Document:

exv4w7

Exhibit 4.7

BIODEL INC.

Warrant To Purchase Common Stock

Warrant No.:                    

Number of Shares of Common Stock:_____________

Date of Issuance: May [•], 2011 (“Issuance Date”)

     Biodel Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
[_________________________], the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock
(including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement
hereof, the “Warrant”), at any time or times on or after the date hereof (the “Exercisability
Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
______________ (_____________)1 fully paid nonassessable shares of Common Stock (as
defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in
this Warrant shall have the meanings set forth in Section 15. This Warrant is the Warrant to
purchase Common Stock issued pursuant to (i) Section 2 of that certain Subscription Agreement (the
“Subscription Agreement”), dated as of May 12, 2011 (the “Subscription Date”), by and between the
Company and the Holder and (ii) the Company’s Registration Statement on Form S-3 (File number
333-153167) (the “Registration Statement”).

     1. EXERCISE OF WARRANT.

          (a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant
may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part,
by delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant. Within two (2) days following the
Exercise Notice, the Holder shall make payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being
exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of immediately available
funds or by notifying the Company that this Warrant is being exercised pursuant to a Cashless
Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original
Warrant in order to effect an exercise hereunder, but shall deliver the original Warrant within
five (5) Business Days thereafter. Execution and delivery of the Exercise Notice with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original
Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of
Warrant Shares. On or before the first (1st) Business Day following the date on which
the Company has received the Exercise Notice, the Company shall transmit by

 

			
	1	 	Insert a number of shares equal to 65% of the
number of Shares purchased under the Subscription Agreement.

 

 

facsimile an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder
and the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd)
Business Day following the date on which the Company has received the Exercise Notice (the “Share
Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in The
Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of
the Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit
Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, a certificate, registered in the Company’s share register in
the name of the Holder or its designee, for the number of shares of Common Stock to which the
Holder is entitled pursuant to such exercise (which certificate shall not have any restrictive
legends on it ). Upon delivery of the Exercise Notice, the Holder shall be deemed for all
corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as
the case may be. If this Warrant is submitted in connection with any exercise pursuant to this
Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is
greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall
as soon as practicable and in no event later than three (3) Business Days after any exercise and at
its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to
purchase the number of Warrant Shares purchasable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No
fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather
the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.
The Company shall pay any and all transfer taxes which may be payable with respect to the issuance
and delivery of Warrant Shares upon exercise of this Warrant.

          (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $2.48,
subject to adjustment as provided herein.

          (c) Company’s Failure to Timely Deliver Securities. If the Company shall fail for any
reason or for no reason to issue to the Holder within three (3) Trading Days after receipt of the
Exercise Notice in compliance with the terms of this Section 1, a certificate for the number of
shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on
the Company’s share register or to credit the Holder’s balance account with DTC for such number of
shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant,
and if on or after such Trading Day 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 shares of
Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a
“Buy-In”), then, so long as the Holder has paid the Aggregate Exercise Price, the Company shall,
within three (3) Business 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 (the “Buy-In Price”), at
which point the Company’s obligation to

- 2 -

 

deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such
Warrant Shares 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 Bid
Price on the date of exercise.

          (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, the
Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in
payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”):

	 	 	 

	Net Number =

	 	(A x B) - (A x C)
	 

	 	             B

	 	 	 

	 

	 	     For purposes of the foregoing formula:
	 
	 	 
	A=

	 	the total number of shares with respect to which
this Warrant is then being exercised.
	 
	 	 
	B=

	 	the arithmetic average of the Closing Sale Prices
of the shares of Common Stock for the five (5) consecutive Trading
Days ending on the Trading Day immediately preceding the date of
the Exercise Notice.
	 
	 	 
	C=

	 	the Exercise Price then in effect for
the applicable Warrant Shares at the time of such
exercise.

Upon receipt of an Exercise Notice to which this Section 1(d) is applicable, the Company shall
notify the Holder within one (1) Trading Day of the calculation of the Net Number of shares of
Common Stock issuable upon the noticed exercise of the Warrant utilizing Cashless Exercise, and
confirm the Holder’s desire to complete the exercise of the Warrant pursuant to this Section 1(d).

          (e) Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act, as in
effect on the date hereof, assuming the Holder is not an affiliate of the Company, it is intended
that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the
date this Warrant was originally issued pursuant to the Subscription Agreement.

          (f) Disputes. In the case of a dispute as to the determination of the Exercise Price
or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder
the number of Warrant Shares that are not disputed.

- 3 -

 

          (g) Beneficial Ownership Limitation. Notwithstanding anything herein to the contrary,
the Company shall not effect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that, after giving effect to such exercise, such Person
(together with such Person’s affiliates, and any other Person whose beneficial ownership of Common
Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the applicable rules and regulations of
the Securities and Exchange Commission (the “SEC”), including any “group” of which the Holder is a
member) would beneficially own a number of shares of Common Stock in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by such Person and its affiliates shall include
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which
the determination of such sentence is being made, but shall exclude the number of shares of Common
Stock which are issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company beneficially owned by
such Person and its affiliates (including, without limitation, any convertible notes, convertible
stock or warrants) that are subject to a limitation on conversion or exercise analogous to the
limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
Section 1(g), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act, and the applicable rules and regulations of the SEC. In addition, for purposes
hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and the applicable
rules and regulations of the SEC. For purposes of this Warrant, in determining the number of
outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of
Common Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on
Form 8-K or other public filing with the SEC, as the case may be, (2) a more recent public
announcement by the Company or (3) a more recent notice by the Company or the Transfer Agent to the
Holder setting forth the number of shares of Common Stock then outstanding. For any reason at any
time, upon the written or oral request of the Holder, the Company shall, within two (2) Business
Days of such request, confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to any actual conversion or exercise of securities of the Company,
including this Warrant, by the Holder and its affiliates since the date as of which such number of
outstanding shares of Common Stock was last publicly reported or confirmed to the Holder. The
“Beneficial Ownership Limitation” shall be 9.98% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to
such Exercise Notice (to the extent permitted pursuant to this Section 1(g)). If the Holder has
delivered an Exercise Notice, the Company shall be entitled to assume that such exercise will not
result in the Holder exceeding the Beneficial Ownership Limitation as a result of the exercise
contemplated by such Exercise Notice. [By written
notice to the Company, the Holder may from time
to time increase or decrease the Beneficial Ownership Limitation to any other percentage not in
excess of 19.9% specified in such notice; provided that (i) any such increase will not be effective
until the sixty-first (61st) day

- 4 -

 

after such notice is delivered to the Company, and (ii) any such increase or decrease will
apply only to the Holder.]2 The provisions of this Section 1(g) shall be construed,
corrected and implemented in a manner so as to effectuate the intended beneficial ownership
limitation herein contained.

     2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows:

          (a) Adjustment upon Subdivision or Combination of Common Stock. If the Company at any
time on or after the Subscription Date subdivides (by any stock split, stock dividend,
recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Subscription
Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme,
arrangement or otherwise) one or more classes of its outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price in effect immediately prior to such combination will
be proportionately increased and the number of Warrant Shares will be proportionately decreased.
Any adjustment under this Section 2(a) shall become effective at the close of business on the date
the subdivision or combination becomes effective.

     3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares
of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property or options by way of a dividend, spin
off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), the Holder shall be entitled to receive the dividend or distribution of assets
that would have been payable to the Holder pursuant to the Distribution had the Holder exercised
this Warrant (or, if this Warrant has been partially exercised prior to the Distribution, any
unexercised portion thereof) immediately prior to such record date.

     4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

          (a) Fundamental Transactions. The Company shall not enter into or be party to a
Fundamental Transaction unless the Successor Entity assumes this Warrant in accordance with the
provisions of this Section 4(a) and delivers to each holder of Warrants in exchange for such
Warrants, promptly following consummation of such Fundamental Transaction, a new Warrant
substantially similar in form and substance to this Warrant reflecting any modification in the
terms of the Warrant pursuant to this Section 4(a). If, at any time prior to the Expiration Date,
the Company enters into or is a party to a Fundamental Transaction pursuant to which holders of
shares of Common Stock are entitled or required to receive securities issued by another company or
cash or other assets with respect to or in exchange for shares of Common Stock (a “Corporate
Event”), the Holder shall thereafter have the right to receive upon an

 

			
	2	 	Holder to elect to include or exclude this
sentence.

- 5 -

 

exercise of this Warrant for each Warrant Share that would have been issuable upon exercise of
this Warrant prior to consummation of such Corporate Event, in lieu of the shares of the Common
Stock (or other securities, cash, assets or other property) purchasable upon the exercise of the
Warrant prior to such Corporate Event, such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription rights) which the Holder
would have been entitled to receive upon the consummation of such Corporate Event had the Warrant
been exercised for one Warrant Share immediately prior to consummation of such Corporate Event. If
holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Corporate Event, then the Holder shall be given the same choice as to the consideration it
receives upon any exercise of this Warrant following consummation of such Corporate Event. The
provisions of this Section 4(a) shall apply similarly and equally to successive Fundamental
Transactions and Corporate Events and shall be applied without regard to any limitations on the
exercise of this Warrant in Section 1(g). Notwithstanding the foregoing, in the event of a
Fundamental Transaction, at the request of the Holder delivered before the 30th day after
consummation of such Fundamental Transaction, the Company (or the Successor Entity) shall purchase
this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such
request (or, if later, within one Business Day after the effective date of such Fundamental
Transaction), cash in an amount equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of consummation of such Fundamental Transaction.

     5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good faith carry out all the provisions
of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (i) shall not increase the par value
of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price
then in effect, (ii) shall take all such actions as may be reasonably necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable shares of Common
Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding,
take all action reasonably necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant,
100% of the number of shares of Common Stock issuable upon exercise of this Warrant then
outstanding (without regard to any limitations on exercise).

     6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided
herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant

- 6 -

 

Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on
the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a
stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of
the Company.

     7. REISSUANCE OF WARRANTS.

          (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall
surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon
the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder
may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less then the total number of Warrant Shares then underlying this Warrant is
being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the
right to purchase the number of Warrant Shares not being transferred.

          (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and
cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant.

          (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the
right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of
such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be
given.

          (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this
Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase
the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued
pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when
added to the number of shares of Common Stock underlying the other new Warrants issued in
connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

     8. NOTICES. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with Section 6 of

- 7 -

 

Annex I to the Subscription Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Warrant, including in reasonable detail a
description of such action and the reason therefor.

     9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this
Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent
of the Holder.

     10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York.

     11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the
Company and the Holder and shall not be construed against any person as the drafter hereof. The
headings of this Warrant are for convenience of reference and shall not form part of, or affect the
interpretation of, this Warrant.

     12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations, as the case may be, via facsimile within two
(2) Business Days of receipt of the Exercise Notice giving rise to such dispute to the Holder. If
the Holder and the Company are unable to agree upon such determination or calculation of the
Exercise Price or the Warrant Shares within three Business Days of such disputed determination or
arithmetic calculation being submitted to the Holder, then the Company shall, within two (2)
Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (b)
the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside
accountant. The Company shall cause at its expense the investment bank or the accountant, as the
case may be, to perform the determinations or calculations and notify the Company and the Holder of
the results no later than ten Business Days from the time it receives the disputed determinations
or calculations. Such investment bank’s or accountant’s determination or calculation, as the case
may be, shall be binding upon all parties absent demonstrable error.

     13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under
this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages
for any failure by the Company to comply with the terms of this Warrant.

- 8 -

 

     14. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned
without the consent of the Company.

     15. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings:

          (a) “Black Scholes Value” means the value of this Warrant based on the Black and Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of
consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (i) a
price per share of Common Stock equal to the Weighted Average Price of the Common Stock for the
Trading Day immediately preceding the date of consummation of the applicable Fundamental
Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the remaining term of this Warrant as of the date of consummation of the applicable
Fundamental Transaction and (iii) an expected volatility equal to the lesser of 75% and the 100-day
volatility obtained from the HVT function on Bloomberg determined as of the Trading Day immediately
prior to the public announcement of the applicable Fundamental Transaction.

          (b) “Bloomberg” means Bloomberg Financial Markets.

          (c) “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed.

          (d) “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security
prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the last closing bid price
or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.

- 9 -

 

          (e) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.01 per share,
and (ii) any share capital into which such Common Stock shall have been changed or any share
capital resulting from a reclassification of such Common Stock.

          (f) “Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., The
American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Capital Market.

          (g) “Expiration Date” means the date five (5) years after the Issuance Date or, if such date
falls on a day other than a Business Day or on which trading does not take place on the Principal
Market (a “Holiday”), the next date that is not a Holiday.

          (h) “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or
more related transactions, (i) consolidate or merge with or into (whether or not the Company is the
surviving corporation, unless the holders of the Company’s voting power immediately prior to such
transaction or series of related transactions continue after such transaction or series of related
transactions to have a majority of the voting power of the surviving entity) another Person, or
(ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of the Company to another Person, or (iii) allow another Person to make a
purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or
Persons making or party to, or associated or affiliated with the Persons making or party to, such
purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock held by the other
Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock purchase agreement or other business combination), (v) reorganize,
recapitalize or reclassify its Common Stock, or (vi) any “person” or “group” (as these terms are
used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

          (i) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common stock or equivalent equity security is quoted or listed on an
Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the
Fundamental Transaction.

          (j) “Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization, any other entity and a government or any
department or agency thereof.

          (k) “Principal Market” means The NASDAQ Global Market.

- 10 -

 

          (l) “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity)
formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected
by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered
into.

          (m) “Trading Day” means any day on which the Common Stock are traded on the Principal Market,
or, if the Principal Market is not the principal trading market for the Common Stock, then on the
principal securities exchange or securities market on which the Common Stock is then traded;
provided that “Trading Day” shall not include any day on which the Common Stock are scheduled to
trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are
suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00:00 p.m., New York time).

          (n) “Weighted Average Price” means, for any security as of any date, the dollar
volume-weighted average price for such security on the Principal Market during the period beginning
at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by
Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar
volume-weighted average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m., New York City time,
and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the
average of the highest closing bid price and the lowest closing ask price of any of the market
makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National
Quotation Bureau, Inc.). If the Weighted Average Price cannot be calculated for such security on
such date on any of the foregoing bases, the Weighted Average Price of such security on such date
shall be the fair market value as mutually determined by the Company and the Holder. If the
Company and the Holder are unable to agree upon the fair market value of such security, then such
dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being
substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted
for any share dividend, share split or other similar transaction during such period.

[Signature Page Follows]

- 11 -

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly
executed as of the Issuance Date set out above.

	 	 	 	 	 
	 	BIODEL INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

BIODEL INC.

     The undersigned holder hereby exercises the right to purchase _________________ of the
shares of Common Stock (“Warrant Shares”) of BIODEL INC, a Delaware corporation (the
“Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant.

     1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be
made as:

               ____________ a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

               ____________ a “Cashless Exercise” with respect to _______________ Warrant
Shares.

     2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with
respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the
Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the
terms of the Warrant.

     3. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant
Shares in accordance with the terms of the Warrant.

Date: _______________ __, ______

	 	 	 

	

 

Name of Registered Holder

	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

ACKNOWLEDGMENT

     The Company hereby acknowledges this Exercise Notice and hereby directs Continental Stock
Transfer & Trust Company to issue the above indicated number of shares of Common Stock in
accordance with the Transfer Agent Instructions dated May ____, 2011 from the Company and
acknowledged and agreed to by Continental Stock Transfer & Trust Company.

	 	 	 	 	 
	 	BIODEL INC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w27

Exhibit 10.27

SUBSCRIPTION AGREEMENT

Biodel Inc.

100 Saw Mill Road

Danbury, CT 06810

Gentlemen:

     The undersigned (the “Investor”) hereby confirms its agreement with Biodel Inc., a Delaware
corporation (the “Company”), as follows:

     1. This Subscription Agreement, including the Terms and Conditions for Purchase of Securities
attached hereto as Annex I (collectively, this “Agreement”) is made as of the date set
forth below between the Company and the Investor.

     2. The Company has authorized the sale and issuance to certain investors of up to an aggregate
of 13,888,889 units (the “Units”), with each Unit consisting of (i) one share (each, a “Common
Share,” collectively, the “Common Shares”) of the Company’s common stock, par value $.01 per share
(the “Common Stock”), and (ii) one warrant (each, a “Warrant,” collectively, the “Warrants”) to
purchase 0.65 of a share of Common Stock (and the fractional amount being the “Warrant Ratio”);
provided, however, that, in the event that the Investor (together with any other
investor purchasing Securities (as defined below) in the Offering (as defined below) whose
beneficial ownership of Common Stock would be aggregated with the Investor’s for purposes of
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
applicable rules of the Securities and Exchange Commission (the “Commission”)) agrees to purchase
in excess of an aggregate of 3,861,388 Units in the Offering, all Units in excess of that amount
shall consist of one share (each, a “Preferred Share,” collectively, the “Preferred Shares” and,
together with the Common Shares, the “Shares”) of the Company’s Series A Convertible Preferred
Stock, par value $.01 per share (the “Preferred Stock”), and (ii) one Warrant to purchase 0.65 of a
share of Common Stock. Each Warrant shall be in substantially the form attached hereto as
Exhibit A. The Preferred Stock shall have the rights, preferences, privileges and
restrictions set forth in the Certificate of Designation substantially in the form attached hereto
as Exhibit B (the “Certificate of Designation”). Each Unit shall be sold for a purchase
price of $2.16 per Unit (the “Purchase Price”). Units will not be issued or certificated. The
Shares and Warrants are immediately separable and will be issued separately. The shares of Common
Stock issuable upon exercise of the Warrants are referred to herein as the “Warrant Shares” and the
shares of Common Stock issuable upon conversion of the Preferred Shares are referred to herein as
the “Conversion Shares.” The Shares, the Warrants, the Warrant Shares and the Conversion Shares
are referred to herein, collectively, as the “Securities”.

     3. The offering and sale of the Securities (the “Offering”) are being made pursuant to
(a) an effective Registration Statement on Form S-3, Registration No. 333-153167 (the “Registration
Statement”) filed by the Company with the Commission, including the prospectus contained therein
(the “Base Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that term is
defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)), that have been or
will be filed, if required, with the Commission and delivered to the Investor on or prior to the
date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information

 

 

regarding the Units, the terms of the Offering and the Company, and (c) a Prospectus Supplement
(the “Prospectus Supplement” and, together with the Base Prospectus, the “Prospectus”) containing
certain supplemental information regarding the Securities, the terms of the Offering and the
Company that will be filed with the Commission and delivered to the Investor (or made available to
the Investor by the filing by the Company of an electronic version thereof with the Commission).

     4. The Company and the Investor agree that the Offering is being made subject to the Placement
Agency Agreement, dated May 12, 2011 (the “Placement Agency Agreement”), among the Company and
William Blair & Company, L.L.C. and JMP Securities LLC (the “Placement Agents”). The Company and
the Investor agree that the Investor will purchase from the Company and the Company will issue and
sell to the Investor the Securities set forth below for the aggregate purchase price set forth
below. The Securities shall be purchased pursuant to the Terms and Conditions for Purchase of
Securities attached hereto as Annex I and incorporated herein by this reference as if fully
set forth herein. The Investor acknowledges that the Offering is not being underwritten by any of
the Placement Agents named in the Prospectus Supplement and that there is no minimum offering
amount.

     5. The manner of settlement of the Common Shares purchased by the Investor shall be as
follows:

Delivery by crediting the account of the Investor’s prime broker (as specified by such
Investor on Exhibit C annexed hereto) with the Depository Trust Company (“DTC”) through its
Deposit/Withdrawal At Custodian (“DWAC”) system, whereby the Investor’s prime broker shall
initiate a DWAC transaction on the Closing Date using its DTC participant identification
number, and released by Continental Stock Transfer & Trust Company, the Company’s transfer
agent (the “Transfer Agent”), at the Company’s direction. NO LATER THAN ONE (1) BUSINESS
DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR
SHALL:

	 	(I)	 	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE
CREDITED WITH THE COMMON SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE
TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE COMMON SHARES, AND

	 	(II)	 	REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE
PURCHASE PRICE FOR THE SECURITIES BEING PURCHASED BY THE INVESTOR TO THE
FOLLOWING ACCOUNT:

[INSERT BANK INFORMATION]

2

 

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC IN A TIMELY
MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE SECURITIES OR DOES
NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES AND WARRANTS MAY NOT BE
DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING
ALTOGETHER.

     6. The executed Warrants shall be delivered in accordance with the terms thereof.
Certificates for any Preferred Shares purchased by the Investor, registered in the name of the
Investor, shall be delivered to the Investor promptly following the Closing.

     7. The Investor represents that, except as set forth below, (a) it has had no position, office
or other material relationship within the past three years with the Company or persons known to it
to be affiliates of the Company, (b) it is not a member of the Financial Industry Regulatory
Authority, Inc. or an Associated Person (as such term is defined under the NASD Membership and
Registration Rules Section 1011) as of the Closing, and (c) neither the Investor nor any group of
Investors (as identified in a public filing made with the Commission) of which the Investor is a
part in connection with the Offering of the Units, acquired, or obtained the right to acquire, 20%
or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the
voting power of the Company on a post-transaction basis.

     Exceptions:

 

          (If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

     8. The Investor represents that it has received (or otherwise had made available to it by the
filing by the Company of an electronic version thereof with the Commission) the Base Prospectus,
dated February 3, 2010, which is a part of the Company’s Registration Statement, the documents
incorporated by reference therein and any Issuer Free Writing Prospectus (collectively, the
“Disclosure Package”), prior to or in connection with the receipt of this Agreement. The Investor
acknowledges that, prior to the delivery of this Agreement to the Company, the Investor will
receive certain additional information regarding the Offering, including pricing information (the
“Offering Information”). Such information may be provided to the Investor by any means permitted
under the Securities Act, including the Prospectus Supplement, a free writing prospectus and oral
communications.

     9. No offer by the Investor to buy Securities will be accepted and no part of the Purchase
Price will be delivered to the Company until the Investor has received the Offering Information and
the Company has accepted such offer by countersigning a copy of this Agreement, and any such offer
may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the
Company (or any Placement Agent on behalf of the Company) sending (orally, in writing or by
electronic mail) notice of its acceptance of such offer. An indication of interest will involve no
obligation or commitment of any kind until the Investor has been delivered the Offering Information
and this Agreement is accepted and countersigned by or on behalf of the Company. The Investor

3

 

understands and agrees that the Company, in its sole discretion, reserves the right to accept or
reject this subscription for Securities, in whole or in part.

     10. The Company acknowledges that the only material, non-public information relating to the
Company it has provided to the Investor in connection with the Offering prior to the date hereof is
the existence of the Offering. The Company understands and confirms that the Investor will rely on
the foregoing representations in effecting transactions in securities of the Company.

[REMAINDER OF PAGE LEFT BLANK]

4

 

Number of Units Containing Common Shares:                                                                     
             

Number of Units Containing Preferred Shares:    
                    
                     
                     
                

Purchase Price Per Unit: $                                        

Aggregate Purchase Price: $                                   

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 

	 

	 	Dated as of: May 12, 2011

	 
	 	 
	 

	 	 
	 

	 	INVESTOR
	 
	 	 
	 

	 	By:

	 
	 	 
	 

	 	Print Name: 

	 
	 	 
	 

	 	Title: 

	 
	 	 
	 

	 	Address: 

	 
	 	 
	 

	 	 

Agreed and Accepted

this 12th day of May, 2011:

BIODEL INC.

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Subscription Agreement

 

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF SECURITIES

     1. Authorization and Sale of the Securities. Subject to the terms and conditions of this
Agreement, the Company has authorized the sale of the Securities.

     2. Agreement to Sell and Purchase the Securities; Placement Agents.

     2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor,
and the Investor will purchase from the Company, upon the terms and conditions set forth herein,
the number of Units set forth on the last page of the Agreement to which these Terms and Conditions
for Purchase of Securities are attached as Annex I (the “Signature Page”) for the aggregate
purchase price therefor set forth on the Signature Page.

     2.2 The Company proposes to enter into substantially this same form of Subscription Agreement
with certain other investors (the “Other Investors”) and expects to complete sales of Securities to
them. The Investor and the Other Investors are hereinafter sometimes collectively referred to as
the “Investors,” and this Agreement and the Subscription Agreements executed by the Other Investors
are hereinafter sometimes collectively referred to as the “Agreements.”

     2.3 Investor acknowledges that the Company has agreed to pay the Placement Agents a fee (the
“Placement Fee”) in respect of the sale of the Securities to the Investors.

     2.4 The Company has entered into the Placement Agency Agreement with the Placement Agents that
contains certain representations, warranties, covenants and agreements of the Company that may be
relied upon by the Investor, which shall be a third-party beneficiary thereof.

     3. Closing and Delivery of the Shares, Warrants and Funds.

     3.1 Closing. The completion of the purchase and sale of the Securities (the
“Closing”) shall occur at a place and time (the “Closing Date”) to be specified by the Company and
the Placement Agents, and of which the Investor will be notified in advance by the Placement
Agents, in accordance with Rule 15c6-1 promulgated under the Exchange Act. At the Closing, (a) the
Company shall cause the Transfer Agent to deliver to the Investor the number of Common Shares
included in the “Units Containing Common Shares” set forth on the Signature Page registered in the
name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as
Exhibit C, in the name of a nominee designated by the Investor, (b) the Company shall cause
to be delivered to the Investor a certificate evidencing the number of Preferred Shares included in
the “Units Containing Preferred Shares” set forth on the Signature Page, (c) the Company shall
cause to be delivered to the Investor a Warrant to purchase a number of whole Warrant Shares
determined by multiplying the aggregate number of Units set forth on the Signature Page by the
Warrant Ratio and rounding down to the nearest whole number and (c) the aggregate purchase price
for the Securities being purchased by the Investor will be delivered by or on behalf of the
Investor to the Company.

I-1

 

     3.2 Conditions to the Obligations of the Parties.

          (a) Conditions to the Company’s Obligations. The Company’s obligation to issue and
sell the Securities to the Investor shall be subject to: (i) the receipt by the Company of the
purchase price for the Securities being purchased hereunder as set forth on the Signature Page and
(ii) the accuracy of the representations and warranties made by the Investor in this Agreement and
the fulfillment of those undertakings of the Investor in this Agreement to be fulfilled prior to
the Closing Date.

          (b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase
the Securities will be subject to the accuracy of the representations and warranties made by the
Company in this Agreement and the fulfillment of those undertakings of the Company to be fulfilled
prior to the Closing Date, including without limitation, those contained in the Placement
Agreement, and to the condition that the Placement Agents shall not have: (i) terminated the
Placement Agreement pursuant to the terms thereof or (ii) determined that the conditions to the
closing in the Placement Agreement have not been satisfied. The Investor’s obligations are
expressly not conditioned on the purchase by any or all of the Other Investors of the Securities
that they have agreed to purchase from the Company. The Investor understands and agrees that, in
the event that the Placement Agents in their sole discretion determine that the conditions to
closing in the Placement Agreement have not been satisfied or if the Placement Agreement may be
terminated for any other reason permitted by the Placement Agency Agreement, then the Placement
Agents may, but shall not be obligated to, terminate such Agreement, which shall have the effect of
terminating this Subscription Agreement pursuant to Section 14 below.

     3.3 Delivery of Funds. In connection with the settlement of the Common Shares
purchased by such Investor through DTC’s DWAC delivery system, no later than one (1) business
day after the execution of this Agreement by the Investor and the Company, the Investor shall
remit by wire transfer the amount of funds equal to the aggregate purchase price for the Securities
being purchased by the Investor to the following account designated by the Company:

          [INSERT BANK INFORMATION]

     3.4 Delivery of Common Shares. In connection with the settlement of the Common Shares
purchased by such Investor through DTC’s DWAC delivery system, no later than one (1) business
day after the execution of this Agreement by the Investor and the Company, the Investor shall
direct the broker-dealer at which the account or accounts to be credited with the Common Shares
being purchased by such Investor are maintained, which broker/dealer shall be a DTC participant, to
set up a DWAC instructing the Transfer Agent to credit such account or accounts with the Common
Shares. Such DWAC instruction shall indicate the settlement date for the deposit of the Common
Shares, which date shall be provided to the Investor by the Placement Agents. At Closing, the
Company shall direct the Transfer Agent to credit the Investor’s account or accounts with the
Common Shares pursuant to the information contained in the DWAC.

     4. Representations, Warranties and Covenants of the Investor. The Investor acknowledges,
represents and warrants to, and agrees with, the Company and the Placement Agents that:

I-2

 

     4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in securities presenting an investment
decision like that involved in the purchase of the Securities, including investments in securities
issued by the Company and investments in comparable companies, (b) has answered all questions on
the Signature Page and the Investor Questionnaire and the answers thereto are true and correct as
of the date hereof and will be true and correct as of the Closing Date and (c) in connection with
its decision to purchase the Securities set forth on the Signature Page, has received and is
relying only upon the Disclosure Package and the documents incorporated by reference therein and
the Offering Information.

     4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by
the Company or the Placement Agents that would permit an offering of the Securities, or possession
or distribution of offering materials in connection with the issue of the Securities in any
jurisdiction outside the United States where action for that purpose is required, (b) if the
Investor is outside the United States, it will comply with all applicable laws and regulations in
each foreign jurisdiction in which it purchases, offers, sells or delivers Securities or has in its
possession or distributes any offering material, in all cases at its own expense and (c) the
Placement Agents are not authorized to make and have not made any representation, disclosure or use
of any information in connection with the issue, placement, purchase and sale of the Securities,
except as set forth or incorporated by reference in the Base Prospectus, any Issuer Free Writing
Prospectus or the Prospectus Supplement.

     4.3 (a) The Investor has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and (b) this Agreement
constitutes a valid and binding obligation of the Investor enforceable against the Investor in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting
parties’ rights generally and except as enforceability may be subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law) and except as to the enforceability of any rights to indemnification or contribution that may
be violative of the public policy underlying any law, rule or regulation (including any federal or
state securities law, rule or regulation).

     4.4 The Investor understands that nothing in this Agreement, the Prospectus, the Disclosure
Package, the Offering Information or any other materials presented to the Investor in connection
with the purchase and sale of the Securities constitutes legal, tax or investment advice. The
Investor has consulted such legal, tax and investment advisors and made such investigation as it,
in its sole discretion, has deemed necessary or appropriate in connection with its purchase of
Securities. The Investor also understands that there is no established public trading market for
the Preferred Shares or Warrants being offered in the Offering, and that the Company does not
expect such a market to develop. In addition, the Company does not intend to apply for listing of
the Preferred Shares or the Warrants on any securities exchange. The Investor understands that
without an active market, the liquidity of the Preferred Shares and the Warrants will be limited.

     4.5 Since the time at which either Placement Agent first contacted the Investor about the
Offering, the Investor has not disclosed any information regarding the Offering to any third
parties (other than its legal, accounting and other advisors) and has not engaged in any
transactions involving the securities of the Company (including, without limitation, any Short
Sales involving the Company’s securities). The Investor covenants that it will not engage in any transactions involving the
securities of the Company (including Short Sales) prior to the time that the transactions
contemplated by this

I-3

 

Agreement are publicly disclosed. The Investor agrees that it will not use any of the Securities
acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so
would be in violation of applicable securities laws. For purposes hereof, “Short Sales” include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under
the Exchange Act, whether or not against the box, and all types of direct and indirect stock
pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent
positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including
on a total return basis), and sales and other transactions through non-U.S. broker dealers or
foreign regulated brokers.

     5. Survival of Representations, Warranties and Agreements; Third-Party Beneficiaries.
Notwithstanding any investigation made by any party to this Agreement or by the Placement Agents,
all covenants, agreements, representations and warranties made by the Company and the Investor
herein will survive the execution of this Agreement, the delivery to the Investor of the Securities
being purchased and the payment therefor. The Placement Agents shall be third-party beneficiaries
with respect to the representations, warranties and agreements of the Investor in Section 4
hereof.

     6. Notices. All notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile or (b) if delivered from outside the United States, by International Federal Express or
facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified
mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized
overnight carrier, one business day after so mailed, (iii) if delivered by International Federal
Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic
confirmation of receipt and will be delivered and addressed as follows:

	 	(a)	 	if to the Company, to:

Biodel Inc.

100 Saw Mill Road

Danbury, CT 06810

Attention: General Counsel

Faciimile: (203) 796-5002

with a copy (which shall not constitute notice) to:

Wilmer Cutler Pickering Hale and Dorr LLP

399 Park Avenue

New York, NY 10022

Attention: Stuart R. Nayman

Facsimile: (212) 230-8888

	 	(b)	 	if to the Investor, at its address on the Signature Page hereto,
or at such other address or addresses as may have been furnished to the Company
in writing.

     7. Changes. This Agreement may not be modified or amended except pursuant to an instrument in
writing signed by the Company and the Investor.

I-4

 

     8. Headings. The headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this Agreement.

     9. Severability. In case any provision contained in this Agreement should be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

     10. Governing Law. This Agreement will be governed by, and construed in accordance with, the
internal laws of the State of New York, without giving effect to the principles of conflicts of law
that would require the application of the laws of any other jurisdiction.

     11. Counterparts. This Agreement may be executed in two or more counterparts, each of which
will constitute an original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been signed by each party
hereto and delivered to the other parties. The Company and the Investor acknowledge and agree that
the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or
the filing by the Company of an electronic version thereof with the Commission). Delivery of an
executed counterpart by facsimile or portable document format (pdf) shall be effective as delivery
of a manually executed counterpart thereof.

     12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt
of the Company’s signed counterpart to this Agreement, together with the Prospectus Supplement (or
the filing by the Company of an electronic version thereof with the Commission), shall constitute
written confirmation of the Company’s sale of Securities to such Investor.

     13. Press Release. The Company and the Investor agree that the Company shall, prior to the
opening of the financial markets in New York City on the business day immediately after the date
hereof, (a) issue a press release announcing the Offering and disclosing all material information
regarding the Offering and (b) file a Current Report on Form 8-K with the Commission including a
form of this Agreement, a form of Certificate of Designation and a form of Warrant as exhibits
thereto.

     14. Termination. In the event that the Placement Agreement is terminated by the Placement
Agents pursuant to the terms thereof, this Agreement shall terminate without any further action on
the part of the parties hereto.

     15. Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to
the negotiation, preparation, execution, delivery and performance of this Agreement.

I-5

 

Exhibit A

FORM OF WARRANT

 

 

Exhibit B

FORM OF CERTIFICATE OF DESIGNATION

 

 

Exhibit C

BIODEL INC.

INVESTOR QUESTIONNAIRE

     Pursuant to Section 3 of Annex I to the Agreement, please provide us with the
following information:

	 	 	 	 	 	 	 

	1.

	 	The exact name that
your Shares and
Warrants are to be
registered in. You
may use a nominee
name if
appropriate:
	 	 

	 
	 	 	 	 	 	 
	2.

	 	The relationship
between the
Investor and the
registered holder
listed in response
to item 1 above:	 	 
	 	 	 	 	 	 	 
	3.

	 	The mailing address
of the registered
holder listed in
response to item 1
above:
	 	Street Address
	 	 
	 	 	 
	 	 
	 

	 	 	 	
City, State, ZIP
	 	 
	 

	 	 	 	
Tel:	 	 
	 
	 	 	 	 	 	 
	4.

	 	Social Security
Number or Tax
Identification
Number:	 	 	 	 
	 
	 	 	 	 	 	 
	5.

	 	DTC Participant:
	 	Broker Name:	 	 
	 

	 	(broker-dealer at
which the account
 or accounts to be credited with the
Common Shares are
maintained)
	 	DTC Participant Number:	 	 
	 

		 	Account Name:	 	 
	 

		 	Account Number:	 	 
	 

		 	Contact to initiate DWAC:	 	 
	 

		 	Telephone #:	 	 
	 

		 	E-mail:	 	 
	 
	 	 	 	 	 	 
	6.

	 	Address for
delivery of your
physical
certificates
representing your
Warrants (and
Preferred Shares,
if applicable), if
you would like them
sent to a third
party and not the
address above:	 	Contact Person / Window
	 	 
	 

	 	 	Company:	 	 
	 

		 	Street Address	 	 
	 

		 	
City, State, ZIP	 	 
	 

		 	
Tel:	 	 
	 

		 	Account Number

(if applicable):

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]