Document:

Exhibit 10.1

BIODEL INC.

EXECUTIVE EMPLOYMENT AGREEMENT –
GARY G. GEMIGNANI

AMENDMENT

 

THIS AMENDMENT TO EMPLOYMENT
AGREEMENT (this “Amendment”) is made as of April 1, 2016 by and between Biodel Inc., a Delaware corporation
(the “Company”), and Gary G. Gemignani, an individual (“Executive” or
“you”) (and, together, “Parties”).

WHEREAS, the Company and Executive are
parties to an Employment Agreement, dated August 21, 2014, with an effective date of September 15, 2014 (the “Agreement”);

WHEREAS, the Company
and Executive desire to amend the Agreement to provide for certain adjustments to the provisions thereof;

NOW THEREFORE, in consideration
of the options and potential cash awards described herein, the Parties agree that the Agreement is amended as follows:

1.  The following
sentence shall be added at the end of Section 1 of the Agreement (Engagement):

You will be based at,
and work primarily from, the Company’s headquarters location.

2.  Section
2(b) of the Agreement (Incentive Bonus) is hereby replaced with the following:

Upon meeting the applicable
performance criteria established by the Compensation Committee of the Board (the “Compensation Committee”)
in its sole discretion, you will be eligible to receive an annual incentive bonus (the “Annual Bonus”)
for a given fiscal year of the Company targeted at an amount equal to 35% of your Base Salary in effect at the Effective Date or,
for subsequent years, at an amount equal to 35% of the Executive’s Base Salary at the beginning of such fiscal year (the
“Target Bonus”). The Annual Bonus, if any, will be paid in a lump sum when other executives receive their
bonuses under comparable arrangements but, in any event, no later than March 15 of the year following the fiscal year with respect
to which it is earned. The applicable performance criteria for each fiscal year of the Company shall be determined by the Compensation
Committee no later than 90 days after the commencement of that fiscal year. In the event the Company is combined with an unaffiliated
third party (a “Transaction”) in calendar year 2016 and you remain employed with the Company through
such date, then on the closing date of the Transaction you shall receive, in lieu of the Annual Bonus for the fiscal year ending
September 30, 2016, a one-time, lump sum, cash bonus award of (a) $250,000, plus (b) 100% of your pro-rated Target Bonus for fiscal
year 2016 (the “Transaction Bonus”).

3.  Section
2 (c) of the Agreement (Equity Awards) is hereby amended to state: On January 21, 2016, the Company granted you stock options for
600,000 shares of the Company’s common stock (the “Option Award”). The Option Award (i) was issued
under the Company’s 2010 Stock Incentive Plan; (ii) has an exercise price equal to the last reported sale price of the Company’s
common stock on the NASDAQ Capital Market on the effective date of the resolution granting the award; (iii) vests and therefore
becomes exercisable quarterly in equal installments over a three year period;
(iv) fully and immediately vests upon termination of employment by the Company without cause or resignation for good reason, in
either case as set forth in this 

 

 

Agreement;
(v) is exercisable, upon termination of employment by the Company without cause or resignation for good reason, in either case
as set forth in this Agreement, for a period of three years from the date of such event (or until its earlier expiration date),
notwithstanding any terms to the contrary in this Agreement; (vi) qualifies as an “incentive stock option” described
in Section 422 of the Code (as defined below) to the extent permissible under the Code; (vii) has a term of seven years and (viii)
is evidenced by an agreement otherwise substantially in the form of the stock option agreement previously approved by the Company’s
Board of Directors.

4.  Section 4(b)(i)
of the Agreement (Cash Severance) is hereby replaced with the following:

(i)  Cash Severance. The Company
will pay to you in cash an amount equal to the sum of (a) eighteen (18) months of your then-current Base Salary, plus (b) one and
a half times the amount of your Target Bonus; the foregoing amount to be payable in equal installments during an eighteen (18)
month period following the delivery of the release contemplated in Section 4(b)(iv) below, in accordance with the Company’s
normal pay practices, subject to the provisions of Section 5 hereof, as applicable.

5.  Section 4(b)(ii)
of the Agreement (Benefits) is hereby replaced with the following:

(ii)  Benefits. The Company
will pay to you a lump sum payment equal to eighteen (18) months of COBRA insurance premiums that you would have to pay for COBRA
health insurance benefit continuation under COBRA. The lump sum will be paid regardless of whether you elect COBRA coverage.

6.  Section 4(b)(iii)
of the Agreement (Equity Compensation) is hereby replaced with the following:

(iii)  Equity Compensation.
Except as with regard to the equity awards set forth in Section 2(c), in addition to the compensation and benefits described in
4(b)(i) and (ii) above and subject to the release required under Section 4(b)(iv), any outstanding equity awards or stock options
will immediately vest and the provision in any agreement evidencing any outstanding stock option causing the option to terminate
upon the expiration of three months (or any other period relating to termination of employment) after termination of employment
shall be of no force or effect, except that nothing herein shall extend any such option beyond its original term or shall affect
its termination for any reason other than termination of employment.

7.  Section 4(b)(iv)
of the Agreement (Release) is hereby replaced with the following:

(iv)    Release. To receive
any severance benefits provided for under Section 4(b)(i), (ii) or (iii) of this Agreement, you must deliver to the Company an
executed general release of claims in a customary form provided by the Company, provided, that in no event shall the release
purport to release claims to the compensation described in Section 4(a) and (b) and, if applicable, Sections 2(b) and 2(c) or other
continuing rights under this Agreement. Such release shall be delivered by the Company not later than the fifth
day following the Company’s termination of your employment without Cause or your resignation from the Company for Good Reason,
and must be executed and returned by you not
later than 28 calendar days following delivery thereof. Payment of any severance or other benefits under this Agreement shall commence
on the next payroll date following execution, delivery and non-revocation of the release by you.

 

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8.  Section 4(c)(ii)(II)(iii)
(Good Reason) is hereby replaced with the following:

(iii) the Company's requiring you to
be based at any office or location that is more than thirty five (35) miles from the Company’s current headquarters in Danbury,
Connecticut or your place of residence as of the date of your termination.

	 

9.  This Amendment
supersedes any inconsistent provision of the Agreement. Otherwise, all provisions of the Agreement not subject to this Amendment
remain unchanged and effective.

IN WITNESS WHEREOF,
the Company has caused this Amendment to be duly executed and you have hereunto set your hand to be effective as of the Effective
Date.

 

	 	 	BIODEL INC.	 
	 	 	 	 
	 	 	 	 
	April 1, 2016	 	By:  	    /s/ Arlene M. Morris	 
	Date	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	GARY G. GEMIGNANI	 
	 	 	 	 
	 	 	 	 
	April 1, 2016	 	 	    /s/ Gary G. Gemignani	 
	Date	 	 	 

 

- 3 -Exhibit 10.2

BIODEL INC.

EXECUTIVE SEVERANCE AGREEMENT 

AND CHANGE OF CONTROL AGREEMENT –
PAUL S. BAVIER

AMENDMENT

 

THIS AMENDMENT TO     EXECUTIVE
SEVERANCE AGREEMENT AND CHANGE OF CONTROL AGREEMENT (this “Amendment”) is made as of April 1, 2016 by
and between Biodel Inc., a Delaware corporation (the “Company”), and Paul S. Bavier, an individual
(“Executive” or “you”) (and, together, “Parties”).

WHEREAS, the Company
and Executive are parties to an Executive Severance Agreement, dated June 13, 2008 (the “Severance Agreement”);

WHEREAS, the Company
and Executive are parties to a Change of Control Agreement, dated June 13, 2008 (the “Change of Control Agreement”);

WHEREAS, the Company
and Executive desire to amend the Severance Agreement and Change of Control Agreement to provide for certain adjustments to the
provisions thereof;

NOW THEREFORE, in consideration
of the options and potential cash awards described herein, the Parties agree that the Severance Agreement and Change of Control
Agreement are amended as follows:

 

1.    Section 3.3 of
the Change of Control Agreement is hereby replaced with the following:

During the Change
of Control Period, the Executive’s services shall be performed at the Company’s headquarters location.

2.    The introductory
language of Section 5 of the Change of Control Agreement is hereby replaced with the following:

During any period
prior to the Change of Control Period, and during the Change of Control Period, as long as the Executive remains employed by the
Company, the Company agrees to pay or cause to be paid to the Executive, and the Executive agrees to accept in exchange for the
services rendered to the Company, the following compensation:

3.    Section
5.2 of the Change of Control Agreement is hereby replaced with the following:

5.2    INCENTIVE BONUS. Upon meeting the
applicable performance criteria established by the Compensation Committee of the Board (the “Compensation Committee”)
in its sole discretion, the Executive will be eligible to receive an annual incentive bonus (the “Annual Bonus”)
for a given fiscal year of the Company targeted at an amount equal to 35% of the Executive’s Base Salary in effect at the
Effective Date or, for subsequent years, at an amount equal to 35% of the Executive’s Base
Salary at the beginning of such fiscal year (the “Target Bonus”). The Annual Bonus, if any, will be paid
in a lump sum when other executives receive their bonuses under

 

 

comparable arrangements but, in any event,
no later than March 15 of the year following the fiscal year with respect to which it is earned. The applicable performance criteria
for each fiscal year of the Company shall be determined by the Compensation Committee no later than 90 days after the commencement
of that fiscal year. In the event the Company is combined with an unaffiliated third party (a “Transaction”)
in calendar year 2016 and the Executive remains employed with the Company through such date, then on the closing date of the Transaction
the Executive shall receive, in lieu of the Annual Bonus for the fiscal year ending September 30, 2016, a one-time, lump sum, cash
bonus award of (a) $250,000, plus (b) 100% of the Executive’s pro-rated Target Bonus for fiscal year 2016 (the “Transaction
Bonus”).

4.    Sections
8.1(a)(ii), (iii) and (iv) of the Change of Control Agreement are hereby deleted in their entirety.

5.    Section
8.1(a)(v) of the Change of Control Agreement is hereby changed to Section 8.1(a)(ii).

6.    Sections
8.1(b), (c) and (d) of the Change of Control Agreement are hereby replaced by the following:

(b)    The Company will pay to the
Executive a lump sum payment equal to eighteen (18) months of COBRA insurance premiums that the Executive would have to pay for
COBRA health insurance benefit continuation under COBRA. The lump sum will be paid regardless of whether the Executive elects COBRA
coverage.

(c)    The Company will pay to the
Executive in cash an amount equal to the sum of (i) eighteen (18) months of the Executive’s then-current Base Salary, plus
(ii) one and a half times the amount of the Executive’s Target Bonus; the foregoing amount to be payable in equal installments
during an eighteen (18) month period following the delivery of a release in the form of Exhibit A hereto, in accordance with the
Company’s normal pay practices, subject to the provisions of Section 8.10 hereof, as applicable.

(d)    To receive any severance benefits
provided for under Section 8.1 (b), (c) and (e) of this Agreement, the Executive must deliver to the Company an executed general
release of claims in the form of Exhibit A hereto, provided, that in no event shall the release purport to release claims
to the compensation described in Sections 8.1 (a), (b), (c) or (e) and, if applicable, Section 5 or other continuing rights under
this Agreement. Such release shall be delivered by the Company not later than the fifth day following the Company’s termination
of the Executive’s employment without Cause or the Executive’s resignation from the Company for Good Reason, and must
be executed and returned by the Executive not later than 28 calendar days following delivery thereof. Payment of any severance
or other benefits under this Agreement shall commence on the next payroll date following execution, delivery and non-revocation
of the release by the Executive.

7.    Sections
8.1(e) and (f) of the Change of Control Agreement are hereby replaced by the following Section 8.1(e):

(e)    Except as with regard to the
equity awards set forth in Section 3.1 of the Severance Agreement dated June 13, 2008, as amended, in addition to the compensation
and benefits described in 8.1(b) and (c) above and subject to the release required under Section 8.1(d), any 

 

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outstanding equity
awards or stock options will immediately vest and the provision in any agreement evidencing any outstanding stock option causing
the option to terminate upon the expiration of three months (or any other period relating to termination of employment) after termination
of employment shall be of no force or effect, except that nothing herein shall extend any such option beyond its original term
or shall affect its termination for any reason other than termination of employment.

8.    Section
8.6(c) (Good Reason) of the Change of Control Agreement is hereby replaced with the following:

(c)    The Company’s requiring the Executive
to be based at any office or location that is more than thirty five (35) miles from the Company’s current headquarters in
Danbury, Connecticut or the Executive’s place of residence as of the date of the Executive’s termination;

9.    Section
3 of the Severance Agreement is hereby amended to add the following Section 3.1:

Section 3.1 Stock Options: On January 21,
2016, the Company granted the Executive stock options for 500,000 shares of the Company’s common stock (the “Option
Award”). The Option Award (i) was issued under the Company’s 2010 Stock Incentive Plan; (ii) has an exercise
price equal to the last reported sale price of the Company’s common stock on the NASDAQ Capital Market on the effective date
of the resolution granting the award; (iii) vests and therefore becomes exercisable quarterly in equal installments over a three
year period; (iv) fully and immediately vests upon termination of employment by the Company without cause or resignation for good
reason, in either case as set forth in this Agreement; (v) is exercisable, upon termination of employment by the Company without
cause or resignation for good reason, in either case as set forth in this Agreement, for a period of three years from the date
of such event (or until its earlier expiration date), notwithstanding any terms to the contrary in this Agreement; (vi) qualifies
as an “incentive stock option” described in Section 422 of the Code (as defined below) to the extent permissible under
the Code; (vii) has a term of seven years and (viii) is evidenced by an agreement otherwise substantially in the form of the stock
option agreement previously approved by the Company’s Board of Directors.

10.    Sections
5.1(a)(ii), (iii) and (iv) of the Severance Agreement are hereby deleted in their entirety.

11.    Section
5.1(a)(v) of the Severance Agreement is hereby changed to Section 5.1(a)(ii).

12.    Sections
5.1(b), (c) and (d) of the Severance Agreement are hereby replaced by the following:

(b)    The Company will pay to the
Executive a lump sum payment equal to eighteen (18) months of COBRA insurance premiums that the Executive would have to pay for
COBRA health insurance benefit continuation under
COBRA. The lump sum will be paid regardless of whether the Executive elects COBRA coverage.

(c)    The Company will pay to the
Executive in cash an amount equal to the sum of (i) eighteen (18) months of the Executive’s then-current Base Salary, plus
(ii) one and a half times the amount

 

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of the Executive’s Target Bonus; the foregoing amount to be payable in equal installments
during an eighteen (18) month period following the delivery of a release in the form of Exhibit A hereto, in accordance with the
Company’s normal pay practices, subject to the provisions of Section 8.10 hereof, as applicable.

(d)    To receive any severance benefits
provided for under Section 5.1 (b), (c) and (e) of this Agreement, the Executive must deliver to the Company an executed general
release of claims in the form of Exhibit A hereto, provided, that in no event shall the release purport to release claims
to the compensation described in Sections 5.1 (a), (b), (c) or (e) or other continuing rights under this Agreement. Such release
shall be delivered by the Company not later than the fifth day following the Company’s termination of the Executive’s
employment without Cause or the Executive’s resignation from the Company for Good Reason, and must be executed and returned
by the Executive not later than 28 calendar days following delivery thereof. Payment of any severance or other benefits under this
Agreement shall commence on the next payroll date following execution, delivery and non-revocation of the release by the Executive.

13.    Sections
5.1(e) and (f) of the Severance Agreement are hereby replaced by the following Section 5.1(e):

(e)    Except as with regard to the
equity awards set forth in Section 3.1, in addition to the compensation and benefits described in 5.1(b) and (c) above and subject
to the release required under Section 5.1(d), any outstanding equity awards or stock options will immediately vest and the provision
in any agreement evidencing any outstanding stock option causing the option to terminate upon the expiration of three months (or
any other period relating to termination of employment) after termination of employment shall be of no force or effect, except
that nothing herein shall extend any such option beyond its original term or shall affect its termination for any reason other
than termination of employment.

14.    Section
5.6(c) (Good Reason) of the Severance Agreement is hereby replaced with the following:

(c)    The Company’s requiring the Executive
to be based at any office or location that is more than thirty five (35) miles from the Company’s current headquarters in
Danbury, Connecticut or the Executive’s place of residence as of the date of the Executive’s termination;

15.    The Executive
acknowledges that the payments specified in Section 8.1 of the Change of Control Agreement and the payments specified in Section
5.1 of the Severance Agreement are the same and are not cumulative.

16.    This Amendment
supersedes any inconsistent provision of the Severance Agreement and Change of Control Agreement. Otherwise, all provisions of
the Severance Agreement and Change of Control Agreement not subject to this Amendment remain unchanged and effective.

 

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IN WITNESS WHEREOF,
the Company has caused this Amendment to be duly executed and the Executive has hereunto set his hand to be effective as of the
Effective Date.

 

	 	 	BIODEL INC.	 
	 	 	 	 
	 	 	 	 
	April 1, 2016	 	By:    	/s/ Arlene M. Morris	 
	Date	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Paul S. Bavier	 
	 	 	 	 
	 	 	 	 
	April 1, 2016	 	 	/s/ Paul S. Bavier	 
	Date	 	 	 	 

 

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