Document:

Exhibit 10.2

 

April
1, 2002

 

Richard J. Haskins

 

Re:          Long-Term Stay-On Performance
Incentive Payment.

 

Dear Rich:

 

This letter (the “Agreement”)
sets forth the revised terms and conditions pursuant to which Station Casinos,
Inc. (the “Company”) has decided to award you a Long-Term Stay-On
Performance Incentive Payment (the “LTSO Payment”).  This Agreement supercedes and replaces that
letter agreement dated April 1, 2000 (the “Former Agreement”), between
the Company and you regarding the LTSO Payment, and the Former Agreement shall
no longer be of any force or effect.

 

1.                                       Purpose.  The purpose of the LTSO Payment is to
advance the interests of the Company by providing you with a cash incentive to
remain with the Company through April 1, 2009.

 

2.                                       Amount.  Subject to the conditions contained herein,
the Company will provide you with a LTSO Payment in the amount of $500,000 as
follows:

 

(a)                                  On
April 1, 2003 (the “First Award Date”), you will be paid $125,000 of the
LTSO Payment, minus the deductions required by law, provided that you have
remained continuously employed by the Company from April 1, 1999 through March
31, 2003.  Except as otherwise provided
in your Employment Agreement (as defined below), in the event that your
employment or service with the Company is terminated for any reason, including,
but not limited to, your death, disability, resignation or retirement, at any
time before the First Award Date, you will forfeit any and all eligibility for
payments pursuant to this Agreement.

 

 

(b)                                 On
April 1, 2005 (the “Second Award Date”), you will be paid an additional
$125,000 of the LTSO Payment, minus the deductions required by law, provided
that you have remained continuously employed by the Company from April 1, 1999
through March 31, 2005. Except as otherwise provided in your Employment
Agreement, in the event that your employment or service with the Company is
terminated for any reason, including, but not limited to, your death,
disability, resignation or retirement, at any time after the First Award Date
but before the Second Award Date, you will forfeit any and all eligibility for
remaining payments pursuant to this Agreement.

 

(c)                                  On
April 1, 2007 (the “Third Award Date”), you will be paid an additional
$125,000 of the LTSO Payment, minus the deductions required by law, provided
that you have remained continuously employed by the Company from April 1, 1999
through March 31, 2007.  Except as
otherwise provided in your Employment Agreement, in the event that your
employment with the Company is terminated for any reason, including, but not
limited to, your death, disability, resignation or retirement, at any time
after the Second Award Date but before the Third Award Date, you will forfeit
any and all eligibility for remaining payments pursuant to this Agreement.

 

(d)           On
April 1, 2009 (the “Fourth Award Date”), you will be paid the remaining
$125,000 of the LTSO Payment, minus the deductions required by law, provided
that you have remained continuously employed by the Company from April 1, 1999
through March 31, 2009.  Except as
otherwise provided in your Employment Agreement, in the event that your
employment with the Company is terminated for any reason, including, but not
limited to, your death, disability, resignation or retirement, at any time
after the Third Award Date but before the Fourth Award Date, you will forfeit
any and all eligibility for remaining payments pursuant to this Agreement.

 

3.                                       Employment Agreement.  The LTSO Payment is conditioned
upon your signing of a revised employment agreement with the Company, which
shall be dated as of April 1, 2002 (the “Employment Agreement”).  If at any time prior to the Fourth Award
Date, you breach any term of the Employment Agreement, you will forfeit any and
all rights to any and all payments under this Agreement as of the date of such
breach.

 

4.                                       Right to Continued Employment or Service.  Nothing
in this Agreement shall confer on you any right to continue in the employ of or
service to the Company or, except as may otherwise be limited by a written agreement
between the Company and you, in any way affect the Company’s right to terminate
your employment or service without prior notice at any time for any or no
reason.

 

2

 

5.                                       Confidentiality.  As a condition of your receipt
of the LTSO Payment, you agree that you will not disclose the contents of this
Agreement, including the amount of the LTSO Payment, to anyone except your
immediate family, accountant or attorney without the prior written consent of the
Company.  If you breach this obligation,
you will forfeit any and all rights to any and all payments under this
Agreement.

 

6.                                       Assignability; Binding Nature.  This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors, heirs and
assigns; provided, however, that no rights or obligations of you under this
Agreement may be assigned or transferred by you, other than rights to
compensation and benefits hereunder, which may be transferred only by will or operation
of law and subject to the limitations of this Agreement.

 

7.                                       Governing Law.  The validity, construction,
interpretation and effect of this Agreement shall exclusively be governed by
and determined in accordance with the law of the State of Nevada (without
reference to the principles of conflict of laws thereof), except to the extent
preempted by federal law, which shall govern to that extent.

 

	
   

  	
  STATION CASINOS,
  INC.,

  
	
   

  	
  a Nevada
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Glenn C.
  Christenson

  Executive Vice President

  Chief Financial Officer

  Chief Administrative Officer

  

 

By signing below, you hereby acknowledge and agree to all of the
foregoing terms and conditions of this Agreement.

 

Agreed to and Accepted By:

 

 

	
   

  	
   

  
	
    Richard J. Haskins

  

 

3Exhibit 10.4

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”),
dated as of June 4, 2004, is made and entered into by and between Elan
Pharmaceutical Investments II, Ltd., a Bermuda exempted company limited by
shares (the “Seller”), and Isis Pharmaceuticals, Inc., a Delaware
corporation (the “Purchaser”).

 

WHEREAS, the
Seller is the owner of certain securities identified on Schedule A (the “Securities”);

 

WHEREAS,
the Seller desires to sell to the Purchaser and the Purchaser desires to purchase
from the Seller the Securities.

 

NOW,
THEREFORE, in consideration of the premises and of the
respective representations, warranties, covenants, agreements and conditions
contained herein, the Purchaser and the Seller agree as follows:

 

1.  Definitions.  As used in this Agreement, the following
terms shall have the meanings set forth below:

 

“Securities”
has the meaning set forth in the recitals hereto.

 

“Purchase
Price” means $500.

 

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

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and the
rules and regulations in effect from time to time thereunder.

 

2.  Purchase and Sale of the Securities;
Closing.  The Purchaser and the
Seller agree as follows:

 

(a)                                  Purchase
and Sale of the Securities.  On the
basis of the representations and warranties, and subject to the terms and
conditions, set forth herein, (i) the Seller agrees to sell to the
Purchaser the Securities set forth on Schedule A, and (ii) the Purchaser
agrees to purchase from the Seller the Securities set forth on Schedule A.

 

(b)                                 Closing.  The closing (the “Closing”) of the
purchase and sale of the Securities shall take place at 10:00 a.m. on
June 4, 2004 (the “Closing Date”) at the offices of Cahill Gordon
& Reindel LLP, 80 Pine Street, New York, New York, or at such other place
as the parties hereto shall mutually agree. 
At the Closing, (i) the Seller shall deliver to the Purchaser
certificates representing the Securities and such other appropriate instruments
of transfer and assignment (including blank stock powers), as the Purchaser
shall reasonably request prior to the Closing Date, in order to

 

 

vest in the
Purchaser, as of the Closing Date, all of the Seller’s right, title and interest
in, to and under the Securities, and (ii) the Purchaser shall deliver or
cause to be delivered to the Seller, or its agent, the Purchase Price in
immediately available funds.

 

3.  Conditions to the Purchaser’s Obligation.  The obligation of the Purchaser to purchase
and pay for the Securities is subject to the satisfaction (or waiver by
Purchaser) of the following conditions as of the Closing Date:

 

(a)                                  the
representations and warranties of the Seller made in this Agreement shall be
true and correct in all respects, as of the date hereof and as of the Closing
Date as though then made; and

 

(b)                                 the
Seller shall have delivered to the Purchaser the documents or instruments
contemplated by Section 2(b) above.

 

4.  Conditions to the Seller’s Obligation.  The obligation of the Seller to sell and
deliver the Securities to the Purchaser is subject to the satisfaction (or
waiver by the Seller) of the following conditions as of the Closing Date:

 

(a)                                  the
representations and warranties of the Purchaser made in this Agreement shall be
true and correct in all respects, as of the date hereof and as of the Closing
Date as though then made; and

 

(b)                                 the
Purchaser shall have delivered to the Seller the Purchase Price.

 

5.  Representations and Warranties of
Purchaser.  The Purchaser represents
and warrants to the Seller that:

 

(a)                                  The
Purchaser has all requisite corporate power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated
hereby.  The Purchaser has duly and
validly authorized, executed and delivered this Agreement.

 

(b)                                 This
Agreement constitutes a valid and binding agreement of the Purchaser,
enforceable against the Purchaser in accordance with its terms, except as enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws relating to or
affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity
or at law).

 

(c)                                  The
Securities being acquired by the Purchaser hereunder are being acquired for the
Purchaser’s own account and not with the view to, or for resale in connection
with, any distribution in violation of applicable securities laws.

 

2

 

(d)                                 The
Purchaser acknowledges that neither the offer nor sale of the Securities has
been registered under the Securities Act or any state or foreign securities or
“blue sky” laws and that the sale of the Securities is being made pursuant to
an exemption from registration under the Securities Act.  In furtherance thereof, the Purchaser
represents and warrants that it is an accredited investor within the meaning of
Rule 501 of Regulation D under the Securities Act.

 

(e)                                  The
Purchaser consents to the sale, transfer or other disposition of the Series B
Convertible Exchangeable Preferred Stock of the Purchaser contingent upon the
successful completion of the transactions contemplated in this Agreement and Seller’s
continued compliance with the provisions of Section 6(e) of this
Agreement.  This consent is only
effective if, when and so long as the purchaser of the Series B Convertible
Exchangeable Preferred Stock has agreed in writing to the following covenant:

 

“The Purchaser
will immediately upon effectiveness of the Closing convert the 12,015 shares of
Series B Convertible Exchangeable Preferred Stock of Isis Pharmaceuticals,
Inc., included in the Securities purchased under this Agreement, into 1,055,502
shares of Common Stock of Isis Pharmaceuticals, Inc.  Isis Pharmaceuticals, Inc. is a third party
beneficiary to this Section      and will be entitled
to enforce this Section against Purchaser, including through specific
performance.”

 

6.  Representations and Warranties of the
Seller.  The Seller represents and
warrants to the Purchaser that:

 

(a)                                  The
Seller has all requisite corporate power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated
hereby.  The Seller has duly and validly
authorized, executed and delivered this Agreement.

 

(b)                                 This
Agreement constitutes a valid and binding agreement of the Seller, enforceable
against the Seller in accordance with its terms, except as enforceability may
be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws relating to or
affecting creditors’ rights generally and (ii) general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(c)                                  No
consent, approval, qualification, order or authorization of, or filing with,
any local, state or federal governmental authority is required for the consummation
by the Seller of the transactions contemplated hereby, other than the
permission of the Bermuda Monetary Authority for the sale of the Bermuda
Securities to the Purchaser as detailed herein, which permission has been
obtained.

 

3

 

(d)                                 The
Seller has good and marketable title to the Securities that it is transferring
hereunder, free and clear of any liens, claims, encumbrances, charges or
restrictions of any kind (collectively, “Liens”).  Upon consummation of the transactions
contemplated hereby, the Purchaser will have acquired good and marketable title
in and to the Securities, free and clear of any Liens.

 

(e)                                  If
and when the Seller sells, transfers or otherwise disposes of the 12,015 shares
of Series B Convertible Exchangeable Preferred Stock of the Purchaser which are
owned by the Seller, a condition to such sale, transfer or disposition shall be
that the acquiror of such shares will immediately convert such shares into
shares of Common Stock of the Purchaser.

 

7.  Applicable Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

 

8.  Invalidity of Provisions.  The invalidity or unenforceability of any
provision of this Agreement in any jurisdiction shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or
the validity or enforceability of this Agreement, including that provision, in
any other jurisdiction.

 

9.  Survival of Representations and Warranties.  The representations and warranties contained
herein shall survive the Closing or any termination of this Agreement for a
period of six months.

 

10.  Headings; Execution in Counterparts.  The headings and captions contained herein
are for convenience of reference only and shall not control or affect the
meaning or construction of any provision hereof.  This Agreement may be executed in
counterparts, each of which shall be deemed to be an original and which
together shall constitute but one and the same instrument.

 

11.  Notices.  All notices and other communications relating
to this Agreement shall be dated and in writing and shall be deemed to have
been duly given when delivered, if delivered personally or sent by registered
or certified mail, return receipt requested, postage prepaid, and when received
if delivered otherwise, to the party to whom it is directed;

 

(a)                                  If
to the Seller, to the Seller at the following address:

 

Elan Pharmaceutical Investments
II, Ltd.

Clarendon House

Church Street

Hamilton, Bermuda

Attn:   President

 

4

 

Fax:  (441) 292-2224

 

(b)                                 If
to the Purchaser, to the Purchaser at the following address:

 

Isis Pharmaceuticals, Inc.

2292 Faraday Avenue

Carlsbad, CA  92008-7298

Attn:  Grant Bryce, V.P. and General Counsel

Fax:  760-931-9639

 

 

12.  Integration.  The parties agree that this Agreement
contains the entire understanding between the parties hereto relating to the
subject matter hereof.

 

13.  Third Party Beneficiaries.  Nothing expressed or implied in this Agreement
is intended or shall be construed to confer upon or give to any third party any
rights or remedies against any party hereto.

 

14.  Further Assurances.  Each of the parties hereto covenants and
agrees upon the request of the other, to do, execute, acknowledge and deliver
or cause to be done, executed, acknowledged and delivered all such further
acts, deeds, documents, assignments, transfers, conveyances, powers of attorney
and assurances as may be reasonably necessary or desirable to give full effect
to this Agreement.

 

[Signature Page Follows]

 

5

 

IN WITNESS
WHEREOF, the Purchaser and the Seller have executed this Agreement as of the
date first above written.

 

 

	
   

  	
  ELAN PHARMACEUTICAL INVESTMENTS II,

  LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Kevin Insley

  
	
   

  	
   

  	
  Name:

  	
  Kevin Insley

  
	
   

  	
   

  	
  Title: 

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ISIS PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
    /s/ B. Lynne Parshal

  
	
   

  	
  Name: 

  	
  B. Lynne Parshall

  
	
   

  	
  Title:  

  	
  EVP & CFO

  
						

 

6

 

Schedule A

 

2,388 Shares of common stock of Orasense Ltd.

 

2,388 shares
of non-voting preferred stock of Hepasense Ltd.

 

Warrant to
purchase 14,881 shares of common stock of Isis Pharmaceuticals, Inc. at the
price of $50.40 per share on or before April 11, 2005

 

7

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