Document:

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                                                                   Exhibit 10.11

                           CHANGE-IN-CONTROL AGREEMENT

                  AGREEMENT, made and entered into as of the 10th day of August
2001 by and between MasterCard International Incorporated, a Delaware
corporation, (the "Company") and Robert W. Selander (the "Executive").

                              W I T N E S S E T H :

                  WHEREAS, the Executive is a key employee of the Company; and

                  WHEREAS, the Company and the Executive have entered into an
Employment Agreement simultaneously herewith (such agreement, as amended from
time to time, being hereinafter referred to as the "Employment Agreement"); and

                  WHEREAS, the Company desires to enter into this agreement
("Agreement") with the Executive providing for, among other things, (i) upon a
Change-in-Control (as hereinafter defined) the acceleration of vesting of
certain benefits which would not have otherwise been vested and (ii) certain
payments to the Executive and the continuation of certain of the Executive's
benefits if the Executive's employment terminates in connection with a
Change-in-Control, subject to the terms and conditions specified herein;

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants hereinafter set forth, the parties agree as follows:

1.       TERM

                  This Agreement shall become effective immediately (the
"Effective Date").

2.       TERMINATION OF EXECUTIVE'S EMPLOYMENT PRIOR TO OR FOLLOWING A
         CHANGE-IN-CONTROL

                  (a) If the Executive's employment or full-time employment, as
applicable, is terminated by the Company or any of its subsidiaries or by the
Company's successor without Cause (as hereinafter defined), or the Executive
terminates his employment or full-time employment, as applicable, with the
Company or any of its subsidiaries or with the Company's successor for Good
Reason (as hereinafter defined), and such termination occurs within six months
preceding, or within two years following, a Change-in-Control, the Executive
shall be entitled to receive a Change-in-Control Payment (as hereinafter
defined).

                  (b) Notwithstanding the foregoing, the Executive shall not be
entitled to receive the Change-in-Control Payment if any of the Circumstances of
Ineligibility (as hereinafter defined) apply to the Executive.

                  (c) "CHANGE-IN-CONTROL PAYMENT" means the product of (i) three
times (ii) the sum of (x) the Executive's annual base salary at the time of the
termination of the Executive's
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employment (or, in the case of a termination of employment by the Executive for
Good Reason based on a reduction of the Executive's annual base salary, the
annual base salary in effect immediately prior to such reduction) plus (y) an
amount equivalent to the average annual incentive bonus received by the
Executive with respect to the prior three years of Executive's employment by the
Company (the "Average Bonus Payment").

                  (d) "CHANGE-IN-CONTROL" means:

                  (i) as long as the Company is a non-stock membership
                  corporation, or any of its affiliates is a private share
                  corporation, if (a) at any time three members have become
                  entitled to cast at least 45 percent of the votes eligible to
                  be cast by all the members of the Company (or all shareholders
                  of such private share corporation) on any issue, (b) at any
                  time, a plan or agreement is approved by the members or
                  shareholders, as the case may be, to sell, transfer assign,
                  lease or exchange substantially all of the Company's or such
                  private share corporation's assets, or (c) at any time, a plan
                  is approved by the members of the Company or the shareholders
                  of such private share corporation for the sale or liquidation
                  of the Company or such private share corporation. The
                  foregoing notwithstanding, a reorganization in which the
                  members continue to have all of the ownership rights in the
                  continuing entity shall not in and of itself be deemed a
                  "Change in Control" under (b) and/or (c), and a reorganization
                  to convert the Company from a membership to a stock company or
                  a transaction resulting in the integration of Europay and
                  MasterCard shall not in and of itself constitute a "Change in
                  Control";

                  (ii) if the Company becomes a stock corporation, the approval
                  by its stockholders of (a) any consolidation or merger of the
                  Company in which the Company is not the continuing or
                  surviving corporation or pursuant to which shares of stock
                  would be converted into cash, securities or other property,
                  other than a merger in which the holders of stock immediately
                  prior to the merger will have the same proportionate ownership
                  interest (i.e., still own 100% of total) of common stock of
                  the surviving corporation immediately after the merger, (b)
                  any sale, lease, exchange or other transfer (in one
                  transaction or series of related transactions) of all or
                  substantially all of the assets of the Company, or (c)
                  adoption of any plan or proposal for the liquidation or
                  dissolution of the Company;

                  (iii) any "person" (as defined in Section 13(d) of the
                  Securities Exchange Act of 1934, as amended (the "Exchange
                  Act")), other than the Company or a subsidiary or employee
                  benefit plan or trust maintained by the Company or any of its
                  subsidiaries, becoming (together with its "affiliates" and
                  "associates", as defined in Rule 12b-2 under the Exchange Act)
                  the "beneficial owner" (as defined in Rule 13d-3 under the
                  Exchange Act), directly or indirectly, of more than
                  twenty-five percent (25%) of the stock outstanding at the
                  time, without the prior approval of the Board; or

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                  (iv) a majority of the voting directors proposed on a slate
                  for election by members are rejected by a vote of such
                  members.]

                  (e) "CAUSE" shall mean:

                  (i) the willful failure by the Executive to perform his duties
                  or responsibilities (other than due to Disability);

                  (ii) the Executive's having been convicted of, or entered a
                  plea of guilty or nolo contendere to any crime that
                  constitutes a felony, or a crime that constitutes a
                  misdemeanor involving moral turpitude;

                  (iii) the material breach by the Executive of any written
                  covenant or agreement with the Company not to disclose any
                  information pertaining to the Company; or

                  (iv) the breach by the Executive of the Code of Conduct, any
                  material provision of this Agreement or the Employment
                  Agreement, or any material provision of the following Company
                  policies: non-discrimination, substance abuse, workplace
                  violence, nepotism, travel and entertainment, corporate
                  information security, antitrust/competition law, foreign
                  corrupt practices act and other Company policies approved by
                  the Executive adopted after the date of this Agreement that
                  the Company notifies Executive are to be included in this
                  Paragraph.

                  (f) "GOOD REASON" means the occurrence of any of the following
without the prior written consent of the Executive:

                  (i) removal from the principal position held by the Executive
                  with the Company on the Effective Date;

                  (ii) a reduction in the Executive's annual base salary from
                  that in effect on the Effective Date (or any greater salary
                  that the Executive is subsequently entitled to);

                  (iii) the relocation of the Executive's principal place of
                  employment to a location more than fifty (50) miles from the
                  Executive's principal place of employment (unless such
                  relocation does not increase the Executive's commute by more
                  than twenty (20) miles) except for required travel on the
                  Company's business to an extent substantially consistent with
                  the Executive's business travel obligations as of such day; or

                  (iv) the failure by the Company to obtain an agreement from
                  any successor to assume and agree to perform this Agreement or
                  the Employment Agreement.

                  (g) "CIRCUMSTANCES OF INELIGIBILITY" means any one or more of
the following circumstances:

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                  (i) Death, Disability or Voluntary Termination. If the
                  Executive is terminated due to death or Disability (as defined
                  in the long term group disability plan in effect at the
                  Company at the time of disability) or if the Executive elects
                  to voluntarily terminate his employment, including, but not
                  limited to, a termination due to retirement, with the Company
                  or a successor, the Executive shall not be eligible to receive
                  the Change-in-Control Payment; provided, however, that
                  termination of employment by the Executive for Good Reason
                  shall not constitute a Circumstance of Ineligibility.

                  (ii) Termination for Cause. If the Executive's employment with
                  the Company or a successor is terminated for Cause, at any
                  time preceding or following a Change-in-Control, the Executive
                  shall not be eligible to receive the Change-in-Control
                  Payment. The Executive's employment may be terminated for
                  "Cause" as defined in paragraph 2(e) above, by the Company,
                  upon the authority of the Company's Board of Directors,
                  effective not less than fourteen (14) days after the giving by
                  the Company to the Executive written notice of such
                  termination for "Cause" ("Notice of Termination for Cause").
                  The Company's Notice of Termination For Cause shall state the
                  date of termination and the basis for the Company's
                  determination that the Executive's actions establish Cause
                  hereunder. Upon the Executive's receipt of a Notice of
                  Termination For Cause, the Executive may, prior to the date of
                  termination set forth therein, seek to cure any conduct
                  identified in the Notice of Termination For Cause as
                  establishing Cause (to the extent susceptible to cure) and
                  shall, upon his written request, be accorded the right to
                  address the Board of Directors, with or without counsel to the
                  Executive present at the Executive's option, for the purpose
                  of responding to the Notice of Termination For Cause.
                  Following such meeting between the Executive and the Board of
                  Directors, if the Board of Directors does not withdraw or
                  modify the Notice of Termination For Cause, the Executive's
                  employment shall terminate on the date of termination stated
                  in the Notice of Termination For Cause.

                  (iii) Failure to Give Notice of Termination for Good Reason.
                  The Executive's employment or full-time employment, as
                  applicable, may be terminated for "Good Reason" as defined in
                  paragraph 2(f) above, by the Executive, effective ninety (90)
                  days after the giving of written notice to the Company of the
                  grounds for termination for Good Reason by the Executive,
                  which grounds, as specified by the Executive, have not been
                  cured by the Company during such ninety (90) day period. The
                  Company may, in its sole discretion, waive the ninety (90) day
                  notice required to be given by the Executive. Unless waived by
                  the Company, failure by the Executive to give notice of
                  termination for Good Reason in compliance with this paragraph,
                  shall render the Executive ineligible to receive the
                  Change-in-Control Payment.

3.       TIME OF PAYMENT OF CHANGE-IN-CONTROL PAYMENT

                  Subject to the Executive's execution of a Separation Agreement
and Release of all claims related to the Executive's employment or the
termination thereof, in the form attached hereto, other than any modifications
which may be required to effectuate such release based

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upon any changes in law, and subject to Paragraph 7(e) below, the
Change-in-Control Payment (if any) shall be paid to the Executive in cash in
seventy-two (72) equal bi-monthly installments payable in accordance with the
Company's regular payroll practices, beginning following the later of (i) the
date of the termination of the Executive's employment with the Company or the
successor to the Company or (ii) the date of the Change-in-Control (the
"Change-in-Control Payment Period"). Notwithstanding the foregoing, in the event
the Change-in-Control Payment Period would otherwise terminate prior to the date
on which the Executive attains the age of fifty-five (55), the Company shall
recalculate the Change-in-Control Payment payable during the Change-in-Control
Payment Period and pay to the Executive as an employee on the Company's payroll,
on an approved leave of absence (which shall not be deemed to be full-time
employment), an amount equal to the Change-in-Control Payment payable to the
Executive during the Change-in-Control Payment Period, divided into equal
installments, payable in accordance with the Company's regular payroll
practices, beginning with the first payroll period of such Change-in-Control
Payment Period and ending with the first payroll period after the date the
Executive attains the age of fifty-five (55) (the "Recalculated
Change-in-Control Payment Period"). In all events, the Change-in-Control Payment
shall be paid to the Executive for that portion of the Change-in-Control Payment
Period prior to the date the Executive attains the age of fifty-five (55) as an
employee on the Company's payroll on an approved leave of absence. At the
conclusion of the Executive's approved leave of absence, the Executive's
employment shall terminate and the Executive or, if applicable, an authorized
representative of the Executive's estate, shall execute a Separation Agreement
and Release in the form attached hereto, other than modifications which may be
required to effectuate such release based upon any changes in the law, covering
the period of the Executive's approved leave of absence. The Executive agrees to
make himself available to consult with the Company during the approved leave of
absence period, at reasonable times and with reasonable notice as may be
requested by the Company from time to time. In the event that the Executive dies
prior to receipt of the entire Change-in-Control Payment due hereunder, any
remaining portion of the Change-in-Control Payment due to the Executive under
this Paragraph 3 shall be paid to the Executive's estate.

4.       ACCELERATION OF VESTING OF CERTAIN EMPLOYEE BENEFITS AND INCENTIVE
         COMPENSATION

                  Upon the occurrence of a Change-in-Control, there shall occur:

                  (i) full and immediate acceleration of vesting of all unvested
                  performance units under the Executive Incentive Plan with the
                  amount based upon the assumption that the Company has achieved
                  a performance score of one hundred (100%) percent for all
                  grants awarded under such plan; provided, however, if the
                  Executive's employment is terminated in accordance with
                  paragraph 2(a) above, the amount of such units shall be
                  increased based upon the assumption that the Company has
                  achieved a performance score of one hundred twenty-five (125%)
                  percent for all grants awarded under the such Plan;

                  (ii) full and immediate vesting of all unvested share units
                  under the Value Appreciation Plan;

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                  (iii) full and immediate vesting of all outstanding annuity
                  contracts under the Annuity Bonus Program and the Executive
                  shall receive an additional adjusted annuity bonus if his
                  termination of employment or full-time employment, as
                  applicable, occurs before the end of a calendar year to
                  reflect the portion of the year completed unless the annuity
                  bonuses have already been approved for such calendar year, in
                  which case, the Executive shall receive the approved annuity
                  bonus for such calendar year;

                  (iv) full and immediate vesting of the annual benefit under
                  the MasterCard International Supplemental Executive Retirement
                  Plan (the "SERP"). The Executive's benefit under the SERP
                  shall be calculated based upon the assumption that the
                  Executive has attained age 60; and

                  (v) full and immediate vesting under the Special Awards Plan.

5.       CONTINUATION OF EXECUTIVE WELFARE BENEFITS

                  Notwithstanding anything contained herein to the contrary, if
the Executive is entitled to receive the Change-in-Control Payment:

                  (a) subject to the Executive's execution of Separation
Agreement(s) and Release(s), as set forth in Paragraph 3, above, payment on the
Executive's behalf, for the monthly cost of the premiums for coverage under the
Consolidated Omnibus Reconciliation Act of 1985, as amended ("COBRA"), for a
period equivalent to the Change-in-Control Payment Period (as may be reduced by
the Executive in accordance with the terms of Paragraph 7(e), below) or eighteen
(18) months (twenty-nine (29) months if the Executive is now disabled or
determined to be disabled under the Social Security Act within the first sixty
(60) days of the continuation period) following the date of the termination of
the Executive's employment, whichever is shorter; provided, however, such
coverage shall not be provided if during such period the Executive is or becomes
ineligible under the provisions of COBRA for continuing coverage or the
Executive becomes eligible for medical coverage under Paragraph 5(c) below or
any Company retirement plan. The Executive agrees that in consideration of the
payment of cost of COBRA coverage to execute all necessary documentation
acknowledging proper COBRA Notice and coverage;

                  (b) subject to the Executive's execution of Separation
Agreement(s) and Release(s) as set forth in Paragraph 3, above, outplacement
services, to be provided by a firm selected by the Company, at a level generally
made available to senior executives of the Company for the shorter of the
Change-in-Control Payment Period or the period he remains unemployed;

                  (c) participation in the Company's health plan, individual
life insurance plan and individual disability benefit plan for the duration of
any approved leave of absence then granted to the Executive, provided that the
Executive waives in writing any and all rights to future participation and
accrual of benefits under any qualified employee pension benefit plan of the
Company as defined in Section 3(2) of the Employee Retirement Income Security
Act of 1974, as amended, and any Group Disability Plans;

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                  (d) such other benefits to which the Executive is expressly
entitled following the termination of the Executive's employment by the Company
without Cause or by the Executive with Good Reason, upon the termination of the
Executive's approved leave of absence, as may be provided by the then existing
plans, programs and/or arrangements of the Company (other than any severance
payments payable under the terms of any benefit plan, including, but not limited
to, the MasterCard International Incorporated Severance Plan); and

6.       LIMITATION ON PAYMENTS; GROSS-UP PAYMENT

                  (a) If any of the payments or benefits received or to be
received by the Executive in connection with a Change in Control or the
Executive's termination of employment (whether such payments or benefits are
provided pursuant to the terms of this Agreement or any other plan, arrangement
or agreement with the Company, any person whose actions result in a Change in
Control or any person affiliated with the Company or such person) (such payments
or benefits, excluding the Gross-Up Payment, being hereinafter referred to as
the "Total Payments") will be subject to the excise tax (the "Excise Tax")
imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the
"Code"), the Company shall pay to the Executive, as soon as practicable
following the Change in Control (but in any event not later than the later of
(1) thirty (30) days following the Executive's termination of employment or (2)
thirty (30) days following the Change in Control), such additional amounts (the
"Gross-Up Payment") such that the net amount retained by the Executive, taking
into account the Gross-Up Payment, and after deduction of any federal, state and
local income and employment taxes and Excise Taxes, shall be equal to the Excise
Tax on such Gross-Up Payment and the Total Payments (calculated on a
hypothetical basis by taking into account the provisions of paragraphs (b) and
(c) hereof). Notwithstanding the above, if it is determined that the Excise Tax
(without regard to paragraph (c) hereof) would cause the net after-tax Total
Payments to be paid to or on behalf of the Executive to be less than what he
would have netted, after federal, state and local income taxes without taking
into account any Gross-Up Payment, had the present value of his Total Payments
equaled $1 less than three times his base amount, as defined under Section
280G(b)(3)(A) of the Code, then such Executive's Total Payments shall be reduced
(but not below the minimum possible amount), so that no portion of the Total
Payments is subject to the Excise Tax (without regard to paragraph (c) hereof).

                  (b) For purposes of determining whether any of the Total
Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(i) all of the Total Payments shall be treated as "parachute payments" (within
the meaning of Section 280G(b)(2) of the Code) unless, in the opinion of tax
counsel ("Tax Counsel") selected by the Company and reasonably acceptable to the
Executive, such payments or benefits (in whole or in part) do not constitute
parachute payments, including by reason of Section 280G(b)(4)(A) of the Code,
(ii) all "excess parachute payments" within the meaning of Section 280G(b)(1)
of the Code shall be treated as subject to the Excise Tax unless, in the opinion
of Tax Counsel, such excess parachute payments (in whole or in part) represent
reasonable compensation for services actually rendered (within the meaning of
Section 280G(b)(4)(B) of the Code) in excess of the "base amount" (as defined in
Section 280G(b)(3) of the Code) allocable to such payment, or are otherwise not
subject to the Excise Tax, and (iii) the value of any noncash benefits or any
deferred payment or benefit shall be determined by Tax Counsel in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code. For purposes of
determining the amount of the Gross-Up Payment, the Executive

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shall be deemed to pay federal income tax at the highest marginal rate of
federal income taxation in the calendar year in which the Gross-Up Payment is to
be made and state and local income taxes at the highest marginal rate of
taxation in the state and locality of the Executive's residence or place of
employment under which such amounts are subject to taxation, whichever is
greater, in the calendar year in which the Gross-Up Payment is to be made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

                  (c) For the purpose of determining the hypothetical
calculation of Excise Tax on the Total Payments under paragraph (a) and (d)
hereunder, the Executive's base amount shall be determined by including in his
gross income (for the taxable year in which such amounts would have been so
included in the absence of the deferral hereinafter described), all compensation
amounts the payment of which has been deferred by the Executive, but only to the
extent such amounts have not been included in Executive's gross income prior to
the calendar year in which the Change in Control occurs.

                  (d) In the event that the Excise Tax (calculated on a
hypothetical basis by taking into account the provisions of paragraph (c)
hereof) is determined to exceed the amount taken into account hereunder in
calculating the Gross-Up Payment (including by reason of any payment the
existence or amount of which cannot be determined at the time of the Gross-Up
Payment), the Company shall make an additional Gross-Up Payment in respect of
such excess (plus any interest, penalties or additions payable by the Executive
with respect to such excess) within five (5) business days following the time
that the amount of such excess is finally determined. In the event that the
Excise Tax (calculated on a hypothetical basis by taking into account the
provisions of paragraph (c) hereof) is determined to be less than the amount
taken into account hereunder in calculating the Gross-Up Payment, the Executive
shall repay to the Company within five (5) business days following the time that
such difference is finally determined the portion of the Gross-Up Payment
attributable to such reduction (plus the portion of the Gross-Up Payment
attributable to such Excise Tax and federal, state and local income tax imposed
on the Gross-Up Payment being repaid by the Executive if such repayment results
in a reduction in such Excise Tax or a federal, state and local income tax
deduction) plus any interest received by the Executive on the amount of such
repayment less any federal, state and local income and employment taxes actually
paid by the Executive on such interest. The Executive and the Company shall each
reasonably cooperate with the other in connection with any administrative or
judicial proceedings concerning the existence or amount of liability for any
Excise Tax with respect to the Total Payments.

7.       ACKNOWLEDGEMENTS; CONFIDENTIAL INFORMATION; COMPETITIVE ACTIVITIES; NON
         SOLICITATION.

                  (a) The Executive acknowledges as follows:

                  (i) The Company is in the payments industry and provides such
                  services both nationally and internationally without
                  limitation to any geographic area.

                  (ii) Since the Company would suffer irreparable harm if the
                  Executive left the Company's employ and solicited employees of
                  the Company or otherwise interfered with

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                  business relationships of the Company, it is reasonable to
                  protect the Company against such activities by the Executive
                  for a limited period of time after the Executive leaves the
                  Company.

                  (iii) The covenants contained in Paragraphs 7(b), (c) and (d)
                  below are reasonably necessary for the protection of the
                  Company and are reasonably limited with respect to the
                  activities they prohibit, their duration, their geographical
                  scope and their effect on the Executive and the public. The
                  purpose and effect of the covenants simply are to protect the
                  Company for a limited period of time from unfair competition
                  by the Executive.

                  (b) For the purposes of this Agreement, all confidential or
proprietary information concerning the business and affairs of the Company,
including, without limitation, all trade secrets, know how and other information
generally retained on a confidential basis by the Company concerning its
designs, software codes and specifications, formulae, processes, inventions and
discoveries, business plans, pricing, product plans and the identities of, and
the nature of the Company's dealings with, its members, suppliers and customers,
whether or not such information shall, in whole or in part, be subject to or
capable of being protected by patent, copyright or trademark laws, shall
constitute "Company Confidential Information." The Executive acknowledges that
he will from time to time have access to and obtain knowledge of certain Company
Confidential Information, and that improper use or revelation thereof by the
Executive, during or after the termination of his employment by the Company,
could cause serious injury to the business of the Company. Accordingly, the
Executive agrees that he will forever keep secret and inviolate all Company
Confidential Information which shall have come or shall hereafter come into his
possession, and that he will not use the same for his own private benefit, or
directly or indirectly for the benefit of others, and that he will not disclose
such Company Confidential Information to any other person. If the Executive is
legally compelled (by deposition, interrogatory, request for documents,
subpoena, civil investigative demand or similar process) to disclose any of the
Company Confidential Information, he shall provide the Company with prompt prior
written notice of such legal requirement so that the Company may seek a
protective order or other appropriate remedy and/or waive compliance with the
terms of this Paragraph. In any event, the Executive may furnish only that
portion of the Company Confidential Information which the Executive is advised
by legal counsel is required, and he shall exercise his best efforts to obtain
an order or assurance that confidential treatment will be accorded such Company
Confidential Information as is disclosed. Notwithstanding anything contained
herein which may be to the contrary, the term "Company Confidential Information"
does not include any information which at the time of disclosure or thereafter
is generally available to and known by the public, other then as a result of a
disclosure directly or indirectly by the Executive.

                  (c) In addition to the acknowledgments by the Executive set
forth in Paragraph 7(a) above, the Executive acknowledges that the services
provided for the Company are a significant factor in the creation of valuable,
special and unique assets which are expected to provide the Company with a
competitive advantage. Accordingly, the Executive agrees that during the Term,
and thereafter for the duration of the Change-in-Control Payment Period or the
Recalculated Change-in-Control Payment Period, as applicable, the Executive
(whether as an employee, officer, director, partner, proprietor, investor,
associate, executive, consultant, adviser or otherwise) will not, either
directly or indirectly, for the Executive or any third party, engage or invest
in any business or activity which is directly or indirectly in competition with
any business

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or activity engaged in by the Company, including, but not limited to, any
credit, charge, chip or debit card business or processor. For purposes of the
preceding sentence, the Executive shall be deemed to be engaged in any business
which any person for whom he shall perform services is engaged. Notwithstanding
the foregoing, nothing herein shall prohibit the Executive from having a
beneficial ownership interest of less than 3% of the outstanding amount of any
class of securities of any enterprise (but without otherwise participating in
the activities of such enterprise) if such securities are listed on a national
securities exchange or quoted on an inter-dealer quotation system. For the
avoidance of doubt, the Company and Executive agree that Executive may perform
services or engage in business activities for a MasterCard Member, without
violating the provisions of this Paragraph, provided that Executive may not
perform services or engage in business activities for a MasterCard Member that
is party to a brand dedication agreement with VISA USA, VISA International,
American Express, JCB, Discover, Diners Club, Carte Blanche or any other
competitor of the Company, the term of which is two years or more.

                  (d) During the Term, and thereafter for the duration of the
Change-in-Control Payment Period or the Recalculated Change-in-Control Payment
Period, as applicable, the Executive shall not himself, or by assisting any
other person to, directly or indirectly, (a) solicit, induce, recruit or
encourage any other employee, agent, consultant or representative to leave the
service of the Company for any reason, or (b) induce any member, customer,
supplier or other person with whom the Company engaged in business, or to the
knowledge of the Executive planned or proposed to engage in business, to
terminate any commercial relationship with the Company or cease to accept or
issue its products. Nothing herein contained shall be deemed to prohibit the
Executive from hiring any employee, agent, consultant or representative of the
Company who responds to a general, written solicitation in any form of media
directed at the public in general.

                  (e) Notwithstanding the provisions of paragraphs 7(c) and 7(d)
above, the Executive may at his election, reduce the payment period (thereby
reducing the total payments required) under Paragraph 3 above to a period of not
less than twelve (12) months by providing written notice to the Company of such
election. In such case, the restrictions contained in Paragraphs 7(c) and 7(d)
shall be in effect only for the duration of such reduced payment period and the
Company's obligation to continue to provide any further payments with respect to
any period subsequent to such reduced payment period under the terms of
Paragraph 3 or provide any further benefits under the terms of Paragraph 5 shall
cease. In the event that the Company determines, in good faith, that the
Executive has breached his obligations under Paragraphs 7(b), 7(c) or 7(d), the
Company shall be under no obligation to provide any further payments under the
terms of Paragraph 3 or provide any further benefits otherwise due under
Paragraphs 5 above, during the remainder of the payment period. In the event of
a judicial determination that the Executive has breached his obligations under
Paragraphs 7(b), 7(c) or 7(d), in addition to any damages or other relief
otherwise available to the Company, the Executive shall be obligated to
reimburse the Company for any payments previously received from the Company. In
addition, following a judicial determination, the prevailing party shall be
entitled to be reimbursed by the non-prevailing party for reasonable legal fees
and expenses incurred by the prevailing party in connection with the judicial
proceeding seeking to enforce the provisions of Paragraph 7 hereof.

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                  (f) For the purposes of this Agreement, the period of
restriction of confidentiality or proprietary information and competition is
intended to limit disclosure and competition by the Executive to the maximum
extent permitted by law. If it shall be finally determined by any court of
competent jurisdiction ruling on this Agreement that the scope or duration of
any limitation contained in this Agreement is too extensive to be legally
enforceable, then the parties hereby agree that the provisions hereof shall be
construed to be confined to such scope or duration (not greater than that
provided for herein) as shall be legally enforceable, and the Executive hereby
consents to the enforcement of such limitations as so modified.

                  (g) The Executive acknowledges that any violation by him of
the provisions of this Paragraph 7 would cause serious and irreparable damage to
the Company. He further acknowledges that it might not be possible to measure
such damage in money. Accordingly, the Executive agrees that, in the event of a
breach or threatened breach by the Executive of the provisions of this
Paragraph, the Company may seek, in addition to any other rights or remedies,
including money damages, an injunction or restraining order, without the need to
post any bond or other security, prohibiting the Executive from doing or
continuing to do any acts constituting such breach or threatened breach.

8.       MISCELLANEOUS

                  (a) Governing Law. This Agreement shall be construed and
enforced in accordance with the laws of the State of New York without reference
to principles of conflict of laws. Any legal suit, action or proceeding against
any party hereto arising out of or relating to this Agreement shall be
instituted in a federal or state court in the State of New York, and each party
hereto waives any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding and each party hereto irrevocably
submits to the jurisdiction of any such court in any suit, action or proceeding.

                  (b) Entire Agreement. Upon the Effective Date, this Agreement
and the Employment Agreement between the Executive and the Company, entered into
simultaneously herewith, shall incorporate the complete understanding and
agreement between the parties with respect to the subject matter hereof and
thereof and supersede any and all other prior or contemporaneous agreements,
written or oral, between the Executive and the Company or any predecessor
thereof, with respect to such subject matter. No provision hereof may be
modified or waived except by a written instrument duly executed by the Executive
and the Company with the express approval of the Compensation Committee.

                  (c) Knowing and Voluntary Agreement. The Executive
acknowledges that before entering into this Agreement he has received a
reasonable period of time to consider this Agreement and has had sufficient time
and an opportunity to consult with any attorney or other advisor of his choice
in connection with this Agreement and all matters contained herein, and that he
has been advised to do so if he so chooses. The Executive further acknowledges
that this Agreement and all terms hereof are fair, reasonable and are not the
result of any fraud, duress, coercion, pressure or undue influence exercised by
the Company, that he has approved and entered into this Agreement and all of the
terms hereof on his own free will, and that no promises or representations have
been made to him by any person to induce him to enter into this Agreement other
than the express terms set forth herein.

                                       11
<PAGE>
                  (d) Deductions and Withholding. The Company shall be entitled
to deduct and withhold from all compensation payable to the Executive pursuant
to this Agreement all amounts required to be deducted and withheld therefrom
pursuant to any present or future law, regulation or ordinance of the United
States of America or any state or local jurisdiction therein or any foreign
taxing jurisdiction.

                  (e) Headings. Paragraph headings are included in this
Agreement for convenience of reference only and shall not affect the
interpretation of the text hereof.

                  (f) Notice. Any and all notices, demands or other
communications to be given or made hereunder shall be in writing and shall be
deemed to have been fully given or made when personally delivered, or on the
third business day after mailing from within the continental United States by
registered mail, postage prepaid, addressed as follows:

                  If to the Company:

                  MasterCard International Incorporated
                  2000 Purchase Street
                  Purchase, New York 10577

                  Attention: General Counsel

                  If to the Executive:

                  Robert W. Selander

Either party may change the address to which any notices to it shall be sent by
giving to the other party written notice of such change in conformity with the
foregoing.

                  (g) Counterparts. This Agreement may be executed in two or
more counterparts; each of which shall constitute an original but all of which
together shall constitute one and the same instrument.

                  (h) Binding Agreement. This Agreement may be assigned by the
Company to, and shall inure to the benefit of, any successor to substantially
all the assets and business of the Company as a going concern, whether by
merger, consolidation or purchase of substantially all of the assets of the
Company or otherwise, provided that such successor shall assume the Company's
obligations under this Agreement. This Agreement shall inure to the benefit of
and be enforceable by the Executive's personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees.

                  (i) No Duplication of Payments or Benefits. Notwithstanding
anything contained herein to the contrary, the Executive shall not be entitled
to receive any duplicative payment or benefit hereunder, with respect to any
payment or benefit received during the Additional Pay

                                       12
<PAGE>
Period or Recalculated Additional Pay Period provided under the Executive's
Employment Agreement with the Company. Any payment or benefit to which the
Executive may become entitled hereunder with respect to the Change-in-Control
Payment Period or the Recalculated Change-in-Control Payment Period, as
applicable, shall take into account any payments or benefits already received by
or provided to the Executive during the Additional Pay Period or Recalculated
Additional Pay Period under the Executive's Employment Agreement with the
Company, such that the Executive does not receive the same payment or benefit
(or any portion thereof) twice, but instead shall receive under both this
Agreement and the Employment Agreement combined, only the equivalent of the full
payment or benefit to which he is then entitled under the operative agreement.
This Paragraph 8(i) shall not affect any accelerated vesting to which the
Executive has or may become entitled under this Agreement or the Executive's
Employment Agreement.

                  (j) Authority to Enter Into this Agreement. The Company
represents and warrants that Michael Michl has been authorized to enter this
Agreement on its behalf by the Compensation Committee of the Board of Directors,
acting for, and on behalf of the Board of Directors.

                  IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first written above.

                                             MASTERCARD INTERNATIONAL
                                             INCORPORATED

                                             By /s/ Michael Michl
                                                -------------------------------
                                                Michael Michl
                                                Executive Vice President,
                                                Central Resources

ACCEPTED AND AGREED TO
As of the date first written above

By: /s/ Robert W. Selander
    -----------------------------
    Robert W. Selander

                                       13
<PAGE>
                              AGREEMENT AND RELEASE

TO:      MasterCard International Incorporated

         1. I acknowledge that my [full-time] employment terminated effective
[date]. The terms and conditions governing the termination of my [full-time]
employment are provided by my Employment Agreement with MasterCard International
Incorporated ("MasterCard"), dated as of_____ ,2001 ("Employment Agreement"), my
Change in Control Agreement with MasterCard, dated as of _____ ,200l ("CIC
Agreement") and this Agreement and Release, which together constitute our
Agreement (collectively, the "Agreements"). I further acknowledge that the
payments and benefits provided under the Agreements relating to the period
following the termination of my [full-time] employment are conditioned upon my
execution of this Agreement and Release. I further acknowledge that the
Agreements provide for payments and benefits which exceed and are in lieu of any
other payments and benefits to which I might otherwise be entitled in the
absence of my execution of this Agreement and Release.

         2. Waiver and Release: Except as otherwise provided in the Employment
Agreement and the CIC Agreement, I agree to and do waive any claims I may have
for employment by MasterCard. I further agree to and do release and forever
discharge MasterCard, its members, subsidiaries, affiliates and their respective
current and former officers, directors, shareholders, employees and agents from
any and all claims and causes of action, known or unknown, arising out of or
relating to my employment by MasterCard or the termination thereof, including,
but not limited to wrongful discharge, breach of contract, tort, fraud, Civil
Rights Laws, the Age Discrimination in Employment Act, the Americans with
Disabilities Act or any other federal, state or local law relating to
employment, discrimination in employment, termination of employment or
otherwise, up to and including the date I execute this Agreement and Release.

         3. Agreement Not to Sue: Except as otherwise prohibited by law, I agree
not to sue or commence any proceeding or participate voluntarily in any action,
suit, proceeding, arbitration or mediation against MasterCard and/or its current
or former employees, directors and agents, with respect to any act, occurrence,
event, or any alleged failure to act, relating to my employment and occurring up
to and including the date of this Agreement and Release.

         4. Exclusions from this Agreement and Release: This Agreement and
Release excludes my right to enforce the terms of the Employment Agreement or
the CIC Agreement insofar as they relate to MasterCard's obligations to me,
which survive the termination of my [full-time] employment, nor does it include
any rights I may have under MasterCard's employee benefit plans as determined by
the terms of the relevant plan documents, other than the Severance Plan and
except as may otherwise be expressly provided in the Employment Agreement or the
CIC Agreement. Further, this Agreement and Release excludes any claims I may
have for: (i) indemnity as provided in the Employment Agreement; and (ii)
coverage under any MasterCard Directors and Officers liability insurance policy.

         5. Return of Property: No later than [insert termination day], I agree
to relinquish all MasterCard property in my possession or under my control,
including, but not limited to,

                                     - 1 -
<PAGE>
MasterCard equipment, files, keys, personal computers, cellular phones and
business, credit and access cards. I further agree to submit all expense reports
and settle my outstanding accounts with MasterCard before I may receive any
payments or other benefits pursuant to the Agreements. I acknowledge that
MasterCard will not accept expense reports submitted more than twenty (20) days
after the effective date of the termination of my [full-time] employment. I
further acknowledge that MasterCard will review timely submitted expense reports
and pay only those ordinary and necessary business expenses in accordance with
its then current business expense reimbursement policy.

         6. No Disparagement: I agree that I will not now or at any time in the
future, make any communications, whether oral or written, which negatively
reflect upon, or disparage in any way, or induce or encourage others to
disparage in any way, MasterCard, its services, its products, or any of its
members or current or former directors, officers, employees or agents.

         7. Transition of My Responsibilities: I agree to cooperate fully,
completely and to the extent reasonably required by MasterCard in order to
assure transition of files and pending matters that are or will be assigned to
other staff. To the extent not inconsistent with my employment or other business
activities, this includes, but is not limited to, assisting and advising
MasterCard from time to time with respect to matters in which I was involved and
had knowledge as MasterCard's Chief Executive Officer. Further, I agree to
provide testimony and/or information related to any claims, lawsuits or
investigations by or against MasterCard and to make myself available for that
purpose.

         8. Right to Terminate and Recover Payments and Other Benefits: Except
as otherwise prohibited by law, with respect to the release of claims under the
Age Discrimination in Employment Act, I acknowledge and agree that MasterCard's
obligation to make or provide, or continue making or providing payments and
benefits under the Agreements relating to the period following the termination
of my [full-time] employment is expressly conditioned upon my compliance with
all of my obligations provided under this Agreement and Release. Should I
violate any of the terms of this Agreement and Release, MasterCard will be
entitled to discontinue all payments and benefits provided under the Agreements.
In the event of a judicial determination that I have breached my obligations
under this Agreement and Release, MasterCard shall have the further right to
recover all sums it may have paid pursuant to the Agreements relating to the
period following the termination of my [full-time] employment. In addition,
following a judicial determination, the prevailing party shall be entitled to be
reimbursed by the non-prevailing party for reasonable legal fees and expenses
incurred by the prevailing party in connection with the judicial proceeding
seeking to enforce the provisions of this paragraph 8. The foregoing shall not
limit MasterCard's rights under the Agreements in the event of a breach of any
of the Agreements by the Executive.

         9. Terms Governing The Agreements: I acknowledge that the Agreements
set forth the entire understanding of the parties and supersedes any and all
prior agreements, oral or written, relating to my employment by MasterCard or
the termination thereof. The Agreements may not be modified except by a writing,
signed by me and by MasterCard. The Agreements shall be binding upon my heirs
and personal representatives, and the successors and assigns of MasterCard. This
Agreement and Release shall be governed and construed in accordance with the
laws of the State of New York, without regard to its choice of law rules.

                                     - 2 -
<PAGE>
         10. Severability: The invalidity or unenforceability of any particular
provisions of this Agreement and Release shall not affect the other provisions
hereof, and this Agreement and Release shall be construed in all respects as if
such invalid or unenforceable provisions were omitted.

         11. Waiver: I understand that the waiver by MasterCard of my breach of
any provision of this Agreement and Release shall not operate or be construed as
a waiver of any subsequent breach by me. The waiver by me of a breach of any
provision of this Agreement and Release by MasterCard shall not operate or be
construed as a waiver of any subsequent breach by MasterCard.

         12. No Admission of Wrongdoing: I acknowledge that by making this
offer, MasterCard does not admit any failure of performance, wrongdoing or
violation of law.

         13. Acknowledgment of Voluntary Execution: I have been informed that I
may take up to 21 days from today to consider this Agreement and Release. I have
also been informed that I may revoke this Agreement and Release after signing
it, but only by delivering a signed revocation notice to ______________ within
seven (7) days of my signing and returning this Agreement and Release. I
acknowledge that before executing this Agreement and Release, I have had the
opportunity to consult with any attorney or other advisor of my choice, and I
have been advised to do so if I choose. I further acknowledge that I have signed
this Agreement and Release of my own free will, and that no promises or
representations have been made to me by any person to induce me to sign this
Agreement and Release other than the express terms set forth in the Agreements.
I further acknowledge that I have read the Agreements and understand all of the
terms outlined therein, including the waiver and release of claims set forth in
paragraph 2 above.

Accepted and Agreed:

--------------------------------
Robert W. Selander

Dated:
      --------------------------

                                      -3-<PAGE>

                                                                   EXHIBIT 10.33

                               COMMERCIAL SUBLEASE

This Sublease is made as of the _22__ day of June 2001 between SWMF Holdings
Corporation, hereinafter called "Landlord", and Esperion Therapeutics, Inc.,
hereinafter called "Tenant".

It is agreed as follows:

              1. ORIGINAL LANDLORD: Landlord, as the tenant, has entered into a
              lease with Western Michigan University (WMU), as the original
              landlord, for the property commonly described as McCracken Hall
              Rooms numbered 5111, 5110, 5090, 5040, 5041, 5042, 5010, 5280,
              5030, and 5070. That Lease Agreement will be referenced in this
              sublease as the "Original Lease".

              2. SUBLEASED PREMISES: Landlord now subleases to Tenant two or
              more of the following rooms numbered 5111, 5110, 5090, 5040, 5041,
              5042, 5010, 5280, 5030 and 5070 (those which are subleased
              becoming the "Subleased Premises") Tenant will be allowed to
              inspect the Subleased Premises at least forty-five (45) days prior
              to occupying the Subleased Premises. On or before October 15,
              2001, Tenant shall advise Landlord in writing as to which of these
              rooms it desires to lease. The parties shall complete Exhibit A at
              that time. Until January 1, 2002, Tenant has the exclusive option
              to rent more of these rooms by providing written notice of same to
              Landlord. If that occurs, the parties shall execute a revised
              Exhibit A. If Tenant does not lease all of the rooms specified
              above by January 1, 2002, then Landlord may offer those unleased
              rooms ("Unleased Rooms") to other prospective tenants, so long as
              Tenant is given a right of first refusal in the manner described
              below.

              As to the Unleased Rooms, if after January 1, 2002, and during the
              term of this Sublease, Landlord should receive a bona fide offer
              to lease one of the Unleased Rooms that is acceptable to it,
              Landlord shall deliver to Tenant a written notice that such an
              offer has been received. The notice shall include a copy of the
              offer.

              Tenant shall have the right and option for a period of ten (10)
              business days after receipt of such notice to elect to rent those
              Unleased Rooms upon the same terms and conditions as stated in the
              bona fide offer which was attached to the notice. Exercise of this
              option shall be by written notice from Tenant to Landlord.

              If Tenant does not elect to exercise this option, then Landlord
              may proceed to rent those Unleased Rooms in accordance with the
              provisions of the bona fide offer and this first right of refusal
              shall terminate as to those Unleased Rooms. However, if Landlord
              does not proceed to rent those Unleased Rooms under such bona fide
              offer, then this first right of refusal will continue as to any
              subsequent bona fide offers.

              3. TERM: The term of this Sublease is one (1) year, commencing on
              the earlier of the date that Tenant takes occupancy of the
              Subleased Premises or October 15, 2001. If Tenant's new space at
              the Business Technology & Research Park (the "New Space") is
              available for occupancy prior to the end of the term of this
              Sublease, then Tenant may terminate this Sublease early, by
              submitting a written notice of its intent to do so to Landlord,
              not less than thirty (30) days prior to its anticipated
              termination date. In addition, Tenant has the option to renew this
              Sublease for four (4) additional six (6) month terms, the first of
              which shall commence immediately after the end of the original
              term of this Sublease, (the "Additional Terms"). Tenant will be
              granted extra Additional Terms if the New Space is not available
              sixty (60) days prior to the end of the fourth Additional Term.
              Notice of intent to exercise the option to renew shall be given by
              Tenant to Landlord at least sixty (60) days prior to the end

1
<PAGE>

              of the original term, as to the first renewal option and at least
              thirty (30) days prior to the end of the first renewal term as to
              the second renewal option. The rent during the Additional Terms
              will be the same as the rent specified in Section 4 of this
              Sublease.

              4. RENT: Tenant shall pay to Landlord monthly rent of Twelve and
              50/100 Dollars ($12.50) per square foot, which is broken down into
              base rent of Ten and 00/100 Dollars ($10.00) per square ft. of
              subleased space, and Two and 50/100 Dollars ($2.50) per square ft.
              of subleased space for services including, but not limited to,
              Tenant's portion of operating and maintenance expenses. The total
              rent will be calculated with respect to the Subleased Premises'
              floor space on Exhibit A, attached to this Sublease. The first
              installment of rent shall be due the earlier of thirty (30) days
              from the date that the Tenant took occupancy of the Subleased
              Premises or October 15, 2001, and shall continue on the same day
              of each month thereafter throughout the original lease term and
              any Additional Terms.

              5. COMPANY EMPLOYEE LEVEL: Tenant has agreed to make a good-faith
              effort to hire at least five research/research management and
              maintenance employees by January 1, 2002.

              6. FURNISHINGS AND SUPPLIES: Tenant agrees to provide its own
              furniture, supplies, and equipment for its offices and labs.

              7. INTERNSHIPS AND RESEARCH OPPORTUNITIES: Tenant will make a good
              faith effort to, make internship and research opportunities
              available to WMU faculty, staff, and students.

              8. WMU PRIVILEGES: Tenant's employees will have regular WMU
              staff/faculty privileges, including, but not limited to, WMU
              computer database access, library access, phone service, keys to
              McCracken Hall and to Subleased Premises, parking, and health
              center access.

              9. SIGNAGE: WMU has allowed outside signs, in accordance with
              paragraph 12 of the original lease agreement, at the cost of the
              Tenant, subject to WMU and Landlord approval.

              10. EMPLOYEE PARKING: In accordance with Paragraph 3 of the
              Original Lease Agreement, WMU shall make available for purchase by
              Landlord, at the same cost that applies to Faculty/Staff employees
              of WMU, three (3) parking spaces for Landlord non-student
              employees, guest, and invitees in Parking Lot Number 28, located
              adjacent to McCracken Hall and Waldo Library. Landlord shall make
              available 15 (fifteen) additional Faculty/Staff permits for use by
              Tenant for use in accordance with WMU's regular parking rules and
              regulations. The 15 additional spaces shall not be for any
              dedicated lot or spaces. Landlord hereby grants to Tenant, its
              employees, agents, contractors, and invitees, the right of
              vehicular ingress and egress on the campus of WMU subject to all
              rules and regulations established by WMU for parking and traffic
              control; application of such rules and regulations shall be
              non-discriminatory. WMU student employees will be required to
              purchase a student parking sticker like all other on-campus
              student employees.

              11. RESTRICTION ON USE: The Subleased Premises shall be used
              solely for the purpose of scientific research and other related
              activities. The Subleased Premises shall not be used for any other
              purpose without the prior written consent of Landlord. Tenant
              shall not use the Subleased Premises in any manner that is in
              violation of any federal, state, or local law, ordinance or
              regulation.

              12. PHONE AND MAIL SERVICE: Tenant shall pay for all costs of long
              distance telephone, which shall be itemized and presented to
              Tenant on a regular basis. Tenant shall pay for cost of

2
<PAGE>

              any independent data lines installed. WMU shall provide mail
              delivery service to Tenant in accordance with its standard
              practice.

              13. BIOHAZARD MATERIALS DISPOSAL POLICY: Tenant shall consult with
              WMU's Manager of Environmental Health and Safety with regard to
              the proper disposal of all biohazardous, toxic, radioactive or
              other material not of a common nature. Tenant further agrees that
              it will comply with all of WMU's policies, rules and procedures,
              including, but not limited to, policies relating to the storage,
              use and handling of hazardous materials, including but not limited
              to radioactive materials, pathogens, toxins, recombinant DNA, or
              blood borne pathogens.

              Tenant agrees to conduct its operations in compliance with all
              federal and state regulations relating to the use of such
              materials, including but not limited to those rules, regulations
              and procedures promulgated by the Occupational Safety and Health
              Administration, the Michigan Occupational Safety and Health
              Administration, Michigan Department of Environmental Quality, the
              Nuclear Regulatory Commission, the Environmental Protection Agency
              the Center for Disease Control, Drug Enforcement Agency and the
              National Institutes of Health and the National Science Foundation.
              Tenant further agrees that any person, firm or entity to which
              Tenant subleases any of the Subleased Premises shall execute an
              agreement in substantial compliance with this paragraph.

              Before any biohazardous, radioactive, recombinant DNA, toxic,
              blood borne pathogen, infectious, or other non-common material is
              brought onto the Subleased Premises, Tenant, and any entity
              occupying the Subleased Premises pursuant to a sublease, shall
              notify the Manager of Environmental Health and Safety for WMU
              (said office being currently occupied by Dr. Pat Holton) regarding
              the quantity, nature, and use of the material and complete the WMU
              form and said use of the material on the Subleased Premises shall
              be subject to the approval of the Manager of Environment Health
              and Safety for WMU, which approval shall not be unreasonably
              withheld.

              In addition, with regard to any radioactive material, Tenant, and
              any entity occupying the Subleased Premises pursuant to a
              sublease, shall notify and consult with WMU's Radiation Safety
              Officer (said office being currently occupied by James F. Center)
              regarding the use, handling and disposal of all such waste and the
              use of such material shall be subject to the approval of both the
              Manager of Environment Health and Safety for WMU and the Radiation
              Safety Office, said approval shall not be unreasonably withheld.

              14. COMMON AREAS: Tenant shall be entitled to use, in common with
              others, the common areas associated with the Subleased Premises,
              including sidewalks, entryways, elevators, parking areas and
              restrooms. The use of such common areas shall be subject to the
              exclusive control and management of WMU and to such rules and such
              regulations as WMU may, from time to time, issue.

              15. MAINTENANCE AND REPAIR: WMU shall keep the foundation, outer
              walls, windows, roof and structural components of the building of
              which the Subleased Premises are a part in good repair. WMU shall
              also be responsible for all necessary maintenance and repair to
              the mechanical systems of the building, including heating and air
              conditioning equipment.

              Both parties to this Sublease understand that McCracken is an
              older facility. Therefore, Landlord makes no warranties regarding
              the structural or mechanical systems of the Subleased Premises,
              and the two parties agree to use good faith in allocating
              financial responsibilities in the event that the structural or
              mechanical systems require replacement or break-down completely.
              WMU has put Landlord on notice that, in particular, the air
              conditioning compressor may fail. Landlord agrees that if they
              fail, Landlord will be

3

<PAGE>

              responsible for the purchase and installation of window air
              conditioners in the Subleased Premises, at its expense, subject to
              WMU's Director or Physical Plants approval.

              Tenant is responsible for the day-to-day maintenance of the fume
              hoods and cold rooms. If Tenant believes that any fume hoods or
              cold rooms require major repair or replacement, it shall provide
              Landlord with written notice of same, which notice shall include a
              copy of a repair or replacement quote. Landlord shall have three
              (3) days to object to the repair or replacement. If Landlord fails
              to deliver a written objection to Tenant within these three (3)
              days, then Tenant may accomplish the repair or replacement in
              accordance with the quote, at its own expense. If Tenant so
              repairs or replaces any fume hoods or cold rooms at its own
              expense, then Tenant shall be entitled to deduct the cost of same
              (but not more than the amount set forth in said quote) from the
              next rent installment(s). Tenant shall regularly inspect the fume
              hoods, cold rooms and other features, including but not limited to
              other safety features of the Subleased Premises, and notify either
              Landlord or WMU of any repairs which are the responsibility of
              Landlord or WMU; provided, Landlord shall not be called upon to
              make any repairs of any kind upon the Subleased Premises except as
              required under the terms of the Original Lease agreement

              Notwithstanding the foregoing, Tenant shall be responsible for any
              such repairs caused by the acts or negligence of Tenant, its
              agents, employees, invitees, guests or licensees, and in this
              instance shall not receive a rent credit. Tenant shall be
              responsible for maintenance, repair and replacement of all
              interior walls, doors, glass, carpet and flooring, and window
              treatments. Except for the obligations of Landlord set forth
              herein, Tenant shall keep and maintain (including all necessary
              repairs and replacements) the Subleased Premises and every part
              thereof and any alterations and additions to the Subleased
              Premises in good order, condition and repair, and clean and free
              from trash, rubbish and noxious odors. If Landlord reasonably
              determines any unperformed cleaning, maintenance, repairs or
              replacements of Tenant necessary, it may demand that Tenant make
              the same. If Tenant refuses or neglects to do so with reasonable
              dispatch, Landlord may, at Tenant's expense, make or cause such
              reasonable cleaning, maintenance, repairs or replacements to be
              made and shall not be responsible to Tenant for any loss or damage
              that may accrue to Tenant's property or business by reason
              thereof. At the expiration of the term of this Sublease, and any
              extensions, Tenant shall return the Subleased Premises to Landlord
              in as clean and good condition as when taken by Tenant, subject to
              reasonable wear and tear.

              16. IMPROVEMENTS, ADDITIONS AND ALTERATIONS: Tenant shall not make
              any additions, improvements and alterations to the Subleased
              Premises without the prior written consent of Landlord, which may
              not be unreasonably withheld. All alterations, additions,
              improvements and fixtures which may be made or installed by Tenant
              upon the Subleased Premises shall be removed by Tenant at the
              termination of this Sublease and Tenant shall repair any damage to
              the Subleased Premises caused by such removal at Tenant's expense.
              Costs incurred for future improvements of Subleased Premises will
              be the responsibility of Tenant.

              17. TAXES: WMU shall be responsible for payment of the real estate
              taxes on the Subleased Premises. WMU shall also pay any
              installments or special assessments levied against the Subleased
              Premises and coming due during the term of this Sublease, or any
              extensions. Tenant shall pay all personal property taxes levied
              against any equipment or personal property in the possession of
              Tenant and contained in or on the Subleased Premises.

              18. INSURANCE AND INDEMNITY:

              A. COVENANT TO HOLD HARMLESS: Landlord shall be defended and held
              harmless by Tenant from any liability for damages or injury to the
              Subleased Premises and to any person or any

4
<PAGE>

              property in or upon the Subleased Premises or the common areas,
              including the person and property of Tenant, and its employees and
              all persons in the building at its or their invitation, including
              anyone holding as a Tenant or sublessee of Tenant or with their
              consent except damages or injury caused by the gross negligence or
              willful misconduct of Landlord. Tenant specifically agrees to hold
              harmless the Landlord from any and all claims, causes of actions
              and demands whether in law or in equity which arise in any fashion
              whatsoever from Tenant's (or any person or entity holding as a
              sublessee or by agreement with Tenant) use, storage, possession or
              control of any hazardous non-common material such as but not
              limited to radioactive or bio-hazardous materials. All property
              kept, stored or maintained in the Subleased Premises shall be so
              kept, stored or maintained at the risk of Tenant only. Tenant
              shall not suffer or give cause for the filing of any lien against
              the Subleased Premises. Landlord and Tenant shall hold each other
              harmless from any liability or damages to any person or property
              in any common areas of the Subleased Premises on account of the
              gross negligence or willful misconduct of the other party or its
              employees, agents or invitees.

              B. FIRE AND CASUALTY: WMU shall be responsible for obtaining and
              maintaining a policy of fire and casualty insurance with extended
              coverage provisions applicable to the Subleased Premises in the
              amount reasonably determined by Landlord. Tenant shall be
              responsible for obtaining a policy of fire and casualty insurance
              protecting Tenant against loss or damage to Tenant's furnishings,
              fixtures, equipment and personal property in or on the Subleased
              Premises. Upon request, Landlord shall provide evidence of its
              insurance coverage to Tenant.

              C. TENANT'S OBLIGATION TO CARRY PUBLIC LIABILITY INSURANCE: Tenant
              shall keep, during the entire term hereof, in full force and
              effect a policy of public liability insurance with respect to the
              Subleased Premises and the business operated by Tenant in the
              Subleased Premises, and in which the limits of liability shall not
              be less than $1,000,000 single limit coverage, or such greater
              amount as reasonably determined by Landlord from time to time,
              naming Landlord and WMU as additional insureds. Tenant may obtain
              such insurance coverage under any blanket or umbrella policy
              secured by Tenant or under a separate policy therefore. Tenant
              shall furnish Landlord with a certificate or certificates of
              insurance or other acceptable evidence that such insurance is in
              force at all times during the tenancy of this Sublease. All
              policies relating to the Subleased Premises shall contain a
              provision that the policy shall not be modified or canceled unless
              the insurer first gives Landlord at least thirty (30) days prior
              written notice.

              D. WAIVER OF SUBROGATION RIGHTS UNDER INSURANCE POLICIES: Landlord
              and Tenant hereby waive all rights of recovery which either might
              otherwise have against the other, and its officers, partners,
              agents, employees, invitees, guests, or licensees, for any damage
              to their property which is covered by a policy of insurance,
              notwithstanding that such damage may result from the negligence or
              fault of one of them, or its officers, partners, agents,
              employees, invitees, guests, or licensees; provided, however, that
              this waiver shall be effective only with respect to losses or
              damages occurring where this waiver will not affect the right of
              the insured to recover under the applicable policy of insurance.
              The parties agree to acquire policies of insurance containing
              standard waiver of subrogation clauses or endorsements so long as
              such clauses or endorsements are generally available in the
              insurance industry.

              19. CONDUCT: Tenant shall not cause or permit any unreasonable
              conduct to take place within the Subleased Premises which in any
              way may disturb or annoy other occupants of the building in which
              the Subleased Premises are located, or adjacent buildings.

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<PAGE>

              20. ACCESS TO SUBLEASED PREMISES: Landlord and WMU shall have the
              right to enter upon the Subleased Premises at all reasonable hours
              and upon reasonable notice for the purpose of inspecting the
              Subleased Premises.

              21. CONDEMNATION: In the event a part of the Subleased Premises
              shall be taken under the power of eminent domain by any legally
              constituted authority, and there remains a sufficient amount of
              space to permit Tenant to carry on its business in a manner
              comparable to that which it has become accustomed, then this
              Sublease shall continue, but the obligation to pay rent on the
              part of Tenant shall be reduced in an amount proportionate to the
              square footage of the entire Subleased Premises relative to the
              square footage taken by such condemnation. In the event all of the
              Subleased Premises shall be taken, or so much of the Subleased
              Premises taken that it is not feasible to continue a reasonably
              satisfactory operation of the business of Tenant, then Tenant
              shall have the option of terminating this Sublease. Such
              termination shall be without prejudice to the rights of either
              Landlord or Tenant to recover compensation from the condemning
              authority for any loss or damage caused by such condemnation.
              Neither Landlord nor Tenant shall have any right in or to any
              award made to the other by the condemning authority.

              22. DESTRUCTION: In the event the Subleased Premises are damaged
              by fire or other casualty (i) WMU may elect to make repairs or
              rebuild in its sole discretion and this Sublease shall continue in
              full force and effect, or (ii) WMU may, in its sole discretion,
              elect to terminate the original lease, and thus this Sublease, and
              give written notice thereof to Tenant. Until such repairs are
              completed, the rent and other amounts payable hereunder shall be
              abated in proportion to the area of the Subleased Premises that is
              rendered unusable by Tenant in the conduct of its business. In the
              event the repair of the facility shall take longer than 20
              calendar days, Tenant shall have the right to terminate this
              Sublease.

              23. BANKRUPTCY OR INSOLVENCY: Neither this Sublease nor any
              interest therein, nor any estate thereby created, shall pass to
              any trustee or receiver or assignee for the benefit of creditors
              or otherwise by operation of law. In the event the estate created
              hereby shall be taken in execution or by other process of law, or
              if Tenant shall be adjudicated insolvent or bankrupt pursuant to
              the provisions of any state or federal insolvency or bankruptcy
              act, or if a receiver or trustee of the property of Tenant shall
              be appointed by reason of Tenant's insolvency or inability to pay
              its debts, or if any assignment shall be made of Tenant's property
              for the benefit of creditors, then and in any such event, Landlord
              may terminate, at its option, this Sublease and all rights of
              Tenant hereunder, by giving to Tenant notice in writing of the
              election of Landlord to so terminate.

              24. ASSIGNMENT AND SUBLETTING: Tenant may not assign this Sublease
              without Landlord's prior written consent, except to a successor to
              its business or substantially all of its assets. In that event,
              Landlord must first review and approve the potential successor's
              financial standing. The Landlord's consent or approval shall not
              be unreasonably withheld.

              25. DEFAULT OF TENANT: Tenant shall be deemed to be in default
              under this Sublease upon occurrence of any of the following
              events: (a) any failure of Tenant to pay any rental installment
              due hereunder within thirty (30) days after the same shall be due,
              or (b) any failure of Tenant to perform any other of the terms,
              conditions or covenants of this Sublease for more than thirty (30)
              days after written notice of such default shall have been received
              by Tenant (unless such default requires work to be performed, acts
              to be done or conditions to be remedied which by their nature
              cannot be performed, done or remedied, as the case may be, within
              such thirty (30) day period and Tenant shall commence the same
              within such thirty

6
<PAGE>

              (30) day period and thereafter shall continuously process the same
              to completion, in good faith), or (c) if Tenant shall abandon the
              Subleased Premises, or suffer this Sublease to be taken under any
              writ of execution.

              26. REMEDIES UPON DEFAULT: Upon the occurrence of any of the
              events of default described in Paragraph 25 of this sublease,
              Tenant shall be deemed to be in default of this Sublease and
              Landlord may, at its option, without notice or demand of any kind
              to Tenant or any other person, have any one or more of the
              following described remedies in addition to all other rights and
              remedies provided at law or in equity:

                           (a) Terminate this Sublease, repossess the Subleased
                      Premises and be entitled to recover immediately, as
                      liquidated agreed final damages, in lieu of any further
                      deficiencies, the total Rent to be paid by Tenant during
                      the balance of the Term of this Sublease, less the fair
                      rental value of the Subleased Premises for said period,
                      together with any other sum of money owed by Tenant to
                      Landlord.

                           (b) Terminate Tenant's right of possession and
                      repossess the Subleased Premises without demand or notice
                      of any kind to Tenant and without terminating this
                      Sublease, in which case Landlord shall attempt to relet
                      the Subleased Premises for such rent and upon such terms
                      as shall be satisfactory to Landlord. For the purposes of
                      such reletting, Landlord may make such repairs,
                      alterations, additions, or physical changes in or to the
                      Subleased Premises as may be necessary or convenient. If
                      Landlord shall be unable to relet the Subleased Premises,
                      then Tenant shall pay to Landlord as damages the total
                      Rent to be paid by Tenant during the balance of the Term
                      of this Sublease that shall be immediately due and payable
                      from Tenant to Landlord upon demand. If the Subleased
                      Premises are relet and a sufficient sum shall not be
                      realized from the reletting, after payment of all costs
                      and expenses of such repairs, alterations, additions, or
                      physical changes and the expense of such reletting and the
                      collection of rent occurring therefrom, to satisfy the
                      Rent herein provided to be paid during the remainder of
                      the Term, Tenant shall satisfy and pay any such deficiency
                      upon demand. Tenant agrees that Landlord may file suit to
                      recover any sums falling due under the terms of this
                      paragraph from time to time and that any suit or recovery
                      of any portion due Landlord hereunder shall be no defense
                      to any subsequent action brought for any amount not
                      theretofore reduced to judgment in favor of Landlord.

                           (c) Landlord's rights, remedies and benefits provided
                      by this Sublease shall be cumulative and shall not be
                      exclusive of any other rights, remedies and benefits
                      allowed by law.

              Upon reentry, Landlord may remove all persons and property from
              the Subleased Premises and such property may be removed and stored
              in a public warehouse or elsewhere at the cost of, and for the
              account of Tenant.

              27. QUIET ENJOYMENT: Upon payment by Tenant of the rents herein
              provided, and upon the observance and performance of all the
              covenants, terms and conditions on Tenant's part to be observed
              and performed, Tenant shall peaceably and quietly hold and enjoy
              the Subleased Premises for the term hereof without hindrance or
              interruption by Landlord or any other person or persons lawfully
              or equitably claiming by, through or under Landlord, subject,
              nevertheless, to the terms and conditions of this Sublease.

              28. WAIVER: One or more waivers of any covenant or condition by
              Landlord shall not be construed as a waiver of a subsequent breach
              of the same covenant or conditions, and the

7

<PAGE>

              consent or approval by Landlord to or of any act of Tenant
              requiring Landlord's consent or approval shall not be deemed to
              waive or render unnecessary Landlord's consent or approval to or
              of any subsequent similar act by Tenant.

              29. NOTICES: All notices, demands and requests required or
              permitted to be given under the provisions of this Agreement shall
              be in writing and shall be deemed given: (a) when personally
              delivered to the party to be given such notice or other
              communication; (b) on the business day that such notice or other
              communication is sent by facsimile or similar electronic device,
              fully prepaid, which facsimile or similar electronic communication
              shall promptly be confirmed by written notice; (c) on the third
              business day following the date of deposit in the United States
              mail if such notice or other communication is sent by certified or
              registered mail with return receipt requested and postage thereon
              fully prepaid; or (d) on the business day following the day such
              notice or other communication is sent by reputable overnight
              courier, to the address set forth below or to such other address
              as the parties may designate in writing:

                       Landlord:  Barry Broome, President & CEO
                       SOUTHWEST MICHIGAN INNOVATION CENTER
                       346 W. Michigan Ave.
                       Kalamazoo, MI  49007

                       Tenant:   Roger Newton, President & CEO
                       ESPERION THERAPEUTICS
                       3621 S. State St.
                       695 KMS Place
                       Ann Arbor, MI  48108

                  With copy to General Counsel at fax 734-995-1691

              30. CONSTRUCTION: Nothing contained herein shall be deemed or
              construed by the parties hereto, nor by any third party, as
              creating the relationship of principal and agent or partnership or
              of joint venture between the parties hereto, it being understood
              and agreed that neither the method of computation of rent, nor any
              other provision contained herein, nor any acts of the parties
              herein, shall be deemed to create any relationship other than
              Landlord and Tenant. Whenever herein the singular number is used,
              the same shall include the plural, and the masculine gender shall
              include the feminine and neuter genders.

              31. PARTIAL INVALIDITY: If any term, covenant or condition of this
              Sublease or the application thereof to any person or circumstances
              shall, to any extent, be invalid or unenforceable, the remainder
              of this Sublease, or the application of such term, covenant or
              condition to persons or circumstances other than those as to which
              it is held invalid or unenforceable, shall not be affected
              thereby.

              32. HOLDING OVER: Any holding over after the expiration of the
              term hereof, with or without the consent of Landlord, shall be
              construed to be a tenancy for month-to-month at the rents herein
              specified (prorated on a monthly basis) and shall otherwise be on
              the terms and conditions herein specified so far as applicable.

              33. SUCCESSORS: This Sublease shall be binding upon and inure to
              the benefit of Landlord and Tenant and their respective
              successors, assigns, guardians, heirs and legal representatives.
              If there is more than one Tenant, they shall each be bound jointly
              and severally by the terms, covenants and agreements herein.

              34. ACCORD AND SATISFACTION: No payment by Tenant or receipt by
              Landlord of a lesser amount than the monthly rent herein
              stipulated shall be deemed to be other than on account

<PAGE>

              of the earliest stipulated rent, nor shall any endorsement or
              statement on any check or any letter accompanying any check or
              payment as rent be deemed an accord and satisfaction, and Landlord
              shall accept such check or payment without prejudice to Landlord's
              right to recover the balance of such rent or to pursue any other
              remedy provided in this Sublease.

              35. ENTIRE AGREEMENT AND AMENDMENT: This Sublease contains the
              entire agreement with respect to the matters described herein and
              is a complete and exclusive statement of the terms thereof and
              supersedes all previous agreements with respect to such matters.
              This Sublease may not be altered or modified except by a writing
              signed by Landlord and Tenant.

IN WITNESS WHEREOF, the parties have executed this Agreement and caused it to be
effective as of the day and year first set forth above.

Signed on 7-13, 2001                        Signed on June 22, 2001
          ----                                        -------

Tenant: ESPERION THERAPEUTICS, INC.         Landlord:  SWMF HOLDINGS CORPORATION

Name:    /s/ Timothy M. Mayleben            Name:    /s/ Barry Broome
     ---------------------------                 -------------------------------

Title: Vice President, Finance              Title:  CEO
      ------------------------------              ------------------------------

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