)
of the equity securities of a publicly-owned company), or acting as director,
officer or employee of, or consultant to, any individual, partnership, joint
venture, corporation or other business entity known to you to be engaged in a
Competitive Business. “Competitive Business” shall mean the development of
therapeutics for spinal cord injuries, multiple sclerosis and other central
nervous system conditions for which the Company is actively seeking to develop
therapeutics during the term of this Agreement; provided, however, that
notwithstanding the aforesaid, you shall not be prohibited from acting in any
of the aforesaid capacities for or with respect to any subsidiary, division,
affiliate or unit (each, a “Unit”) of an entity if that Unit itself is not
engaged in a Competitive Business, irrespective of whether some other Unit of
such entity engages in such competition (as long as you do not engage in a
Competitive Business for such other Unit).

 

(c)                                  During
the term of your employment and for an additional period of one year after you
are no longer employed by the Company, you shall not knowingly employ or
solicit, encourage or induce any person (except your spouse, if applicable) who
at any time within 90 days prior to the termination of your employment shall
have been an employee of the Company or any of its commonly controlled
affiliates, to become employed by or associated with any individual,
partnership, joint venture, corporation or other business entity other than the
Company, and you shall not knowingly approach any such employee for such
purpose or authorize or knowingly approve the taking of such actions by any other
individual, partnership, joint venture, corporation or other business entity or
knowingly assist any such individual, partnership, joint venture, corporation
or other business entity in taking such action.

 

(d)                                 You
acknowledge that the provisions of this Section 8 are reasonable and necessary
for the protection of the Company and that each provision, and the period or
periods of time and types and scope of restrictions on the activities specified
herein are, and are intended to be divisible. 
In the event that any provision of this Agreement, including any
sentence, clause or part hereof, shall be deemed contrary to law or invalid or
unenforceable in any respect by a court of competent jurisdiction, the
remaining provisions shall not be affected, but shall, subject to the
discretion of such court, remain in full force and effect and any invalid and
unenforceable provisions shall be deemed, without further action on the part of
the parties hereto, modified, amended and limited to the extent necessary to render
the same valid and enforceable.

 

(e)                                  You
acknowledge that the Company will be irrevocably damaged if the covenants
contained herein are not specifically enforced.  Accordingly, you agree that, in addition to any other relief to
which the Company may be entitled, the Company shall be entitled to seek and
obtain injunctive relief from a court of competent jurisdiction for the
purposes of restraining you from any actual or threatened breach of such
covenants.

 

7

 

9.                                      Miscellaneous
Provisions.

 

(a)                                  Notices.  All notices and other communications
hereunder between you and the Company shall be in writing, shall be addressed
to the receiving party’s address of record (or to such other address as a party
may designate by notice hereunder), and shall be either (i) delivered by hand,
(ii) made by telecopy, (iii) sent by overnight courier, or (iv) sent by
certified mail, return receipt requested, postage prepaid.

 

(b)                                 Modifications
and Amendments.  The terms
and provisions of this Agreement may be modified or amended only by written
agreement executed by the parties hereto.

 

(c)                                  Waivers and
Consents.  The terms and
provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by written document executed by the party entitled to
the benefits of such terms or provisions. 
No such waiver or consent shall be deemed to be or shall constitute a
waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar.  Each
such waiver or consent shall be effective only in the specific instance and for
the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

 

(d)                                 Assignment.  This Agreement shall inure to the benefit of
and be enforceable by your personal or legal representatives, executors,
administrators, successors, heirs, distributes, devisees and legatees.  This Agreement  may not be assigned or pledged by you.  In the event of the merger or consolidation of the Company (whether
or not the Company is the surviving or resulting corporation), the transfer of
all or substantially all the assets of the Company, or the voluntary or
involuntary dissolution of the Company, the surviving or resulting corporation
or the transferee or transferees of the Company’s assets shall be bound by this
and the Company shall take all actions necessary to ensure that such
corporation, transferee or transferees assume and are bound by its provisions.

 

(e)                                  Severability.  The parties intend this Agreement to be
enforced as written.  However, if any
portion or provision of this Agreement shall to any extent be declared illegal
or unenforceable by a duly authorized court of proper jurisdiction, then the
remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

(f)                                    Choice of
Law.  This Agreement and the
rights and obligations of the parties hereunder shall be construed in
accordance with and governed by the law of the State of New York, without
giving effect to the conflict of law principles thereof.

 

(g)                                 Entire
Agreement.  This Agreement
constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior agreements and understandings of
the parties hereto, oral or written, with respect to the subject matter hereof.
Notwithstanding the preceding sentence, the provisions of the Acorda
Therapeutics, Inc. Restricted Stock Purchase Agreement (dated March 1995) and
the Series A Preferred Stock Purchase Agreement shall remain in effect pursuant
to their respective terms

 

8

 

(h)                                 Arbitration.  Any dispute or controversy between you and
the Company,  arising out of or relating
to this Agreement or the breach of this Agreement, shall be settled by
arbitration administered by the American Arbitration Association (“AAA”) in
accordance with its Employment Disputes Arbitration Rules then in effect, and
judgment on the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.  Any arbitration
shall be held before a single arbitrator who shall be selected by the mutual
agreement of you and the Company, unless the parties are unable to agree to an
arbitrator, in which case, the arbitrator will be selected under the procedures
of the AAA.  The arbitrator shall have
the authority to award any remedy or relief that a court of competent
jurisdiction could order or grant, including, without limitation, the issuance
of an injunction.  However, either party
may, without inconsistency with this arbitration provision, apply to any court
having jurisdiction over such dispute or controversy and seek interim
provisional, injunctive or other equitable relief until the arbitration award
is rendered or the controversy is otherwise resolved.  Except as necessary in court proceedings to enforce this
arbitration provision or an award rendered hereunder, to obtain interim relief,
as required by law, or the party’s immediate family and legal and financial
advisors, neither a party nor an arbitrator may disclose the existence, content
or results of any arbitration hereunder without the prior written consent of
you and the Company. The Company shall pay all costs and fees associated with
such arbitration, including all arbitration fees, the arbitrator’s fees, attorneys’
fees and all costs.

 

If the terms of this
Agreement are acceptable to you please sign where indicated below.  It is understood and acknowledged that a fax
signature will be considered to be valid as an original.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  Acorda
  Therapeutics, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Pinney

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed to and accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Ron Cohen

  	
   

  	
   

  
	
   

  	
   

  
	
  Dr. Ron Cohen

  	
   

  
	
   

  	
   

  
	
  Date:  

  	
  8/12/02

  	
   

  	
   

  
						

 

9

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