Document:

Amendment to Pledge and Security Agreement

 EXHIBIT 10.2 
 AMENDMENT TO PLEDGE AND SECURITY AGREEMENT 
 THIS AMENDMENT TO
PLEDGE AND SECURITY AGREEMENT (this “Amendment”), dated as of October 17, 2012, is made by and among EMISPHERE TECHNOLOGIES, INC., as grantor (together with each other grantor party to the Security Agreement (as defined
below), “Grantor”) and MHR INSTITUTIONAL PARTNERS IIA LP, as secured party on behalf of the Lenders (as defined in the Security Agreement described below) and the 2012 Bridge Lenders (as hereinafter defined) (“Secured
Party”). All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Security Agreement (as defined below). 

WHEREAS, Grantor and Secured Party entered into that certain Pledge and Security Agreement, dated as of September 26, 2005
(as previously amended by that certain Amendment to Pledge and Security Agreement dated as of July 29, 2010 (the “2010 Amendment”), as so amended, the “Security Agreement”) and as amended by this Amendment, the
“Amended Security Agreement”), pursuant to which Grantor granted in favor of Secured Party a first priority security interest in and lien upon all of Grantor’s right, title and interest in and to the Collateral in order to
secure the Secured Loan and the Convertible Note;  
 WHEREAS, pursuant to the 2010 Amendment, the Grantor and
Secured Party agreed to certain amendments to the Security Agreement in connection with the incurrence of the Bridge Loan from the Bridge Lenders pursuant to the Bridge Note. 
 WHEREAS, the Grantor has repaid the Bridge Loan in full; 
 WHEREAS,
in addition to the amounts advanced to Grantor as the Secured Loan (which has been exchanged into the Convertible Note) and as the Bridge Loan (which has been repaid), Secured Party, MHR Institutional Partners II LP, MHR Capital Partners Master
Account LP and MHR Capital Partners (100) LP (collectively, together with their successors and assigns, the “2012 Bridge Lenders”) have agreed, subject to the terms and conditions set forth in the 2012 Bridge Note (as
hereinafter defined) to advance to Grantor an aggregate principal amount equal to $1,400,000 (the “2012 Bridge Loan”) in installments on certain dates (including the date hereof) set forth in the 2012 Bridge Note (as hereinafter
defined) and Grantor has agreed to issue to the 2012 Bridge Lenders a senior secured promissory note in the amount of $1,400,000 (the “2012 Bridge Note”); 
 WHEREAS, it is a condition to the 2012 Bridge Lenders’ agreement to make the 2012 Bridge Loan to Grantor that Grantor grant in favor of Secured Party a first priority security interest in and
lien upon all of Grantor’s right, title and interest in and to the Collateral in order to secure the 2012 Bridge Loan; 

WHEREAS, in connection with the foregoing, Grantor has requested that Secured Party agree to certain amendments to the Security
Agreement to, among other things, include the 2012 Bridge Loan as an Obligation secured by the Security Agreement and the 2012 Bridge Lenders as beneficiaries of the Security Agreement, each as more particularly set forth herein; and 

 WHEREAS, Secured Party is willing to agree to such amendments as more fully set forth herein, subject to the terms
and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the foregoing premises, and other good and
valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 I.
Amendments to the Security Agreement. 
 A. Section 1.1 of the Security Agreement is hereby amended by
deleting the text of the definition of “Lenders” in its entirety and, in lieu thereof, inserting the following: 

“ ‘Lenders’ means the Lender, as defined in the Loan Agreement, the 2012 Bridge Lenders, and, in each case, their
respective successors and assigns.” 
 B. Section 1.1 of the Security Agreement is hereby amended by deleting
the text of the definition of “Obligations” in its entirety and, in lieu thereof, inserting the following: 
 “
‘Obligations’ shall mean all present and future obligations and liabilities of each of the Grantors to the Secured Party and each of the Lenders under this Agreement and the Loan Documents, including, without limitation, principal of and
interest on the Secured Loan, the Convertible Note (as applicable) and the 2012 Bridge Loan, and any and all fees, expenses, indemnities, premiums and any other sum chargeable to the Grantors under this Agreement or any of the other Loan Documents,
including, without limitation, interest accruing at the specified rate (including any default rate of interest) after the filing of a petition or commencement of a case by or with respect to the Grantors seeking relief under any applicable federal
and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent transfer and
fraudulent conveyance laws, whether or not the claim for such interest is allowed or allowable in such proceeding, whether due or to become due, secured or unsecured, direct or indirect, absolute or contingent, joint or several, and howsoever or
whensoever incurred by each of the Grantors or acquired by the Secured Party or each of the Lenders; and in each case with respect to the foregoing, all such liabilities and obligations that, but of the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due, and all fees, costs and expenses payable by such Grantor under this Agreement.” 
 C. Section 1.1 of the Security Agreement is hereby amended by deleting the definitions of the terms “Bridge Lenders”, “Bridge Loan” , “Bridge Loan Excluded
Collateral” and “Bridge Note” appearing therein. 
 D. Section 1.1 of the Security Agreement is
hereby further amended by inserting the following new defined terms in the appropriate alphabetical order: 

“ ‘2012 Amendment’ means that certain Amendment to Pledge and Security Agreement dated as of
October 17, 2012 by and among Grantor and Secured Party. 

  
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 “ ‘2012 Amendment Effective Date’ means the date on
which the 2012 Amendment becomes effective in accordance with its terms. 
 “ ‘2012 Bridge
Lenders’ shall mean the creditors identified in the 2012 Bridge Note and their successors and assigns.” 
 “ ‘2012 Bridge Loan’ shall mean an original principal amount equal to $1,400,000 advanced to the Grantor by the 2012 Bridge Lenders in two installments.” 

“ ‘2012 Bridge Loan Excluded Collateral’ shall mean all Licensed IP as such term is defined in
that certain Master Agreement and Amendment by and between Grantor and Novartis Pharma AG dated June 4, 2010 (the “Novartis Master Agreement”).” 

“ ‘2012 Bridge Note’ shall mean that certain senior secured promissory note, dated as of
October 17, 2012, made by the Grantor in favor of the 2012 Bridge Lenders with respect to the 2012 Bridge Loan.” 
 “ ‘MHR License Agreement’ shall have the definition set forth in the Novartis Master Agreement. 

“ ‘Non-Disturbance Agreement’ shall have the definition set forth in the Novartis Master
Agreement. 
 “ ‘Previous Agreements’ means the Oral CT Agreements, the Oral hGH
Agreement and the Oral PTH Agreement, in each case, as such terms are defined in the Novartis Master Agreement.” 
 E. The
Security Agreement is hereby amended by deleting all references to “Bridge Lenders”, “Bridge Loan”, “Bridge Loan Excluded Collateral” and “Bridge Note” appearing therein and replacing them with references to
“2012 Bridge Lenders”, “2012 Bridge Loan”, “2012 Bridge Loan Excluded Collateral” and “2012 Bridge Note”, respectively. 
 F. Section 1.3 of the Security Agreement is hereby amended by deleting clauses (ii) and (iii) thereof in their entirety and, in lieu thereof, inserting the following: “(ii)
references herein to “Loan Documents” shall be deemed to refer to the Loan Documents referred to in the Convertible Note and shall be deemed to include the 2012 Bridge Note and (iii) references herein to the term “Lenders”
shall be deemed to refer to the holders of the Convertible Note and the 2012 Bridge Lenders (and their respective successors and assigns)”. 
 G. Section 2.4 of the Security Agreement is hereby amended and restated in its entirety as follows: 
 “2012 Bridge Loan Excluded Collateral. Notwithstanding anything to the contrary contained in this Article 2, no Lien is or shall be created in connection with the 2012 Bridge Loan in favor of
the Secured Party in any Grantor’s right, title and interest in any 2012 Bridge Loan Excluded Collateral, provided that, upon the earliest to occur of (i) the termination of all of the Previous Agreements, (ii) the termination
of Section 7.4(b) of the Novartis Master Agreement and (iii) the completion of the actions contemplated by the first sentence of Section 4.13 hereof, such 2012 

  
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Bridge Loan Excluded Collateral shall nevertheless be considered Collateral for all purposes herein, including that the Secured Party will be deemed to have, and at all times from and after the
date hereof to have had, a security interest in such 2012 Bridge Loan Excluded Collateral, as the case may be, and all representations and warranties hereunder shall be deemed to have been made with regard to all such 2012 Bridge Loan Excluded
Collateral. It is understood and agreed that nothing herein shall, or shall be construed to, affect the security interest already created pursuant to the Security Agreement prior to the 2012 Amendment Effective Date that secures obligations under
this Agreement, the Secured Loan, the Loan Agreement and the Convertible Note, which security interest shall remain unchanged and unmodified in all respects and shall continue in full force and effect.” 

H. Article 4 of the Security Agreement is hereby amended by inserting the following new Section 4.13: 

“2012 Bridge Loan Excluded Collateral Further Assurances. Grantor agrees that, upon Secured Party’s request, Grantor
will promptly take all such actions as contemplated under the terms of Section 7.4(b) of the Novartis Master Agreement to grant a Lien in connection with the 2012 Bridge Loan in favor of the Secured Party in all of such Grantor’s right,
title and interest in the 2012 Bridge Loan Excluded Collateral. Notwithstanding anything to the contrary in this Agreement, it is acknowledged and agreed that any Lien granted in favor of the Secured Party in accordance with this Section 4.13
may be subject to and subordinate to the rights of the Secured Party and Novartis Pharma AG under the Non-Disturbance Agreement (including the MHR License Agreement attached thereto), the Novartis Master Agreement and the Previous Agreements.”

 I. Section 8.1 of the Security Agreement is hereby amended by deleting the phrase “Article 13 of the Loan
Agreement, and such Article 13 is incorporated by reference herein” contained therein and, in lieu thereof, inserting the phrase “Article 13 of the Loan Agreement and Section 5 of the 2012 Bridge Note, and such Article 13 and
Section 5 are each incorporated by reference herein.” 
 J. The Grantor and the Secured Party hereby agree and
acknowledge their respective intentions that, except for the 2012 Bridge Loan Excluded Collateral, the 2012 Bridge Lenders shall have the same rights and interests under the Amended Security Agreement as the lenders under the Loan Agreement. The
Grantor and the Secured Party further agree that the Grantor shall, if so requested by the 2012 Bridge Loan Lenders, take all reasonable actions necessary to give effect to the preceding sentence and the intent of the parties with respect thereto.

 II. Effectiveness. This Amendment shall become effective upon (a) receipt by Secured Party of originally executed
counterparts hereof by Grantor and Secured Party, (b) receipt by Secured Party of an originally executed copy of the 2012 Bridge Note from Grantor, (c) receipt by Secured Party of originally executed counterparts of a written consent (the
“Lender Consent”) by Grantor and the holders of the Convertible Note with respect to the 2012 Bridge Loan and (d) receipt by Secured Party of any and all agreements, schedules and other documents or instruments with respect to
the 2012 Bridge Loan as may be reasonably requested by Secured Party, in each case, such agreements, schedules, documents and instruments to be satisfactory to Secured Party in all respects. 

  
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 III. Representations and Warranties. To induce Secured Party to enter into this
Amendment, Grantor does hereby represent and warrant to Secured Party, as to itself, that as of the date hereof: 
 A. after
giving effect to the amendments to the Security Agreement set forth herein and the terms and conditions of the Lender Consent, there exists no Default or Event of Default under the Amended Security Agreement or any of the other Loan Documents (other
than the Events of Default resulting from Grantor’s failure (i) to pay principal and interest under the Convertible Note on September 26, 2012 as required under the Loan Documents and (ii) to pay principal under those certain
promissory notes in the aggregate principal amount of $600,000 issued on June 8, 2010 by Grantor to MHR Fund Management LLC or one of its affiliated funds on September 26, 2012 as required by such promissory notes (the “Payment
Default”)); 
 B. Grantor has the power and authority and has taken all the necessary action to authorize the
execution, delivery and performance of this Amendment and the issuance to Secured Party of the 2012 Bridge Note; 
 C. this
Amendment has been duly executed and delivered by a duly authorized officer of Grantor, and this Amendment and the Amended Security Agreement are the legal, valid and binding obligation of Grantor enforceable against Grantor in accordance with their
respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by general principles of equity; and 

D. the execution, delivery and performance of this Amendment in accordance with the terms hereof do not and will not, with the passage of
time, the giving of notice or otherwise: (i) require any consent, approval, authorization, permit or license, governmental or otherwise which has not already been obtained or is not in full force and effect or violate any applicable law
relating to Grantor; or (ii) conflict with, result in a breach of or constitute a default under (A) the articles or certificate of incorporation or bylaws, operating agreement or the partnership agreement, as the case may be, of Grantor,
(B) any indenture, material agreement or other material instrument to which Grantor is a party or by which any of its properties may be bound, or (C) any material licenses of Grantor. 

IV. General. This Amendment: 
 A. shall be deemed to be a Loan Document; 
 B. embodies the entire understanding
and agreement among the parties hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings and inducements, whether express or implied, oral or written; and 

C. may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart by electronic transmission shall be equally effective as delivery of a manually executed counterpart
to this Amendment. 

  
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 V. Effect on Security Agreement and Loan Documents. 

A. Except as specifically amended by this Amendment, the Security Agreement shall remain in full force and effect and is hereby ratified
and confirmed. 
 B. The execution, delivery and performance of this Amendment shall not, except as expressly provided herein,
constitute a waiver of any provision of or of any prior or existing Default or Event of Default under (including, without limitation, the Payment Default), or operate as a waiver of any right, power or remedy of Secured Party or any Lender under the
Security Agreement or any Loan Document (including, without limitation, the Convertible Note). Secured Party on behalf of itself and the other Lenders hereby reserves all of its rights under the Loan Documents (including, without limitation, the
Convertible Note), at law and in equity in connection with the Payment Default or any other Defaults or Events of Default. 
 VI.
No Course of Dealing or Performance. Grantor acknowledges and agrees that the execution, delivery and performance of this Amendment by Secured Party does not and shall not create (nor shall Grantor rely upon the existence of or claim
or assert that there exists) any obligation of Secured Party to consider or agree to any other amendment of or consent with respect to any of the Loan Documents, or any other instrument or agreement to which Secured Party is a party (collectively an
“Amendment or Consent”), and in the event that Secured Party subsequently agrees to consider any requested Amendment or Consent, neither the existence of this Amendment, nor any other conduct of Secured Party related hereto, shall
be of any force or effect on Secured Party’s consideration or decision with respect to any such requested Amendment or Consent, and Secured Party shall not have any obligation whatsoever to consider or agree to any such Amendment or Consent.

 VII. Fees and Expenses. Grantor hereby acknowledges and agrees that all fees and expenses incurred by Secured Party,
including, without limitation, those related to the preparation, arrangement, negotiation, documentation, syndication, closing and administration of the transactions contemplated by this Amendment, whether or not such transactions are consummated,
shall be for the account of Grantor; provided that such fees and expenses shall only be payable upon the consummation of an Equity Financing (as defined in the 2012 Bridge Note). 
 VIII. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. 

IX. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN NEW YORK. 
 [Signatures appear on the following page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	EMISPHERE TECHNOLOGIES, INC.
		
	By	 	 /s/ Michael R. Garone

		 	Name: Michael R. Garone
		 	Title: Chief Financial Officer
	
	MHR INSTITUTIONAL PARTNERS IIA LP,
		
	By:	 	MHR Institutional Advisors II LLC,
		 	its general partner
		
	By	 	 /s/ Janet Yeung

		 	Name: Janet Yeung
		 	Title: Authorized SignatoryEmployment Agreement

 EXHIBIT 10.3 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is entered into this 15th day of
October, 2012, by and between Emisphere Technologies, Inc., a Delaware corporation with offices at 240 Cedar Knolls Road, Suite 200, Cedar Knolls, NJ 07027 (the “Company”) and Carl V. Sailer residing at 4 Greenbriar Lane, Montvale, NJ
07645 (the “Employee”). 
 RECITALS 
 WHEREAS, the Company and the Employee desire for the Employee to be employed by the Company as its Vice President of Marketing and Sales. 

NOW THEREFORE, in consideration of the mutual covenants contained herein, and other valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and intending to be legally bound hereby, the parties do hereby agree as follows: 
 AGREEMENT

 1. Term. The term of this Agreement shall commence as of October 15, 2012 and shall end on October 14, 2015
(“Term”). The Term shall automatically renew for one year periods (each, a “Renewal Period”) unless either party provides the other party with written notice that this Agreement will not be renewed at least six (6) months
prior to the commencement of any Renewal Period. 
 2. Duties of Employee. 

(a) General Duties and Responsibilities. The Employee shall have such duties and authority as shall be assigned to him from
time to time by the President and Chief Executive Officer of the Company (the “CEO”). It is anticipated that the Employee will assist and support the CEO with respect to the CEO’s leadership position regarding the Company’s sales
and marketing efforts and initiatives, and the Employee’s duties and authority shall be subject in all respects to the authority and continued oversight of the CEO. The Employee shall not be elected as an officer of the Company by the
Company’s Board of Directors (the “Board”). 
 (b) Devotion of Entire Time to the Business of
Company. The Employee agrees to devote his entire time and best efforts to the performance of his duties for the Company (except for permitted vacation periods and reasonable periods of illness or other incapacity), and the Employee shall not,
directly or indirectly, engage or participate in any other employment or occupation, or in any activities which may conflict with his duties or the best interests of the Company. Notwithstanding the foregoing, nothing herein shall preclude the
Employee from engaging in charitable activities and community affairs. 
 3. Compensation and Benefits. 

(a) Base Salary. The Employee shall receive an annual base salary of $255,000 (the “Base Salary”) payable in
substantially equal installments in accordance with the Company’s normal payroll practices. 

 (b) Bonus. The Employee shall be entitled to a target bonus of up to forty
five percent (45%) of Base Salary per full calendar year of employment, prorated for any partial years of employment. The amount of the actual bonus shall be determined by the Board in its sole discretion based on goals prepared by the CEO
annually and approved by the Board. The bonus (the “Annual Bonus”) shall be paid on March 15 of the following year (the “Bonus Payment Date”), provided the Employee is actively employed as of the Bonus Payment Date.
Notwithstanding the foregoing, if the Company (A) terminates the Employee’s employment without Cause pursuant to Section 4(d) prior to the Bonus Payment Date (and prior to the last day of the calendar year with respect to which the
Annual Bonus is to be paid), or (B) provides notice of intent not to renew the Term pursuant to Section 1, the Employee shall receive a prorated portion of the Annual Bonus the Employee would have received but for his termination prior to
the Bonus Payment Date (based on the number of days the Employee remains in service during the calendar year with respect to which the Annual Bonus is to be paid), which prorated portion shall be paid in either case on the Bonus Payment Date.

 (c) Employee Benefit Programs. The Employee shall be entitled to participate in all formally established
employee health and welfare benefit plans and similar programs that are maintained for similarly situated employees of the Company, in accordance with the terms and conditions of such plans and programs, provided that the Company may at any time
modify, discontinue or terminate any such benefit plan or program now existing or hereafter adopted. If the Company discontinues or terminates its health benefit plan for all employees of the Company at any time during the Term or a Renewal Period,
the Company shall pay the Employee a taxable amount not to exceed the current annual Company-paid portion of the cost to provide Employee with family health insurance coverage (pro-rated as necessary for any partial year) per year. Any such payments
shall be made on a monthly basis for the remainder of the Term or any Renewal Period and may, but shall not be required to be used by the Employee to obtain replacement family health insurance coverage. 

(d) Equity. The Employee shall be a participant in the Company’s 2007 Stock Award and Incentive Plan (the
“Plan”), and shall be granted Company stock options in accordance with the terms attached hereto as Exhibit A. Any additional stock options or equity compensation of any kind shall be in the Board’s sole discretion. 

(f) Vacation. The Employee shall be entitled to twenty (20) days of vacation per calendar year of his employment. For
2012, the Employee shall be entitled to six (6) days of vacation. Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Employee. The Employee may not carry over unused vacation from one calendar year to
the next, except with the consent of the Board, not to exceed ten (10) days, and (subject to applicable law) the Employee will not be paid for unused accrued vacation upon separation of his employment. 

  
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 (g) Expenses. The Company shall reimburse the Employee for reasonable business
expenses necessarily incurred in the ordinary course of the Employee’s duties and in accordance with the Company’s policies. 
 (h) Withholding Taxes. The Company shall withhold from any amounts payable to the Employee any amount it is required to withhold pursuant to applicable law. 

(i) Parachute Payments. Notwithstanding any other provision of this Agreement, in the event that any payment or other
benefit received or to be received by the Employee pursuant to this Agreement, together with any other payments or benefits provided to the Employee under any other plan, program, policy, arrangement or agreement (collectively, the
“Payment”) would (but for this Section 3(i)) constitute a “parachute payment” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or would result in the imposition on the Employee
of an excise tax under section 4999 of the Code or similar provision of state or local law, then the Payment made to the Employee shall be reduced so that the aggregate present value of the Payment does not exceed three times the Employee’s
“annualized includible compensation for the base period” (as such phrase is defined in Section 280G(d)(1) of the Code) minus one dollar, with such reduction in the Payment being made in the manner that will result in the receipt by
Employee of the greatest after-tax benefit as determined by the Company’s independent public accountants (the “Accountants”). Unless the Company and the Employee otherwise agree in writing, any determination required under this
Section 3(i) shall be made in writing by the Accountants whose determination shall be conclusive and binding upon the Employee and the Company for all purposes. For purposes of making the calculations required by this paragraph, the Accountants
may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Employee shall furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 3(i). 
 4. Termination of Employment. The Employee’s employment hereunder may be terminated as follows: 
 (a) Automatically and immediately, in the event of the death of the Employee; 

(b) In the event of Permanent Disability, if the Company determines in good faith that the Employee has become disabled during the Term
or any applicable Renewal Period in which event the Company shall have the right to give the Employee notice of its intention to terminate his employment. In such event, the Employee’s employment shall terminate effective as of the 30th day
from the date of such notice, provided that, within the 30-day period after such receipt, the Employee shall not have returned to full-time performance of his duties. For purposes of this Agreement, “Permanent Disability” shall mean the
inability of the Employee to perform the essential functions of one or more of 

  
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his primary duties as a result of his incapacity, despite any reasonable accommodation required by law, due to bodily injury or disease or any other mental or physical illness, which inability
continues for a period of one hundred eighty (180) days, which need not be consecutive, within any three hundred sixty five (365) day period; 
 (c) Automatically and immediately upon providing notice to the Employee at the option of the Company, after approval by the Board, for “Cause.” As used herein, “Cause” shall mean, in
each case as determined in good faith by the Board: (i) the commitment by the Employee of any act involving fraud or moral turpitude, any act of dishonesty or breach of trust in connection with Employee’s duties or obligations to the
Company, (ii) willful misconduct or gross negligence by the Employee in the performance of his duties to the Company, or refusal to comply with any reasonable direction of the CEO or the Board, after the Employee has been notified of such event
in writing and has had thirty (30) days from receipt of such notice to cure such event (if capable of being cured), (iii) conviction of any felony, or (iv) any material breach by Employee of his confidentiality and non-solicitation
obligations to the Company. 
 (d) At the option of the Company, at any time without Cause on thirty (30) days’ prior
written notice thereof to the Employee. 
 (e) At the option of the Employee, at any time on thirty (30) days’ prior
written notice thereof to the Company; or 
 (f) At the option of the Employee for Good Reason upon written notice thereof to
the Company as set forth in the final sentence of this Section 4(f). As used herein “Good Reason” shall be (i) the Company’s material breach of this Agreement; or (ii) the Company’s relocation of the
Employee’s principal place of employment to a location more than a 50 mile radius from 4 Becker Farm Road, Roseland, NJ; provided, however, that no such condition shall constitute Good Reason hereunder unless (i) the Employee notifies the
Company in writing of his intent to terminate employment for a reason set forth above within ninety (90) days of the initial existence of such condition; (ii) the Company fails to remedy such condition within thirty (30) days
following its receipt of notice from the Employee pursuant to clause (i) above; and (iii) any termination for such reason must take place within one hundred twenty (120) days following the initial existence of such condition.

 5. Payments Upon Separation. 
 (a) Death. Upon the termination of the Employee’s employment due to death, the Employee’s legal representatives shall be entitled to receive only (i) the Employee’s Base Salary
payable through the date of such termination; (ii) reimbursement for reasonable business expenses necessarily incurred by the Employee in the ordinary course of the Employee’s duties and in accordance with the Company’s policies;
(iii) a prorated portion of the Annual Bonus the Employee would have received but for his termination prior to the Bonus Payment Date, which prorated portion shall be paid on the Bonus Payment Date

  
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(the “Prorated Bonus Payment”); (iv) a prorated portion of benefits under the Plan that the Employee would have received but for his termination (the “Prorated Plan
Benefit”); and (v) provided the Employee’s spouse timely elects to continue family health insurance benefits under the federal law known as COBRA, the Company shall pay the cost of such health insurance coverage at the same rate the
Company contributed for family health insurance coverage prior to the Employee’s termination of employment with the Company until the earlier of twelve (12) months or the loss of COBRA entitlement (the “Health Insurance
Benefit”). Subsections (i) and (ii) of this Section 5(a) are hereinafter referred to as the “Accrued Rights”. Following the Employee’s termination of employment due to death, except as set forth in this
Section 5(a), the Employee and his legal representatives shall have no further rights to any compensation or any other benefits under this Agreement. 
 (b) Disability. Upon the termination of the Employee’s employment due to Disability pursuant to Section 4(b), the Employee or the Employee’s legal representatives shall be
entitled to receive only the Accrued Rights (prorated for the period of time in which the Employee was actively at work on a full-time basis), the Prorated Bonus Payment (prorated for the period of time in which the Employee was actively at work on
a full-time basis), the Prorated Plan Benefit (prorated for the period of time in which the Employee was actively at work on a full-time basis), and the Health Insurance Benefit, subject to the Employee’s timely COBRA election. Following the
Employee’s termination of employment due to Disability, except as set forth in this Section 5(b), the Employee and the legal representatives shall have no further rights to any compensation or any other benefits under this Agreement.

 (c) Termination for Cause. Upon the termination of the Employee’s employment hereunder by the Company for
Cause pursuant to Section 4(c), the Employee shall be entitled to receive only the Accrued Rights. Following the Employee’s termination of employment by the Company for Cause, except as set forth in this Section 5(c), the Employee
shall have no further rights to any compensation or any other benefits under this Agreement. 
 (d) Termination Without Cause
or For Good Reason. Upon the termination of the Employee’s employment hereunder by the Company without Cause pursuant to Section 4(d), or by the Employee for Good Reason pursuant to Section 4(f), in each case other than in
connection with a Change of Control as specified in Section 5(f) below, the Employee shall be entitled to receive (i) the Accrued Rights, and (ii) subject to delivering to the Company an executed written general release of claims in
favor of the Company and its affiliates in a form acceptable to the Company (the “Release”) within 21 days following the date the Employee has been given a copy of the Release, and the expiration of the revocation period for such Release
has become irrevocable by its terms within 7 days following the date the Employee returns the executed Release to the Company, (A) the Prorated Bonus Payment; (B) the Prorated Plan Benefit; (C) provided the Employee timely elects to
continue health insurance benefits under the federal law known as COBRA, the 

  
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Company shall pay the cost of family health insurance coverage at the same rate the Company contributed for the Employee’s family health insurance coverage prior to the Employee’s
termination of employment with the Company until the earlier of twelve (12) months or the loss of COBRA entitlement; provided, however, that the Employee shall be responsible for the cost of any continuation coverage under COBRA that extends
beyond twelve (12) months; and (D) his Base Salary in effect at termination, for six (6) months, payable in accordance with the normal payroll practices of the Company (the “Severance Benefit”). Following the Employee’s
termination of employment by the Company without Cause or For Good Reason, except as set forth in this Section 5(d), the Employee shall have no further rights to any compensation or any other benefits under this Agreement. 

(e) Resignation or Non-Renewal by the Employee or the Company. Upon the Employee’s resignation pursuant to Section 4(e)
or the non-renewal of the Term pursuant to Section 1 by the Employee or the Company, the Employee shall be entitled to receive only the Accrued Rights. Following the Employee’s termination of employment by his resignation or expiration of
the Term or any Renewal Period, except as set forth in this Section 5(e), the Employee shall have no further rights to any compensation or any other benefits under this Agreement. 

(f) Effect of Change of Control. In the event that, within twelve (12) months following a Change of Control, either:
(i) Employee’s employment is terminated without Cause, or (ii) Employee terminates his employment for Good Reason, then Employee shall be entitled to receive (i) the Accrued Rights, and (ii) subject to delivering to the
Company the Release within 21 days following the date the Employee has been given a copy of the Release, and the expiration of the revocation period for such Release has become irrevocable by its terms within 7 days following the date the Employee
returns the executed Release to the Company, (A) the Prorated Bonus Payment; (B) the Prorated Plan Benefit; (C) provided the Employee timely elects to continue health insurance benefits under the federal law known as COBRA, the
Company shall pay the cost of family health insurance coverage at the same rate the Company contributed for the Employee’s family health insurance coverage prior to the Employee’s termination of employment with the Company until the
earlier of twelve (12) months or the loss of COBRA entitlement; provided, however, that the Employee shall be responsible for the cost of any continuation coverage under COBRA that extends beyond twelve (12) months; (D) his Base
Salary in effect at termination, for six (6) months, payable in accordance with the normal payroll practices of the Company (the “Change of Control Severance Benefit”), provided, however, that during the Employee’s first
year of employment with the Company (and subject to Employee’s continued employment for one full year), the Change of Control Severance Benefit shall increase every two months by an amount equal to the amount of Employee’s Base Salary in
effect at termination for one (1) month, such that, following one full year of employment, the Change of Control Severance Benefit shall equal (and be capped at) the Employee’s Base Salary in effect at termination for twelve
(12) months; and (E) the vesting of all stock option grants set forth on Exhibit A, regardless of date 

  
 6 

 
or condition of vesting. If, upon the Change of Control, (i) the Company shall cease to be a stand-alone publicly traded entity, or (ii) the acquiring entity is unwilling to assume the
equity in an economically equivalent manner, then in either event, all equity shall be deemed to have vested two (2) days prior to the Change of Control, but only if such Change of Control shall actually be consummated. Following the
Employee’s termination of employment as described in this Section 5(f) or otherwise in connection with a Change of Control, except as set forth in this Section 5(f), the Employee shall have no further rights to any compensation or any
other benefits under this Agreement. 
 For the purposes hereof, “Change of Control” shall mean (i) the acquisition by any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than any individual, entity or group which, as of the date of this
Agreement, beneficially owns more than ten percent (10%) of the then outstanding shares of common stock of the Company (the “Common Stock”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of fifty percent (50%) or more of the then outstanding Common Stock; provided, however, that any acquisition by the Company or its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries of fifty
percent (50%) or more of outstanding Common Stock shall not constitute a Change of Control, and provided, further, that any acquisition by an entity with respect to which, following such acquisition, more than fifty percent
(50%) of the then outstanding equity interests of such entity, is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the outstanding Common Stock
immediately prior to such acquisition of the outstanding Common Stock, shall not constitute a Change in Control; or (ii) the consummation of (A) a reorganization, merger or consolidation (any of the foregoing, a “Merger”),
in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the outstanding Common Stock immediately prior to such Merger do not, following such Merger, beneficially own, directly or
indirectly, more than fifty percent (50%) of the then outstanding shares of common stock of the corporation resulting from Merger, or (iii) the sale or other disposition of all or substantially all of the assets of the Company, excluding
(a) a sale or other disposition of assets to a subsidiary of the Company; and (b) a sale or other disposition of assets to any individual, entity or group which, as of the date of this Agreement, beneficially owns more than ten percent
(10%) of the then outstanding Common Stock. 
 6. Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement.
As a condition of employment and the benefits provided pursuant to this Employment Agreement, the Employee agrees to execute and abide by the terms of the Company’s Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement, a
copy of which is attached hereto as Exhibit B. 
 7. Non-Disparagement. The Employee agrees that he will not, during or
after the 

  
 7 

 
Term or any applicable Renewal Period, make any disparaging statement about, or otherwise embarrass or criticize, the Company or the Company’s officers, directors or employees, or its
affiliates. 
 8. Cooperation. During and after the Term and any applicable Renewal Period, the Employee shall cooperate fully
with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired during anytime in which the
Employee was employed by the Company. The Company shall fairly compensate the Employee for his time and shall reimburse him for any reasonable out-of-pocket expenses incurred in connection with the Employee’s performance of obligations pursuant
to this Section 8. The Employee’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness for the
Company at mutually convenient times. 
 9. Assignment. Neither this Agreement nor any right or interest hereunder shall be
assignable by the Employee, the Employee’s beneficiaries or legal representatives, provided, that nothing in this Section 9 shall preclude the Employee from designating a beneficiary to receive any benefits payable hereunder upon
the Employee’s death or the executors, administrators or other legal representatives of the Employee or the Employee’s estate from assigning any rights hereunder to the person or persons entitled thereto. This Agreement may be assigned by
the Company without the consent of the Employee to a person or entity which is an affiliate or a successor in interest (by law or agreement) to substantially all of the assets or business operations of the Company. Upon any such assignment, the
rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity. 
 10.
Arbitration. In consideration of the Company employing the Employee, and the salary and benefits provided under this Agreement, the Employee and the Company agree that all claims arising out of or relating to the Employee’s employment
including its termination, and excepting claims pursuant to the Confidentiality and Non-Solicitation Agreement, which shall be resolved pursuant to the terms of that agreement, shall be resolved by binding arbitration. The dispute will be arbitrated
in accordance with the rules of the AAA under its then existing Employment Arbitration Rules by a single retired New Jersey Superior Court Judge agreed upon by the parties, or if no agreement can be reached, by a qualified arbitrator through AAA.
Each party shall bear his/its own attorneys’ fees and legal costs. The parties agree to file any demand for arbitration within the time limit established by the applicable statute of limitations for the asserted claims. This agreement to
arbitrate will cover all matters directly or indirectly arising out of or related to the Employee’s employment excepting only any claims that are expressly excepted under this Agreement or not subject to arbitration by law. The parties agree
that all arbitration proceedings, and all materials provided by the parties in connection therewith, shall be treated as confidential. Notwithstanding this agreement to arbitrate, either party may seek provisional injunctive or equitable relief in
any court of competent jurisdiction to prevent actual or threatened irreparable harm. THE PARTIES UNDERSTAND AND AGREE THAT THEY ARE WAIVING THEIR RIGHTS TO A JURY TRIAL. 

  
 8 

 11. Employee Acknowledgment. The Employee acknowledges that he has had the opportunity to
consult legal counsel and a tax advisor in regard to this Agreement, and that he read and understands this Agreement. The Employee is fully aware of the legal effect of this Agreement and has entered into it freely and voluntarily and based on his
own judgment and not based on any representations or promises other than those contained herein. 
 12. Entire Agreement. This
Agreement and the Company’s Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement contain the entire understanding of the parties with respect to the employment of the Employee by the Company and supersede any prior
agreements between the parties relating to the subject matter herein, which agreements are hereby mutually terminated and cancelled. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with
respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

13. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be an estoppel against the
enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver, unless specifically stated therein, and each waiver shall
operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than the act specifically waived. 
 14. Headings. The headings of the sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this
Agreement. 
 15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
Jersey, without regard to conflicts of laws principles thereof that would direct the applicable of the law of any other jurisdiction. 

16. Notices. Any notice or other communication required or permitted pursuant to this Agreement shall be deemed delivered if such notice or
communication is in writing and is delivered personally or by facsimile transmission or by email or is deposited in the United States mail, postage prepaid, addressed as follows: 

If to the Company: 
 Emisphere Technologies, Inc. 
 Attn: Corporate Secretary 

240 Cedar Knolls Road 
 Cedar Knolls, NJ 07027 
 Fax No.: 973-532-8121 

Email: mgarone@emisphere.com 

  
 9 

 Copy to: 
 Pierce Atwood LLP 
 100 Summer Street, Suite 2250 

Boston, MA 02110 

Attn: Timothy C. Maguire 
 If to the Employee, to the following address: 
 Carl V. Sailer 

4 Greenbriar Lane 

Montvale, NJ 07645 
 Email: cvsailer@verizon.net 
 17. Execution By All Parties. This Agreement shall not
be binding or enforceable unless and until executed on behalf of all parties hereto and may be executed in counterparts. 

[Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused
this Agreement to be duly executed as of the date and year first above written. 
  

			
	COMPANY
	
	EMISPHERE TECHNOLOGIES, INC.
		
	By:	 	 /s/ Michael R. Garone

	Name:	 	Michael R. Garone
	Title:	 	Chief Financial Officer and Corporate Secretary
	
	EMPLOYEE
	
	 /s/ Carl V. Sailer

	Carl V. Sailer

  
 11 

 Exhibit A 
 Stock Option Grant 
 Stock Option Grant 

Option Grant: The right to purchase one hundred and sixty thousand (160,000) shares of common stock of the Company, par value $.01 per share
(“Common Stock”). The options shall be granted in four installments of 40,000 options, the first such grant occurring on October 15, 2012, and the remaining installments being granted on the first, second, and third anniversary of the
initial grant date. The options shall become vested and exercisable as follows, subject to the terms and conditions of a fully-executed stock option grant agreement between the Company and Employee: 

 

									
	 Grant Date
	  	 Vesting Date
	  	No. of 
Shares
Vested	 	  	 Strike Price

	 October 15, 2012
	  	January 1, 2013	  	 	40,000	  	  	Closing price of the Common Stock on the grant date
	 October 15, 2013
	  	October 15, 2014	  	 	40,000	  	  	Closing price of the Common Stock on the grant date
	 October 15, 2014
	  	October 15, 2015	  	 	40,000	  	  	Closing price of the Common Stock on the Grant Date
	 October 15, 2015
	  	October 15, 2016	  	 	40,000	  	  	Closing price of the Common Stock on the Grant Date

  
 12 

 Exhibit B 
 Invention, Non-Disclosure, Non-Competition, and Non-Solicitation Agreement 
 (see
attached) 

  
 13 

 EMPLOYEE INVENTION, NON-DISCLOSURE, NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 This Employee Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (hereinafter referred to as
the “Agreement”) is dated as of October 15, 2012 (hereinafter referred to as the “Effective Date”) and is between Emisphere Technologies, Inc., a Delaware corporation (hereinafter the “Company”), having a
place of business at 240 Cedar Knolls Road, Suite 200, Cedar Knolls, New Jersey 07927, and Carl V. Sailer, an individual residing at 4 Greenbriar Lane, Montvale, NJ 07645 (hereinafter referred to in the first person as “I,” “me”
or “my”). 
 In consideration for the salary, bonus and benefits received under my certain Employment Agreement with
the Company dated of even date herewith, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I hereby agree as follows: 

 

	 	1.	Inventions and Patents. 

(a) I will promptly and fully disclose to the Company any and all inventions, discoveries, trade secrets and improvements, whether or not
patentable and whether or not they are made, conceived or reduced to practice during working hours or using the Company’s data or facilities, which I develop, make, conceive or reduce to practice during my employment by the Company, either
solely or jointly with others (collectively, the “Developments”). All Developments shall be the sole property of the Company, and I hereby assign to the Company, without further compensation, all my right, title and interest in and to the
Developments and any and all related patents, patent applications, copyrights, copyright applications, trademarks, trademark applications and trade names in the United States and elsewhere. Notwithstanding the foregoing, Developments shall not
include any inventions, discoveries, trade secrets or improvements that: (i) are not made, conceived or reduced to practice using the Company’s information, data or facilities; and (ii) do not relate to the present business of the
Company, any business that is competitive therewith, or any future business in which the Company engages. 
 (b) I will keep and
maintain adequate and current written records of all Developments (in the form of notes, sketches, drawings and as may be specified by the Company), which records shall be available to and remain the sole property of the Company at all times.

 (c) I will assist the Company in obtaining and enforcing patent, copyright and other forms of legal protection for the
Developments in any country. Upon request, I will sign all applications, assignments, instruments and papers and perform all acts necessary or desired by the Company to assign all such Developments fully and completely to the Company and to enable
the Company, its successors, assigns and 

  
 14 

 
nominees, to secure and enjoy the full and exclusive benefits and advantages thereof. I understand that my obligations under this Paragraph 1 will continue after the termination of my employment
with the Company and that during my employment I will perform such obligations without further compensation, except for reimbursement of expenses incurred at the request of the Company. 

(d) In addition to my agreements set forth in subparagraph 1(c), I hereby constitute and appoint the Company, its successors and assigns,
my true and lawful attorney, with full power of substitution for me, and in my name, place and stead or otherwise, but on behalf of and for the benefit of the Company, its successors and assigns, to take all actions and execute all documents on
behalf of me necessary to effect the assignment set forth in subparagraph 1(a), and from time to time to institute and prosecute in my name or otherwise, but at the direction and expense and for the benefit of the Company and its successors and
assigns, any and all proceedings at law, in equity or otherwise, which the Company, its successors or assigns may deem proper in order to collect, assert or enforce any claim, right or title of any kind in and to the Developments and to defend and
compromise any and all actions, suits and proceedings in respect of any of the Developments and to do any and all such acts and things in relation thereto as the Company, its successors or assigns shall deem advisable, and I hereby declare that the
appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable by me in any manner or for any reason. 
 (e) In order to avoid disputes over the application of this assignment to prior inventions or copyrightable materials, I have listed on Schedule A to this Agreement descriptions of
patentable inventions and copyrightable materials that I have developed and/or reduced to practice prior to my employment with the Company and that I believe are, accordingly, excepted from the provisions of this Paragraph 1. 

 

	 	2.	Proprietary Information. 

(a) I recognize that my relationship with the Company is one of high trust and confidence by reason of my access to and contact with the
trade secrets and confidential and proprietary information of the Company and of others through the Company. I will not at any time, either during my employment with the Company or thereafter, disclose to others, or use for my own benefit or the
benefit of others, any of the Developments or any confidential, proprietary or secret information owned, possessed or used by the Company (collectively, “Proprietary Information”). Such property shall not be erased, discarded or destroyed
without specific instructions from the Company to do so. By way of illustration, but not limitation, Proprietary Information includes trade secrets, processes, data, know-how, marketing plans, forecasts, financial statements, budgets, licenses,
prices, costs and employee, customer and supplier lists and any other information which is not generally known to the public and which gives the Company the opportunity to obtain advantage over competitors who do not know or use such information,
such as research and development data, techniques, formulas, clinical methods, clinical results, 

  
 15 

 
marketing strategies, management techniques, technical information relating to organic chemistry, physical chemistry, analytical, pre-clinical, quality control, quality assurance, product
development, manufacturing processes, manufacturing techniques, quality control and assurance methods and procedures, information systems, information technologies and development, and information regarding the Company’s customers and/or
partners, including but not limited to customer profiles, demographic data, marketing plans, sales data, preferences, other business cycles, buying patterns, pricing and discounting, key contact personnel, special requirements, financial and/or
contractual relations, job orders, requisitions, bids and bidding practices, unpublished promotional material, and related information. I understand that the Company from time to time has in its possession information which is claimed by others to
be proprietary and which the Company has agreed to keep confidential. I agree that all such information shall be Proprietary Information for purposes of this Agreement. 
 (b) My undertaking and obligations under this Paragraph 2 will not apply, however, to any Proprietary Information which: (i) is or becomes generally known to the public through no action on my part;
(ii) is generally disclosed by the Company to third parties without restriction on such third parties; (iii) is approved for release by written authorization of the Board of Directors of the Company (the “Board”); or (iv) is
required to be disclosed pursuant to subpoena, order of judicial or administrative authority, or in connection with judicial proceedings to which the Company or I am a party, provided that I shall have given the Company written notice of such
disclosure at least 14 days prior to such disclosure in order to provide the Company with an opportunity to oppose and/or object to such disclosure and any such disclosure is subject to all applicable governmental and judicial protection available
for like material. 
 (c) Upon termination of my employment with the Company or at any other time upon request, I will promptly
deliver to the Company all copies of computer programs, specifications, drawings, blueprints, data storage devices, notes, memoranda, notebooks, drawings, records, reports, files and other documents (and all copies or reproductions of such
materials) in my possession or under my control, whether prepared by me or others, in whatever form on whatever tangible medium, which contain Proprietary Information. I acknowledge that this material is the sole property of the Company, which I
shall not retain. 
 (d) If requested to do so by the Company, I agree to sign a Termination Certificate in which I confirm that
I have complied with the requirements of the preceding paragraph and that I am aware that certain restrictions imposed upon me by this Agreement continue after termination of my employment. I understand, however, that my rights and obligations under
this Agreement will continue even if I do not sign a Termination Certificate. 

  
 16 

	 	3.	Absence of Restrictions Upon Disclosure and Competition. 

 (a) I hereby represent that, except as I have disclosed in writing to the Company, and included in Schedule A to this Agreement, I am not bound by the terms of any agreement with any
previous employer or other party to refrain from using or disclosing any trade secret or information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or
any other party. 
 (b) I further represent that my performance of all the terms of this Agreement and as an employee of the
Company does not and will not breach any agreement to keep in confidence any information, knowledge or data acquired by me prior to my employment with the Company, and I will not disclose to the Company or induce the Company to use any confidential
information or material belonging to any previous employer or others. 
  

	 	4.	Non-Compete/Non-Solicitation 

 (a) During the term of my employment with the Company, I will not without the express written consent of the Company, directly or indirectly, engage in, participate in, or assist, as owner, part-owner,
partner, director, officer, trustee, employee, agent or consultant, or in any other capacity, any business organization or person whose activities or products are directly or indirectly competitive with activities or products of the Company.

 (b) For so long as I am employed by the Company and for a period of 6 full months thereafter, I will not without the express
written consent of the Company, directly or indirectly, engage in, participate in, or assist, as owner, part-owner, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity, any business organization or person,
anywhere in the world where the Company does business, or where its products are marketed, whose products are directly or indirectly competitive with products of the Company, or whose principal business is oral drug delivery systems technology. For
purposes of this Section 4, “products of the Company” shall mean (i) oral B-12 products, alone or in combination with other nutritional supplements; or (ii) other products marketed or in development by the Company during the
term of my employment. 
 (c) I recognize that these restrictions on competition are reasonable because of the Company’s
investment in good will and in its intellectual property, technology and professional and collaborative relationships and other proprietary information and my knowledge of the Company’s business and business plans. However if any period of time
or geographical area should be judged unreasonable in any judicial proceeding, then the period of time or geographical area shall be reduced to such extent as may be deemed required so as to be reasonable and enforceable. 

  
 17 

 (d) During my employment with the Company and for 6 full months thereafter, I will notify
the Company in the event I take up a position of any sort with any company or person whose activities or products are directly or indirectly competitive with activities or products of the Company. I recognize and agree that nothing in this
Section 4(d) or any notice provided hereunder shall constitute consent by the Company or the Board with respect to such occurrence or a waiver or modification of the restrictions set forth in Sections 4(a) and 4(b) hereof. 

(e) During my employment with the Company and for a period of 6 full months thereafter, I shall not recruit or otherwise solicit or
induce any employees of the Company, to terminate their employment with, or otherwise cease their relationships with, the Company or any of its subsidiaries. In addition, during my employment with the Company and for a period of 6 full months
thereafter, I shall not recruit or otherwise solicit any person who was an employee of the Company during any time within six months prior to the end of my employment with the Company. 

 

	 	5.	Other Obligations and Agreements. 

 (a) I acknowledge that the Company from time to time may have agreements with others which impose obligations or restrictions on the Company regarding inventions made during the course of work under such
agreements or regarding the confidential nature of such work. I agree to be bound by all such obligations and restrictions which are made known to me and to take all action necessary to discharge the obligations of the Company under such agreements.

 (b) I agree that I will advise any prospective employers of the covenants and restrictions of this Agreement, and authorize
the Company to advise any other company or person of the existence and terms of this Agreement. 
  

	 	6.	Miscellaneous. 

 (a) The
partial or complete invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (b) This Agreement supersedes all prior agreements, written or oral, between me and the Company relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged
in whole or in part, except by an agreement in writing signed by me and the Company. This Agreement does not constitute an employment agreement, and no changes in my compensation, title or duties or any other terms or conditions of my employment,
including, without limitation, the termination of my employment, shall affect the provisions of this Agreement except as stated herein. 
 (c) As used herein, the term “Company” shall include Emisphere Technologies, Inc. and any of its predecessors, subsidiaries, subdivisions or affiliates. The

  
 18 

 
Company shall have the right to assign this Agreement to its successors and assigns and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors
or assigns. I agree not to assign any of my obligations under this Agreement. This Agreement will be binding upon my heirs, executors and administrators. 
 (d) No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is
effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion. 
 (e) I
expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any subsidiary or affiliate thereof to whose employ I may be transferred without the necessity that this Agreement be re-signed at the time of such
transfer. 
 (f) This Agreement shall be deemed to be a sealed instrument and shall be governed by and construed in accordance
with the laws of the State of New Jersey (without regard to its conflict of law provisions). The Company and I hereby expressly consent to the jurisdiction of the courts of New Jersey to adjudicate any dispute arising under this Agreement.

 (g) I recognize that irreparable damages would be caused to the Company, and that monetary damages would not compensate the
Company for its loss, should I breach the terms of this Agreement. Accordingly, in addition to all other remedies available to the Company at law or in equity, upon an adjudication by a court of a competent jurisdiction that I have violated or am
about to violate the terms of this Agreement, I hereby consent to the entry by a court of competent jurisdiction of an injunction or declaratory judgment enforcing the terms of this Agreement, including without limitation preventing disclosure or
further disclosure by me of Proprietary Information. 
 (h) If any one or more provisions of this Agreement shall for any reason
be held to be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 [SIGNATURE PAGE FOLLOWS] 

  
 19 

 I HAVE READ ALL OF THE PROVISIONS OF THIS AGREEMENT AND I UNDERSTAND, AND AGREE TO, EACH OF
SUCH PROVISIONS, EFFECTIVE AS OF THE DATE FIRST ENTERED ABOVE. BY SIGNING BELOW, I ACKNOWLEDGE AND AGREE THAT (A) THE COVENANTS AND RESTRICTIONS OF THIS AGREEMENT ARE REASONABLE AND NECESSARY FOR THE PROTECTION OF THE COMPANY’S BUSINESS;
(B) I AM ENTERING INTO THIS AGREEMENT VOLUNTARILY AND OF MY OWN FREE WILL IN ORDER TO OBTAIN THE BENEFITS OF EMPLOYMENT BY THE COMPANY, I HAVE NOT BEEN COERCED BY THE COMPANY OR ANY OTHER PARTY TO ENTER INTO THIS AGREEMENT, AND I HAVE CONSULTED
WITH LEGAL COUNSEL WITH RESPECT TO THE TERMS OF THIS AGREEMENT. 
  

			
	  

	Carl V. Sailer
		
	Date:	 	  

  

			
	Accepted and agreed to:
	
	EMISPHERE TECHNOLOGIES, INC.
		
	By:	 	  

		 	Name: Michael R. Garone
		 	Title: Chief Financial Officer

  

					
	Date:	 	  
	 	

  
 20 

 SCHEDULE A 

Prior Inventions, Copyrights, Confidentiality Obligations, etc. 

  
 21

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