EX-4.4



 Exhibit 4.4 

FORM OF SECOND AMENDED AND RESTATED SENIOR SECURED BRIDGE PROMISSORY NOTE 

 

			
	$[                    ]	  	August 20, 2014

 1. FOR VALUE RECEIVED, the undersigned, Emisphere Technologies, Inc., a Delaware corporation (“Maker”),
unconditionally promises to pay to the order of [                    ], a limited partnership organized in
[                    ] (the “Creditor”), a principal sum of
[                    ] DOLLARS ($[        ]) plus any interest accrued on the unpaid principal
amount in accordance with Section 2 hereof on March 31, 2022 (the “Maturity Date”). The Maturity Date is subject to adjustment as set forth below. The obligations under this Note are secured by a security interest in
substantially all the assets of the Maker pursuant to the Amended and Restated Pledge and Security Agreement, dated as of the date hereof (the “Security Agreement”) by and between Maker and MHR Institutional Partners IIA LP, as
secured party. This Second Amended and Restated Senior Secured Bridge Promissory Note (the “Note”) amends and restates in its entirety that certain Amended and Restated Senior Secured Promissory Note dated as of May 7, 2013, by
Maker in favor of Creditor (the “Existing Note”). 
 2. Interest. Except as otherwise provided herein, the unpaid principal balance
of this Note outstanding from time to time shall bear interest at a rate of thirteen percent (13%) per annum, compounded monthly, and will be payable in arrears semi-annually on each June 30th and December 31st in kind through
issuance to the Creditor of additional Notes (in a form substantially similar to the form of this Note with appropriate notations for the date of issuance and initial principal amount). After the Maturity Date (whether by acceleration after an Event
of Default or otherwise), interest shall be payable on the unpaid principal balance from time to time outstanding at a rate equal to sixteen percent (16%) per annum, compounded monthly, and will be payable in arrears semi-annually on each
June 30th and December 31st in kind through issuance to the Creditor of additional Notes (in a form substantially similar to the form of this Note with appropriate notations for the date of issuance and initial principal amount). Interest
and fees shall be calculated on the basis of a 360-day year times the actual number of days elapsed. 
 3. Optional Redemption. 

(a) The Maker may redeem this Note, in whole or in part, at any time, at a redemption price (the “Optional Redemption Price”)
equal to the principal amount of this Note, plus accrued and unpaid interest thereon, through the date of such redemption, if at the time of any such redemption all of the Common Stock into which this Note (or a portion thereof subject to such
redemption) is convertible is freely transferable by the Creditor without any restriction pursuant to registration or exemption under all applicable United States federal and state securities laws (such redemption, an “Optional
Redemption”). Notwithstanding anything to the contrary in this Section 3(a), until the Optional Redemption Price is paid, in full, the Creditor may convert all or any part of the outstanding principal amount of this Note, plus accrued
interest thereon, through the Conversion Date, into a number of Conversion Shares in accordance with Section 5 hereof. 
 (b) The Maker
shall give written notice in respect of an Optional Redemption to each Creditor pursuant to Section 16 at least twenty (20) but not more than thirty (30) days before the date of such Optional Redemption (the “Optional
Redemption Date”). In the case of any Optional Redemption of the Notes in part, the balance of the Notes to be redeemed pursuant to Section 3(a) shall be allocated among all of the Bridge Notes at the time outstanding in proportion, as
nearly as practicable, to the respective unpaid principal balances thereof. The Maker shall apply any amounts to be used for Optional Redemption pursuant to this Section 3(a), first, to pay accrued and unpaid interest on the Notes, then to
redeem the principal amount of the Notes or any portion thereof. Each notice in respect of an Optional Redemption given pursuant to this Section 3(b) shall state (A) the Optional Redemption Date, (B) the projected Optional Redemption
Price of the Notes to be redeemed, (C) in the case of an Optional Redemption of the Notes in part, the portion of the outstanding balance of the Notes that is expected to be redeemed and the aggregate balance of Notes to be outstanding after
such partial Optional Redemption, (D) that Notes to be redeemed in an Optional Redemption in whole must be surrendered (which action may be taken by any Creditor or its authorized agent) to the Maker to collect the Optional Redemption Price on
such Notes, and specifying the procedures for such surrender and (E) that, unless the Maker fails to pay the Optional Redemption Price, interest, on Notes, (or the portion thereof) called for Optional Redemption shall cease to accrue after the
Optional Redemption Date. 

  
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 (c) If notice in respect of an Optional Redemption for any Notes shall have been given as
provided in Section 3(b), such Notes shall become due and payable on the Optional Redemption Date at the applicable Optional Redemption Price, and, unless there is a default in the payment of the applicable Optional Redemption Price, interest
on such Notes, shall cease to accrue on and after such Optional Redemption Date. Upon presentation and surrender of such Notes to the Maker in accordance with the notice given pursuant to Section 3(b), such Notes shall be paid and redeemed at
the applicable Optional Redemption Price on the Optional Redemption Date. 
 (d) Upon surrender of a Note that is redeemed in part pursuant
to Section 3(a) the Maker shall execute for the Creditor (at the Maker’s expense) a new Note (in a form substantially similar to the form of this Note with appropriate notations for the date of issuance and initial principal amount) equal
in principal balance to the unredeemed portion of the Note surrendered. 
 (e) All Notes that are redeemed pursuant to Section 3
will be surrendered to the Maker for cancellation and may not be reissued or resold. 
 4. Mandatory Redemption. 

(a) Extraordinary Cash Proceeds Mandatory Redemption. In the event that the Maker or any of its Subsidiaries receives any cash or Cash
Equivalents (i) from any third party in connection with the license, distribution or sale of any of the Maker’s or any of its Subsidiaries’ products (including if such products are combined or are proposed to be combined with
proprietary technology or products of any other Person), including without limitation, lump-sum payments such as milestone payments, upfront payments or payments made in consideration of reduction of royalty rates (but excluding any such lump-sum
payments from any third party in connection with the license, distribution or sale of the Designated Products and the direct sale by the Maker or any of its Subsidiaries of its products (including the Designated Products) to customers or royalty
payments based solely on the percentage of product sales or comparable metrics, in each case in the ordinary course of business of the Maker or its Subsidiaries), or (ii) outside of the ordinary course of business, but only to the extent
unrelated to the sale, license or distribution of the Designated Products (any such cash or Cash Equivalents described in clauses (i) and/or (ii) of this Section 4(a), the “Cash Proceeds”), the Maker shall use 50% of
any such Cash Proceeds to: (A) first, redeem the Reimbursement Notes in accordance with Section 4 of the Reimbursement Notes, (B) second, if after giving effect to clause (A) in this Section 4(a), the Reimbursement Notes
have been redeemed in full, reduce the amount outstanding under the Facility in accordance with Section 4(b) thereof, (C) third, if, after giving effect to clause (B) in this Section 4(a), the amount outstanding under the
Facility, including any Loan outstanding under Section 3(c) of the Facility, has been reduced to zero and there are still Borrowings available to be drawn under Section 2(a) of the Facility, reduce the future amount of the Commitments
under the Facility in accordance with Section 4(b) of the Facility, (D) fourth, if, after giving effect to clause (C) in this Section 4(a), the amount of the Commitments under the Facility have been reduced to zero, redeem the
Convertible Notes in accordance with Section 4(b)(ii) of the Convertible Notes, and (E) fifth, if after giving effect to clause (D) in this Section 4(a), the Convertible Notes have been redeemed in full, redeem the Bridge Notes
(or portion thereof) at a redemption price equal to the principal amount of such Notes, plus accrued and unpaid interest thereon through the Mandatory Redemption Date (such redemption pursuant to this subclause (E), the “Extraordinary Cash
Proceeds Mandatory Redemption”). 

  
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 (b) Cash Royalty Mandatory Redemption. In the event that (i) any Royalty becomes due
under the Royalty Agreement and is payable in cash in accordance with the terms of the Royalty Agreement, (ii) on the date such Royalty becomes due under the Royalty Agreement, no principal or interest is outstanding under the Facility,
(iii) on the date such Royalty becomes due under the Royalty Agreement, all of the Convertible Notes (and all interest accrued thereon) have been repaid in full in cash or converted to shares of Common Stock and (iv) the Royalty rate has
been reduced to five percent (5%) in accordance with Section 2.1 and 2.2 of the Royalty Agreement, then the Maker shall redeem the Bridge Notes (or portion thereof) on the applicable Mandatory Redemption Date at a redemption price equal to
the aggregate amount of such Royalty that has become due and payable pursuant to the Royalty Agreement (such redemption, a the “Cash Royalty Mandatory Redemption”), solely to the extent that the cash used for such Cash Royalty
Mandatory Redemption, if deducted from the calculation of the Pro Forma Cash Balance as of the end of such Fiscal Year or Fiscal Quarter, as applicable, would not cause such Pro Forma Cash Balance to be less than $10 million (or $15 million
following the Fiscal Quarter in which the Indebtedness Repayment Condition has been satisfied but in no event prior to October 1, 2015). The Maker shall not convert any cash or Cash Equivalents held by the Maker or any of its Subsidiaries to
other assets for any purposes that include reducing the amounts otherwise payable pursuant to this Section 4(b). 
 (c) In the case of
any Extraordinary Cash Proceeds Mandatory Redemption or Cash Royalty Mandatory Redemption (either of such redemptions, a “Mandatory Redemption”) in part, the balance of the Notes to be redeemed pursuant to such Mandatory Redemption
shall be allocated among all of the Bridge Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid balances thereof. The Maker shall apply the redemption price pursuant to any Mandatory Redemption (the
“Mandatory Redemption Price”), first, to pay accrued and unpaid interest on the Bridge Notes, if any, then to redeem the principal amount of the Bridge Notes or any portion thereof. 

(d) Written notice in respect of any Extraordinary Cash Proceeds Mandatory Redemption or Cash Royalty Mandatory Redemption shall be given by
the Maker to the Creditor pursuant to Section 16 at least twenty (20) days before the applicable Mandatory Redemption Date. Each such notice shall state: (A) the Mandatory Redemption Price and Mandatory Redemption Date; (B) in
the case of a Mandatory Redemption of the Notes in part, the portion of the outstanding balance of the Bridge Notes that is expected to be redeemed and the aggregate balance of Bridge Notes to be outstanding after such partial Mandatory Redemption;
(C) that Bridge Notes to be redeemed in whole must be surrendered (which action may be taken by any Creditor or its authorized agent) to the Maker to collect the Mandatory Redemption Price for such Notes, and specifying the procedures for such
surrender, and (D) that, unless the Maker fails to pay the Mandatory Redemption Price, interest on Notes (or the portion thereof) called for Mandatory Redemption shall cease to accrue after the Mandatory Redemption Date. 

(e) If notice in respect of a Mandatory Redemption for any Bridge Notes shall have been given as provided in Section 4(d), such Notes
shall become due and payable on the Mandatory Redemption Date, and, unless there is a default in the payment of such Mandatory Redemption, interest on such Notes shall cease to accrue on and after such Mandatory Redemption Date. Upon presentation
and surrender of such Notes to the Maker in accordance with the notice given pursuant to Section 4(d), such Notes shall be paid and redeemed on the Mandatory Redemption Date. 

  
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 (f) Upon surrender of a Note that is redeemed in part pursuant to Section 4 the Maker shall
execute for the Creditor (at the Maker’s expense) a new Note (in a form substantially similar to the form of this Note with appropriate notations for the date of issuance and initial principal amount) equal in principal balance to the
unredeemed portion of the Note surrendered. 
 (g) All Notes that are redeemed pursuant to Section 4 will be surrendered to the
Maker for cancellation and may not be reissued or resold. 
 (h) Notwithstanding anything to the contrary in this Section 4, until the
applicable Mandatory Redemption Price is paid, in full, the Creditor may convert all or any part of the outstanding principal amount of this Note, plus accrued interest thereon, through the Conversion Date, into a number of Conversion Shares in
accordance with Section 5 hereof. 
 5. Conversion. 

(a) Conversion at the Option of the Creditor. The Creditor may, at any time and from time to time on or after the date hereof, convert
all or any part of the outstanding principal amount of this Note, plus all accrued interest thereon, through the Conversion Date, into a number of fully paid and nonassessable shares of Common Stock (“Conversion Shares”) upon
surrender of this Note. The number of shares of Common Stock issuable upon surrender of this Note shall be determined in accordance with the following formula: 

Conversion Amount 

Conversion Price 
 (b)
Mechanics of Conversion. In order to effect a conversion pursuant to this Section 5, the Creditor shall: (a) fax (or otherwise deliver) a copy of the fully executed Notice of Conversion, attached hereto as Exhibit A
(the “Notice of Conversion”), to the Maker and (b) surrender or cause to be surrendered this Note, duly endorsed, along with a copy of the Notice of Conversion as soon as practicable thereafter to the Maker. Upon receipt by the
Maker of a facsimile copy of a Notice of Conversion from a Creditor, the Maker shall within two (2) Business Days send, via facsimile, a confirmation to such Creditor stating that the Notice of Conversion has been received, advising the
Creditor of any additional documentation reasonably required by the transfer agent for the Common Stock to issue the Conversion Shares in the manner provided in the Notice of Conversion (the “Additional Documentation”) and the name
and telephone number of a contact person at the Maker regarding the conversion. The Maker shall not be obligated to issue Conversion Shares upon a conversion unless either this Note is delivered to the Maker as provided above, or the Creditor
notifies the Maker that such certificates have been lost, stolen or destroyed and delivers the documentation to the Maker required by Section 18. 

(c) Delivery of Conversion Shares Upon Conversion. Upon the surrender of this Note accompanied by a Notice of Conversion and any
Additional Documentation, the Maker shall, no later than the later of (a) the second Business Day following the Conversion Date and (b) the third Business Day following the date of such surrender (or, in the case of lost, stolen or
destroyed certificates, after provision of indemnity pursuant to Section 18) (the “Delivery Period”), issue and deliver to the Creditor or its nominee (x) that number of Conversion Shares issuable upon conversion of the
portion of this Note being converted and (y) a new Note in the form hereof representing the balance of the principal amount hereof not being converted, if any. If the Maker’s transfer agent is participating in the Depositary Trust Company
(“DTC”) Fast Automated Securities Transfer program, and so long as the certificates therefor do not bear a legend and the Creditor thereof is not then required to return such certificate for the placement of a legend thereon, the
Maker shall cause its transfer agent to electronically transmit the Conversion Shares to the Creditor by crediting the account of the Creditor or its nominee with DTC, as specified in the Notice of Conversion, through its DTC Deposit Withdrawal
Agent Commission System (“DTC Transfer”). If the aforementioned conditions to a DTC Transfer are not satisfied, the Maker shall deliver to the Creditor physical certificates representing the Conversion Shares. Further, the Creditor
may instruct the Maker to deliver to the Creditor physical certificates representing the Conversion Shares in lieu of delivering such shares by way of DTC Transfer. 

  
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 (d) Adjustment to Conversion Price. The Conversion Price in effect at any time shall be
subject to adjustment from time to time upon the happening of certain events, as follows: 
 (i) Common Stock Dividends; Common Stock
Splits; Reverse Common Stock Splits. If the Maker, at any time while this Note is outstanding, (A) shall pay a stock dividend on its Common Stock, (B) subdivide outstanding shares of Common Stock into a larger number of shares, or
(C) combine outstanding shares of Common Stock into a smaller number of shares, the Conversion Price shall be multiplied by a fraction the numerator of which shall be the number of shares of Common Stock (excluding treasury shares, if any)
outstanding before such event and the denominator of which shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section 5(d)(i) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

(ii) Subscription Rights. If the Maker, at any time while this Note is outstanding, shall fix a record date for the distribution to all
of the holders of Common Stock evidence of its indebtedness or assets or rights, options, warrants or other securities entitling them to subscribe for, purchase, convert to, exchange for or to otherwise acquire any security (excluding those referred
to in Section 5(d)(i) above), then in each such case the Conversion Price at which this Note shall thereafter be exercisable shall be determined by multiplying the Conversion Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a fraction, the denominator of which shall be the average Daily Market Price of the Common Stock for the ten (10) Trading Days prior to the record date mentioned above, and
the numerator of which shall be such average Daily Market Price of the Common Stock for the ten (10) Trading Days prior to such record date less the then fair market value at such record date of the portion of such evidence of indebtedness or
assets or rights, options, warrants or other securities so distributed applicable to one outstanding share of Common Stock as determined by the Board of Directors in good faith; provided, however, that in the event of a distribution exceeding twenty
percent (20%) of the net assets of the Maker, such fair market value shall be determined by an appraiser selected by the Creditor and reasonably acceptable to the Maker. The Maker shall pay for all such appraisals. Such adjustment shall be made
whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 (iii) Other
Events. In case of (A) any reclassification of the Common Stock into other securities of the Maker, (B) any compulsory share exchange pursuant to which the Common Stock is converted into other securities, cash or property or
(C) any merger or consolidation with or into any persons, or any sale or other disposition of all or substantially all of the assets of the Maker to any person (each of (A), (B) or (C), an “Extraordinary Event”), the
Creditor shall have the right thereafter to convert this Note into shares of stock and other securities, cash and property receivable upon or deemed to be held by holders of Common Stock following such Extraordinary Event, that the Creditor would
have been entitled to receive had it converted this Note immediately prior to such Extraordinary Event (without taking into account any limitations or restrictions on the convertibility of this Note). In the case of an Extraordinary Event, the terms
of any such Extraordinary Event shall include such terms so as to continue to give to the Creditor the right to receive the securities, cash or property set forth in this Section 5(d)(iii) upon any conversion following such Extraordinary
Event. This provision shall similarly apply to successive Extraordinary Events. 

  
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 (iv) Issuance of Additional Shares of Common Stock. Except as provided in subsection
(v) hereof, if and whenever the Maker shall issue or sell, or is, in accordance with any of subsections (iv)(A) through (iv)(H) hereof, deemed to have issued or sold, any Additional Shares of Common Stock (defined below) for a consideration per
share less than the Conversion Price in effect immediately prior to the time of such issue or sale, then and in each such case (a “Trigger Issuance”) the then-existing Conversion Price shall be reduced, as of the close of business
on the effective date of the Trigger Issuance, to the lowest price per share at which any share of Common Stock was issued or sold or deemed to be issued or sold in the Trigger Issuance. For purposes of this subsection (iv), “Additional
Shares of Common Stock” means all shares of Common Stock issued by the Maker or deemed to be issued pursuant to this subsection (iv), other than Excluded Issuances (as defined in subsection (v) hereof). 

For purposes of this subsection (iv), the following subsections (iv)(A) to (iv)(H) shall also be applicable (subject, in each such case, to
the provisions of subsection (v) hereof) and to each other subsection contained in this subsection (iv): 
 (A) Issuance of Rights
or Options. In case at any time the Maker shall in any manner grant (directly and not by assumption in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common Stock or any
stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called “Options” and such convertible or exchangeable stock or securities being called “Convertible
Securities”) whether or not such Options or the right to convert or exchange any such Convertible Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon the exercise of such Options or upon
the conversion or exchange of such Convertible Securities (determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount, if any, received or receivable by the Maker as consideration
for the granting of such Options, plus (y) the aggregate amount of additional consideration payable to the Maker upon the exercise of all such Options, plus (z), in the case of such Options which relate to Convertible Securities, the aggregate
amount of additional consideration, if any, payable upon the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii) the total maximum number of shares of Common Stock issuable upon the exercise of such
Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options) shall be less than the Conversion Price in effect immediately prior to the time of the granting of such Options, then the total
number of shares of Common Stock issuable upon the exercise of such Options or upon conversion or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued for such
price per share as of the date of granting of such Options and thereafter shall be deemed to be outstanding for purposes of adjusting the Conversion Price. Except as otherwise provided in subsection (iv)(D), no adjustment of the Conversion Price
shall be made upon the actual issue of such Common Stock or of such Convertible Securities upon exercise of such Options or upon the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities. 

  
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 (B) Issuance of Convertible Securities. In case the Maker shall in any manner issue
(directly and not by assumption in a merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible Securities are immediately exercisable, and the price per share for which Common
Stock is issuable upon such conversion or exchange (determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount received or receivable by the Maker as consideration for the issue or
sale of such Convertible Securities, plus (y) the aggregate amount of additional consideration, if any, payable to the Maker upon the conversion or exchange thereof, by (ii) the total number of shares of Common Stock issuable upon the
conversion or exchange of all such Convertible Securities) shall be less than the Conversion Price in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable upon conversion or
exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of adjusting
the Conversion Price, provided that (a) except as otherwise provided in subsection (iv)(D), no adjustment of the Conversion Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible
Securities and (b) no further adjustment of the Conversion Price shall be made by reason of the issue or sale of Convertible Securities upon exercise of any Options to purchase any such Convertible Securities for which adjustments of the
Conversion Price have been made pursuant to the other provisions of subsection (iv). 
 (C) Change in Warrant Price or Amount.
Notwithstanding the provisions of subsection (iii), if the exercise price provided for in any warrants of the Maker on the date hereof is below the Conversion Price and (i) such exercise price is reduced, the then-existing Conversion Price
shall be reduced, as of the close of business on the effective date of such reduction in exercise price by an amount equal to the product of (x) the original exercise price minus (y) the reduced exercise price and (2) a fraction, the
numerator of which is the number of shares of Common Stock that may be acquired upon exercise, if any, of the warrants whose exercise price is reduced and the denominator of which is the aggregate number of shares of Common Stock that may be
acquired upon exercise of all of the outstanding warrants or (ii) the Maker amends the terms of such warrants to increase the number of shares of Common Stock that may be acquired upon exercise of the warrants, the then-existing Conversion
Price shall be reduced, as of the close of business on the effective date of amendment by an amount equal to the product of (1) (x) the original exercise price minus (y) the product of the original exercise price and a fraction, the
numerator of which is the old number of shares for which the warrants were exercisable immediately prior to such amendment and the denominator of which is the new number of shares for which the warrants are exercisable immediately following such
amendment and (2) a fraction, the numerator of which is the number of shares of Common Stock that may be acquired upon exercise, if any, of the warrants whose exercise price is reduced and the denominator of which is the aggregate number of
shares of Common Stock that may be acquired upon exercise of all of the outstanding warrants. 
 (D) Change in Option Price or Conversion
Rate. Upon the happening of any of the following events, namely, if the purchase price provided for in any Option referred to in subsection (iv)(A) hereof, the additional consideration, if any, payable upon the conversion or exchange of any
Convertible Securities referred to in subsections (iv)(A) or (iv)(B), or the rate at which Convertible Securities referred to in subsections (iv)(A) or (iv)(B) are convertible into or exchangeable for Common Stock shall change at any time
(including, but not limited to, changes under or by reason of provisions designed to protect against dilution), the Conversion Price in effect at the time of such event shall forthwith be readjusted to the Conversion Price which would have been in
effect at such time had such Options or Convertible Securities still outstanding provided for such changed purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted, issued or sold. 

 

  
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 (E) Calculation of Consideration Received. If any Common Stock, Options or Convertible
Securities are issued, granted or sold for cash, the consideration received therefor will be the amount received by the Maker therefor, after deduction of all underwriting discounts or allowances in connection with such issuance, grant or sale. In
case any Common Stock, Options or Convertible Securities are issued or sold for a consideration part or all of which shall be other than cash, including in the case of a strategic or similar arrangement in which the other entity will provide
services to the Maker, purchase services from the Maker or otherwise provide intangible consideration to the Maker, the amount of the consideration other than cash received by the Maker (including the net present value of the consideration expected
by the Maker for the provided or purchased services) will be the fair market value of such consideration, except where such consideration consists of securities, in which case the amount of consideration received by the Maker will be the average
Daily Market Price for the ten (10) Trading Days with respect to such securities thereof prior to the date of receipt. In case any Common Stock, Options or Convertible Securities are issued in connection with any merger or consolidation in
which the Maker is the surviving Maker, the amount of consideration therefor will be deemed to be the fair market value of such portion of the net assets and business of the non-surviving Maker as is attributable to such Common Stock, Options or
Convertible Securities, as the case may be. Notwithstanding anything to the contrary contained herein, if Common Stock, Options or Convertible Securities are issued, granted or sold in conjunction with each other as part of a single transaction or
in a series of related transactions, and one or more of such securities are issued, granted or sold for a price below fair market value (when the aggregate value of such securities is compared with the aggregate amount of consideration received by
the Maker therefor), the Creditor may elect to determine the amount of consideration deemed to be received by the Maker therefor by deducting the difference between the fair value of and the amount paid for any type of securities issued, granted or
sold in such transaction or series of transactions (the “Disregarded Securities”). If the Creditor makes an election pursuant to the immediately preceding sentence, no adjustment to the Conversion Price shall be made pursuant to
this subsection (iv)(E) for the issuance of the Disregarded Securities or upon any conversion or exercise thereof. For example, if the Maker were to issue convertible notes having a face value of $1,000,000 and warrants to purchase shares of Common
Stock at an exercise price equal to the market price of the Common Stock on the date of issuance of such warrants in exchange for $1,000,000 of consideration, the fair value of the warrants would be subtracted from the $1,000,000 of consideration
received by the Maker for the purposes of determining the price per share of Common Stock issuable upon conversion of the convertible notes and for purposes of determining any adjustment to the Conversion Price hereunder as a result of the issuance
of the Convertible Securities. The Creditor shall calculate, using standard commercial valuation methods appropriate for valuing such assets, the fair market value of any consideration other than cash or securities; provided, however, that if the
Maker does not agree to such fair market value calculation within three (3) Business Days after receipt of such calculation along with reasonably detailed supporting documentation from the Creditor, then such fair market value will be
determined in good faith by an investment banker or other appropriate expert of national reputation selected by the Creditor (which investment banker or other expert shall not have been engaged or otherwise employed by the Creditor within one
(1) year of the date of such engagement hereunder) and reasonably acceptable to the Maker, with the costs of such appraisal to be borne by the Maker. 

  
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 (F) Other Action Affecting Conversion Price. If the Maker takes any action affecting the
Common Stock after the date hereof that would be covered by this Section 5, but for the manner in which such action is taken or structured, which would in any way diminish the value of this Note then the Conversion Price shall be
adjusted in such manner as the Board of Directors of the Maker shall in good faith determine to be equitable under the circumstances. 
 (G)
Record Date. In case the Maker shall take a record of the holders of its Common Stock for the purpose of entitling them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or
(ii) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be, provided, however, that any such adjustment in the Conversion Price shall be reversed or shall not
become effective, as applicable, if the Maker abandons the action to which the record date pertains. 
 (H) Treasury Shares. The
number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Maker or any of its wholly owned Subsidiaries, and the disposition of any such shares (other than the cancellation or
retirement thereof) shall be considered an issue or sale of Common Stock for the purpose of this subsection (iv). 
 (v) Excluded
Issuances. Notwithstanding anything to the contrary contained herein, the Maker shall not be required to make any adjustment of the Conversion Price in the case of the issuance of (A) Common Stock, Options or Convertible Securities issued
to employees or consultants of the Maker in connection with their employment or engagement by the Maker pursuant to an equity compensation plan in effect as of April 26, 2013, or as approved by the Board of Directors, which are granted in the
ordinary course of business and consistent with past practice; (B) Common Stock or Convertible Securities to employees or consultants of the Maker in connection with their employment or engagement by the Maker pursuant to an equity purchase
plan in effect as of April 26, 2013, or as approved by the Board of Directors, which are granted in the ordinary course of business and consistent with past practice or (C) Common Stock upon the conversion or exercise of any warrants
outstanding on the date hereof (collectively, “Excluded Issuances”). 
 (vi) Weighted Average Adjustment for
Issuances. In the event that at any time or from time to time the Maker shall issue or sell Common Stock, Options or Convertible Securities subject to Section 5(d)(iv) for no consideration or for a per share consideration that is
greater than the applicable Conversion Price at the time of such issuance or sale but less at the time of such issuance or sale than the Daily Market Price, then the Conversion Price in effect immediately prior to each such issuance or sale will
immediately be reduced to the price determined by multiplying the Conversion Price, in effect immediately prior to such issuance or sale, by a fraction, (A) the numerator of which shall be (x) the number of shares of Common Stock
outstanding immediately prior to such issuance or sale plus (y) the number of shares of Common Stock which the aggregate consideration received by the Maker for the total number of such additional shares of Common Stock so issued or sold would
purchase at the Daily Market Price on the last Trading Day immediately preceding such issuance or sale and (B) the denominator of which shall be the number of shares of Common Stock outstanding immediately after such issue or sale. 

  
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 (e) Fractional Shares. Upon a conversion hereunder, the Maker shall not be required to
issue stock certificates representing fractions of shares of the Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based on the closing bid price at such time. If the Maker elects not, or
is unable, to make such a cash payment, the Creditor shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock. 

(f) Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this
Section 5, the Maker, at its own expense, shall promptly compute such adjustment or readjustment and prepare and furnish to each Creditor a certificate setting forth such adjustment or readjustment and showing in detail the facts upon
which such adjustment or readjustment is based. The Maker shall, upon the written request at any time of the Creditor, furnish to such Creditor a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price
at the time in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of this Note. 

6. Definitions. 

“Affiliate” has the meaning ascribed to such term in the Facility. 

“Balance Sheet” means the consolidated balance sheet of the Maker. 

“Board of Directors” means the board of directors of the Maker. 

“Borrowings” shall have the meaning ascribed to such term in the Facility. 

“Bridge Notes” means this Note and the other 13% senior secured convertible promissory notes, dated as of the date hereof,
issued by the Maker, including any notes issued as paid-in-kind interest in respect thereof, on terms substantially similar to this Note (other than the principal amount outstanding thereon). 

“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed
in the State of New York. 
 “Cash Equivalents” shall have the meaning ascribed to such term in the Facility. 

“Cash Royalty Mandatory Redemption” has the meaning ascribed to such term in Section 4(b). 

“Collateral” has the meaning ascribed to such term in Section 2.1 of the Security Agreement. 

“Commitment” shall have the meaning ascribed to such term in the Facility. 

“Common Stock” means the Maker’s common stock, par value $0.01 per share. 

  
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 “Conversion Amount” means the portion of the principal amount of this Note being
converted plus any accrued and unpaid interest thereon, through the Conversion Date each as specified in the Notice of Conversion. 

“Conversion Date” means, for any conversion, the date specified in the Notice of Conversion so long as the copy of the Notice
of Conversion is faxed (or delivered by other means resulting in notice) to the Maker at or before 11:59 p.m., New York City time, on the Conversion Date indicated in the Notice of Conversion; provided, however, that if the Notice of Conversion is
not so faxed or otherwise delivered before such time, then the Conversion Date shall be the date the Creditor faxes or otherwise delivers the Notice of Conversion to the Maker. 

“Conversion Price” means $0.50 per share of Common Stock, subject to adjustments as set forth herein. 

“Convertible Notes” means the second amended and restated 13% Senior Secured Convertible Notes, dated as of the date hereof,
issued by the Maker, together with any notes issued as paid-in-kind interest in respect thereof. 
 “Daily Market Price”
means, as of any date of determination, the closing sale price for the Common Stock, for the Trading Day of such date of determination (subject to equitable adjustment for any stock splits, stock dividends, reclassifications or similar events during
such Trading Day or that are not otherwise reflected in such closing price and further subject to adjustment as provided herein) on the principal United States securities exchange or trading market where the Common Stock is listed or traded as
reported by Bloomberg, or if the foregoing does not apply, the closing sale price for the Common Stock on the OTC Bulletin Board for such security as reported by Bloomberg, or, if no sale price is reported for such security by Bloomberg, the closing
sale price as reported in the “pink sheets” by the Pink Sheets LLC, in each case for such date or, if such date was not a Trading Day for such security, on the next preceding date which was a Trading Day. If the Daily Market Price cannot
be calculated for such security as of either of such dates on any of the foregoing bases, the Daily Market Price of such security on such date shall be the fair market value as reasonably determined by an investment banking firm selected by the
Creditor and reasonably acceptable to the Maker, with the costs of such appraisal to be borne by the Maker. 
 “Designated
Product(s)” means an oral product for human use that includes SNAC and Vitamin B12 (in any and all dosages and forms), any Related Products, and/or any line extension of any of the foregoing. 

“Dietary Supplement” shall have the meaning as currently set forth in the federal Food, Drug, and Cosmetic Act, at 21 U.S.C.
§ 321(ff). 
 “Extraordinary Cash Proceeds Mandatory Redemption” shall have the meaning ascribed to such term in
Section 4(a). 
 “Indebtedness” shall have the meaning ascribed to such term in the Facility. 

“Indebtedness Repayment Condition” shall have the meaning ascribed to such term in the Royalty Agreement. 

“Facility” means that certain senior secured loan facility, dated as of the date hereof, by and between the MHR Funds and the
Maker, as amended from time to time. 

  
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 “Fiscal Quarter” means the respective periods of three (3) consecutive
calendar months ending on March 31, June 30, September 30 and December 31. 
 “Fiscal Year”
means each successive period of twelve (12) months commencing on January 1 and ending on December 31. 

“Governmental Authority” means any government or political subdivision or department thereof, any entity exercising
executive, legislative, judicial, regulatory, taxing or administrative functions of, or pertaining to, government, any governmental or regulatory body, any self-regulatory body, commission, board, bureau, agency or instrumentality, or any court or
arbitrator or alternative dispute resolution body, in each case whether federal, state, local or foreign 
 “Lien” has the
meaning ascribed to such term in the Facility. 
 “Loans” have the meaning ascribed to such term in the Facility. 

“Loan Documents” means the Bridge Notes, the Royalty Agreement, the Security Documents and any certificates, instruments,
agreements or other documents executed in connection herewith or therewith. 
 “Mandatory Redemption” has the meaning
ascribed to such term in Section 4(c). 
 “Mandatory Redemption Date” means (i) with respect to any Extraordinary
Cash Proceeds Mandatory Redemption, the date that is thirty (30) days after the date on which the applicable Cash Proceeds were received by the Maker or any of its Subsidiaries, and (ii) with respect to any Cash Royalty Mandatory
Redemption, the date that the corresponding Royalty is due and payable pursuant to the Royalty Agreement; provided that if any Mandatory Redemption Date falls on a day other than a Business Day, such Mandatory Redemption Date shall instead be the
next date that is a Business Day. 
 “Mandatory Redemption Price” has the meaning ascribed to such term in
Section 4(c). 
 “Medical Food” shall have the meaning as currently set forth in the federal Food, Drug, and Cosmetic
Act, at 21 U.S.C. § 360ee(b)(4). 
 “MHR Funds” means MHR Capital Partners Master Account LP, a limited partnership
organized in Anguilla, British West Indies, MHR Capital Partners (100) LP, a Delaware limited partnership, MHR Institutional Partners II LP, a Delaware limited partnership and MHR Institutional Partners IIA LP, a Delaware limited partnership.

 “Non-Domestic Intellectual Property” has the meaning ascribed to such term in the Facility. 

“Perfected Lien” has the meaning ascribed to such term in the Facility. 

“Person” means any corporation, limited liability company, natural person, firm, joint venture, partnership, trust,
unincorporated organization or government, or any political subdivision, department or agency of any Governmental Authority. 
 “Pro
Forma Cash Balance” means the amount of cash and Cash Equivalents set forth on the Balance Sheet as of any determination date, plus all cash expenditures made and cash expenses incurred during the rolling twelve month period preceding such
determination date, in each case other than those cash expenditures and cash expenses relating to the Designated Products, the Maker’s general overhead expenses and any MHR Approved Products; provided that, in the event that any cash amounts
are to be used following any determination date (i) to pay Royalties pursuant to Sections 2.3(a) or 2.3(b) of the Royalty Agreement in respect of the Fiscal Year or Fiscal Quarter ending on such determination date, (ii) to repay principal
and interest outstanding on any Loans pursuant to Section 4(c) of the Facility in respect of the Fiscal Year or Fiscal Quarter ending on such determination date, or (iii) to redeem the Convertible Notes pursuant to Section 4(b)(iii)
of the Convertible Notes in respect of the Fiscal Year or Fiscal Quarter ending on such determination date, such cash amounts shall be deducted from the calculation of the Pro Forma Cash Balance as of the end of such Fiscal Year or Fiscal Quarter
for the purposes of this definition, but only if such amounts are thereafter actually paid in cash on their respective due dates. 

  
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 “Reimbursement Notes” means the Second Amended and Restated Reimbursement
Promissory Notes issued by the Maker, together with any notes issued as paid-in-kind interest in respect thereof, 
 “Related
Product” shall mean any Dietary Supplement, Medical Food or drug, whether available over-the-counter or by prescription, in any dosage form, strength or route or mode of administration, containing Vitamin B12, whether in combination with
any other vitamin, mineral, nutrient, Dietary Supplement, Medical Food, drug or active or inactive pharmaceutical ingredient or otherwise, and including SNAC or any other similar agent for improved or different bioavailability using the Maker’s
proprietary Eligen® technology or any other carrier technology owned or licensed by the Maker or any of its Subsidiaries. 

“Royalty” means any and all amounts payable by the Maker pursuant to the Royalty Agreement. 

“Royalty Agreement” means that certain Royalty Agreement, dated as of the date hereof, among the Maker and the MHR Funds, as
amended from time to time. 
 “Trading Day” shall mean any day on which the principal United States securities exchange or
trading market where the Common Stock is then listed or traded, is open for trading. 
 “Security Documents” has the
meaning ascribed to such term in the Facility. 
 “SNAC” means the Maker’s proprietary Eligen® technology carrier as set forth on Exhibit A to the Royalty Agreement. 

“Subsidiary” has the meaning ascribed to such term in the Facility. 

7. Payments. 
 (a) Creditor may, at its
option, apply the amount of any payment of principal or interest on account of this Note as consideration for the purchase of any securities that may, from time to time, be issued by the Maker to the Creditor for value. 

(b) All payments shall first be applied to any interest then due, with the balance remaining applied to principal. Notwithstanding any
provision contained herein or contained in any other instrument or agreement now or hereafter executed in connection with this Note, the maximum amount of interest and other charges in the nature thereof contracted for, or payable hereunder or
thereunder, shall not exceed the maximum amount which may be lawfully contracted for, charged and received in this transaction, all as determined by the final judgment of a court of competent jurisdiction, including all appeals therefrom, and in the
event the interest rate is determined to be unlawful, such interest rate shall be computed at the highest rate permitted by applicable law. To the extent any interest received by Creditor exceeds the maximum amount permitted, such payment shall be
credited to principal, and any excess remaining after full payment of principal shall be refunded to Maker. The Maker agrees to pay on demand all costs and expenses incurred by the holder hereof, including, without limitation, all reasonable
attorneys’ fees and all court costs, for the collection and enforcement of this Note and the indebtedness evidenced hereby. If the Maturity Date is a day other than a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day. 

  
 13 








 8. Form of Payment. All payments of principal, interest, fees and other amounts due hereunder shall be
made by the Maker in U.S. Dollars by wire transfer to the account designated by the Creditor or by any other method approved in advance in writing by the Creditor. 

9. Events of Default. Notwithstanding anything to the contrary contained herein, (a) this Note shall become immediately due and payable upon the
occurrence of (and the Maturity Date shall be correspondingly accelerated to the date of such occurrence) any of the events described in paragraphs (i) and (ii) below and (b) any Creditor may declare this Note to be immediately due
and payable upon the occurrence of (and the Maturity Date shall be correspondingly accelerated to the date of such occurrence) any of the events described in paragraph (iii) below (each of the following events described below, an “Event
of Default”): 
 (i) (A) A court enters a decree or order for relief with respect to the Maker in an involuntary case under
the U.S. Bankruptcy Code, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law; or (B) the continuance of any of the following events for 45 days unless dismissed, bonded or
discharged: (x) an involuntary case is commenced against the Maker, under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or (y) a decree or order of a court for the appointment of a receiver,
liquidator, sequestrator, trustee, custodian or other officer having similar powers over the Maker, or over all or a substantial part of its property, is entered; or (z) a receiver, trustee or other custodian is appointed without the consent of
the Maker, for all or a substantial part of the property of the Maker; 
 (ii) (A) The Maker commences a voluntary case under the U.S.
Bankruptcy Code, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee
or other custodian for all or a substantial part of its property; or (B) the Maker makes any assignment for the benefit of creditors; or (C) the Board of Directors of the Maker adopts any resolution or otherwise authorizes action to
approve any of the actions referred to in this paragraph; 
 (iii) (A) During any 12 month-period following the date hereof,
individuals who at the beginning of such period constituted the Board of Directors (and any new members of the Board of Directors whose election by the Board of Directors or whose nomination for election by the Maker’s shareholders was approved
by (x) a vote of a majority of the members of the Board of Directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved or (y) the
Permitted Holders), cease for any reason to constitute a majority of the Board of Directors; (B) any person (as defined in Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange
Act”), other than one or more Permitted Holders, becomes the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 under the Exchange Act) of a majority of the combined voting power of the Maker’s
common stock; or (C) the Maker sells or otherwise disposes of all or a substantial part of its assets or ceases to conduct all or a substantial part of its business as now conducted, or merges or consolidates with any other person or entity
without the prior written consent of the Creditor. For purposes of this paragraph (iii): “Permitted Holders” means MHR Fund Management LLC (and any successor thereto) and any Related Party or affiliate of MHR Fund Management LLC
(and any successor thereto); and “Related Party” means (1) any controlling stockholder, controlling member, general partner, majority owned subsidiary, or spouse or immediate family member (in the case of an individual) of any
Permitted Holder, (2) any estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or persons holding a controlling interest of which consist solely of one or more Permitted Holders and/or such
other persons referred to in the immediately preceding clause (1), (3) any executor, administrator, trustee, manager, director or other similar fiduciary of any person referred to in the immediately preceding clause (2) acting solely in
such capacity, (4) any investment fund or other entity controlled by, or under common control with, MHR Fund Management LLC or the principals that control MHR Fund Management LLC, or (5) upon the liquidation of any entity of the type
described in the immediately preceding clause (4), the former partners or beneficial owners thereof to the extent any voting stock may still be held by such entity; 

  
 14 








 (iv) The Maker fails to pay any amount under this Note as and when that amount becomes due and
payable pursuant to this Note; 
 (v) The Maker fails to perform or observe any covenant or agreement under this Note other than those
referred to in Section 9(iv) hereof and does not remedy such failure on or before the tenth (10th) day after it occurs; 
 (vi)
Any of the Security Documents shall cease, for any reason, to be in full force and effect; or (ii) the Lien created by any of the Security Documents shall fail to constitute a Perfected Lien in the Collateral; provided, that (A) solely
with respect to any individual item of Collateral having a fair market value of $25,000 (as reasonably determined by the Maker in good faith and reasonably agreed to by the Creditor) or less, such failure to maintain a Perfected Lien in such item of
Collateral shall not constitute an Event of Default unless the Maker does not remedy such failure on or before the 5th day after such failure occurs, (B) such failure to maintain a Perfected Lien in such item of Collateral shall not constitute
an Event of Default if such failure results solely from any action or failure to act on the part of the Creditor (following notice thereof from the Maker) to maintain such Perfected Lien and which action or failure to act contravenes the provisions
of this Note, the other Loan Documents or applicable law, and (C) notwithstanding anything herein or in any Loan Document to the contrary, the failure to perfect (or attain the functional equivalent of perfection of) the security interest
granted to the Creditor in any Non-Domestic Intellectual Property constituting Collateral prior to the date required therefor pursuant to Section 7(dd) of the Convertible Notes, shall not constitute an Event of Default; 

(vii) Any Event of Default (as such term is defined in the Facility, the Convertible Notes or the Reimbursement Notes, as applicable) shall
occur thereunder, or the Maker or any Subsidiary: (A) fails to pay any of its other Indebtedness as and when that Indebtedness becomes due and payable; or (B) fails to perform or observe any covenant or agreement to be performed or
observed by it contained in any other agreement or in any instrument evidencing any of its other Indebtedness (and any cure period under such other agreement or instrument shall have expired) and, as a result of the failure, any other party to that
agreement or instrument is entitled to exercise the right to accelerate the maturity of any amount owing thereunder; or 
 (viii) The Maker
fails to pay any Royalty when due pursuant to, or breaches any of its obligations under, the terms of the Royalty Agreement. 
 10. Right of Set-off.
The obligations of the Maker to make the payments provided for in this Note are absolute and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever. The Maker hereby: (a) waives
presentment, demand, protest, suretyship defenses and defenses in the nature thereof; (b) waives any defenses based upon and specifically assents to any and all extensions and postponements of the time for payment, changes in terms and
conditions and all other indulgences and forbearances which may be granted by the holder to any party now or hereafter liable hereunder; and (c) agrees to be bound by all of the terms contained in this Note. 

  
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 11. Governing Law. ALL RIGHTS AND OBLIGATIONS HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, U.S.A. This Note is executed as, and shall have the effect of, a sealed instrument. 
 12. Invalidity. In the event any one or more of the
provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operates to invalidate this Note, then and in
either of those events, such provision or provisions only shall be deemed null and void and shall not affect any other provision of this Note, and the remaining provisions of this Note shall remain operative and in full force and effect and shall in
no way be affected, prejudiced or disturbed thereby. 
 13. Amendments, Assignments, etc. This Note may not be amended, supplemented, modified or
terminated orally, but only by an agreement in writing signed by the Maker and the Creditor. This Note shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto. The Maker may not assign any of its
rights or obligations under this Note without the prior written consent of the Creditor. The Creditor may assign all or a portion of its rights or obligations under this Note without the prior written consent of the Maker. 

14. Jurisdiction; Trial by Jury. For purposes of any action or proceeding involving this Note, Maker hereby expressly consents to the exclusive
jurisdiction of all federal and state courts located in the State of New York and consents that any order, process, notice of motion or other application to or by any of said courts or a judge thereof may be served within or without such
court’s jurisdiction by registered mail or by personal service, provided a reasonable time for appearance is allowed (but not less than the time otherwise afforded by any law or rule), and waives any right to contest the appropriateness
of any action brought in any such court based upon lack of personal jurisdiction, improper venue or forum non conveniens. THE MAKER HEREBY WAIVES TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT
OF THIS NOTE OR ANY INSTRUMENT OR DOCUMENT DELIVERED PURSUANT TO THIS NOTE, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF, OR ANY OTHER CLAIM OR DISPUTE HOWSOEVER ARISING, BETWEEN THE MAKER AND THE CREDITOR. 

15. Waivers. No delay or omission on the part of the holder in exercising any right hereunder (or any right under any instrument or agreement executed
in connection herewith or which is given or may be given to secure the indebtedness evidenced hereby) shall operate as a waiver of such right, or of any other right, of such holder, nor shall any delay, omission or waiver on any one occasion be
deemed to be a bar to, or waiver of, the same or of any other right on any future occasion. 

  
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 16. Notices. All notices and other communications given to any party hereto pursuant to this Note shall be
in writing and shall be delivered by hand, fax or email (and in the case of fax or email, receipt confirmed immediately via telephone), or mailed first class postage prepaid, registered or certified mail, addressed as follows: 

(a) If to the Maker, to: 

Emisphere Technologies, Inc. 
 4
Becker Farm Road 
 Suite 103 

Roseland, NJ 07068 
 Attention:
Chief Financial Officer 
 Phone: (973) 532-8000 

Fax: (973) 422-0125 
 Email:
mgarone@emisphere.com 
 with a copy to: 

Lowenstein Sandler LLP 
 65
Livingston Avenue 
 Roseland, NJ 07068 

Attention: Michael H. Lerner, Esq. 

Phone: (973) 575-2500 
 Fax: (973)
575-2400 
 Email: mlerner@lowenstein.com 

(b) If to the Creditor, to: 

c/o MHR Fund Management LLC 
 40
West 57th Street, 24th Floor 
 New York, NY 10019 

Attention: Janet Yeung 
 Phone:
(212) 262-0005 
 Fax: (212) 262-9356 

Email: jyeung@mhrfund.com 
 with
a copy to: 
 O’Melveny & Myers LLP 

Times Square Tower 
 7 Times
Square 
 New York, New York 10036 

Attention: David I. Schultz 

Phone: (212) 728-5977 
 Fax: (212)
326-2061 
 Email: dschultz@omm.com 
 Each such
notice or other communication shall for all purposes be treated as being effective or having been given when delivered, if delivered personally, by e-mail or facsimile with confirmation of receipt or if by overnight courier or, if sent by mail, upon
actual receipt. 

  
 17 








 17. Replacement of Note. Upon the loss, theft, destruction or mutilation of this Note, and upon the
execution and delivery by the Creditor to the Maker of an affidavit in form and substance reasonably acceptable to the Maker attesting to such loss, theft, destruction or mutilation, as the case may be, and an agreement, in form and substance
reasonably acceptable to the Maker indemnifying and holding the Maker harmless from and against any liability or damages arising therefrom, the Maker shall execute and deliver in lieu thereof a new Note, dated the date of the Note being replaced, in
the same principal amount. 
 18. Headings. The headings of the sections of this Note are inserted for convenience only and do not constitute a part
of this Note. 
 19. Further Assurances. The Maker shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents (including without limitation any intercreditor agreements and subordination agreements), as the Creditor may reasonably request in order to carry out the
intent and accomplish the purposes of this Note and the consummation of the transactions contemplated hereby. 
 20. Information Reporting. Promptly
upon the request of the Creditor, the Maker shall furnish in writing to the Creditor such information as reasonably requested in connection with any calculation to be made in connection with this Note, including any calculation regarding the Pro
Forma Cash Balance or any other calculation performed in connection with any mandatory redemption or other payment under this Note. 
 21. Nature of
Obligations. The Obligations under this Note and all other Bridge Notes issued by the Maker in a form substantially similar to this Note are executed and delivered in substitution for, but not in satisfaction of, the obligations under the
Existing Notes (collectively, the “Precedent Obligations”) and this Note shall not constitute a refinancing, substitution or novation of the Precedent Obligations. 

[Signature Page Follows] 

  
 18 








 WITNESS the hand and seal of the undersigned on the day and year first above written. 

 

			
	 MAKER:
  

EMISPHERE TECHNOLOGIES, INC.

		
	By:	 	 
		 	 Name: 
 Title: 




  








 EXHIBIT A 

NOTICE OF CONVERSION 

  
 20