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

 

Exhibit 10.1
 
CONSENT AGREEMENT
 
This Consent Agreement (this “Agreement”) is made and entered into as of the
31st day of May, 2011 (the “Effective Date”) by and among NovaDel Pharma Inc., a
Delaware corporation (the “Company”) and the undersigned (the
“Investor”).  Capitalized terms used but not defined herein shall have the
meaning set forth in that certain Securities Purchase Agreement, dated February
14, 2011, by and among the Company, the Investor and the other parties thereto
(the “Purchase Agreement”).
 
1. Definitions.
 
a.  
“Delayed Exercise Warrants” shall mean the Series A Warrants and the Series C
Warrants issued to the Investor by the Company pursuant to the Purchase
Agreement.

 
b.  
“Post-Effective Amendment” shall mean the Company’s Post-Effective Amendment No.
2 to the Registration Statement.

 
2. Amendment to the Delayed Exercise Warrants.  The Investor hereby acknowledges
and agrees that the definition of “Initial Exercise Date” in each Delayed
Exercise Warrant is hereby amended and restated in its entirety such that the
“Initial Exercise Date” shall mean the date that is one year and one day from
the date on which the Securities and Exchange Commission declares the
Post-Effective Amendment effective.  Except as modified herein, all other terms
and provisions of the Delayed Exercise Warrants (including Exhibits thereto) are
unchanged and remain in full force and effect.
 
3. Filing of Post-Effective Amendment.  The Company shall file the
Post-Effective Amendment within five business (5) days following the Effective
Date.
 
4. Additional Post-Effective Amendments. The Company acknowledges and agrees
that, following the Effective Date, the Company (i) shall not make any further
post-effective amendments to the Registration Statement (other than the
Post-Effective Amendment) and (ii) shall withdraw the Registration Statement if
any further post-effective amendment is required, in either case if the SEC
would require the Initial Exercise Date of the Delayed Exercise Warrants to be
further extended or delayed in connection with any such post-effective
amendment.
 
** ** ** ** **
 

 
1

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

 
 
IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first
written above.
 

   
NOVADEL PHARMA INC.
       
Date:  May 31, 2011
 
By:
     
Name:
     
Title:
                     
INVESTOR:
       
Date:  May 31, 2011
 
By:
     
Name:
     
Title:
 

 
2

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