Document:

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                                                                    EXHIBIT 10.5

                             AMENDMENT TO WARRANT A4

      This Amendment (this "Amendment") is dated as of September 26, 2005 and
amends the Warrant numbered A4, dated as of March 31, 2005 (the "Warrant"),
issued by Emisphere Technologies Inc., a Delaware corporation (the "Company"),
to MHR Capital Partners (500) LP, a Delaware limited partnership ("MHR").

                                   WITNESSETH

      WHEREAS, the Company previously issued to MHR the Warrant to purchase
823,387 shares of common stock of the Company, $0.01 par value per share (the
"Common Stock"); and

      WHEREAS, the Company and MHR hereby wish to amend the terms of the Warrant
pursuant to Section 13(a) of the Warrant on the terms set forth herein.

      NOW, THEREFORE, in consideration of the foregoing premises and for other
good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

                                   SECTION I

                            AMENDMENT TO THE WARRANT

      (a) Section 7(e)(i)(A)(1) of the Warrant is hereby amended in the
following manner:

            (i) inserting the phrase "in effect on or prior to September 26,
      2005 and" immediately after the phrase "stock option or stock purchase
      plans or agreements"; and

            (ii) inserting the phrase "and granted, sold or awarded in the
      ordinary course of business and consistent with past practice" after the
      phrase "approved by the Company's Board of Directors" and immediately
      prior to the semicolon.

      (b) Section 7(e)(i)(A)(2) of the Warrant is hereby deleted in its entirety
and replaced with the following:

      for an aggregate consideration (determined pursuant to Section 7(e)(v)
      hereof) of not more than $10,000,000 during any 24-month period;

      (c) Section 7(e)(iv) is hereby amended in the following manner:

            (i) by deleting the word "In" and adding a "(a) Subject to the last
      sentence of subsection (b) below, in ..." at the beginning of the first
      sentence;

            (ii) by deleting the phrase "Exercise Price in effect on the date of
      and" in the fourth line of the first sentence and replacing it with
      "closing price per Share of Common Stock as reported on a publicly traded
      exchange ("MARKET PRICE") on the last full trading day";

<PAGE>

            (iii) by deleting the phrase "Exercise Price" in the tenth line of
      the first sentence and replacing it with "Market Price";

            (iv) by adding the following new subsection after the second
      paragraph of Section 7(e)(iv):

      (b) In the event the Company, at any time while this Warrant is
      outstanding, shall issue Additional Shares of Common Stock (including
      Additional Shares of Common Stock deemed to be issued pursuant to Section
      7(e)(iii)) with a purchase price, conversion price or exercise price,
      respectively, that is less than the Exercise Price in effect immediately
      prior to the time of such issuance or sale, then and in each such case the
      then-existing Exercise Price shall be reduced, as of the close of business
      on the effective date of such issuance or sale, to the lowest purchase
      price, conversion price or exercise price at which any Additional Shares
      of Common Stock were issued or sold. In the event that both subsections
      (iv)(a) and (iv)(b) hereof may apply to any issuance, sale or deemed
      issuance or sale, then only this section (b) shall be deemed to apply to
      such transaction.

      (d) Section 7(j) is hereby amended and replaced in its entirety by the
      following:

                  Notwithstanding anything to the contrary in this Section 7, in
      no event will this Warrant be exercisable for a number of Warrant Shares
      that would cause the Holder's beneficial ownership of the outstanding
      Common Stock, Convertible Securities or Options, together with any
      affiliates of the Holder, to exceed 19.9% of the sum of (a) the number of
      Warrant Shares and (b) the issued and outstanding shares of Common Stock
      of the Company prior to any such exercise. In the event any exercise of
      this Warrant would contravene this provision, the number of shares of
      Common Stock for which this Warrant would otherwise be exercisable shall
      automatically be reduced accordingly.

                                   SECTION II

                                  MISCELLANEOUS

      (a) Ratification. Except as expressly amended hereby, all of the
provisions of the Warrant shall otherwise remain in full force and effect to the
same extent as if fully set forth herein.

      (b) Separate Counterparts. This Amendment may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall constitute but one and the
same instrument.

                                       2
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the day and year first above written.

                                    EMISPHERE TECHNOLOGIES, INC.

                                    By: /s/ Elliot M. Maza
                                        ----------------------------------------
                                        Name: Elliot M. Maza
                                        Title: Chief Financial Officer

                                    MHR CAPITAL PARTNERS (500) LP
                                    By:   MHR Advisors LLC, its general partner

                                         By:/s/ Hal Goldstein
                                            ------------------------------------
                                            Name:  Hal Goldstein
                                            Title: Authorized Signatoryexv10w6

 

EXHIBIT 10.6

EMISPHERE TECHNOLOGIES, INC.

WARRANT

		
	Warrant
No. A      	Dated:                           , 2005

     
Emisphere Technologies, Inc., a Delaware corporation (the
“Company”), hereby certifies that, for value
received, (i) MHR Capital Partners (500) LP, a
Delaware limited liability partnership, (ii) MHR Capital
Partners (100) LP, a Delaware limited partnership,
(iii) MHR Institutional Partners II LP, a Delaware
limited partnership and (iv) MHR Institutional
Partners IIA LP, a Delaware limited partnership, or their
registered assigns (collectively, and including any of their
respective affiliates, the “Holder”), are
entitled to purchase from the Company up to a total of
617,211 shares of common stock, $0.01 par value per
share (the “Common Stock”), of the Company (as
adjusted from time to time as provided in Section 7,
each such share, a “Warrant Share”and all such
shares, the “Warrant Shares”) at an exercise
price equal to $4.00 (as adjusted from time to time as provided
in Section 7, the “Exercise
Price”), at any time and from time to time, in whole or
in part, on or after the date hereof through and including
September      , 2011 (the
“Expiration Date”), and subject to the
following terms and conditions.

     
1.     Registration of
Warrant. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record
Holder hereof from time to time. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent
actual notice to the contrary.

     
2.     Registration of
Transfers. The Company shall register the transfer of
any portion of this Warrant in the Warrant Register, upon
surrender of this Warrant, with the Form of Assignment attached
hereto duly completed and signed, to the Transfer Agent or to
the Company at its address specified herein. Upon any such
registration or transfer, a new warrant to purchase Common
Stock, in substantially the form of this Warrant (any such new
warrant, a “New Warrant”), evidencing the
portion of this Warrant so transferred shall be issued to the
transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the
transferring Holder. The acceptance of the New Warrant by the
transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a
Warrant.

     
3.     Exercise and Duration of
Warrant.

     
(a) This Warrant shall be exercisable by the registered
Holder at any time and from time, in whole or in part, on or
after the date hereof to and including the Expiration Date. At
5:00 P.M., New York City time on the Expiration Date, the
portion of this Warrant not exercised prior thereto shall be and
become void and of no value.

     
(b) A Holder may exercise this Warrant by delivering to the
Company (i) an exercise notice, in the form attached hereto
(the “Exercise Notice”), appropriately
completed and duly signed, and (ii) payment of the Exercise
Price for the number of Warrant Shares as to which this Warrant
is being exercised, and the date such items are delivered to the
Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date.”

     
(c) The Company shall (i) keep a registration
statement relating to the Warrant and the Warrant Shares
continuously effective until the Expiration Date (including such
day), and (ii) have a sufficient number of authorized but
unissued and otherwise unreserved shares of Common Stock
available to issue Warrant Shares upon exercise of the Warrant.

     
4.     Delivery of Warrant
Shares.

     
(a) Upon exercise of this Warrant, the Company shall
promptly (but in no event later than three trading days after
the Exercise Date) issue or cause to be issued and cause to be
delivered to or upon the written order of the Holder and in such
name or names as the Holder may designate, a certificate for the
Warrant Shares

1

 

issuable upon such exercise, free of restrictive legends. If the
Holder provides or previously provided the necessary account
information to the Company, the Company shall issue and deliver
such Warrant Shares in a balance account of the Holder with the
Depository Trust Company through its Deposit Withdrawal Agent
Commission System. The Holder, or any person or entity so
designated by the Holder to receive Warrant Shares, shall be
deemed to have become holder of record of such Warrant Shares as
of the Exercise Date. The Company shall, upon request of the
Holder, use commercially reasonable efforts to delivery Warrant
Shares hereunder electronically through the Depository Trust
Corporation or another established clearing corporation
performing similar functions.

     
(b) This Warrant is exercisable on or after the date
hereof, either in its entirety or, from time to time, for a
portion of the number of Warrant Shares. Upon surrender of this
Warrant following one or more partial exercises, the Company
shall issue or cause to be issued, at its expense, a New Warrant
evidencing the right to purchase the remaining number of Warrant
Shares.

     
(c) In addition to any other rights available to the
Holder, if the Company fails to deliver to the Holder a
certificate representing Warrant Shares by the third trading day
after the date on which delivery of such certificate is required
by this Warrant, and if after such third trading day, but prior
to cure by the Company, the Holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares that
the Holder anticipated receiving from the Company (a
“Buy-In”), then the Company shall, within three
trading days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder
in an amount equal to the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of
Common Stock so purchased less the aggregate Exercise Price (the
“Buy-In Price”), at which point the
Company’s obligation to deliver such certificate (and to
issue such Common Stock), solely with respect to such exercise,
shall terminate, or (ii) promptly honor its obligation to
deliver to the Holder a certificate or certificates representing
such Common Stock and pay cash to the Holder in an amount equal
to the excess (if any) of the Buy-In Price over the product of
(A) such number of shares of Common Stock, times
(B) the closing price on the date of the event giving rise
to the Company’s obligation to deliver such certificate.

     
(d) The Company’s obligations to issue and deliver
Warrant Shares in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the
Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against
any person or entity or any action to enforce the same, or any
setoff, counterclaim, recoupment, limitation or termination, or
any breach or alleged breach by the Holder or any other person
or entity of any obligation to the Company or any violation or
alleged violation of law by the Holder or any other person or
entity, and irrespective of any other circumstance which might
otherwise limit such obligation of the Company to the Holder in
connection with the issuance of Warrant Shares. Nothing herein
shall limit the Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to
timely deliver certificates representing shares of Common Stock
upon exercise of this Warrant as required pursuant to the terms
hereof.

     
5.     Charges, Taxes and
Expenses. Issuance and delivery of certificates for
shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax,
withholding tax, transfer agent fee or other incidental tax or
expense in respect of the issuance of such certificates, all of
which taxes and expenses shall be paid by the Company; provided,
however, that the Company shall not be required to pay any tax
which may be payable in respect of any transfer involved in the
registration of any certificates for Warrant Shares or Warrant
in a name other than that of the Holder or an affiliate thereof.
The Holder shall be responsible for all other tax liability that
may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon exercise hereof.

     
6.     Reservation of Warrant
Shares. The Company covenants that it will at all times
reserve and keep available out of the aggregate of its
authorized but unissued and otherwise unreserved Common Stock,
solely for the purpose of enabling it to issue Warrant Shares
upon exercise of this Warrant as herein provided, the number of
Warrant Shares which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or
any other contingent purchase rights of persons other than the
Holder (taking

2

 

into account the adjustments of Section 7). The
Company covenants that all Warrant Shares so issuable and
deliverable shall, upon issuance and the payment of the
applicable Exercise Price in accordance with the terms hereof,
be duly and validly authorized, issued and fully paid and
nonassessable. The Company will take all such action as may be
necessary to assure that such shares of Common Stock may be
issued as provided herein without violation of any applicable
law or regulation, or of any requirements of any securities
exchange or automated quotation system upon which the Common
Stock may be listed.

     
7.     Certain
Adjustments. The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to
adjustment from time to time as set forth in this
Section 7.

     
(a) Stock Dividends and Splits.

     
(i) If the Company, at any time while this Warrant is
outstanding, (A) pays a stock dividend on its Common Stock
or otherwise makes a distribution on any class of capital stock
that is payable in shares of Common Stock, (B) subdivides
outstanding shares of Common Stock into a larger number of
shares, or (C) combines outstanding shares of Common Stock
into a smaller number of shares, then in each such case the
Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock
outstanding immediately after sues event. Any adjustment made
pursuant to clause (A) of this paragraph shall become
effective immediately after the record date for the
determination of stockholders entitled to receive such dividend
or distribution, and any adjustment pursuant to clause (B)
or (C) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.

     
(ii) Number of Warrant Shares. Simultaneously
with any adjustment to the Exercise Price pursuant to
paragraph (a)(i) of this Section, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall
be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for
the increased or decreased number of Warrant Shares shall be the
same as the aggregate Exercise Price in effect immediately prior
to such adjustment.

     
(b) Adjustment for Reclassification, Exchange and
Substitution. If at any time while this Warrant is
outstanding, the Common Stock issuable upon exercise of this
Warrant is changed into the same or a different number of shares
of any class or classes of stock, this Warrant will thereafter
represent the right to acquire such number and kind of
securities as would have been issuable as a result of exercise
of this Warrant and the Exercise Price therefor shall be
appropriately adjusted, all subject to further adjustment in
this Section 7.

     
(c) Adjustments for Other Dividends and
Distributions. In the event the Company, at any time or
from time to time while this Warrant is outstanding, shall make
or issue, or fix a record date for the determination of holders
of Common Stock entitled to receive, a dividend or other
distribution payable in securities of the Company (other than
shares of Common Stock) or in cash or other property (other than
cash out of earnings or earned surplus, determined in accordance
with generally accepted accounting principles), then and in each
such event provision shall be made so that the Holder shall
receive upon exercise hereof, in addition to the number of
shares of Common Stock issuable hereunder, the kind and amount
of securities of the Company and/or cash and other property
which the Holder would have been entitled to receive had this
Warrant been exercised into Common Stock on the date of such
event and had the Holder thereafter, during the period from the
date of such event to and including the Exercise Date, retained
any such securities receivable, giving application to all
adjustments called for during such period under this
Section 7 with respect to the rights of the Holder.

     
(d) Adjustment for Mergers or Reorganizations,
etc. Any reorganization, recapitalization,
reclassification, consolidation, merger, sale of all or
substantially all of the Company’s assets or other
transaction involving the Company in which the Common Stock is
converted into or exchanged for securities, cash or other
property while this Warrant is outstanding (other than a
transaction covered by Sections 7(a) or (c)) is referred to
herein as an “Organic Change”. Prior to the
consummation of any such Organic Change, the Company shall make
appropriate provision (as determined in good faith by the Board
of Directors of the Company and the Holder) to ensure that the
Holder shall have the right to receive, in lieu of or in
addition to

3

 

(as the case may be) such shares of Common Stock immediately
acquirable and receivable upon exercise of this Warrant, the
kind and amount of securities, cash or other property as may be
issued or payable with respect to or in exchange for the number
of shares of Common Stock immediately acquirable and receivable
upon exercise of this Warrant had such Organic Change not taken
place. In such case, appropriate adjustment (as determined in
good faith by the Board of Directors of the Company and the
Holder) shall be made with respect to the Holder’s rights
and interests to ensure that the provisions of this
Section 7 shall thereafter be applicable to the
Warrant (including, in the case of any Organic Change where the
successor entity or purchasing entity is other than the Company,
an immediate reduction to the Exercise Price to the value of the
Common Stock reflected by the terms of the Organic Change and a
corresponding increase in the number of shares of Common Stock
acquirable and receivable upon exercise of this Warrant, if the
value so reflected is less than the Exercise Price then in
effect immediately prior to such Organic Change). The Company
shall not effect any reorganization, recapitalization,
consolidation or merger unless, prior to the consummation
thereof, the successor entity (if other than the Company)
resulting from the consolidation or merger or the entity
purchasing such assets assumes by written instrument (in form
and substance satisfactory to the Holder) the obligation to
deliver to the Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, the Holder may
be entitled to acquire; provided, that any assumption
shall not relieve the Company of its obligations hereunder.

     
(e) Adjustments to the Conversion Prices for Certain
Dilutive Issuances.

     
(i) Special Definitions. For purposes of this
Section 7(e), the following definitions apply:

		
	 	     
    (A) “Additional Shares of Common Stock”
    shall mean all shares of Common Stock issued (or, pursuant to
    Section 7(e)(iii), deemed to be issued) by the
    Company after the original issue date of this Warrant other than
    shares of Common Stock issued or issuable:

		
	 	     
    (1) to officers, directors or employees of, or consultants
    to, the Company pursuant to stock option or stock purchase plans
    or agreements in effect on or prior to
    September [     ], 2005 and on
    terms approved by the Company’s Board of Directors and
    granted, sold or awarded in the ordinary course of business and
    consistent with past practice;
	 
	 	     
    (2) for an aggregate consideration (determined pursuant to
    Section 7(e)(v) hereof) of not more than $10,000,000 during
    any 24-month period;
	 
	 	     
    (3) for which adjustment of the Exercise Price is made
    pursuant to Section 7(e)(iv).

		
	 	     
    (B) “Convertible Securities” shall mean
    any evidences of indebtedness, shares or other securities
    convertible into or exchangeable for Common Stock.
	 
	 	     
    (C) “Options” shall mean rights, options
    or warrants to subscribe for, purchase or otherwise acquire
    either Common Stock or Convertible Securities.

     
(ii) No Adjustment of Exercise Price. Any
provision herein to the contrary notwithstanding, no adjustment
to the Exercise Price shall be made in respect of the issuance
of Additional Shares of Common Stock unless the consideration
per share (determined pursuant to Section 7(e)(v)
hereof) for an Additional Share of Common Stock issued or deemed
to be issued by the Company is less than the Exercise Price in
effect on the date of, and immediately prior to, such issue.

     
(iii) Deemed Issuance of Additional Shares of Common
Stock. In the event the Company, at any time or from
time to time while this Warrant is outstanding, shall issue any
Options or Convertible Securities or shall fix a record date for
the determination of holders of any class of securities then
entitled to receive any such Options or Convertible Securities,
then the maximum number of shares (as set forth in the
instrument relating thereto without regard to any provisions
contained therein designed to protect against dilution) of
Common Stock issuable upon the exercise of such Options or, in
the case of Convertible Securities and Options therefor, the
conversion or exchange of such Convertible Securities, shall be
deemed to be Additional Shares of Common Stock issued as of the
time of such issuance or, in case such a record date shall have
been

4

 

fixed, as of the close of business on such record date, provided
further that in any such case in which Additional Shares of
Common Stock are deemed to be issued:

		
	 	     
    (A) no further adjustments to the Exercise Price shall be
    made upon the subsequent issue of Convertible Securities or
    shares of Common Stock upon the exercise of such Options or
    conversion or exchange of such Convertible Securities;
	 
	 	     
    (B) if such Options or Convertible Securities by their
    terms provide, with the passage of time or otherwise, for any
    increase in the consideration payable to the Company, or
    decrease in the number of shares of Common Stock issuable, upon
    the exercise, conversion or exchange thereof, the Exercise Price
    computed upon the original issue thereof (or upon the occurrence
    of a record date with respect thereto), and any subsequent
    adjustments based thereon, shall, upon any such increase or
    decrease becoming effective, be recomputed to reflect such
    increase or decrease insofar as it affects such Options or the
    rights of conversion or exchange under such Convertible
    Securities (provided, however, that no such adjustment of the
    Exercise Price shall effect Common Stock previously issued upon
    conversion of the Company’s preferred stock); and
	 
	 	     
    (C) no readjustment pursuant to clause (A) or
    (B) above shall have the effect of increasing the Exercise
    Price to an amount which exceeds the lower of (i) the
    Exercise Price on the original adjustment date or (ii) the
    Exercise Price that would have resulted from any issuance of
    Additional Shares of Common Stock between the original
    adjustment date and such readjustment date.

     
(iv) Adjustment of Exercise Price Upon Issuance of
Additional Shares of Common Stock. (a) Subject to
the last sentence of subsection (b) below, in the
event the Company, at any time while this Warrant is
outstanding, shall issue Additional Shares of Common Stock
(including Additional Shares of Common Stock deemed to be issued
pursuant to Section 7(e)(iii)) without consideration
or for consideration per share less than the closing price per
Share of Common Stock as reported on a publicly traded exchange
(“Market Price”) on the last full trading day
immediately prior to such issue, then the Exercise Price shall
be reduced, concurrently with such issue, to a price (calculated
to the nearest cent) determined by multiplying the Exercise
Price then in effect, by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding
immediately prior to such issue plus the number of shares of
Common Stock which the aggregate consideration received by the
Company for the total number of Additional Shares of Common
Stock so issued would purchase at the Market Price in effect
immediately prior to such issuance, and the denominator of which
shall be the number of shares of Common Stock outstanding
immediately prior to such issue plus the number of such
Additional Shares of Common Stock so issued. For the purpose of
the above calculation, the number of shares of Common Stock
outstanding immediately prior to such issue shall be calculated
on a fully diluted basis, as if all Convertible Securities had
been fully converted into shares of Common Stock and any
outstanding Options bearing an exercise price which is lower
than the price at which the Additional Shares of Common Stock
were issued had been fully exercised (and the resulting
securities fully converted into shares of Common Stock, if so
convertible) as of such date.

     
Upon each adjustment of the Exercise Price as a result of the
calculations made in this Section 7(e) (including
those resulting from issuances of Additional Shares of Common
Stock deemed to be issued pursuant to
Section 7(e)(iii)), the number of Warrant Shares
shall be adjusted by multiplying such number of Warrant Shares
by a fraction, the numerator of which shall be the Exercise
Price in effect immediately prior to such adjustment and the
denominator of which shall be the Exercise Price in effect after
giving effect to such adjustment.

     
(b) In the event the Company, at any time while this
Warrant is outstanding, shall issue Additional Shares of Common
Stock (including Additional Shares of Common Stock deemed to be
issued pursuant to Section 7(e)(iii)) with a
purchase price, conversion price or exercise price,
respectively, that is less than the Exercise Price in effect
immediately prior to the time of such issuance or sale, then and
in each such case the then-existing Exercise Price shall be
reduced, as of the close of business on the effective date of
such issuance or sale, to the lowest purchase price, conversion
price or exercise price at which any Additional Shares of Common
Stock were issued or sold. In the event that both
subsections (iv)(a) and (iv)(b) hereof may apply

5

 

to any issuance, sale or deemed issuance or sale, then only this
section (b) shall be deemed to apply to such
transaction.

     
(v) Determination of Consideration. For
purposes of this Section 7(e), the consideration
received by the Company in connection with the issuance of any
Additional Shares of Common Stock shall be computed as follows:

		
	 	     
    (A) Cash and Property. Such consideration
    shall:

		
	 	     
    (1) insofar as it consists of cash, be computed at the
    aggregate amount of cash received by the Company, excluding
    amounts paid or payable for accrued interest or accrued
    dividends;
	 
	 	     
    (2) insofar as it consists of property other than cash, be
    computed at the fair value thereof at the time of such issuance,
    as determined by the Board of Directors in good faith; and
	 
	 	     
    (3) in the event Additional Shares of Common Stock are
    issued together with other shares or securities or other assets
    of the Company for consideration which covers both cash and
    property, be the proportion of such consideration so received,
    computed as provided in clauses (1) and (2) above, as
    determined by the Board of Directors in good faith.

		
	 	     
    (B) Options and Convertible Securities. The
    consideration per share received by the Company for Additional
    Shares of Common Stock deemed to have been issued pursuant to
    Section 7(e)(iii) relating to Options and
    Convertible Securities shall be determined by dividing:

		
	 	     
    (1) the total amount, if any, received or receivable by the
    Company as consideration for the issuance of such Options or
    Convertible Securities, plus the minimum aggregate amount of
    additional consideration (as set forth in the instruments
    relating thereto, without regard to any provision contained
    therein designed to protect against dilution) payable to the
    Company upon the exercise of such Options or the conversion or
    exchange of such Convertible Securities, or in the case of
    Options for Convertible Securities, the exercise of such Options
    for Convertible Securities and the conversion or exchange of
    such Convertible Securities, by
	 
	 	     
    (2) the maximum number of shares of Common Stock (as set
    forth in the instruments relating thereto, without regard to any
    provision contained therein designed to protect against the
    dilution) issuable upon the exercise of such Options or
    conversion or exchange of such Convertible Securities, or in the
    case of Options for Convertible Securities, the exercise of such
    Options for Convertible Securities and the conversion or
    exchange of such Convertible Securities.

     
(f) Other Events. If any event occurs that
would adversely affect the Holder’s rights but not
expressly provided for by this Section 7 (including,
without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features), then
the Company’s Board of Directors will make an appropriate
adjustment in the Exercise Price and number of Warrant Shares
subject to this Warrant so as to protect the Holder’s
rights; provided, however, that no such adjustment
will increase the Exercise Price or decrease the number of
shares of Common Stock obtainable as otherwise determined
pursuant to this Section 7.

     
(g) Calculations. All calculations under this
Section 7 shall be made to the nearest cent or the
nearest 1/100th of a share, as applicable. 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
Company, and the disposition of any such shares shall be
considered an issue or sale of Common Stock.

     
(h) Notice of Adjustments. Upon the
occurrence of each adjustment pursuant to this
Section 7, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this
Warrant and prepare a certificate setting forth such adjustment,
including a statement of the adjusted Exercise Price and
adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and
showing in detail the facts upon which such adjustment is based.
Upon written request, the Company will promptly deliver a copy
of each such certificate to the Holder and to the Company’s
Transfer Agent.

6

 

     
(i) Notice of Corporate Events; Termination.
If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of
its Common Stock, including without limitation any granting of
rights or warrants to subscribe for or purchase any capital
stock of the Company or any Subsidiary, (ii) authorizes or
approves, enters into any agreement contemplating, or solicits,
stockholder approval for any merger, sale or similar transaction
pursuant to which Common Stock is converted or exchanged for
cash, securities or property or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a
notice describing the material terms and conditions of such
transaction at least 15 calendar days prior to the applicable
record or effective date on which a person would need to hold
Common Stock in order to participate in or vote with respect to
such transaction, and the Company will take all steps reasonably
necessary in order to insure that the Holder is given the
practical opportunity to exercise this Warrant prior to such
time so as to participate in or vote with respect to such
transaction; provided, however, that the failure to deliver such
notice or any defect therein shall not affect the validity of
the corporate action required to be described in such notice.

     
(j) Notwithstanding anything to the contrary in this
Section 7, in no event will this Warrant be
exercisable for a number of Warrant Shares that would cause the
Holder’s beneficial ownership of the outstanding Common
Stock, Convertible Securities or Options, together with any
affiliates of the Holder, to exceed 19.9% of the sum of
(a) the number of Warrant Shares and (b) the issued
and outstanding shares of Common Stock of the Company prior to
any such exercise. In the event any exercise of this Warrant
would contravene this provision, the number of shares of Common
Stock for which this Warrant would otherwise be exercisable
shall automatically be reduced accordingly.

     
8.     Payment of Exercise
Price. The Holder shall pay the Exercise Price by
(i) paying to the Company cash in immediately available
funds or (ii) providing a written notice to the Company
that the Holder is exercising this Warrant on a
“cashless” exercise basis by authorizing the Company
to withhold from issuance a number of shares of Common Stock
issuable upon such exercise of this Warrant which, when
multiplied by the Fair Market Value of the Common Stock is equal
to the aggregate Exercise Price (and such withheld shares shall
no longer be issuable under this Warrant). For purposes hereof,
“Fair Market Value” means:

		
	 	     
    (a) If the security is traded on a securities exchange or
    through the Nasdaq National Market, the Fair Market Value shall
    be deemed to be the average of the closing prices of the
    securities on such exchange or quotation system, or, if there
    has been no sales on any such exchange or quotation system on
    any day, the average of the highest bid and lowest asked prices
    on such exchange or quotation system as of 4:00 p.m., New
    York time, or, if on any day such security is not traded on an
    exchange or quoted in the Nasdaq Stock Market System, the
    average of the highest bid and lowest asked prices on such day
    in the domestic over-the-counter market as reported by the
    National Quotation Bureau, Incorporated or any similar successor
    organization, in each such case averaged over a period of ten
    (10) business days consisting of the business day as of
    which Fair Market Value is being determined and the nine
    (9) consecutive business days prior to such day; or
	 
	 	     
    (b) If at any time such security is not listed on any
    securities exchange or quoted in the Nasdaq Stock Market System
    or the over-the-counter market, the Fair Market Value shall be
    the fair value thereof, as determined jointly by the Board of
    Directors and the Holder. If such parties are unable to reach
    agreement within a reasonable period of time, such fair value
    shall be determined by an independent appraiser experienced in
    valuing securities jointly selected by the Company’s Board
    of Directors and the Holder. The determination of the appraiser
    shall be final and binding upon the parties and the Company
    shall pay the fees and expenses of such appraiser.

     
9.     Fractional Shares.
The Company shall not be required to issue or cause to be issued
fractional Warrant Shares on the exercise of this Warrant. If
any fraction of a Warrant Share would, except for the provisions
of this Section, be issuable upon exercise of this Warrant, the
number of Warrant Shares to be issued will be rounded up to the
nearest whole share.

     
10.     Notices. Any and
all notices or other communications or deliveries hereunder
(including without limitation any Exercise Notice) shall be in
writing and shall be deemed given and effective on the earliest
of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number

7

 

specified in this Section prior to 5:00 p.m. (New York City
time) on a trading day, (ii) the next trading day after the
date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in
this Section on a day that is not a trading day or later than
5:00 p.m. (New York City time) on any trading day,
(iii) the trading day following the date of mailing, if
sent by nationally recognized overnight courier service, or
(iv) upon actual receipt by the party to whom such notice
is required to be given. The address for such notices or
communications shall be as set forth in the Purchase Agreement.

     
11.     Warrant Agent.
The Company shall serve as warrant agent under this Warrant.
Upon 30 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the
Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the
Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or
shareholders services business shall be a successor warrant
agent under this Warrant without any further act. Any such
successor warrant agent shall promptly cause notice of its
succession as warrant agent to be mailed (by first class mail,
postage prepaid) to the Holder at the Holder’s last address
as shown on the Warrant Register.

     
12.     Loss, Theft or
Destruction of Warrant. In the event that the Holder
notifies the Company that this Warrant has been lost, stolen or
destroyed, then a replacement Warrant, identical in all respects
to the original Warrant (except for any adjustment pursuant
hereto to the Exercise Price or number of Warrant Shares
issuable hereunder, if different from the numbers shown on the
original Warrant) shall be delivered to the Holder by the
Company, provided that the Holder executes and delivers to the
Company an agreement reasonably satisfactory to the Company to
indemnify the Company from any loss incurred by the Company in
connection with such Warrant.

     
13.     Miscellaneous.

     
(a) This Warrant may be assigned by the Holder. This
Warrant may be amended only in writing signed by the Company and
the Holder and their successors and assigns.

     
(b) The Company will not, by amendment of its governing
documents or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the
Holder against impairment. Without limiting the generality of
the foregoing, the Company (i) will not increase the par
value of any Warrant Shares above the amount payable therefor on
such exercise, (ii) will take all such action as may be
reasonably necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable
Warrant Shares on the exercise of this Warrant, and
(iii) will not close its shareholder books or records in
any manner which interferes with the timely exercise of this
Warrant.

     
(c) GOVERNING LAW; VENUE; WAIVER OF JURY
TRIAL. THE CORPORATE LAWS OF THE STATE OF DELAWARE SHALL
GOVERN ALL ISSUES CONCERNING THE RELATIVE RIGHTS OF THE COMPANY
AND ITS STOCKHOLDERS. ALL QUESTIONS CONCERNING THE CONSTRUCTION,
VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN,
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR
DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF
THE PURCHASE AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND
AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF
ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE
OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH
SUIT, ACTION OR PROCEEDING BY

8

 

MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT
THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS WARRANT AND
AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT
SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN
SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS
IN ANY MANNER PERMITTED BY LAW. THE COMPANY HEREBY WAIVES ALL
RIGHTS TO A TRIAL BY JURY.

     
(d) The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to
limit or affect any of the provisions hereof.

     
(e) In case any one or more of the provisions of this
Warrant shall be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and
provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to
agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this
Warrant.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,

SIGNATURE PAGE FOLLOWS]

9

 

     
IN WITNESS WHEREOF, the Company has caused this Warrant to be
duly executed by its authorized officer as of the date first
indicated above.

		
	 	
    EMISPHERE TECHNOLOGIES, INC.
	 
	 	
    By: 
	 	
     

	 	
    Name: 
	 	
     

	 	
    Title: 
	 	
     

10

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