Document:

exv4wxcyx11y

 

Exhibit 4(c)(11)

CONSULTING AGREEMENT

          This Consulting Agreement (the “Agreement”) is made by and between Dennis J. Selkoe, M.D., an
individual with an address of Center for Neurologic Diseases, Harvard Medical School, Brigham and
Women’s Hospital, 221 Longwood Avenue-LMRC, Boston, MA 02115 (“Consultant”), and Elan
Pharmaceuticals, Inc., a Delaware corporation with an address of 800 Gateway Boulevard, South San
Francisco, California 94080 (“Elan”), and is effective as of May 20, 2004 (“Effective Date”).

RECITALS

          A. Consultant possesses special expertise and knowledge within the field of research and
clinical practice relating to various diseases (“Consultant Field”);

          B. Elan has need for Consultant’s services with respect to the treatment and/or prevention of
neurodegenerative disease, autoimmune disease and pain (“Elan Field”); and

          C. Elan and Consultant now desire to enter into this Agreement whereby Consultant shall
perform consulting services for Elan on the terms and conditions set forth below.

AGREEMENT

          NOW, THEREFORE, Consultant and Elan agree as follows:

          1. Description of Services. Subject to the terms and conditions of this Agreement,
Consultant shall perform services for Elan, according to the time frame agreed upon by the parties,
with respect to the Elan Field, including but not limited to advising and/or speaking at various
Elan Committee meetings, providing review of and advice on the merit or value of Elan’s research
and development concerning Elan Field, as well as information on new developments and opportunities
in neurodegenerative disease, autoimmune disease, and pain.

          2. Term and Renewal. This Agreement shall be effective as of the Effective Date and
shall remain in effect for a period of three (3) years unless terminated pursuant to this
Agreement. This Agreement may only be renewed for additional periods on terms mutually agreed upon
in writing by the parties. Neither party shall have any obligation to renew this Agreement.

          3. Fees and Expenses.

          (a) In return for services actually rendered, Elan will pay Consultant at a rate of $200.00
per hour, not to exceed $1,200.00 per day.

          (b) Elan shall also reimburse Consultant for all out-of-pocket expenses actually incurred by
Consultant in rendering services under this Agreement so long as such expenses, in Elan’s opinion,
are reasonable and necessary. Such expenses will include reasonable and necessary travel (air
travel to be coach only), lodging and meals. Consultant shall provide Elan with a written expense
report, complete with receipts or other reasonable

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documentation, for all such expenses requested
for reimbursement.

          (c) The aggregate fees and expenses payable to Consultant for the Term of this Agreement shall
not exceed $10,000.00 without Elan’s prior written consent.

          4. Invoices. Amounts due hereunder shall be payable no later than thirty (30) days
from Elan’s receipt of a written invoice with an expense report and accompanying supporting
documentation therefor.

          5. Confidentiality; Proprietary Information; Intellectual Property.

          (a) Any and all information which Elan or its Affiliates may disclose to Consultant under this
Agreement will be considered confidential, including, but not limited to, information related to
the Elan Field. “Affiliate” shall mean any corporation or other entity that controls, is
controlled by, or is under common control with, a party hereto. An entity shall be regarded as in
control of another corporation or entity if it owns or directly or indirectly controls more than
50% of the voting securities or other ownership interest of the other corporation or entity.

          (b) Consultant further agrees that all discussions and negotiations with respect to this
Agreement are confidential.

          (c) Consultant understands that Elan possesses and will continue to possess information that
has been created, discovered or developed, or has otherwise become known to Elan or its Affiliates
and/or in which property rights have been assigned or otherwise conveyed to Elan or its Affiliates,
which information has commercial value in the business in which Elan is engaged. All such
information, including the information described in Sections 5 (a) and (b) above, and including any
other information developed by or on behalf of Consultant pursuant to this Agreement, is
hereinafter referred to as “Proprietary Information.” By way of illustration, but not limitation,
Proprietary Information includes trade secrets, processes, formulae, data and know-how,
improvements, inventions, techniques, marketing plans, strategies, forecasts and customer and
contact lists. Accordingly, Consultant further agrees as follows:

               (i) All Proprietary Information shall be the sole property of Elan or its Affiliates and their
assigns, as the case may be, and such parties shall be the sole owners of all patents and other
rights in connection therewith. At all times during this Agreement and at all times after
expiration or termination of this Agreement, Consultant will keep in confidence and trust all
Proprietary Information, and will not use or disclose any Proprietary Information without the prior
written consent of Elan, except as may be necessary in the ordinary course of performing the duties
of Consultant hereunder. No announcement, oral presentation or publication of any kind relating to
any Proprietary Information shall be made by Consultant without the prior written consent of Elan;
and

               (ii) All documents, data, records, apparatus, equipment and other physical property, whether
or not pertaining to Proprietary Information, furnished to Consultant by or on behalf of Elan or
developed by or on behalf of Consultant pursuant to this Agreement, shall be and remain the sole
property of Elan and/or its Affiliates and shall be returned promptly as and when requested by
Elan. Should Elan not so request, Consultant agrees to return and

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deliver all such property upon
expiration or termination of this Agreement for any reason and Consultant shall not retain or
reproduce any such property upon expiration or termination.

Notwithstanding the foregoing, Proprietary Information shall not be deemed to include information
that Consultant can demonstrate (a) was already in Consultant’s possession at the time of
disclosure by or on behalf of Elan as evidenced by Consultant’s written records, (b) is or
hereafter becomes generally available to the public other than as a result of a breach of this
Agreement by Consultant, (c) was made known to Consultant by a third party lawfully in possession
of such information as evidenced by Consultant’s written records, or (d) is required to be
disclosed pursuant to a governmental or court proceeding, provided that Consultant notifies Elan in
writing in a timely manner of the required disclosure such that Elan has an opportunity to seek a
protective order to limit the nature and scope of the information to be disclosed, and this
exception only permits disclosure to the extent and to the persons, as required by such
governmental or court proceeding.

          (d) Consultant further agrees as follows:

               (i) Consultant shall promptly disclose to Elan or its designee all intellectual property
(including, but not limited to any inventions, improvements, formulae, processes, techniques,
know-how, data, patents or applications for patents, trade secrets, trademarks, copyrights and
confidential information as described in this Section 5), made or conceived or reduced to practice
or learned by Consultant (collectively, “Intellectual Property”) which: (A) result from the tasks
assigned to Consultant hereunder; (B) are funded by or on behalf of Elan or its Affiliates; or (C)
result from the use or property or premises owned, leased or contracted for by or on behalf of Elan
or its Affiliates.

               (ii) Consultant agrees to and does hereby sell, assign, transfer and set over to Elan, its
Affiliates, successors or assigns, as the case may be, all right, title and interest in and to all
Intellectual Property developed or conceived individually or in conjunction with others in
performance of this Agreement, to be held and enjoyed by Elan, its Affiliates, successors or
assigns, as the case may be, to the full extent of the term for which any patents may be granted
and as fully as the intellectual property would have been held by Consultant had this Agreement,
sale or assignment not been made.

               (iii) Consultant shall execute and deliver any and all instruments and documents and perform
any and all acts, necessary to obtain, maintain or enforce patents, trademarks, trade secrets and
copyrights for such Intellectual Property, and shall make, execute and deliver any and all
instruments and documents and perform any and all acts necessary to obtain, maintain or enforce
patents, trademarks, trade secrets and copyrights for such Intellectual Property as Elan may
designate in any and all countries. All costs and expenses of application and prosecution of such
patents, trademarks, trade secrets and copyrights shall be paid by Elan.

               (iv) Any copyrightable material prepared by Consultant as a result of Consultant’s
activities
with Elan, in performance of this Agreement, are prepared as works for hire for the benefit of
Elan. Consultant hereby assigns to Elan any copyright to which Consultant is entitled for any
copyrightable material prepared in the course of the performance of this Agreement for Elan. Elan
shall have the right to reproduce, modify and use such material and all results generated as the
result of services rendered under this Agreement for any purpose related to its lawful business.

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               (v) Upon the written request of Elan, Consultant shall make any assignment provided for in
this Section 5 directly to, or for the benefit of, an Elan Affiliate or Elan’s designee, including
Consultant’s performance of any related obligations hereunder.

          6. Remedies. (a) Consultant acknowledges that Elan will have no adequate remedy at
law if Consultant breaches the terms of Section 5 hereof. Accordingly, in such event, Elan shall
have the right, in addition to any other rights it may have at law or equity, to obtain in any
tribunal of competent jurisdiction injunctive relief to restrain any breach or threatened breach.
(b) If, due to reasons within Consultant’s reasonable control, Consultant’s products or services
fail to meet standards generally accepted in the applicable industry, or if Consultant fails to
provide agreed-upon products or services in a timely manner Elan shall have the right, in addition
to any other remedy it may have at law or equity, to: (i) terminate this Agreement immediately upon
written notice to Consultant; (ii) require that defective products or services be replaced or
remedied, as the case may be, without charge to Elan; and (iii) correct, or have corrected by a
third party, the defective product or service and withhold from amounts owing to Consultant
hereunder all amounts incurred by Elan in taking such corrective measures.

          7. Termination. This Agreement may be terminated (a) by Elan with or without cause
upon thirty (30) days’ prior written notice to Consultant, or (b) by Consultant in the event of a
material breach by Elan, provided that Consultant provides Elan with written notice of such breach
and Elan fails reasonably to cure such breach within thirty (30) days of receipt of such notice.

          In the event this Agreement is terminated pursuant to this Section prior to completion of the
work to be performed, Consultant shall cease work upon Elan’s request, and shall be entitled to
receive its fee for work actually and reasonably performed through the effective date of
termination.

          The provisions of Sections 5-6 and 9-14, inclusive, shall survive expiration or termination of
this Agreement.

          8. Independent Contractor. Nothing in this Agreement shall be construed to create an
employment relationship between Consultant and Elan. Consultant shall be an independent contractor
and shall have no authority to enter into contracts on behalf of Elan, bind Elan to any third
parties or act as an agent on behalf of Elan in any way. Consultant shall not be entitled to
receive any compensation, or medical or other benefits as an Elan employee. Accordingly,
Consultant shall account for and report, and be liable for the payment of all applicable federal
and state income taxes, social security taxes, and all other taxes due on
payments received by Consultant hereunder. Consultant hereby acknowledges that Elan will
report as compensation all payments to Consultant hereunder.

          9. Consultant’s Representations and Warranties. Consultant hereby represents and
warrants to Elan that (a) Consultant has the authority to enter into and perform this Agreement and
(b) performance of Consultant’s services as contemplated by this Agreement will not result in the
breach or violation of any contract, arrangement or understanding (including without limitation any
intellectual property rights or any agreement of confidentiality or non-

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disclosure, whether written
or oral) which Consultant may have with any third party (including without limitation current and
former employers of Consultant and any other companies or persons for which Consultant has
performed or is performing consulting services).

          10. Compliance Standards. During the term of this Agreement and any renewal term,
Consultant shall comply with all applicable laws, rules and regulations in the conduct of the
services being performed.

          11. Severability. If any provision of this Agreement is declared void or
unenforceable, such provision shall be deemed modified to the extent necessary to allow
enforcement, and all other portions of this Agreement shall remain in full force and effect.

          12. Entire Agreement, Amendments. This Agreement contains the entire and complete
agreement between the parties with respect to the subject matter hereof, and supersedes all prior
oral and/or written agreements with respect to the subject matter hereof, other than any currently
effective confidentiality agreement. Any changes to this Agreement must be in writing and signed
by both parties.

          13. Successors. This Agreement shall be binding upon and inure to the benefit of the
successors, assigns and legal representatives of the parties.

          14. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of California without regard to its conflicts of laws provisions, and
the parties agree to personal jurisdiction and venue in the state and federal courts of San
Francisco, California, in any suit or proceeding arising out of the subject matter of this
Agreement.

          15. Execution in Counterparts or by Facsimile. This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same document. This Agreement may be executed by facsimile. The parties
agree that facsimile copies of signatures have the same effect as original signatures.

DATED as of the Effective Date, and executed by:

	 	 	 	 	 	 	 	 	 
	ELAN PHARMACEUTICALS, INC	 	 	 	DENNIS J. SELKOE, M.D.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Dale Schenk
	 	 	 	/s/ Dennis J. Selkoe	 	 
	Name:

	 	 

Dale Schenk, Chief Scientific Officer
	 	 
	 	 

	 	 

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Exhibit 4(c)(13)

[ELAN CORPORATION, PLC. LETTERHEAD]

			
	Lars Ekman Ph.D	 	 
	Verschaffelstr. 9
	 	20 November 2000
	D-40593 Duesseldorf	 	 
	GERMANY	 	 

Dear Dr. Ekman,

We are pleased to offer you the position of President, Research & Development, at Elan
Pharmaceuticals reporting to the President, Elan Pharmaceuticals. Your current starting salary will
be $31,250/month with a one-time sign-on bonus of $100,000 less required withholding taxes and
deductions. The sign-on bonus is deemed to include incidental resettlement expenses, and special
education needs and loss of company car. You will also be eligible to participate in the Management
Bonus plan for the year 2001 and subsequent years, with cash awards up to a maximum of 50% of your
base annual salary with Elan. Your bonus will be paid based on achievement versus annual objectives
agreed between us.

We are relying on you to exercise your specialized learning, expertise and judgement to provide
high-quality services, and to meet job objectives standards as you and Elan’s management may
establish.

Elan Pharmaceuticals will recommend that Elan’s Organization and Compensation Committee (the
“Committee”) of its Board of Directors to offer you a stock option for 125,000 Elan American
Depositary Shares, evidenced by American Depositary Receipts, and will be at an exercise price
equal to the fair market value of such shares on the date the award is approved by the Committee.
Elan’s stock options generally vest over a four-year period: one half (50%) after two years; the
next quarter (25 %) after three years and the final quarter (25%) after four years, provided, that
you remain an employee on each vesting date. Please note, however, that before and as a condition
to the issuance of any stock options, all transactions, including the number of shares, must be
approved by the Committee.

You will be eligible for Elan Pharmaceuticals’ relocation package. For details, please contact
Campbell Fitch in Dublin at Ph: 353-1-709-4138. Full purchase/sale expenses of relocation including
any interest penalty arising from the sale of your home in Germany, will be grossed up where
necessary to compensate net out of pocket costs. Any Relocation Expenses paid to you shall be
repaid by you in full within (30) days of written demand by Elan if you terminate

 

 

Lars Ekman, Ph.D

November 20, 2000

Page 2

our relationship within one year of your employment, other than because of your death or permanent
disability. The Relocation Expenses to be repaid shall be reduced by a prorated amount
corresponding to the number of full months worked from your actual start date to the date of
termination of your employment, as compared to a full year. Thus, after twelve months of continuous
employment, you would have no obligation to repay any part of Relocation Expenses previously paid
by Elan. Any amount not timely paid will bear interest at ten percent (10%) per annum.

You will also be eligible for the following:

	•	 	Short term accommodation: six months full coverage for tax costs of appropriate
furnished rented accommodation in the Bay Area. This coverage can be extended in
agreement with Elan Management.
	 
	•	 	Independent financial counselling will be provided by Decker & Associates.
	 
	•	 	Pre- and post-tax planning ($10,000 maximum).
	 
	•	 	Travel – business class international (with Elan’s preferred carrier). First
class on domestic. Family travel as required initial six months, thereafter, two
annual return fares to Europe for self and family.
	 
	•	 	Mortgage penalty – Upon redemption of your German mortgage , Elan is committed
to providing a solution which is mutually acceptable to both parties with respect to
any penalties that you incur for early termination of the policy.
	 
	•	 	Elan will be prepared to advance you an interest free, five year, forgivable
loan. The amount to be determined: SF base $500,000 or East Coast base $400,000,
forgiven at twenty percent (20%) per year*, secured by a second deed of trust on your
new home. The terms of this loan will be described in a separate loan agreement
between you and Elan, however, our intention is that one hundred percent (100%) of
this loan will be forgiven as based on a loan in the amount of $500,000:

	 	 	 	 	 
	 	 	Amount Forgiven	 	Note Balance
	 
	 	 	 	 
	End of year *1
	 	$100,000	 	$400,000
	 
	 	$100,000	 	$300,000
	 
	 	$100,000	 	$200,000
	 
	 	$100,000	 	$100,000
	 
	 	$100,000	 	$0

 

			
	*	 	Determined as the annual anniversary of the closing date of the loan.

 

 

Lars Ekman, Ph.D

November 20, 2000

Page 3

	•	 	In the event of any of the following, Elan will provide one (1)
year’s annual salary: layoff, dismissal, elimination of your
position, sale of company, change of control, or a material decrease
in your earning potential or benefits. In the event of any of the
above, your stock options will vest in line with our policy. Elan
will provide you repatriation costs to Europe, covered by the
relocation policy in force at the time.
	 
	•	 	German Pension Plan- We will review the benefit that you would have
accrued had you remained in employment until retirement age with
Schwarz. Elan is prepared to seek a suitable alternative, cost
effective vehicle, as you will lose this benefit as an early leaver,
ie the benefit will not be vested.

You will be eligible to participate in a variety of U.S.employee benefits and 401(k) participation
made available to the employees of Elan Pharmaceuticals. These benefits, as currently in effect,
are described in the enclosed enrollment packet. You will receive further detailed information
regarding these benefits as a part of your orientation at Elan Pharmaceuticals. Employee benefits
may change from time to time at the discretion of the Company or location. Details of these
benefits have been sent to you under separate cover.

Your employment is ”at will” and either you or Elan Pharmaceuticals has the right to terminate that
employment relationship at any time, with or without notice or a reason. Nothing in this letter
should be taken as a guarantee of continued employment or a specific term of employment.

We would like to remind you that this offer of employment is contingent upon our verification of
certain information that you have provided to us in the process of applying for employment with
Elan Pharmaceuticals. As a condition of employment, you will be required to sign an Employee’s
Proprietary Information and Inventions Agreement, a copy of which is enclosed for your review. On
the first day of employment, we will also ask you to verify employment eligibility for Immigration
and Naturalization Service purposes.

Please indicate your acceptance of our offer of employment by signing one of the enclosed originals
of this letter and returning it to me. Signing this letter also signifies your understanding that
this letter sets out our entire agreement of the matters covered, which can be modified only by our
written agreement, signed by a duly authorized representative of Elan Corporation, plc.

 

 

Lars Ekman, Ph.D

November 20, 2000

Page 4

Dr. Ekman, we look forward to agreeing a mutually satisfactory commencement date and l believe that
your experience and enthusiasm will contribute greatly to the achievement of Elan’s goals.

Yours sincerely,

/s/ Donal J. Geaney

Donal J. Geaney

ACCEPTANCE:

	 	 	 	 	 
	/s/ Lars Ekman

	 	27.11.00	 	 
	 

	 	 	 	 
	Lars Ekman Ph.D.

	 	Dated	 	 

	 	 	 
	Enclosures:

	 	Benefits Enrollment Packet
	 

	 	Employee Handbook
	 

	 	Employee Proprietary Information and Inventions Agreement

 

 

DO NOT DESTROY THIS ORIGINAL NOTE: When paid, said original note, together with the Deed of Trust
securing same, must be surrendered to Trustee for cancellation and retention before reconveyance
will be made.

NOTE SECURED BY DEED OF TRUST

					
	$600,000.00
	 	San Diego, California,
	 	August 13, 2001
	 
	 	 	 	 

	1.	 	Promise to Pay: In return for a loan, receipt of which is acknowledged, I, LARS EKMAN, the
undersigned, promise to pay ELAN PHARMACEUTICALS, I NC. or its order {“Employer” or “EPI”) the
principal amount of SIX HUNDRED THOUSAND V.S. DOLLARS (U.S. $600,000 00), on the terms stated
in this Note Secured by Deed of Trust (the “Note”). (Said Ioan hereinafter referred to as the
“Loan.”) This Note is given by EPI in reliance upon my undertaking employment, and the Note’s
maturity is contingent upon my continued employment at EPl, as described below. I understand
and agree that the proceeds of this Note are to be used exclusively in the purchase of my
primary residence located at La Jolla, CA 92037. I agree not to assign, transfer, encumber or
convey all or any part of my interest in that property, or to vacate that property and
establish a principal residence elsewhere, without giving EPl at least ninety (90) days’ prior
written notice of my intent to do so.
	 
	2.	 	Interest: The Loan will be interest-free unless there is a Default, as defined below, in the
payment when due of the principal amount of the Loan. in the event of a Default, interest will
be charged from the date of Default at the rate of ten percent (10%) per year or the maximum
legal rata, whichever is less, on all outstanding principal until the principal has been paid
in full. Interest in such event will be computed on the basis of a 365 or 366 day year (as
applicable) and actual days elapsed, and compounded monthly. I understand that the receipt of
an interest-free loan may potentially have U.S. income tax consequences to me, and that I will
be solely responsible for any state, federal or other income or similar tax consequences now
or hereafter incurred as a result of receiving such a loan, whether due to imputed income or
otherwise.
	 
	3.	 	Repayment Plan: Principal amounts under this Note will be forgiven by EPI in the following
amounts, without any further notice or action required, but only if I continuously remain a
full-time employee of EPI from the date of this Note and am a full-time employee of EPI on the
date shown (without proration for partial years):

	 	 	 	 	 
	Anniversary Date of Note	 	Amount Forgiven	 	Principal Remaining
	 
	 	 	 	 
	      First
	 	$120,000.00	 	$480,000.00
	      Second
	 	$120,000.00	 	$360,000.00
	      Third
	 	$120,000.00	 	$240,000.00
	      Fourth
	 	$120,000.00	 	$120,000.00
	      Fifth
	 	$120,000.00	 	-0-

PAGE 1 of 5 PAGES OF

NOTE SECURED BY DEED OF TRUST

October 16, 2001

 

 

	 	 	No payments of principal under this Note will be due unless maturity of the Note accelerates
as provided below. This Note will mature, and the entire principal amount then outstanding
will be due in full, to the extent not previously forgiven as described above, on the
Maturity Date, as defined below.

	 
	 	 	TAX: I understand that the forgiveness of principal of the Loan may potentially have income
tax consequences to me, and that I will be solely responsible for any state, federal or
other income or similar tax consequences now or hereafter incurred as a result of such
forgiveness, whether due to debt forgiveness income or otherwise. I further understand that
EPI’s policy is to withhold the applicable income tax each year in approximately equal
installments over two (2) consecutive pay periods (2 paychecks).

	 
	4.	 	Acceleration: I also understand and agree that the then-outstanding principal amount of this
Note (excluding the amounts, if any, previously forgiven hereunder) will immediately be
accelerated and become due and payable, without the need for demand or notice of any kind, as
of the date (the “Maturity Date”) which is ninety (90) days after the date my employment with
EPI is terminated by either party for any reason, or ends for any reason other than my death
or disability, in which case the Maturity Date shall be six (6) months from the date of my
death or disability. For the purposes of this Note, “disability” shall mean a physical or
mental disability of a nature which, in EPI’s opinion, makes ii impossible for me to perform
my employment obligations. All payments, when received, will be applied as follows: first, to
any overdue loan charges or other amounts due under this Note which are not interest or
principal; second, to interest due, and third, to reduce the unpaid
principal balance I
understand that nothing in this Note shall constitute a guarantee or promise of continued
employment, or alter the at-will nature of my employment at EPI.
	 
	5.	 	Leaves of Absence: If I take an unpaid leave of absence which is approved in writing by EPI,
it is understood that for the purposes of this Note any such leave shall not be considered to
be an interruption in my full-time employment for the duration of such leave. If for any
reason I fail to return to work at the conclusion of any leave, however, the termination and
acceleration provisions above will be invoked and the Maturity Date applied.
	 
	6.	 	Security: This Note is secured by a second lien upon my principal residence, the purchase of
which is the purpose of the Loan. That lien is evidenced by a deed of trust to FIRST AMERICAN
TITLE INSURANCE COMPANY, a California corporation as Trustee, in favor of EPI (the “Deed of
Trust”), affecting the property located at La Jolla, CA 92037, which I agree to execute and
cause to be recorded in the appropriate real estate records in order to constitute a valid and
enforceable second lien upon that property, and upon any subsequent principal residence if my
current principal residence is sold or transferred. I understand that
EPI agrees to execute
and deliver a release of that Deed of Trust only upon my repayment or forgiveness in full of
all amounts due under this Note, or upon the sale or transfer of my principal residence
(provided a new Dead of Trust securing the remaining obligations under this Note or any
substituted Note, as EPI may

PAGE 2 of 5 PAGES OF

NOTE SECURED BY DEED OF TRUST

October 16, 2001

 

 

	 	 	determine, is duly executed and recorded at the time of the purchase of my subsequent
principal reaidence). Such Deed of Trust shall continue in force with respect to any
extension, renewal or modification of this Note.
	 
	7.	 	Default: I understand that l will be in default under this Note if I fail to make any payment
when required or breach any other obligation hereunder, or if there is a default by the
trustor(s) under any deed of trust secured by my residence (whether in favor of EPI or another
lender). If a Note payment is not made when due, no further notice or demand of any kind will
be required or given, and this Note will then be in default. If a default occurs under this
Note for any reason other than failing to make a required payment, or because of an alleged
borrower default under a deed of trust secured by my reaidence, EPI will provide me with
written notice that a default will be declared under this Note if the default is not cured to
EPI’s satisfaction within thirty (30) days of the date of that notice If such cure is not made
during that thirty-day period, the entire outstanding principal and unpaid interest will
become immediately due and payable, to the extent not already due. I agree to provide EPI with
prompt written notice of any alleged default under a deed of trust in favor of another lender.
	 
	8.	 	Waiver/Amendment of Rights: EPI can waive or delay enforcing timely payments or performance
of any of my obligations without impairing its enforcement rights hereunder and under the Deed
of Trust, but no such waiver shall be effective unless in writing and signed by an officer of
EPI. I hereby waive protest, notice of protest, presentment, dishonor, notice of dishonor and
demand. This Note may be amended or modified only by a written agreement signed by the party
to be obligated by the modification or amendment {which, in the case of EPI, shall be signed
by a corporate officer).
	 
	9.	 	California Law Applies: This Note shall be governed by the laws of the State of California
and the parties agree that the courts of San Diego, California shall be the sole jurisdiction
and venue in which any action arising out of this Note may be brought.
	 
	10.	 	Miscellaneous: I understand that while I cannot assign any of my obligations under this Note,
the Note will inure to the benefit of any heirs, successors, personal representatives or
permitted assigns of either party. The Parties acknowledge that this current Note and
corresponding Deed of Trust reflect the Parties’ full intentions and complete agreement. The
Parties further acknowledge that they each have had the opportunity to review the Note and
Deed of Trust with their respective legal counsel and that Attorney Robert E. Muir represents
only EPl.
	 
	11.	 	Attorney’s Fees and Costs: Should suit or a non-judicial foreclosure be commenced to collect
this Note or any portion thereof the prevailing party shall be entitled to recover reasonable
attorney fees and costs.

///

///

PAGE 3 of 5 PAGES OF

NOTE SECURED BY DEED OF TRUST

October 16, 2001

 

 

	12.	 	Signature: By signing below, I understand that I am agreeing to all the terms and conditions
of this Note. I am also attaching a Spousal Consent Form to this Note.

	 	 	 	 	 	 
	 

	 	 	 	 	EMPLOYEE:
	 
	 	 	 	 	 
	DATED:

	 	Aug 12, 2002
	 	 	/s/ Lars Ekman
	 

	 	 
	 	 	 
	 

	 	 	 	 	LARS EKMAN

[NOTARIAL ACKNOWLEDMENT HERE]

PAGE 4 of 5 PAGES OF

NOTE SECURED BY DEED OF TRUST

October 16, 2001

 

 

SPOUSAL CONSENT

I am married to the Borrower to whom the loan evidenced by this Note Secured by Deed of Trust is
being made. I understand that:

	 	a)	 	The amount due under this Note contains a balloon payment and is secured by a second
lien in favor of EPI on my principal residence, in which I have an interest as a joint
tenant; and
	 
	 	b)	 	If my spouse fails to make any payment under this Note, or if an event of default or
acceleration occurs as described in this Note or the Deed of Trust, my interest in the
residence may be foreclosed upon, which may include a sale of that residence.

With these understandings, I give this consent to the Loan, the Note and the Deed of Trust
irrevocably, knowingly and voluntarily and free of any coercion, undue influence or duress and
agree to sign the Deed of Trust or other documents as may be necessary to carry out this
transaction.

	 	 	 	 	 	 
	 

	 	 	 	 	SPOUSE:
	 
	 	 	 	 	 
	DATED:

	 	5/29/02
	 	 	/s/ Siri Ekman
	 

	 	 
	 	 	 
	 

	 	 	 	 	SIRI EKMAN

[NOTARIAL ACKNOWLEDMENT HERE]

PAGE 5 of 5 PAGES OF

NOTE SECURED BY DEED OF TRUST

October 16, 2001

 

 

AMENDMENT TO NOTE SECURED BY DEED OF TRUST

Dr. Lars Ekman entered into a Note Secured by Deed of Trust on August 13, 2001 (the “Note”). Under
Section 3 of the Note the $600,000 principal amount due under the Note was to be forgiven by Elan
Pharmaceuticals, Inc (“EPI”) in five equal $120,000 installments on the each of the first five
anniversary dates of the execution of the Note so long as Dr. Ekman remained continuously employed
by EPI though such anniversary dates. By this Amendment, EPI agrees to accelerate the forgiveness
of the fifth $120,000 installment from August 13, 2006 to December 31, 2005, so long as Dr. Ekman
remains a full time employee of EPI through December 31, 2005. Except for such amendment the
provisions of the Note shall remain unchanged.

	 	 	 	 	 
	 	 	ELAN PHARMACEUTICALS, INC.
	 
	 	 	 	 
	 

	 	By
	 	/s/ Richard Collier
	 

	 	 	 	 
	 

	 	Its
	 	Secretary
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	LARS EKMAN
	 
	 	 	 	 
	 	 	/s/ Lars Ekman

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