Document:

exv10w1

Exhibit 10.1

CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a
request for confidential treatment and, where applicable, have been marked with an asterisk
(“[*****]”) to denote where omissions have been made. The confidential material has been filed
separately with the Securities and Exchange Commission.

Development and License

Agreement

(Insulin)

     THIS DEVELOPMENT AND LICENSE AGREEMENT (the “Agreement”) is entered into as of 20 December,
2010 (the “Effective Date”) by and between and EMISPHERE TECHNOLOGIES, INC., a Delaware corporation
having an address at 240 Cedar Knolls Road, Cedar Knolls, NJ 07927, USA (“Emisphere”) and NOVO
NORDISK AS, a Danish corporation having an address at Novo Allé, 2880 Bagsvaerd, Denmark (“Novo
Nordisk”).

RECITALS

     WHEREAS, Emisphere is a biopharmaceutical company specializing in the discovery, development,
and commercialization of proprietary drug delivery technology;

     WHEREAS, Novo Nordisk is a leading global health care company engaged in the research,
development and commercialization of pharmaceutical products;

     WHEREAS, in May 2010 Emisphere and Novo Nordisk entered into the Option Agreement (as defined
below)

     WHEREAS, on 14 October 2010 Novo Nordisk exercised its option under Section 3.5 of the Option
Agreement to negotiate this Development and License;

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

1. Definitions and Interpretation

1.1 The following words have the following meaning when used in this Agreement.

“Affiliate” means any corporation, company, partnership, joint venture or other entity which
Controls, is Controlled by, or is under common Control with a Party, as the case may be. For the
purpose of this definition, “Control” means the ownership of more than

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fifty percent (50%) of the
issue share capital or the legal power to direct or cause the direction of the general management
and policies of the Party in question. For purposes of this definition, MHR Capital Partners
Master Account LP, MHR Capital Partners (100) LP, MHR Institutional Partners II LP, MHR
Institutional Partners IIA LP and their owners and their affiliates are not Affiliates of
Emisphere. For purposes of this definition, Novo A/S and the Novo Nordisk Foundation and their
affiliates are not Affiliates of Novo Nordisk.

“API” means active pharmaceutical ingredient.

“Auditor” shall have the meaning provided in Section 7.6.

“Background Intellectual Property” means all Intellectual Property in existence and Controlled by a
Party prior to the effective date of 25 May 2010 of the Option Agreement or conceived by a Party
independently during the term of the Option Agreement or this Agreement and that is used in
connection with the work performed during the term of this Agreement.

“Calendar Year” means, for the first calendar year, the period commencing on the Effective Date and
ending on December 31 of the calendar year during which the Effective Date occurs, and each
successive twelve-month period commencing on January 1 and ending on December 31.

“Carrier” means synthetic chemical compounds, including pharmaceutically acceptable salts,
solvates, and polymorphs identified by Emisphere for use in oral delivery of therapeutics molecules
and that are claimed or disclosed in Emisphere Patent Rights or are Controlled by Emisphere.

“Carrier [*****]” means the Carrier whose structure is shown in Exhibit A.

“Commercially Reasonable Efforts” means such application of effort and resources by the relevant
Party as would be consistent with its actions in respect of a product or compound Controlled by
such Party, which is of similar market potential and at a similar stage in its development or
product life, taking into account, without limitation, with respect to a product issues of safety
and efficacy, product profile, the proprietary position of the product, the then current
competitive environment for the product and the likely timing of the product’s entry into the
market, the regulatory environment of the product, and other relevant scientific, technical and
commercial factors. Notwithstanding the foregoing, to the extent that the performance of a Party’s
responsibilities hereunder is adversely affected by the other Party’s failure to perform its
responsibilities hereunder, such Party will not be deemed to have failed to use its Commercially
Reasonable Efforts in performing such responsibilities.

“Confidential Information” means confidential and proprietary technical, commercial and other
information, know-how, drawings, specifications, models and/or designs relating to the design,
development, manufacture, production, registration (including but not limited to information
relating to safety, adverse events and recalls), promotion,

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distribution, marketing, performance,
sale or use of the Licensed Product(s) and information concerning business transactions or
associations including other technical or commercial co-operation or collaborative arrangements or
financial arrangements with other persons or bodies or customers (existing or potential or
otherwise) or licensors or licensees. Confidential Information includes without limitation and
without prejudice to the generality of the foregoing:

	 	(i)	 	all experimental, manufacturing, process, analytical, packaging, product,
warehousing, quality control and quality assurance and marketing specifications,
standards, procedures, processes, methods, instructions and techniques, samples,
prototypes, formulae, writings of any kind, opinions or otherwise unwritten data or in
the form of computer software or computer programs or any part thereof in any code or
language relating to the Licensed Product(s);
	 
	 	(ii)	 	all data and proprietary know-how relating to the Carriers, Products and/or
Licensed Product(s);
	 
	 	(iii)	 	any biological, chemical or physical materials exchanged under this
Agreement in relation to the Licensed Product(s);
	 
	 	(iv)	 	information necessary or useful in obtaining registration or approval from
any Regulatory Authority in relation to a Licensed Product;
	 
	 	(v)	 	all other information and other material supplied to or received by a Party
on a confidential basis pursuant to this Agreement;
	 
	 	(vi)	 	any reports provided under this Agreement; and
	 
	 	(vii)	 	the terms of this Agreement.

“Control” or “Controlled” means with respect to a particular item, material, information or
Intellectual Property, that a Party, as of the Effective Date of this Agreement and during its
Term, (i) owns or has a license to and (ii) that the Party has the ability to use or grant licenses
or sublicenses to without violating the terms of any agreement with any Third Party.

“Covered by” means, with respect to any Licensed Product, that the manufacture, use, offer for
sale, sale or importation of such Licensed Product(s) would (if such activity were performed by a
Third Party) infringe an Issued Patent Claim.

“Deselection Notice” will have the meaning provided in Section 2.2 (h).

“Due Diligence Request” will have the meaning provided in Section 2.2 (h).

“D&C Event” will have the meaning provided in Section 3.2.

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“EMA” means the European Medicines Agency, a decentralised agency of the European Union responsible
for the scientific evaluation of medicines developed by pharmaceutical companies for use in the
European Union, or any successor agency thereto.

“Emisphere Alternative Patent For Extension” shall have the meaning provided in Section 8.2 (f)
(Patent Term Extension)

“Emisphere Background Intellectual Property” means Background Intellectual Property solely related
to the Program Carriers or to any Program Carriers formulated with any APIs and, in each case,
Controlled by Emisphere.

“Emisphere Change of Control to a Novo Nordisk Technological Competitor” shall mean the acquisition
by a Novo Nordisk Technological Competitor of greater than fifty percent (50%) of the shares of
Emisphere’s capital stock, the holders of which have general voting power under ordinary
circumstances to elect at least a majority of Emisphere’s board of directors.

“Emisphere Foreground Intellectual Property” means Intellectual Property arising from work
performed under the Option Agreement or this Agreement relating to the Program Carriers, whether
conceived, discovered, reduced to practice or writing, generated or developed by the employees,
agents or consultants of Emisphere and its Affiliates or by the employees, agents or consultants of
Novo Nordisk and its Affiliates.

“Emisphere Intellectual Property” means Emisphere Background Intellectual Property and Emisphere
Foreground Intellectual Property.

“Exclusive Program Carrier” will have the meaning provided in Section 2.2 (a).

“Excluded Carrier List” means the list of Carriers provided in Exhibit E, as may be amended from
time to time by Emisphere at its sole discretion and where such amended list is provided by
Emisphere to Novo Nordisk in writing.

“Excluded API List” means the list of APIs provided in Exhibit F, as may be amended from time to
time by Emisphere at its sole discretion and where such amended list is provided by Emisphere to
Novo Nordisk in writing.

“FDA” means the United States Food and Drug Administration, or any successor agency thereto having
the administrative authority to regulate the marketing to human pharmaceutical products or
biological therapeutic products, delivery systems and devices in the United States of America.

“First Commercial Sale” means, in a country, the first commercial sale in that country by Novo
Nordisk or its Affiliates or a sublicensee of a Licensed Product(s) to a Third Party following
receipt of Marketing Approval to sell such Licensed Product(s) in such
country. Sales for clinical studies, compassionate use, named patient programs, sales under a
treatment IND, any non-registrational studies, or any similar instance where the Licensed
Product(s) is sold at cost or supplied without charge such as clinical supplies,

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free samples
(promotional or otherwise) or as donations (for example to non-profit institutions or government
agencies for a non-commercial purpose) shall not constitute a First Commercial Sale.

“First Party” will have the meaning provided in Section 9.4 (Indemnification)

“Foreground Intellectual Property” means all Intellectual Property arising from work performed
under the Option Agreement or this Agreement whether conceived, discovered, reduced to practice or
writing, generated or developed by the employees, agents or consultants of Emisphere or its
Affiliates or by the employees, agents or consultants of Novo Nordisk or its Affiliates.

“Formulation Intellectual Property” means all Intellectual Property arising from work performed
under this Agreement after the Effective Date that relates to Know-How and Patent Rights that claim
formulations of [*****] with Carriers conceived, discovered, reduced to practice or writing,
generated or developed by the employees, agents or consultants of Emisphere or its Affiliates or by
the employees, agents or consultants of Novo Nordisk or its Affiliates.

“GLP-1 Development and License Agreement” means the Development and License Agreement between
Emisphere and Novo Nordisk with an effective date as of 21 June 2008, as amended by the Side Letter
dated 9 March 2009 and the Amendment with an effective date of 13 November 2008 as may be further
amended from time to time.

“Indication” means a separate and distinct disease, disorder or medical condition, in humans, that
a Licensed Product is intended to treat, prevent and/or ameliorate.

“Insulin(s)” means [*****].

“Intellectual Property” means Know-How and Patent Rights.

“Issued Patent Claim” means, on a country by country basis, a claim of an issued patent that Covers
Licensed Product(s) and that has not:

(a) lapsed, expired, been formally disclaimed by written submission to any US or foreign
patent office, withdrawn, cancelled or abandoned; or

(b) been held revoked, invalid or unenforceable in an unappealable or unappealed decision
of a court or other body of competent jurisdiction.

If there should be two or more decisions within the same country which are conflicting with respect
to the invalidity or unenforceability of the same claim, the unappealed or unappealable decision of
the highest tribunal shall thereafter control.

“Know-how” means ideas, concepts, discoveries, inventions, developments and non-public,
confidential or proprietary trade secrets, techniques, methodologies,

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modifications, innovations,
improvements, designs and design concepts, and any other information that is necessary or useful
for the research, development, manufacture, use, import, export, sale, offer for sale, transfer, or
regulatory approval of products or processes, including but not limited to technical information,
expertise, processes, techniques, specifications, formulas, procedures, protocols, and data,
results and other information generated or developed through experiments and testing.

“Licensed Know-how” means Know-How Controlled by Emisphere that is directed to the Program
Carrier(s), the Licensed Product(s), or their use or production/manufacturing, and which is
necessary or useful for the research, development, manufacture, use, import, export, sale, offer
for sale, transfer, and/or regulatory approval of Licensed Product(s). Licensed Know-How shall in
addition include Know-How Controlled by Emisphere developed during the term of this Agreement that
is related to the Program Carrier(s) or the Licensed Product(s), their use or
production/manufacturing, and which is necessary or useful for the research, development,
manufacture, use, import, export, sale, offer for sale, transfer, and/or regulatory approval of
Licensed Product(s). Licensed Know-How does not include Know-How which (i) at the time of
disclosure by Emisphere to Novo Nordisk was already in the public domain through no wrongful act of
Novo Nordisk; (ii) prior to the disclosure by Emisphere to Novo Nordisk, or the development by
Emisphere or Novo Nordisk under this Agreement, was already in Novo Nordisk’s possession from a
Third Party source that was under no obligation to Emisphere to keep such information confidential,
or from Emisphere without any obligation of confidentiality on the part of Novo Nordisk; or (iii)
was developed independently by Novo Nordisk, outside of the Option Agreement and this Agreement,
without the assistance of Emisphere and without any use of Confidential Information Controlled by
Emisphere.

“Licensed Product(s)” means any pharmaceutical formulation suitable for administration to humans
where such formulation contains at least one Product as the sole API in combination with a Program
Carrier.

“Licensed Patents” means (i) any Patent Rights directed to the Emisphere Intellectual Property; and
(ii) any other Patent Rights Controlled by Emisphere having at least one Issued Patent Claim that
would be infringed by the manufacture, import, use, offering for sale, or sale of a Licensed
Product(s) (if such activity were performed by a Third Party).

“Marketing Approval” means, based on an application filed with a Regulatory Authority for marketing
approval of Licensed Product, the written approval from a Regulatory Authority to market and sell a
Licensed Product or any written successor approvals based on successor applications or procedures,
and all supplements and amendments that may be filed with respect to the foregoing, and similar
filings with other applicable Regulatory Authorities in other countries of the Territory.

“NDA” means an application and all amendments and supplements thereto filed with a Regulatory
Authority, including all documents, data, and other information concerning a

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pharmaceutical product
which are necessary for gaining Regulatory Approval to market and sell such pharmaceutical product.

“Net Sales” shall be calculated in the same manner as Novo Nordisk calculates Net Sales reported to
its shareholders and shall mean all revenues, recognized in accordance with the International
Financial Reporting Standards, from the sale of a Licensed Product(s) by Novo Nordisk or its
Affiliates or its sublicensees, less the following deductions which are actually incurred, allowed,
paid, accrued or specifically allocated:

(a) credits or allowances actually granted for damaged Licensed Product(s)s, returns or
rejections of Licensed Product(s), price adjustments and billing errors;

(b) governmental and other rebates (or equivalents thereof) granted to managed health care
organizations, pharmacy benefit managers (or equivalents thereof), federal, state,
provincial, local and other governments, their agencies and purchasers and reimbursers or
to trade customers;

(c) normal and customary trade, cash and quantity discounts, allowances and credits
actually allowed or paid;

(d) commissions allowed or paid to Third Party distributors, brokers or agents other than
sales personnel, sales representatives and sales agents employed by Novo Nordisk;

(e) transportation costs, including insurance, for outbound freight related to delivery of
a Licensed Product(s) to the extent included in the gross amount invoiced;

(f) sales taxes, VAT taxes and other taxes directly linked to the sales of Licensed
Product(s) to the extent included in the gross amount invoiced; and

(g) any other items that reduce gross sales amounts as required by the International
Financial Reporting Standards applied on a consistent basis.

Net Sales shall not include sales at Novo Nordisk’s cost price to Affiliates or to contractors or
sublicensees engaged by or partnered with Novo Nordisk to develop, promote, co-promote, market,
sell or otherwise distribute a Licensed Product(s). However, subsequent sales of Licensed
Product(s) by Novo Nordisk Affiliates, contractors, or sublicensees shall be included in the Net
Sales when sold in the market for end-user use.

For Net Sales of a Licensed Product sold or supplied as a “Combination” where “Combination” means
Licensed Product(s) as sold or supplied is a pharmaceutical product containing, in addition to the
Licensed product(s), one or more biologically active pharmaceutical(s) that are not Licensed
Product(s) or another API, the Net Sales of
such a Combination in a country will be determined by multiplying the Net Sales of such Combination
by the fraction of A/A+B, where A is the average unit selling price of the

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Licensed Product sold
separately in that country and B is the total average unit selling price of the other biologically
active pharmaceutical(s), when sold separately in that country. If neither the Licensed Product
nor the other biologically active pharmaceutical(s) of the Combination are sold separately, then
the Parties shall negotiate in good faith the value of the other biologically active
pharmaceutical(s) of the Combination that are to be deducted from the Net Sales of the Combination
in determining the Net Sales of the Licensed Product contained in the Combination.

Monetary conversion from the currency of a country outside the U.S. in which a Licensed Product(s)
is sold into U.S. dollars shall be calculated at the rates of exchange used by Novo Nordisk in
producing its quarterly and annual reports to its shareholders, as confirmed by Novo Nordisk’s
independent registered public accountants.

“Non-Exclusive Program Carrier” shall have the meaning provided in Section 2.2(a).

“Non-Insulin” means any API other than an Insulin.

“Non-Payment Date” will have the meaning provided in Section 3.4(b)

“Novo Nordisk Background Intellectual Property” means Background Intellectual Property solely
related to Products and Controlled by Novo Nordisk.

“Novo Nordisk’s Election Notice” will have the meaning provided in Section 8.2 (b) (Patent Term
Extension)

“Novo Nordisk Foreground Intellectual Property” means all

(i) Formulation Intellectual Property,

(ii) Option Agreement Formulation Intellectual Property, and

(iii) Intellectual Property [*****], solely relating to Product(s), their method(s) of
production or their method(s) of use, whether conceived, discovered, reduced to practice or
writing, generated or developed by the employees, agents or consultants of Emisphere or its
Affiliates or by the employees, agents or consultants of Novo Nordisk or its Affiliates.

“Novo Nordisk Intellectual Property” means Novo Nordisk Background Intellectual Property and Novo
Nordisk Foreground Intellectual Property.

“Novo Nordisk Patent” shall have the meaning provided in Section 8.2 (e) (Patent Term Extension)

“Novo Nordisk Technological Competitor” means a person or entity listed in Exhibit D, and their
respective Affiliates. Novo Nordisk, having provided reasonable documentation in writing to
Emisphere that a person or entity has after the Effective Date initiated development of, or
acquired technology for, the production or delivery of [*****], may add additional Novo Nordisk
Technological Competitors to Exhibit D from
time to time. Any person or entity that is listed in Exhibit D and that ceases to develop,

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or own
or have a license to technology for, the production or delivery of [*****], shall be removed from
Exhibit D.

“Option Agreement” means the Feasibility & Option Agreement executed by Parties with an
effective date of 25 May, 2010.

“Option Agreement Formulation Intellectual Property” means Formulation Intellectual Property as
defined in the Option Agreement as of the Effective Date of the Option Agreement.

“Party” means Emisphere or Novo Nordisk.

“Parties” means Emisphere and Novo Nordisk.

“Patent Authority” means a governmental, intergovernmental, or government-authorized body
responsible for receiving, examining, issuing, extending or maintaining patents.

“Patent Rights” means all patents and patent applications, and any and all continuations,
continuations-in-part, divisionals, utility models, extensions (including extensions under the U.S
Patent Term Restoration Act, extensions of patents under the Japanese Patent Law and Supplementary
Protection Certificates), renewals, substitutions and additions thereof and all reissues,
revalidations and re-examinations thereof, including any and all patents issuing there from and any
and all foreign counter-parts thereof.

“Phase 1 Clinical Trial” means a human clinical trial that satisfies the requirements for a Phase 1
study as defined in 21 C.F.R. Part 312.21(a) (or its successor regulation) or the equivalent human
clinical trial outside the US.

“Phase 2 Clinical Trial” means a human clinical trial that satisfies the requirements for a Phase 2
study as defined in 21 C.F.R. Part 312.21(b) (or its successor regulation) or the equivalent human
clinical trial outside the US.

“Phase 3 Clinical Trials” means a human clinical trial that satisfies the requirements for a Phase
3 study as defined in 21 C.F.R. Part 312.21(c) (or its successor regulation) or the equivalent
human clinical trial outside the US.

“Product(s)” means any [*****].

“Program Carriers” subject to Carriers listed on the Excluded Carriers List, means up to
[*****]Carriers for use with Product in accordance with this Agreement and that are selected by
Novo Nordisk, at its sole discretion, in writing during or before the Term of this Agreement from
the Carriers made available to Novo Nordisk by Emisphere. Carrier [*****] and [*****]have been
selected by Novo Nordisk as Non-Exclusive Program Carriers under this Agreement as of the Effective
Date. Novo Nordisk shall be entitled to [*****]more unique Program Carriers under this Agreement,
whether or not such
Program Carriers are selected under the GLP-1 Development and License Agreement.

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Notwithstanding
the foregoing, Novo Nordisk shall only be entitled to a total of [*****]unique Program Carriers as
between this Agreement and the GLP-1 Development and License Agreement where selection of the same
Carrier as a Program Carrier under both this Agreement and the GLP-1 Development and License
Agreement shall count as only a single unique Program Carrier as to the [*****]unique Program
carriers to which Novo Nordisk is entitled.

“Recall” shall have the meaning provided in Section 5.5.

“Regulatory Approval” means any approvals (including price and reimbursement approvals), licenses,
registrations, or authorizations of a Regulatory Authority that is necessary for the manufacture,
use, storage, import, transport and/or sale of a Licensed Product in such jurisdiction.

“Regulatory Authority” means any national, supra-national, regional, state or local regulatory
agency, department, bureau, commission, council or other governmental entity, whose approval or
authorization is necessary for, or to whom notice must be given prior to, the manufacture,
distribution, use or sale of a Licensed Product or the designation of a Licensed Product as an
orphan drug (or equivalent designation).

“Section 3.5 (a) Patent” shall have the meaning provided in Section 8.2 (d) (Patent Term Extension)

“Selection Date” means any date during the Term on which Novo Nordisk notifies Emisphere in
writing of its selection of a Carrier as a Program Carrier.

“[*****]” means the Carrier whose structure is shown in Exhibit A

“Term” shall have the meaning provided in Section 12.1.

“Territory” means the world.

“Third Party” means any party other than the Parties and their Affiliates.

“United States” or “U.S.” means the United States of America and its territories and
possessions, including the Commonwealth of Puerto Rico and the U.S. Virgin Islands

1.2 Interpretation

In this Agreement headings are for convenience only and do not affect interpretation, and unless
the context indicates a contrary intention:

(a) if a word or phrase is given a defined meaning, any other part of speech or grammatical
form of that word or phrase has a corresponding meaning;

(b) a reference to a Party, Section, schedule, attachment or Exhibit is a reference to a
Party, Section, schedule, attachment or Exhibit to this Agreement;

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(c) a Section, schedule, attachment or Exhibit to this Agreement forms a part of this
Agreement, but if there is inconsistency between this Agreement and any schedule,
attachment or Exhibit to it, this Agreement shall prevail unless the Parties have agreed
otherwise in writing;

(d) a reference to a document (including this Agreement) is to that document as varied,
novated, ratified or replaced from time to time;

(e) a reference to a statute includes its delegated legislation, and a reference to a
statute or delegated legislation or a provision of either includes consolidations,
amendments, reenactments and replacements;

(f) a reference to “includes” in any form is not a word of limitation;

(g) a reference to a Party shall not or a Party does not have a right to do an act, or
prohibition of a Party from doing an act, means the Party and its Affiliates shall not and
have no right to do so, and are prohibited from doing so, directly or indirectly, by or
with sublicencees, subcontractors or in collaboration;

(h) unless otherwise specifically stated, all provisions are assumed to be applicable
during and throughout the Term of this Agreement;

(i) the captions and headings of clauses contained in this Agreement preceding the text of
the Sections, sections, subsections and paragraphs hereof are inserted solely for
convenience and ease of reference only and shall not constitute any part of this Agreement,
or have any effect on its interpretation or construction;

(j) references to days shall mean calendar days, unless otherwise specified;

(k) ambiguities and uncertainties, if any, shall not be interpreted against either Party,
irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to
exist; and

(l) this Agreement has been prepared in the English language and the English language shall
control its interpretation. In addition, all notices required or permitted to be given
hereunder, and all written, electronic, oral or other communications between the Parties
regarding this Agreement shall be in the English language.

2. Grant of Rights and Selection of Program Carriers

2.1 Grant of Rights and Exclusivity for Formulations Containing Insulin(s) and Carriers.

(a) Emisphere grants Novo Nordisk and its Affiliates a worldwide, royalty-bearing exclusive
license, with the right for Novo Nordisk and its Affiliates to
sublicense under the Licensed Patents and Licensed Know-How, to research,

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develop, make,
have made, use, import, export, sell, offer for sale the Licensed Product(s) in the
Territory during the Term.

(b) If Emisphere has rights to Intellectual Property Controlled by a Third Party, for
example under an option or a right or first refusal granted to Emisphere by such Third
Party, and if such Intellectual Property is necessary or useful for Novo Nordisk to
research, develop, make, have made, use, import, export, sell, offer for sale, and
otherwise transfer the Licensed Product(s), then Emisphere shall, to the extent permitted
under the terms of the agreement with such Third Party, obtain a license to such
Intellectual Property, with a right to sublicense to Novo Nordisk, in order to ensure that
it is included in the Licensed Patents and/or Licensed Know-How;

(c) Emisphere shall not grant a license to a Third Party under Emisphere Intellectual
Property to research, develop, make, have made, use, import, export, sell, offer for sale
and/or otherwise transfer a formulation(s) of an [*****] with a Carrier; and Emisphere
shall not itself research, develop, make, have made, use, import, export, sell, offer for
sale and/or otherwise transfer a formulation(s) of an [*****] with any Carrier other than
to fulfill its obligations under this Agreement;

(d) Novo Nordisk shall at all times retain the unrestricted right to develop or
commercialize any formulation of [*****] whether alone or with any agent that is not a
Carrier.

(e) No right or license under any Intellectual Property is granted or shall be granted by
implication under this Agreement. All such rights or licenses are or shall be granted only
as expressly provided in the terms of this Agreement.

2.2 Carrier Exclusivity.

     In addition to exclusivity in relation to Licensed Products set forth in Section 2.1 above,
Novo Nordisk shall have the possibility to obtain exclusivity for Program Carriers (but only for
Licensed Products) that are selected as Non-Exclusive Program Carriers by Novo Nordisk under this
Agreement and not deselected pursuant to Section 2.2.(h) as described below. For the avoidance of
doubt, no Program Carrier shall be an Exclusive Program Carrier unless it is so designated under
the provisions of this Section 2.2.

     (a) At any time after the Selection Date, Novo Nordisk may request that a Program Carrier
selected by Novo Nordisk as a Non-Exclusive Program Carrier become an Excusive Program Carrier by
providing written notice to Emisphere, specifically identifying such Program Carrier (“Selected
Program Carrier”). For purposes of this Agreement, “Exclusive Program Carrier” means a Selected
Program Carrier approved in writing by Emisphere pursuant to the terms and conditions of this
Section 2.2 that Emisphere shall not itself research, develop or commercialize or enable a Third
Party to do so for any API for as long as that Selected Program Carrier remains an Exclusive
Program Carrier under the terms of this Agreement. For purposes of this Agreement, a

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“Non-Exclusive Program Carrier” is a Program Carrier licensed to Novo Nordisk under Section
2.1of this Agreement.

     (b) Emisphere shall provide written notice to Novo Nordisk of the availability of such
Selected Program Carrier as an Exclusive Program Carrier within fourteen (14) days of Emisphere’s
receipt of such request by Novo Nordisk. A Selected Program Carrier will not be available as an
Exclusive Program Carrier if prior to the notice referred to in Section 2.2(a):

          (i) Emisphere has granted a license to a Third Party for the Selected Program Carrier;

          (ii) Emisphere is itself researching, developing or commercializing a formulation containing
the Selected Program Carrier as evidenced by Emisphere’s written records; or

          (iii) the Selected Program Carrier is on the Excluded Carrier List.

     If Emisphere informs Novo Nordisk that the Selected Program Carrier is available for
exclusivity, [*****]. If Emisphere informs Novo Nordisk that the Selected Program Carrier is
unavailable for exclusivity because any of the conditions above is applicable, [*****].

     (c) Provided that Novo Nordisk is making the payments set forth in Section 3.4 below and
[*****], the Selected Program Carrier designated as an Exclusive Program Carrier shall remain an
Exclusive Program Carrier under this Agreement.

          For the avoidance of doubt, an Exclusive Program Carrier will cease being an Exclusive Program
Carrier and convert to a Non-Exclusive Program Carrier if [*****].

     (d) If Novo Nordisk desires to use an Exclusive Program Carrier, as determined under Sections
2.2(a)-(c) above, or a Non-Exclusive Program Carrier, with an API or combination of APIs, in each
case other than the Product, then Novo Nordisk shall notify Emisphere of such desire in writing,
specifically identifying the API or combination of APIs.

     (e) In the event Novo Nordisk notifies Emisphere under Section 2.2(d) above, Emisphere shall
respond within fourteen (14) days of receipt of such notice as to whether the requested API or
combination of APIs, as of the date of receipt by Emisphere of such notice:

          (i) is the subject of a license with respect to any Carrier granted by Emisphere to a Third
Party;

          (ii) is being researched, developed, or commercialized by Emisphere as of the date of receipt
by Emisphere of such notice as evidenced by Emisphere’s written records; or

13

 

          (iii) is on the Excluded API List.

     (f) In the event that none of the conditions set forth in Section 2.2(e)(i)-(iii) are met, the
Parties shall negotiate for one hundred twenty (120) days following Novo Nordisk receipt of the
Emisphere availability notice (the “Negotiating Period”) in good faith a separate license
agreement, or amendment of an existing license agreement, under reasonable commercial terms in
which Emisphere shall grant Novo Nordisk exclusivity to the requested Exclusive Program Carrier/API
formulation or Non-Exclusive Program Carrier/API formulation as the case may be to the extent
Emisphere has the right to do so in view of any prior license agreements it has entered into with
Third Parties. If no agreement is entered into by the expiration of the Negotiating Period, the
Parties may extend the negotiating period by mutual consent.

     (g) Notwithstanding anything in this Section 2.2, and subject to the last sentence in Section
2.2(i), Emisphere’s Carriers commonly referred to as [*****] are not eligible to be Exclusive
Program Carriers under this Agreement, and except for [*****], are Program Carriers under the GLP-1
Development and License Agreement.

     (h) Within thirty (30) days of the Selection Date, Novo Nordisk will have the right to provide
Emisphere with a written due diligence request (hereafter “Due Diligence Request”) for the Program
Carrier identified on the Selection Date. If such Due Diligence Request is provided by Novo Nordisk
to Emisphere, Emisphere will provide a written response to such Due Diligence Request to Novo
Nordisk no later than sixty (60) days from receipt of such Due Diligence Request. Within sixty
(60) days of receipt of Emisphere’s response, and no later than one hundred fifty (150) days from
the Selection Date, Novo Nordisk may, at its sole discretion, inform Emisphere in writing that
[*****].

     (i) Except as set forth under Section 2.2(a) or as set forth in any development and license
agreement that may be executed under Section 2.2(f), Emisphere retains the right itself under the
Emisphere Intellectual Property, with the right to license Third Parties, to research, develop,
make, have made, use, import, export, sell, offer to sell and otherwise transfer products in the
Territory other than formulation(s) of an [*****] with any Carrier.

     (j) For the avoidance of doubt, Novo Nordisk may under the GLP-1 Development and License Agreement
select a Program Carrier to be an Exclusive Program Carrier (as defined therein) under that
agreement, provided that if Novo Nordisk subsequently decides to develop any such Carrier also for
[*****]; and this Agreement will govern the development and commercialization of such Carrier with
Product.

     (k) Furthermore, for the avoidance of doubt, except as set forth under Section 2.1 a Non-Exclusive
Program Carrier may be used by Emisphere, or a Third Party licensed by Emisphere, to research,
develop, commercialize, make, have made, use, import, export, sell and offer to sell with any API
other than Product.

14

 

3. Fees and Payments

3.1 Novo Nordisk shall pay to Emisphere a non-refundable, non-creditable license fee of Five
Million Dollars (US$5,000,000) within [*****] days after the Effective Date. Notwithstanding any
other provision of this Agreement to the contrary, it shall be a condition to the effectiveness of
this Agreement, including the licenses granted to Novo Nordisk hereunder, that Novo Nordisk timely
make such payment to Emisphere.

3.2 Novo Nordisk shall provide Emisphere with written notice of the first occurrence of each
Development and Commercialization Event (“D&C Event”) set forth below with respect to a Licensed
Product within thirty (30) days after such occurrence. Within thirty (30) days of the first
occurrence of each of the events set forth below with respect to a Licensed Product, Novo Nordisk
shall pay to Emisphere the applicable payment set forth below, whether such milestone is achieved
by Novo Nordisk, its Affiliate or any of their respective sublicensees:

	 	 	 	 	 
	D&C Event of Licensed Product(s)	 	US$ Payment	 
	First Patient Dosing in Phase 1 Clinical Trial with a Licensed
Product
	 	$	[*****]	 
	First Patient Dosing in Phase 2 Clinical Trial with a Licensed
Product
	 	$	[*****]	 
	First Patient Dosing in Phase 3 Clinical Trial with a Licensed
Product
	 	$	[*****]	 
	Filing with the FDA with respect to a Licensed Product
	 	$	[*****]	 
	FDA approval of a Licensed Product
	 	$	[*****]	 
	EMA approval of a Licensed Product
	 	$	[*****]	 
	Total
	 	$	[*****]	 

The payments set forth above in this Section 3.2 shall each be payable only once for the first
[*****] Licensed Products to obtain Regulatory Approval, regardless of the number of Indications
for which such Licensed Product is developed or approved. All payments made to Emisphere pursuant
to this Section 3.2 are non-refundable and may not be credited against any other payments payable
by Novo Nordisk to Emisphere under this Agreement.

In the event that Regulatory Approval of a [*****] Licensed Product(s) is obtained and Novo Nordisk
is developing a [*****] Licensed Product(s), then for each D&C Event achieved for such [*****]
Licensed Product(s), Novo Nordisk shall pay Emisphere [*****] of each such D&C Event payment. The
[*****] payment shall be payable only once and shall not be payable again despite potential
repeated achievement of the D&C Events by a [*****] or
subsequent Licensed Product(s).

15

 

3.3 Novo Nordisk shall provide Emisphere with written notice of the first occurrence of each of the
events set forth below with respect to a Licensed Product within thirty (30) days after such
occurrence. Within thirty (30) days of the first occurrence of each of the events set forth below
with respect to a Licensed Product, Novo Nordisk shall pay to Emisphere the applicable payment set
forth below, whether such milestone is achieved by Novo Nordisk, its Affiliate or any of their
respective sublicensees:

	 	 	 	 	 
	Annual Net Sales Event of a Licensed Product	 	US$ Payment	 
	Net Sales > $[*****] Million
	 	$	[*****]	 
	Net Sales > $[*****] Million
	 	$	[*****]	 
	Net Sales > $[*****] Million
	 	$	[*****]	 
	Total
	 	$	[*****]	 

The payments set forth above in this Section 3.3 shall be triggered by the achievement of the
specified Net Sales for a given Calendar Year for a single Licensed Product and shall be payable
only once despite potential repeated achievement of the specified sales by a single Licensed
Product or by different Licensed Products. All payments made to Emisphere pursuant to this Section
3.3 are non-refundable and may not be credited against any other payments payable by Novo Nordisk
to Emisphere under this Agreement.

The payments outlined above shall be made in respect of the Net Sales Event above for the first
[*****] Licensed Products to obtain Regulatory Approval. In the event that Regulatory Approval of a
[*****] Licensed Product(s) is obtained and Novo Nordisk is developing a [*****] Licensed
Product(s), then for each Annual Net Sales Event achieved for such [*****] Licensed Product(s),
Novo Nordisk shall pay Emisphere [*****] of each such Net Sales Event payment. The [*****] payment
shall be payable only once for such [*****] Licensed Product; and shall not be payable again
despite potential repeated achievement of the Annual Net Sales Events by a [*****] or subsequent
Licensed Product(s).

3.4 Additional Program Carrier Payments to Maintain the Program Carrier Exclusivity and Effects of
Failure to Make Such Payments.

(a) In order to maintain Program Carriers other than Non-Exclusive Program Carriers as
Exclusive Program Carriers during the Term, Novo Nordisk shall pay Emisphere, in addition
to any other payments that might be owed Emisphere under Section 3.2 for the following D&C
Events, the following amounts: (i) [*****] USD at the time of (A) [*****] and (B) [*****],
and (ii) [*****] USD at the time of [*****]. Novo Nordisk will make the above payments to
Emisphere within thirty (30) days from the occurrence of the specified additional D&C
Event. For the avoidance of doubt, the above amounts are payable one time only regardless
of the number of Licensed Product(s) containing the Exclusive Program Carrier(s) that might
achieve the above additional D&C Events and payment of the above additional amounts shall
never be due for Licensed Product(s) containing a Non-Exclusive Program Carrier.

16

 

(b) If one or more of the payments set forth in section 3.4 (a) are not timely made to
Emisphere for Exclusive Program Carriers, such Carriers affected will from the date such
payment was due and not made (“Non-Payment Date”), automatically convert from Exclusive
Program Carriers to Non-Exclusive Program Carriers and Emisphere shall, subject to the
restrictions set forth in Section 2.1 (a) and 2.1(c), have the right itself under the
Emisphere Intellectual Property, with the right to license Third Parties, to research,
develop, make, have made, use, import, export, sell, offer to sell and otherwise transfer
formulations containing such Program Carriers in the Territory.

3.5 Royalties.

(a) For each Licensed Product Covered by an Issued Patent Claim of Licensed Patents or of
Formulation Intellectual Property or Option Agreement Formulation Intellectual Property in
a country, Novo Nordisk shall pay to Emisphere a royalty on the Net Sales of each Licensed
Product(s) in such country as follows:

	 	 	 	 	 
	Annual Net Sales in the Territory	 	Royalty Rate	 
	Less than $[*****] USD
	 	 	[*****]	%
	$[*****] USD — $[*****] USD
	 	 	[*****]	%
	Above $ [*****] USD
	 	 	[*****]	%

where the total Net Sales are calculated on a Licensed Product by Licensed Product basis.

For example, royalties for Annual Net Sales of USD [*****] of a Licensed Product will
amount to USD [*****] (i.e., [*****]% x USD [*****] + [*****]% x $[*****] USD +[*****]% x
USD [*****]) for that year.

(b) For each Licensed Product(s) not Covered by an Issued Patent Claim of Licensed Patents
or of Formulation Intellectual Property or Option Agreement Formulation Intellectual
Property in a country, in consideration for Novo Nordisk’s use of the Licensed Know-How,
Novo Nordisk shall pay Emisphere Know-How royalties on Net Sales of such Licensed
Product(s) in such country at [*****] of the above royalty rates for a period of [*****]
years from the First Commercial Sale in such country of such Licensed Product(s). For the
avoidance of doubt, if a royalty is being paid under this Section and a patent claim in the
Licensed Patents, Formulation Intellectual Property, or Option Agreement Formulation
Intellectual Property subsequently becomes an Issued Patent Claim, then the royalty from
the date of issuance of such Issued Patent Claim shall be paid under Section 3.5(a) above.

(c) In the event that the only Issued Patent Claim covering a Licensed Product(s) in a
country is an Issued Patent Claim of Licensed Patents or

17

 

Formulation Intellectual Property or Option Agreement Formulation Intellectual Property
which has been solely invented by Novo Nordisk, Novo Nordisk shall pay Emisphere royalties
on Net Sales of a Licensed Product(s) in such country at [*****] of the above royalty.

(d) In the event Novo Nordisk is required to obtain one or more licenses under Intellectual
Property Controlled by a Third Party that specifically claims a Program Carrier or claims a
Program Carrier in association with an API, wherein patentability of such claim is based
upon such Program Carrier, then up to [*****] of royalties otherwise payable by Novo
Nordisk to Emisphere hereunder may be credited against milestones and/or fees or royalties
which Novo Nordisk actually pays to such Third Party. In the event Novo Nordisk is required
to obtain a license as in the preceding sentence and the Intellectual Property Controlled
by the Third Party that is the subject of such license is Intellectual Property that has
arisen from work conducted pursuant to a development and license agreement between that
Third Party and Emisphere, then (i) up to [*****] of royalties otherwise payable by Novo
Nordisk to Emisphere hereunder may be credited against milestones and/or fees or royalties
which Novo Nordisk actually pays to such Third Party and (ii) Emisphere shall use
Commercially Reasonable Efforts to assist Novo Nordisk in obtaining a license from such
Third Party.

(e) Notwithstanding anything to the contrary, in no event will the royalty payments listed
in Sections 3.5(a) and 3.5(c) be reduced by more than [*****].

(f) Royalty payments shall be calculated and reported for each calendar quarter. All
royalty payments due to Emisphere under this Agreement shall be paid within thirty (30)
calendar days of the end of each calendar quarter. Each payment shall be accompanied by a
report of Net Sales of Licensed Products by Novo Nordisk, its Affiliates and their
respective sublicensees in sufficient detail to permit confirmation of the accuracy of the
payment made, including, the Net Sales of such Licensed Products in the Territory and
country by country, and the royalty payable. Novo Nordisk shall keep, and shall cause its
Affiliates and their respective sublicensees to keep, complete and accurate records
pertaining to the sale or other disposition of Licensed Products in sufficient detail to
permit Emisphere to confirm the accuracy of all payments due hereunder as set forth in
Section 7.6.

3.6 Emisphere Change of Control to a Novo Nordisk Technological Competitor. Upon any occurrence of
an Emisphere Change of Control to a Novo Nordisk Technological Competitor, Novo Nordisk (i)
reporting obligations to Emisphere under this Agreement and (ii) information obligations to
Emisphere under this Agreement [*****].

3.7 General Provisions Applicable to Payments. Emisphere shall be responsible for and shall bear
any taxes levied upon payments received by Emisphere and Emisphere hereby authorizes Novo Nordisk
to withhold such taxes from the payments which are payable to Emisphere in accordance with this
Agreement if Novo Nordisk is either

18

 

required to do so under applicable law or directed to do so by a governmental authority. Upon
Emisphere’s written request, Novo Nordisk shall, with respect to the laws of Denmark, reasonably
support Emisphere in its legal efforts to minimize any such withholding taxes and provide Emisphere
with information about and necessary for any documentation needed to reduce withholding to a legal
minimum.

3.8 Wire Transfer. All payments to be made by Novo Nordisk to Emisphere under this Agreement shall
be made by wire transfer from Novo Nordisk to the following account of Emisphere:

[*****]

ABA [*****]

Account number: [*****]

Account Name: Emisphere Technologies, Inc.

3.9 Loss of Exclusivity of Novo Nordisk’s License Rights under Section 2.
If, during the Term, either Party becomes aware that a Third Party obtains ownership or license
rights to Emisphere Intellectual Property that results in a loss of exclusivity granted to Novo
Nordisk under Section 2, then (a) such Party will promptly notify the other Party and (b) all
future payments by Novo Nordisk under Sections 3.2, 3.3, 3.4, and 3.5 shall be reduced by [*****]
percent (%).

4. Product Development

4.1 Novo Nordisk shall, at its own cost and discretion, develop and obtain Regulatory Approval for
the Licensed Product(s).

4.2

(a) Subject to the limitations provided in the definition of Program Carriers and Section
2.2(g) above, the Parties shall jointly select the Program Carriers for use in Licensed
Products which are to be provided to, and screened by, Novo Nordisk. Emisphere shall use
Commercially Reasonable Efforts to provide documentation specified by Novo Nordisk
concerning the Program Carriers. The Parties agree that the Know-How related to the
Program Carriers provided to Novo Nordisk, including structures of such Program Carriers
and their availability as Exclusive Program Carriers at the time, must be disclosed by
Emisphere to Novo Nordisk. Any Know-How related to Program Carriers provided to Novo
Nordisk prior to the Effective Date shall be provided to Novo Nordisk promptly following
execution of the Agreement, if any such Know-How has not already been provided. For the
avoidance of doubt, once a specific Carrier has been jointly selected as a Program Carrier,
Emisphere may not enter such Carrier on the Excluded Carrier List.

(b) Upon selection of a Carrier to be a Program Carrier in accordance with Section 4.2 (a),
Know-How related to such Program Carrier shall become Licensed Know-How as of the Selection
Date. Emisphere shall continue to

19

 

provide Licensed Know-How to Program Carriers to Novo Nordisk throughout the Term.

(c) If requested by Novo Nordisk, representatives of Emisphere shall participate, at Novo
Nordisk’s cost, in a technology transfer session(s) of commercially reasonable scope and
length to be held in Denmark or in the US as decided by Novo Nordisk at its sole
discretion.

4.3 Novo Nordisk shall be solely responsible for the development, development plan(s), and
commercialization for the Licensed Product(s) and for all of the costs of the development and
commercialization of the Licensed Product(s). Novo Nordisk shall own all clinical data and other
results, without limitation, arising out of the work under this Agreement and shall continue to
own all data and results which were generated under the Option Agreement from the carrying out of
the Work Plan (as defined in the Option Agreement) and reports describing such data and results.
Novo Nordisk shall not, directly or indirectly, attempt to chemically modify, or create derivative
materials from any Program Carriers.

4.4 Emisphere shall use Commercially Reasonable Efforts to perform any development or
commercialization activity undertaken by Emisphere as part of the development plan(s). Novo Nordisk
shall compensate Emisphere for its out of pocket costs, including costs for personnel at an hourly
rate of $[*****] USD for any development or commercialization activities including technical
support, manufacturing support, regulatory support, and support of scale-up/supply activities
undertaken by Emisphere at Novo Nordisk’s written request, subject to annual revision to reflect
inflation. Novo Nordisk shall be notified in writing in advance of such revision of the hourly
rate.

4.5 Novo Nordisk shall use Commercially Reasonable Efforts to develop Licensed Product(s) for one
Indication in the Territory as decided by Novo Nordisk at its sole discretion and shall comply with
all governmental laws and regulations applicable in any such jurisdiction in the development of and
obtaining Regulatory Approval for Licensed Products in the jurisdiction.

4.6 Novo Nordisk may, at its sole discretion, decide on development of any additional Licensed
Product(s) and/or Indications for any Licensed Product(s) at its own expense.

4.7 Novo Nordisk shall provide Emisphere with

(a) Starting with the Calendar Year 2012, a written annual report within one month after
Novo Nordisk’s annual project review, such report to be limited to the Novo Nordisk [*****]
for all Licensed Product(s), including significant progress toward achievement of each of
the D&C Events and future projected time lines for each of the D&C Events;

(b) A written notice 30 days prior to any upcoming D&C Events; and

(c) A written notice 30 days after the first occurrence of any D&C Events as specified in
Section 3.2.

20

 

In addition,

(d) Novo Nordisk shall inform Emisphere with no undue delay in the event a D&C Event is
postponed by at least one quarter as compared to the most recent annual report; and

(e) Novo Nordisk shall provide to Emisphere within (10) days any information reasonably
requested by Emisphere on an ad hoc basis on the progress of the development of all
Licensed Product(s).

4.8 Novo Nordisk shall be solely responsible for all regulatory and filing activities and shall
solely own all regulatory documents and registrations including all clinical trial applications and
marketing applications filed with any regulatory agency in any jurisdiction. Novo Nordisk shall
inform Emisphere of scheduled meetings, teleconferences and other interactions with regulators to
the extent regulators allow them but Emisphere shall not be allowed to participate in any of the
aforementioned except to the extent that they pertain to Non-Exclusive Program Carriers. Novo
Nordisk shall also provide copies of any subsection of any regulatory submission which is related
to Program Carriers to Emisphere in a timely fashion. Emisphere may disclose such information as
it pertains to any Non-Exclusive Carrier to its Third Party licensees provided (1) such Third Party
is not developing or commercializing any formulation of an [*****] and (2) Emisphere and such Third
Party licensees enter into a written agreement (A) under terms and conditions regarding use,
handling and non-disclosure of such information that are at least as restrictive as under this
Agreement and (B) specifying that if such Third Party later initiates development or
commercialization of any formulation of an [*****], then at the time of such initiation the Third
Party must return to Emisphere any information provided under this section. Upon the reasonable
request of Novo Nordisk, Emisphere shall promptly, at Novo Nordisk’s costs, provide Novo Nordisk
with information and reasonable assistance for any Novo Nordisk submission to a Regulatory
Authority including but not limited to activities to support timely fulfillment of postapproval
and/or postmarketing requirements. Upon the reasonable request of Emisphere, Novo Nordisk shall
promptly, at Emisphere’s costs, provide Emisphere with information and reasonable assistance for
any submission to a Regulatory Authority regarding or relating to a Non-Exclusive Program Carrier.
Each Party shall promptly inform the other Party of any material change in information provided
under this Section 4.8.

5. Commercialization of Licensed Product

5.1 Novo Nordisk shall direct, at its own cost and discretion, the marketing and sales
activities world-wide.

5.2 Sales shall be booked by Novo Nordisk.

5.3 Novo Nordisk shall use Commercially Reasonable Efforts to market and sell Licensed
Product(s) in the Territory as decided by Novo Nordisk at its sole discretion and

21

 

shall comply with applicable governmental laws and regulations applicable in any such jurisdiction
for marketing and selling of Licensed Product(s). Upon the reasonable request of Novo Nordisk,
Emisphere shall promptly, at Novo Nordisk’s costs, provide Novo Nordisk with information and
reasonable assistance for Novo Nordisk to comply with any regulations applicable to Licensed
Product(s), including without limitation Novo Nordisk’s meeting its reporting and other obligations
to maintain and update any Marketing Approval for Licensed Product(s). Emisphere shall promptly
inform Novo Nordisk of any change in information provided by Emisphere under this Section 5.3.

5.4 Each Party shall provide the other Party with notice, within one (1) business day after
notification or other information (directly or indirectly) that it receives from any Regulatory
Authority, and/or for Emisphere from a Third Party, (and providing, as soon as reasonably possible,
copies of any associated written requests) that (a) raises any material concerns regarding the
safety or efficacy of a Program Carrier or a Licensed Products), (b) indicates or suggests a Third
Party claim arising in connection with a Program Carrier or a Licensed Product(s) or (c) is
reasonably likely to lead to a Recall (as defined in Section 5.5) of a Program Carrier or a
Licensed Product(s). Information that shall be disclosed (to the extent it relates to the subject
matter of section (a) through (c), inclusive) pursuant to this Section 5.4 shall include without
limitation:

(a) inspections by a Regulatory Authority of manufacturing, distribution or other
related facilities concerning a Program Carrier or a Licensed Products(s);

(b) inquiries by a Regulatory Authority concerning clinical investigation activities
(including inquiries of investigators, clinical monitoring organizations and other
related parties) with respect to a Program Carrier or a Licensed Product(s);

(c) any material communication (in any form, including written, oral or electronic
form) from a Regulatory Authority involving the manufacture or commercialization of a
Program Carrier or a Licensed Product(s) or any other Regulatory Authority reviews or
inquiries relating to any event set forth in this Section 5.4;

(d) an initiation of any Regulatory Authority investigation, detention, seizure or
injunction concerning a Program Carrier or a Licensed Product(s); and

(e) any other regulatory action (e.g., proposed labeling or other registrational
dossier changes and recalls) that would affect a Program Carrier or a Licensed
Product(s).

In the event that any of the above information concerns a Non-Exclusive Program Carrier and
Emisphere deems it needs to disclose any such information to a Third Party

22

 

licensee of such Program Carrier, Emisphere shall ensure that such Third Party(ies) enter into a
written agreement under terms and conditions regarding use, handling and non-disclosure of such
information that are at least as restrictive as under this Agreement.

5.5 Novo Nordisk shall make all decisions, at its sole discretion, with respect to any recall,
market withdrawals or any other corrective action related to Licensed Product(s) (collectively,
“Recalls”) for safety reasons or as may be mandated by a Regulatory Authority or voluntarily
decided by Novo Nordisk, and Novo Nordisk shall have the responsibility for conducting such Recalls
at its costs. Novo Nordisk shall notify Emisphere of (a) any voluntary decision by Novo Nordisk to
conduct any Recall and the reasons therefor or (b) any Recall mandated by a Regulatory Authority.
Emisphere shall promptly notify Novo Nordisk of any recommendation by Emisphere to conduct a Recall
for any reason, for consideration by Novo Nordisk and at Novo Nordisk’s sole discretion.

Novo Nordisk shall hold and control the global pharmacovigilance database in relation to Licensed
Product(s), including without limitation, at its sole discretion, the database format. For
Non-Exclusive Program Carriers, the Parties shall exchange the annual safety report/periodic safety
report prepared by each Party on such Non-Exclusive Program Carrier and shall notify each other
promptly of any material concerns regarding the safety of such Non-Exclusive Program Carriers. For
the avoidance of doubt Novo Nordisk shall not be obligated to provide Emisphere with safety
information which in Novo Nordisk’s good faith evaluation is solely attributable to [*****]. In the
event that Emisphere deems it needs to disclose any such safety information as described in the
preceding sentence to a Third Party licensee of such Program Carrier, Emisphere shall ensure that
such Third Party(ies) enter into a written agreement under terms and conditions regarding use,
handling and non-disclosure of such information that are at least as restrictive as under this
Agreement.

5.6 Novo Nordisk shall be responsible for handling all customer complaints in relation to
Licensed Product(s). Upon Novo Nordisk’s reasonable request, Emisphere agrees to promptly provide
Novo Nordisk, at Novo Nordisk’s costs, with reasonable assistance in order for Novo Nordisk to
address such customer complaints appropriately. If requested by Emisphere for regulatory purposes
or to meet obligations to Third Party licensee of a Non-Exclusive Program Carrier, Novo Nordisk
will, at Emisphere’s costs, provide Emisphere with copies of severe (in Novo Nordisk’s good faith
evaluation) customer complaints, that (in Novo Nordisk’s good faith evaluation) relate or refer to
a Licensed Product that contain a Non-Exclusive Program Carriers and annual summaries of such
severe customer complaints relating or referring to Licensed Product(s) that contain Non-Exclusive
Program Carriers. In the event that any of the above information concerns a Non-Exclusive Program
Carrier and Emisphere deems it needs to disclose any such information to a Third Party licensee of
such Program Carrier, Emisphere shall ensure that such Third Party(ies) enter into a written
agreement under terms and conditions regarding use, handling and non-disclosure of such information
that are at least as restrictive as under this Agreement.

5.7 Novo Nordisk shall be responsible for handling all adverse drug experiences in relation to
Licensed Product(s) and for making all decisions related thereto. Upon Novo

23

 

Nordisk’s reasonable request, Emisphere agrees to promptly provide Novo Nordisk, at Novo Nordisk’s
costs, with reasonable assistance in order for Novo Nordisk to handle such adverse drug experiences
appropriately. If requested by Emisphere for regulatory purposes or to meet obligations to Third
Party licensee of a Non-exclusive Program Carrier, Novo Nordisk will, at Emisphere’s costs,
promptly provide Emisphere with copies of adverse drug experiences that (in Novo Nordisk’s good
faith evaluation) may relate or refer to Non-Exclusive Program Carriers and annual summaries of
adverse drug experiences that (in Novo Nordisk’s good faith evaluation) relate or refer to
Licensed Product(s) that contain Non-Exclusive Program Carriers. In the event that any of the
above information concerns a Non-Exclusive Program Carrier and Emisphere deems it needs to disclose
any such information to a Third Party licensee of such Program Carrier, Emisphere shall ensure that
such Third Party(ies) enter into a written agreement under terms and conditions regarding use,
handling and non-disclosure of such information that are at least as restrictive as under this
Agreement.

6. Supply of Licensed Products and Program Carrier(s)

6.1 Novo Nordisk shall be responsible for product supply of Licensed Product(s) in the
Territory.

6.2 Except as set forth in Section 6.4, Novo Nordisk shall use Commercially Reasonable Efforts
to manufacture and supply Licensed Product(s) and shall comply with all governmental laws and
regulations applicable in the relevant jurisdictions in manufacturing and supplying Licensed
Product(s). Novo Nordisk shall have the right to manufacture Program Carriers for use in Licensed
Product(s) itself and/or by Emisphere and/or to contract with one or more reputable Third Parties
for the purpose of such manufacturing, wholly or in part. Should Novo Nordisk decide to use a
Third Party(ies), [*****], to manufacture Licensed Product(s) and/or some or all of Program
Carrier(s) for use in Licensed Products and/or by Emisphere, Novo Nordisk agrees to provide to such
Third Party(ies) only that information related to Program Carriers necessary for manufacturing
Licensed Products and/or Program Carriers for use in Licensed Products and/or by Emisphere and to
enter into a written agreement with such Third Party(ies) under terms and conditions regarding use,
handling and non-disclosure of such information related to Program Carriers and/or Licensed
Products that are at least as restrictive as under this Agreement.

6.3 As part of the Licensed Know-How transfer process set forth in Section 4.2, Emisphere shall
transfer to Novo Nordisk the Licensed Know-How necessary for the manufacture of the Licensed
Product(s) or for the manufacture of Program Carriers for use in Licensed Products, and Novo
Nordisk shall reimburse Emisphere for its reasonable and documented out of pocket costs and its
reasonable and documented costs for personnel associated with such transfer. The FTE rate agreed in
Section 4.4 shall apply.

6.4 If requested by Novo Nordisk and if Emisphere in its reasonable discretion has available
resources at the time of such request, the Parties shall within one (1) month of

24

 

Novo Nordisk’s written request to Emisphere enter into negotiations in good faith of a Supply and
Quality Agreement concerning supply by Emisphere of Program Carrier(s) to Novo Nordisk at a price
which cannot exceed [*****] percent above Emisphere’s documented manufacturing costs (i.e., the FTE
rate agreed in Section 4.4 does not apply in this case) and in an amount sufficient for Novo
Nordisk to satisfy its responsibility for product supply of Licensed Product(s) in the Territory.
The Supply and Quality Agreement will concern supply by Emisphere of Program Carriers to Novo
Nordisk to be used by Novo Nordisk in the continued toxicology studies and with an option for Novo
Nordisk to have Emisphere supply Program Carriers for Novo Nordisk’s Phase 1 Clinical Trial. Novo
Nordisk shall have the right to terminate the Supply and Quality Agreement without cause with a
reasonable notice to be agreed upon.

7. Records and Audit Rights

7.1 Development and Manufacturing Records. To the extent applicable, each Party shall comply
(and shall ensure that their Affiliates and in Novo Nordisk’s case, also its sublicensees,) with
current Good Laboratory Practices, Good Clinical Practices and Good Manufacturing Practices as
required by the Regulatory Authority in any relevant jurisdiction of the Territory and shall make
(and shall ensure that their Affiliates’ make, and in Novo Nordisk’s case, also its sublicensees’
make) all facilities and records available for audit by any Regulatory Authority and by the other
Party as set forth in this Agreement where work is performed by one Party at the request of the
other Party.

7.2 Data Retention and Documentation. Each Party, at its own costs, shall be responsible for
archiving all relevant and required original documentation and raw data in relation to the
research, development, manufacturing and control of Program Carriers and Licensed Product(s). The
Parties shall keep all original notebooks indefinitely and the Parties shall archive development
documentation in accordance with their documentation control policies, which shall comply with all
applicable laws. All original documentation related to manufacturing shall be kept for sixteen
(16) years. Emisphere is to provide Novo Nordisk with copies of reasonably accessible
documentation that it has with respect to research, development, manufacture and control of Program
Carriers, except original lab notebooks, copies of which will be provided to Novo Nordisk;
provided, however, that any original documentation relating to manufacture and control of Program
Carriers that Emisphere does not provide to Novo Nordisk shall be archived for twenty (20) years,
and provided that Emisphere must provide documentation to Novo Nordisk, which is relevant for the
development report of the final product. In case Emisphere desires to discard the data and
documentation relating to manufacture and control of Program Carriers or the original lab notebooks
Emisphere shall notify Novo Nordisk of such decision and Novo Nordisk may assume responsibility for
the archiving thereof at Novo Nordisk’s cost.

7.3 Quality Audits. With respect to work performed under Section 4.4 by Emisphere and
Emisphere’s supply of Program Carriers under Section 6.4, Novo Nordisk shall have the right, at its
own costs, once a year upon reasonable prior written notice to conduct during business hours
quality assurance audits of the relevant parts of Emisphere quality management systems and of
development, manufacturing, storage or shipping facilities,

25

 

including computer systems such as those that capture, analyze or store study information or
results, where work on the development, manufacture, storage or shipping of Program Carriers and/or
Licensed Product(s) is conducted, as reasonably deemed necessary by Novo Nordisk in order to ensure
that such facilities meet the standards of Novo Nordisk and any applicable Regulatory Authority,
including cGCP, cGLP and cGMP. If a Quality Audit identifies any non-conformity, Emisphere must
rectify such non-conformity within a time period mutually agreed by the Parties.

7.4 Regulatory Inspections. Upon reasonable advance notice and during normal business hours,
Emisphere shall allow any applicable Regulatory Authority to inspect Emisphere facilities and to
conduct reviews of any original documents or reports or any facilities that are deemed by such
Regulatory Authority to be related to a Program Carrier and/or Licensed Product(s). Emisphere shall
reply promptly to the requests of such Regulatory Authority and will follow up promptly on actions
required by such Regulatory Authority without Novo Nordisk incurring additional cost. Emisphere
shall inform Novo Nordisk promptly in writing if any Regulatory Authority contacts Emisphere with
respect to such matters. Emisphere shall in all cases provide to Novo Nordisk copies of all
correspondence with such Regulatory Authority. Each Party shall provide assistance when reasonably
requested by the other Party for inspections by a Regulatory Authority relating to Licensed
Product(s). If a regulatory inspection is taking place at Novo Nordisk, Emisphere shall, upon Novo
Nordisk’s request, provide Novo Nordisk with copies of original records kept by Emisphere required
for such inspection within the time frame required for such inspections.

Novo Nordisk shall promptly inform Emisphere in writing if any Regulatory Authority contacts Novo
Nordisk regarding, or conducts, a review or inspection relating to any Non-Exclusive Program
Carrier and shall promptly provide Emisphere copies of correspondence with such Regulatory
Authority that is related to such Non-Exclusive Program Carrier. If for regulatory purposes or to
meet obligations to Third Party licensee of a Non-Exclusive Program Carrier, Emisphere deems it
needs to disclose any such information to a Third Party licensee of such Non-Exclusive Program
Carrier, Emisphere shall ensure that such Third Party(ies) enter into a written agreement under
terms and conditions regarding use, handling and non-disclosure of such information that are at
least as restrictive as under this Agreement.

7.5 Business Books of Accounts and Records. Each Party shall keep complete, true and accurate
books and records relating to this Agreement, and for Novo Nordisk, including Net Sales and
royalties, for at least three (3) years following the calendar quarter to which the information
relates.

7.6 Audit Rights Pertaining to Sales or Other Disposition of Licensed Product(s). During the
Term and for three (3) years thereafter, Novo Nordisk shall keep (and cause its Affiliates and
sublicensees to keep) complete and accurate records pertaining to the sale or other disposition of
Licensed Products in sufficient detail to permit Emisphere to confirm the accuracy of royalties due
hereunder. During such time, Emisphere shall have the right to appoint from time to time up to two
accountants from an independent well-reputable accounting firm (“Auditor”) acceptable to Novo
Nordisk to audit the relevant

26

 

Net Sales records of Novo Nordisk and its Affiliates (as applicable) to verify the accuracy of the
relevant Net Sales report and royalties payable, by inspection of relevant books of accounts and
records, subject to the following terms:

(a) Prior to inspecting any accounts and records, the Auditor must enter into a
confidentiality agreement with Novo Nordisk reasonably satisfactory to Novo Nordisk.

(b) Novo Nordisk and its Affiliates shall make their books and records available for
inspection by the Auditor solely to verify the accuracy of its Net Sales report and
royalties payable.

(c) Emisphere shall give at least thirty (30) days prior notice to Novo Nordisk of when its
Auditor shall visit Novo Nordisk and its Affiliates.

(d) Novo Nordisk and its Affiliates shall give access to the Auditor to the relevant
books and records during regular business hours at the place or places where the books and
records are usually kept. While inspecting such accounts and records, the Auditor must
abide by all of Novo Nordisk’s standard rules and regulations and the Auditor will not be
entitled to take copies of any such accounts and records.

(e) The Auditor shall prepare and deliver to each Party a report setting out
its findings no later than thirty (30) days after the audit has been completed.

(f) Any report by an Auditor under this Section 7.6 shall be deemed Confidential
Information of Novo Nordisk and Emisphere shall keep confidential, in accordance with
Section 11, the report received from the Auditor and any other information received or
learnt in connection with the audit.

(g) Emisphere’s audit right under this Section 7.6 may not be exercised more than once
in a Calendar Year and once a particular Calendar Year is audited, it may not be reaudited.

(h) Emisphere shall bear the audit costs, except where the audit shows that Novo
Nordisk has underpaid Emisphere by more than [*****] of the total amount due for a Calendar
Year, in which case Novo Nordisk shall pay for Emisphere’s reasonable and documentable
audit costs. Emisphere shall indemnify and hold Novo Nordisk harmless from any losses
resulting from any negligence or any other act or omission on the part of the Auditor’s’
inspecting and auditing records and accounts under this Section 7.6.

(i) Where there has been an underpayment, Novo Nordisk shall pay to Emisphere the
underpayment (together with reasonable and documentable audit costs if applicable) due
within thirty (30) days of its receipt of the Auditor’s report. In the case of overpayment
by Novo Nordisk, Novo Nordisk may, at its option, offset any future royalty payments
payable to Emisphere by the amount of

27

 

overpayment, or it may request reimbursement from Emisphere within thirty (30) days of its
receipt of the Auditor’s report.

(j) Upon the expiration of thirty six (36) months following the end of any calendar
quarter, the report or calculation of any sums payable under this Agreement by Novo Nordisk
with respect to such calendar quarter will be binding and conclusive upon Emisphere, and
Novo Nordisk will be released from any liability or accountability with respect to such
report or calculation and any payments made thereto.

8. Intellectual Property

8.1 Each Party shall be responsible at its own costs, for taking all steps necessary to
prosecute, maintain and enforce Intellectual Property Controlled by that Party, subject to the
following:

     (a) Prosecution of Licensed Patents.

(i) Emisphere shall, at least twice in each Calendar Year and at minimum
intervals of five months, during the Term provide Novo Nordisk with a list of
Licensed Patents providing relevant filing, priority, and status
information (the “Semiannual Licensed Patent Report”), beginning on
the date that is six (6) calendar months following the Effective Date.

(ii) Emisphere shall provide Novo Nordisk with timely notification regarding
any information it discovers during the Term that may be reasonably considered to
impact the validity, enforceability, scope or term of any Licensed Patent, as long
as doing so would not I violate the attorney-client privilege between Emisphere
and its attorneys.

(iii) Emisphere shall timely provide Novo Nordisk with copies of all
correspondence from and to any Patent Authority or any Third Party, excluding
correspondence from Emisphere’s outside counsels to Emisphere, regarding Licensed
Patents.

(iv) Emisphere shall provide Novo Nordisk with a copy of any proposed filing
with any Patent Authority or any proposed written communication to a Third Party,
excluding communications from Emisphere’s outside counsels, in connection with
proceedings before any Patent Authority in the Licensed Patents and shall permit to
Novo Nordisk a reasonable opportunity (at least 10 calendar days) to review and
comment on any proposed filing with respect to such Licensed Patents.
Notwithstanding the foregoing and for the avoidance of doubt, Emisphere shall have
the sole decision-making authority over any and all filings with any Patent
Authority.

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(v) For any Licensed Patent covering a Program Carrier that has not been
deselected under Section 2.2 (h) of this Agreement by Novo Nordisk for which Novo
Nordisk is the sole licensee of such Program Carrier, Emisphere shall not make any
disclaimer of term or subject matter of any Licensed Patents without Novo Nordisk’s
prior written consent; provided, however, that Novo Nordisk shall not unreasonably
withhold or delay such consent with respect to Emisphere filing a terminal
disclaimer in the course of prosecuting a patent application in the United States
that Emisphere deems reasonably necessary to advance such prosecution. For any
patent application in the Emisphere Intellectual Property for which Novo Nordisk is
not the sole licensee, then the provisions of Section 8.1(a)(iv) shall apply.

(vi) Emisphere shall not settle any inter partes proceedings before any Patent
Authorities regarding Licensed Patents (including any opposition proceedings,
interference proceedings, or any inter partes re-examination proceeding) covering a
Program Carrier that has not been deselected by Novo Nordisk under Section 2.2 (h)
of this Agreement without Novo Nordisk’s prior written consent which shall not be
unreasonably withheld. This Section, however, shall not apply to any inter partes
proceeding to which Novo Nordisk is a party.

(vii) Emisphere agrees that it shall not abandon or narrow the claims of any
Licensed Patents covering a Program Carrier that has not been deselected by Novo
Nordisk under Section 2.2 (h) of this Agreement so that they no longer cover such
Program Carriers (to the extent they already cover Program Carriers), their use or
manufacture, in any country unless it has received Novo Nordisk’s written consent
to do so which consent shall not be unreasonably withheld by Novo Nordisk or unless
such Licensed Patents have been finally rejected.

(viii) If Emisphere elects to discontinue prosecution or maintenance of any
Licensed Patent, Emisphere shall so advise Novo Nordisk in writing at least sixty
(60) calendar days in advance of such discontinuance. Novo Nordisk and Emisphere
shall discuss in good faith whether such Licensed Patent should be discontinued.

(ix) In the event that a Selected Program Carrier becomes and remains an
Exclusive Program Carrier as set forth in Section 2.2, Emisphere shall use
reasonable efforts to prosecute patent applications, pending at the time Emisphere
receives the Novo Nordisk notice in accordance with Section 2.2(b) and during the
Term, [*****].

(b) Enforcement of Intellectual Property.

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(i) Each Party shall promptly report in writing to the other Party during the
Term (a) any known or suspected infringement of, or unauthorized use of, or
challenge to, any of the Emisphere Intellectual Property or Novo Nordisk
Intellectual Property, (b) any certification filed pursuant to 21 U.S.C. §
355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any
Patent Rights within Emisphere Intellectual Property or Novo Nordisk Intellectual
Property is invalid or otherwise unenforceable, or that infringement will not arise
from the manufacture, use, import, offer for sale, or sale of a product by a Third
Party or (c) any claim by a Third Party that the development, manufacture or
commercialization of any Licensed Product infringes or misappropriates the
intellectual property rights of that Third Party and shall provide the other Party
with all available evidence supporting such known or suspected infringement or
unauthorized use. For any of the disclosure or notification obligations of the
Parties under this Section, it is understood that all information disclosed under
such obligations is covered by the provisions of Section 11, and further that
neither Party shall be required, by such obligations, to disclose legally
privileged information or information in respect of which such Party is subject to
confidentiality or other contractual obligations to Third Parties unless required
to do so by operation of law.

Emisphere shall have the first right but not obligation to enforce and/or defend
the Licensed Patents or Licensed Know-How. Within thirty (30) days after receiving
notice of an infringement or a lawsuit on the validity of a patent (or, in the case
of a certification received pursuant to either 21 U.S.C. §§ 355(b)(2)(A)(iv) or
(j)(2)(A)(vii)(IV) or its successor provisions, or any similar provision in a
country in the Territory other than the United States, within twenty (20) days),
Emisphere shall decide if it shall institute legal action to enforce and/or defend
the Licensed Patents or Licensed Know-How and shall notify Novo Nordisk of its
decision. For any alleged infringement of a Licensed Patent by the research,
development, making, having made, using, importing, exporting, selling or offering
for sale in any country in the Territory a formulation of a Carrier and a Product,
if

          (a) Novo Nordisk is the sole licensee of the relevant Licensed Patent at the
time of any report under Section 8.1(b)(i) and Emisphere decides not to assert
and/or defend such Licensed Patent, then Novo Nordisk shall have the right, but not
the obligation, to initiate and conduct legal action against the alleged infringer;
or

          (b) Novo Nordisk is not the sole licensee of the relevant Licensed Patent at
the time of any report under Section 8.1(b)(i) and Emisphere decides not to enforce
and/or defend such Licensed Patent, [*****].

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In the event Novo Nordisk is permitted to initiate and/or conduct any legal action
to enforce and/or defend the Licensed Patent(s) or Licensed Know-How, as provided
above, Novo Nordisk shall inform Emisphere of its intent to do so within 30 days of
receipt from Emisphere of its decision not to enforce and/or defend; and in such
case Emisphere shall provide Novo Nordisk with all reasonable assistance in such
legal action. Emisphere shall have the right to join, at its own expense, any such
legal action and to be represented in such action by its own counsel. If Emisphere
is required under any law to join any such legal action initiated by Novo Nordisk
or if the failure of Emisphere to be a Party to such suit, action, or proceeding
would in the opinion of counsel to Novo Nordisk risk dismissal thereof, Emisphere
shall execute all papers and perform such other acts as may be reasonably required
to permit the litigation to be initiated or conducted (including initiating a suit
before a court or tribunal at Novo Nordisk’s request or permitting Novo Nordisk to
initiate a legal action under this Section in the name of Emisphere and Novo
Nordisk), and Novo Nordisk shall reimburse Emisphere for its reasonable expenses
relating to its joining thereto and participation therein. If Emisphere is
required to be joined as a Party in any such action, then upon the request of Novo
Nordisk, Emisphere shall waive any objection to such joinder on the grounds of
personal jurisdiction, venue, or forum non conveniens.

The Party enforcing and/or defending the Licensed Patents or Licensed Know-How
shall conduct such legal action in a way that shall not have a material adverse
impact on the rights granted to Novo Nordisk under the license and on the Licensed
Patents or Licensed Know-How. The Party enforcing and/or defending the Licensed
Patents or Licensed Know-How may enter into any settlement, consent judgment, or
other voluntary final disposition of any action contemplated by this Section
8.1(b)(i) without the other Party’s prior consent; provided that A) the other Party
receives a general release of any claims against it in such proceeding and is
promptly provided thereafter a copy of such settlement, consent judgment or other
voluntary disposition and B) such settlement does not have a material adverse
impact on the rights granted to Novo Nordisk under the license and on the Licensed
Patents or Licensed Know-How or result in a material payment by the other Party to
a Third Party. Any other settlement, consent judgment or voluntary final
disposition of any proceeding under this Section 8.1(b)(i) by the Party enforcing
and/or defending the Licensed Patents or Licensed Know-How shall require the prior
written consent of the other Party, which consent such other Party shall not
unreasonably withhold.

(ii) With respect to any suit or action regarding Licensed Patents and/or
Licensed Know-How as set forth in the above Section 8.1(b)(i), any recovery
obtained as a result of any such proceeding, by settlement or

31

 

otherwise, shall first be used to reimburse Novo Nordisk and Emisphere, if any, for
their reasonable out-of-pocket costs and legal fees incurred in the conduct of such
proceedings and any remaining amount shall be divided as follows: 80% to the Party
conducting the suit or action and 20% to the other Party.

(c) Background Intellectual Property shall remain the property of the Party Controlling
the same.

(d) Ownership of Foreground Intellectual Property shall be as follows:

(i) Novo Nordisk shall own exclusively Novo Nordisk Foreground Intellectual
Property; and

(ii) Emisphere shall own exclusively Emisphere Foreground Intellectual
Property.

(e) Emisphere shall upon execution of this Agreement assign to Novo Nordisk all of
Emisphere’s right, title and interest in, under and to Option Agreement Formulation
Intellectual Property, and cause any employees, agents or consultants of Emisphere and its
Affiliates to execute formal assignments and any such instruments prepared by Novo Nordisk,
which Novo Nordisk deems necessary to vest Novo Nordisk’s sole ownership of such Option
Agreement Formulation Intellectual Property.

(f) Novo Nordisk shall develop trademarks and trade dress in connection with the
marketing, sale, advertising and/or promotion of the Licensed Product(s) in the Territory.
Novo Nordisk shall own such trademark(s) and trade dress and shall prosecute, maintain and
enforce such trademarks and trade dress at its own cost and discretion. Notwithstanding the
foregoing, Emisphere shall cooperate with Novo Nordisk and use reasonable efforts to assist
Novo Nordisk in the protection of such trademarks and trade dress, including by promptly
notifying Novo Nordisk of any known, threatened or suspected infringement, imitation or
unauthorized use of or unfair competition relating to such trademarks and trade dress.

(g) Emisphere and Novo Nordisk agree that upon the written request of Novo Nordisk the
Parties will in good faith initiate negotiations and use reasonable efforts to agree to and
enter an amendment to this Agreement no later than 90 calendar days after Emisphere receipt
of notice hereunder, incorporating contractual provisions adequately reflecting the Patient
Protection and Affordable Care Act (H.R. 3590) dated March 21 2010 (and which was passed by
the Senate on December 24, 2009). In particular, the Parties will amend this Agreement in a
manner enabling Novo Nordisk to respond in a satisfactory and timely manner to any
biosimilar applications and patent proceedings of said Act under Subtitle A of

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Title VII Biologics Price Competition and Innovation relating to a Licensed Product,
including obligations on Emisphere to cooperate and provide information as required by Novo
Nordisk.

(h) Novo Nordisk will semi-annually in January and August of each Calendar Year,
starting August 2011, prepare a general report to Emisphere in relation to the status of
its patent filings concerning Formulation Intellectual Property, the contents of such
report being subject to Novo Nordisk reasonable discretion. For the avoidance of doubt, the
report under this Section 8.1 (h) constitutes Novo Nordisk Confidential Information under
Section 11.

8.2 Patent Term Extension.

(a) Emisphere shall advise Novo Nordisk in writing within five (5) business days of
receipt by Emisphere of any communications from any Regulatory Authority that may be
reasonably considered pertinent to an extension of the term of a Patent Right for a
Licensed Product(s) (including patent term restoration under the U.S. Patent Statutes (35
U.S.C. §§1-376) and supplementary protection certificates in the member states of the
European Union or European Economic Area, or Switzerland) (collectively “Extensions”).

(b) Novo Nordisk shall have the right, at its sole discretion, to seek, or direct
Emisphere to seek where appropriate, an Extension of the term of any Licensed Patent or of
any patent Controlled by Novo Nordisk for a Licensed Product(s). Novo Nordisk shall inform
Emisphere in writing of its election (“Novo Nordisk’s Election Notice”) of which patent
Novo Nordisk will apply for Extension on in a given country at least 30 days prior to
applying for such restoration with the Patent Authority in that country.

     (c) Emisphere covenants and agrees:

(i) to not seek an Extension of the term of any Licensed Patents without Novo
Nordisk’s prior written consent which shall not be unreasonably withheld.

(ii) where Novo Nordisk elects to apply for Extension of a Licensed Patent, to
authorize Novo Nordisk to act as Emisphere’s agent before any Patent Authority,
including granting Novo Nordisk or its representatives any power of attorney
necessary to seek such extension.

(iii) to cooperate with any efforts by Novo Nordisk to extend the term of any
Patent Right for a Licensed Product(s), including diligently supplying all
information relating to such Extension to Novo Nordisk, and executing supporting
documents required to comply with applicable law pertaining to the Extension of
patent terms.

33

 

(d) If Novo Nordisk seeks and obtains an Extension on only a single patent in a given
country and such patent is a Licensed Patent or a patent within Formulation Intellectual
Property or Option Agreement Formulation Intellectual Property (hereafter a “Section 3.5(a)
Patent”), then Novo Nordisk shall continue to pay royalties pursuant to Section 3.5 on Net
Sales of Licensed Product(s) in such country for the period for which the term of the
Section 3.5(a) Patent is extended.

(e) If Novo Nordisk seeks and obtains an Extension on more than one patent in a given
country and at least one such patent is a Section 3.5(a) Patent, then Novo Nordisk shall
continue to pay royalties pursuant to Section 3.5 on Net Sales of Licensed Product(s) in
such country for the period for which the term of the Section 3.5(a) Patent is extended.
Novo Nordisk shall not however pay royalties for Net Sales of Licensed Product(s) in such
country for the period by which the extended term of any patent Controlled by Novo Nordisk
other than a patent within Formulation Intellectual Property or Option Agreement
Formulation Intellectual Property (a “Novo Nordisk Patent”) extends beyond the term of the
Section 3.5(a) Patent.

(f) If Novo Nordisk elects to seek an Extension on a Novo Nordisk Patent and not of a
Section 3.5(a) Patent and Emisphere does not agree with Novo Nordisk’s selection
of a patent to be extended for a Licensed Product(s), Emisphere may identify to
Novo Nordisk in writing a Section 3.5(a) Patent that is eligible for such Extension and
which Emisphere would prefer to have extended (“Emisphere Alternative Patent For
Extension”) within fifteen (15) calendar days of Emisphere’s receipt of Novo Nordisk’s
Election Notice. If Novo Nordisk maintains its decision to seek an Extension of the patent
selected by Novo Nordisk and not of the Emisphere Alternative Patent For Extension, then:

(i) in countries where the term of more than one patent may be extended based
on the Marketing Approval of a single Licensed Product(s) and the Emisphere
Alternative Patent For Extension is a patent eligible for extension in such
countries, Novo Nordisk shall continue to pay royalties pursuant to Section 3.5 on
Net Sales of such Licensed Product(s) in such country for the period for which the
term of the Emisphere Alternative Patent For Extension could have been extended.
Novo Nordisk shall not however pay royalties for Net Sales of such Licensed
Product(s) in such country for the period by which the extended term of any Novo
Nordisk Patent extends beyond the term of the Emisphere Alternative Patent For
Extension; and

(ii) in countries where the term of only one patent may be extended based on
the Marketing Approval of a single Licensed Product(s) and the Emisphere
Alternative Patent For Extension is a patent eligible for extension in such
countries, Novo Nordisk shall continue to pay royalties pursuant to Section 3.5 on
Net Sales of such Licensed Product(s) in such country for the period for which the
term of the Emisphere Alternative

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Patent For Extension would have been extended only if the Emisphere Alternative
Patent For Extension contains product claims that Cover such Licensed Product(s).

8.3 Inventorship. Notwithstanding anything to the contrary herein, inventorship shall be
determined in accordance with U.S. law.

9. Indemnification

9.1 Novo Nordisk agrees to indemnify, defend and hold harmless Emisphere against any and all
claims from any Third Party, including costs and reasonable attorneys’ fees, arising out of the
research, development, manufacture, use, import, export, sale, offer for sale, and any transfer of
Licensed Product(s) or any Exclusive Program Carrier/Non-Insulin API formulation authorized under
Section 2.2 by Novo Nordisk, its Affiliates and/or sublicenses, except to the extent such claims
result from (i) the gross negligence or willful misconduct of Emisphere or its affiliates; (ii)
breach of this Agreement by Emisphere; (iii) any claim by a Third Party alleging that the grant of
rights by Emisphere to Novo Nordisk under this Agreement violates or conflicts with the terms of
any license or other grant of rights by Emisphere to such Third Party; and/or (iv) any and all
claims by a Third Party alleging infringement of Third Party intellectual property rights solely by
manufacture, use, import, export, sale, or offer for sale of Program Carriers.

9.2 If at any time during the Term, Novo Nordisk grants Emisphere a license under Novo Nordisk
Intellectual Property to research, develop, manufacture, use, import, export, sale, offer for sale
and/or otherwise transfer Licensed Products, then Novo Nordisk hereby agrees to indemnify, defend
and hold harmless Emisphere against any and all claims by a Third Party alleging infringement of
Third Party intellectual property rights solely by manufacture, use, import, export, sale, or offer
for sale of an [*****] contained in a Licensed Product.

9.3 Emisphere hereby agrees to indemnify, defend and hold harmless Novo Nordisk against any and
all claims by a Third Party alleging infringement of Third Party intellectual property rights
solely by manufacture, use, import, export, sale, or offer for sale of a Program Carrier in a
Licensed Product or a Program Carrier made by Novo Nordisk for Emisphere.

9.4 Each of Novo Nordisk and Emisphere (the “First Party”) must promptly notify the other of
any claims or suits for which the first Party may assert indemnification from the other Party
pursuant to this Section and the first Party will permit the other Party and its insurer at the
other Party’s expense to assume or participate in the defense of any such claims or suits and the
first Party will co-operate with the other Party or its insurers in such defense when reasonably
requested to do so and will not compromise or settle the claim or suit without the other Party’s
prior written consent.

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10. Representations and Warranties

10.1 Mutual Representations and Warranties. Each Party represents and warrants to the other
that:

(a) Corporate Power. It is a corporation duly organized and validly existing under the
laws of its jurisdiction of incorporation, and has full corporate power and legal right and
authority to enter into this Agreement and to carry out the provisions hereof.

(b) Due Authorization. It is duly authorized to execute and deliver this Agreement and
to perform its obligations hereunder, and the person or persons executing this Agreement on
its behalf has been duly authorized to do so by all requisite corporate action.

(c) Binding Agreement. This Agreement is legally binding upon it, enforceable in
accordance with its terms.

(d) No Conflict. The execution, delivery and performance of this Agreement by it does
not conflict with, or result in the breach of the terms of, any agreement, instrument or
understanding, oral or written, to which it is a Party or by which it may be bound, nor
violate any material law or regulation of any court, governmental body or administrative or
other agency having jurisdiction over it.

(e) Grant of Rights; Maintenance of Agreements. It has not, and shall not during the
Term, grant any right to any Third Party which would conflict with the rights granted to
the other Party hereunder. It has (or shall have at the time performance is due)
maintained and shall maintain and keep in full force and effect all agreements (including
license agreements) and filings (including patent filings) necessary to perform its
obligations hereunder.

(f) No Litigation or Arbitration. As of the Effective Date of this Agreement, it is not
engaged in any litigation or arbitration, or in any dispute reasonably likely to lead to
litigation, arbitration or other proceeding, which would materially affect the validity of
this Agreement or its ability to fulfill its obligations under this Agreement.

	10.2	 	Emisphere Representations, Warranties and Covenants. Emisphere (i) represents and
warrants to Novo Nordisk that, to the knowledge of Emisphere as of the Effective Date and (ii)
to the extent expressly stipulated below, covenants to Novo Nordisk, that:

(a) The rights granted to Novo Nordisk and its Affiliates hereunder do not conflict
with rights granted by Emisphere to any Third Party;

(b) To the best of its knowledge, Emisphere is not aware of Third Party Patent Rights that
would be infringed by manufacture or use of the Licensed Products.

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(c) Other than the Pledge and Security Agreement of September 26, 2005 between
Emisphere and MHR Capital Partners Master Account LP, MHR Capital Partners (100) LP, MHR
Institutional Partners II LP, MHR Institutional Partners IIA LP, (i) it Controls the
Licensed Patents and Licensed Know-How in the Territory and Emisphere has not entered into
any agreements, assignments, restrictions, liens, encumbrances, disputes, proceedings or
claims that conflict with, violate or are inconsistent with (or may, given time or other
developments become inconsistent with) Emisphere’s rights (or the rights of Novo Nordisk)
to Emisphere Patents or Emisphere Know-How under this Agreement; and (ii) Emisphere
covenants that it will not enter into any agreements, assignments, restrictions, liens, or
encumbrances that conflict with, violate or are inconsistent with (or may, given time or
other developments become inconsistent with) Emisphere’s rights with respect to Program
Carriers that are inconsistent with the provisions of this Agreement;

(d) Exhibit B identifies all of the pending patent applications and unexpired patents
that are Licensed Patents as of the Effective Date. Following the Effective Date, Emisphere
covenants that it shall notify Novo Nordisk of any update or revision of the list of
Licensed Patents as set forth in Section 8.1(a)(i);

(e) Each of the patents in the Licensed Patents has been duly maintained and, to the
best of Emisphere’s knowledge none of the listed patents are invalid or unenforceable;

(f) None of the patents or patent applications set forth in Exhibit B is (i) subject to
a pending interference action, opposition action, re-examination proceeding, litigation or
other similar action by a Third Party challenging such patents or patent applications,
other than actions by Patent Authorities in connection with the prosecution of patent
applications, or (ii) has been abandoned, or has been asserted to be invalid or
unenforceable in a communication to Emisphere or is subject to any inventorship proceeding
or dispute;

(g) To the best of its knowledge, Emisphere has informed Novo Nordisk of all material
information that may affect the validity, scope, term or enforceability of the Licensed
Patents;

(h) It has informed Novo Nordisk of all material information it Controls with respect
to Program Carriers; and

(i) It has not entered into any Agreement conferring any rights under Patent Rights or
Know-How Controlled by Emisphere relating to formulations of [*****] with Carrier [*****]
and/or [*****], their method of production/manufacturing and/or their method of use from
Emisphere to any Third Party.

37

 

10.3 Novo Nordisk Representations and Warranties. Novo Nordisk represents and warrants to
Emisphere that, to the knowledge of Novo Nordisk as of the Effective Date the rights granted to
Emisphere and its Affiliates hereunder do not conflict with rights granted by Novo Nordisk to any
Third Party.

10.4 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES
ANY REPRESENTATION AND EXTENDS NO WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED.

10.5 Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF SECTION 11 (CONFIDENTIALITY;
PUBLICATION), NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE
GRANTED HEREUNDER; PROVIDED, HOWEVER, THAT THIS SECTION 10.5 SHALL NOT BE CONSTRUED TO LIMIT EITHER
PARTY’S INDEMNIFICATION RIGHTS OR OBLIGATIONS UNDER SECTION 13 OR DAMAGES AWARDED SPECIFICALLY IN
RESPECT OF EITHER PARTY’S GROSS NEGLIGENCE OR WILFULLY WRONGFUL CONDUCT.

11. Confidentiality; Publication

11.1 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise
agreed in writing by the Parties, each Party agrees to hold, and will cause their respective
officers, directors, employees, accountants, counsels, consultants, advisors and agents to hold,
including any of the aforementioned employed by a Party’s Affiliates, in confidence during the Term
and for ten (10) years thereafter, confidential and shall not publish or otherwise disclose to a
Third Party and shall not use for any purpose other than as expressly provided for in this
Agreement any Confidential Information furnished to it by the other Party pursuant to this
Agreement or any Confidential Information of the other Party developed as part of the activities
hereunder. Each Party may use such Confidential Information only to the extent required for the
purposes of this Agreement. Each Party shall use at least the same standard of care as it uses to
protect proprietary or confidential information of its own (but in no event less than reasonable
care) to ensure that its employees, agents, consultants and other representatives do not disclose
or make any unauthorized use of the Confidential Information. Each Party shall promptly notify the
other upon discovery of any unauthorized use or disclosure of the Confidential Information.

     For the avoidance of doubt, Novo Nordisk shall be entitled to use information received as
Confidential Information under the GLP-1 Development and License Agreement (as defined in that
agreement) and the option agreement relating to the GLP-1 Development and License Agreement (as
defined in that agreement) also in its activities under this Agreement and to the extent that Novo
Nordisk do so, such information shall

38

 

be deemed to be Confidential Information under this Agreement subject also to the obligations
of confidentiality set out herein.

11.2 Exceptions. Confidential Information shall not include any information which the
receiving Party can prove by competent written evidence:

(a) is now, or hereafter becomes, through no act or failure to act on the part of the
receiving Party or its Affiliates, generally known or available to the public;

(b) is known by the receiving Party or its Affiliates at the time of receiving such
information, as evidenced by its or its Affiliates’ records;

(c) is hereafter furnished to the receiving Party or its Affiliates, as a matter of
right and without restriction on disclosure, by a Third Party who is under no obligation of
non-disclosure to the disclosing Party or its Affiliates; or

(d) is the subject of a written permission to disclose provided by the disclosing
Party.

11.3 Authorized Disclosure. Each Party may disclose Confidential Information received from the
other Party to the extent such disclosure is necessary in the following instances:

(a) filing or prosecuting Patents as permitted by this Agreement in order to obtain
Patent Rights that a Party is expressly permitted to obtain under this Agreement;

(b) regulatory filings for Licensed Product(s) which such Party has a license to
develop hereunder;

(c) prosecuting or defending litigation as permitted by this Agreement;

(d) complying with applicable court orders or governmental regulations or law; and

(e) disclosure to sublicensees, and disclosure to potential Third Party investors in
confidential financing documents, provided, in each case, that any such sublicensee or
potential Third Party agrees to be bound by similar terms of confidentiality and non-use at
least equivalent in scope to those set forth in this Section.

     Notwithstanding the foregoing, if a Party is required to make a disclosure of the other
Party’s Confidential Information pursuant to Section 11.3(c) or (d), it shall, except where
impracticable, give reasonable advance notice to the other Party of such disclosure and use efforts
to secure confidential treatment of such information at least as diligent as such Party would use
to protect its own confidential information, but in no event less than reasonable efforts. In any
event, the Parties agree to take all reasonable actions to avoid disclosure of Confidential
Information hereunder. The Parties shall consult with each other on the provisions of this
Agreement to be redacted in any filings made by the

39

 

Parties with the Securities and Exchange Commission or foreign counterpart or as otherwise
required by law.

	11.4	 	Publications.

     (a) Each Party shall have the right to review and comment on any material proposed for
disclosure or publication by the other Party or the other Party’s Affiliates, consultants and
agents, such as by oral presentation, manuscript or abstract, which includes Confidential
Information of the other Party. Before any such material is submitted for publication, the Party
proposing publication shall deliver, or shall ensure that the other Party’s Affiliate, consultant
or agent delivers, a complete copy to the other Party at least thirty (30) days prior to submitting
the material to a publisher or initiating any other disclosure. Such other Party shall review any
such material and give its comments to the Party proposing publication within twenty (20) days of
the delivery of such material to such other Party. The reviewing Party has the right to propose
modifications to the publication or presentation for patent reasons, trade secret reasons or
business reasons, or for purposes of removing Confidential Information of the reviewing Party or
request a reasonable delay in publication or presentation in order to protect trade secrets or
patentable information. If the reviewing Party requests the removal of the reviewing Party’s
Confidential Information or a delay, the publishing Party must remove such Confidential Information
or if a patent is to be filed delay publication or presentation for a period of 90 days to enable
patent applications to be filed. Upon expiration of such 90 day period, the publishing Party is
free to proceed with the publication or presentation. Novo Nordisk shall have the right to refuse
approval without cause of publications proposed by Emisphere, except if such publication is an
authorized disclosure under Section 11.3.

     (b) With respect to oral presentation materials and abstracts, such other Party shall make
reasonable efforts to expedite review of such materials and abstracts, and shall return such items
as soon as practicable to the Party proposing publication with appropriate comments, if any, but in
no event later than thirty (30) days from the date of delivery to the non-publishing Party.

     (c) Any publication shall reference the existence of this Agreement and make appropriate
reference to the contribution of the non-publishing Party.

11.5 Publicity.

     (a) The Parties agree to issue the press release announcing the execution of this
Agreement attached as Exhibit C to this Agreement. The wording of the press release in Exhibit C
cannot be changed by either Party without the prior written consent of the other Party. The Parties
will agree on the date, time and venue for release of the press release in Exhibit C. Following the
release of the press release in Exhibit C, each Party shall be free to disclose, without the other
Party’s prior written consent, the existence of this Agreement, the identity of the other Party and
those terms of the Agreement which have been previously publicly disclosed in accordance herewith.
In the event of disclosure by a Party of the terms of the Agreement which have been disclosed

40

 

previously in the press release attached as Exhibit C, such Party making the disclosure shall
only be allowed to do so by using the exact same text when making the subsequent disclosure(s) as
used in the press release in Exhibit C.

     (b) Except as set forth in Section 11.5(a), any press release or other public communications
by either Party regarding this Agreement and the relationship of the Parties created hereby shall
be approved in writing in advance by the other Party, provided that for communications required to
comply with applicable court orders or governmental regulations or by law, Section 11.3 shall
apply. The Parties anticipate that a formal press release shall be mutually prepared and approved
by the Parties should a Licensed Product(s) achieve one or more of the development or
commercialization events specified in Section 3.2.

12. Term and Termination

12.1 Term. The term of this Agreement shall commence on the Effective Date and shall expire on a
Licensed Product-by-Licensed Product, country-by-country basis after expiration of the last to
expire Licensed Patent, Formulation Intellectual Property Patent Right and Option Agreement
Formulation Intellectual Property Patent Right or 10 years following the First Commercial Sale of a
Licensed Product(s), whichever is later, and Novo Nordisk shall then have a fully paid-up exclusive
license for that Licensed Product(s).

12.2 Termination by Novo Nordisk. Novo Nordisk shall have the right to terminate this Agreement
for any reason or for no reason and at any time, upon ninety (90) days prior written notice to
Emisphere.

12.3 Termination by Emisphere. Emisphere shall have no right to terminate this Agreement except as
explicitly provided for in the Agreement.

12.4 Emisphere shall have the right to terminate this Agreement upon thirty (30) days written
notice to Novo Nordisk in the event that Novo Nordisk (or any of its Affiliates or any sublicensees
granted rights under this Agreement to the Licensed Patents) challenges the validity, scope or
enforceability of any Licensed Patent in any legal or Patent Authority proceeding provided however
that Emisphere has the right to terminate the Agreement only with respect to all patents that
belong to the patent family of the Licensed Patent that has been challenged; the remainder of the
Agreement as it applies to Licensed Patents that belong to other non-challenged patent families to
which rights are granted herein shall remain valid and enforceable.

12.5 Termination for Material Breach. (a) If a Party is in material breach of its obligations
hereunder and the other Party provides written notice to the breaching Party specifying the nature
of such breach, the breaching Party shall either cure such breach or produce a plan for such cure
reasonably acceptable to the other Party within [*****] calendar days after such written notice.
If the breaching Party does not provide a plan for cure, or comply with a plan reasonably
acceptable to the non-breaching Party, the non-breaching Party shall have the right to terminate
this Agreement by giving written notice

41

 

of termination to the breaching Party. (b) Notwithstanding the foregoing, any failure by Novo
Nordisk timely to pay any amount due under Sections 3.2, 3.3 or 3.5 shall be deemed a material
breach of its obligations. Novo Nordisk shall have [*****] days following receipt of written
notice of such material breach from Emisphere to cure such breach which cure may only be effected
through full payment of all amounts due pursuant to Novo Nordisk’s obligations under such sections.

12.6 Effect of Termination.

(a) Upon termination of this Agreement by Novo Nordisk for material breach by Emisphere
pursuant to Section 12.5, the licenses granted by Emisphere to Novo Nordisk under Section
2.1, the restrictions on Emisphere’s activities under Sections 2.1 and 2.2, and each
Party’s obligations under Article 3, Sections 4.1, 4.2, 4.3, 4.5, 4.6, 4.8 (last three
sentences only), Article 5, Sections 6.1, 6.2, 6.3, 7.1, 7.2, 7.4, 7.5, 7.6, Articles 8 and
9, Emisphere covenants in Section 10.2 (c) (ii) and 10.2 (d), Sections 10.5, 11.1, 11.2,
11.3, 11.5, 12.1, 12.6(a), (d) and (e), 12.7, 12.8, 13.2, 13.3, 13.4, Article 14 (except
Section 14.10) shall survive such termination and shall remain in effect subject to Novo
Nordisk’s compliance with its obligations under Article 3, Sections 4.1, 4.2, 4.3, 4.4,
4.5, 4.6, 4.8 (last three sentences only), Article 5 (except for Section 5.6), Sections
6.1, 6.2, 6.3, 7.1, 7.2, 7.4, 7.5, 7.6, Articles 8 and 9, Sections 10.5, 11.1, 11.2, 11.3,
11.5, 12.1, 12.6(a), (d) and (e), 12.8, 13.2, 13.3, 13.4 and Article 14 (except Section
14.10). Any terms defined in Section 1 of this Agreement which are being referenced in any
of the aforementioned surviving sections shall also remain in effect after termination of
the Agreement. In addition, Sections 12.2, 12.3. 12.4, 12.5, and 12.6(b) and (c) shall
survive with respect to the foregoing surviving provisions.

(b) Upon termination of this Agreement by Emisphere for material breach by Novo Nordisk
pursuant to Section 12.5:

(i) the licenses granted by Emisphere under Sections 2.1 and 2.2 shall
automatically terminate and revert to Emisphere and the restrictions on Emisphere’s
activities under Sections 2.1 and 2.2 shall automatically terminate; and

(ii) Novo Nordisk shall transfer to Emisphere as soon as reasonably practicable all
information relating solely to the Program Carrier(s) (if any) and/or received by
Novo Nordisk under Sections 4.2 and 7.2 of this Agreement, except if such
information relates also to the GLP-1 Development and License Agreement (as defined
in that agreement) and the option agreement relating to the GLP-1 Development and
License Agreement (as defined in that agreement) where the transfer of any
information relating to the GLP-1 Development and License Agreement from Novo
Nordisk to Emisphere shall be governed by the provisions of that GLP-1 Development
and License Agreement.

42

 

(c) Upon termination of this Agreement in its entirety by Novo Nordisk pursuant to Section
12.2:

(i) the licenses granted by Emisphere under Sections 2.1 and 2.2 shall
automatically terminate and revert to Emisphere and the restrictions on Emisphere’s
activities under Sections 2.1 and 2.2 shall automatically terminate;

(ii) Novo Nordisk shall transfer to Emisphere as soon as reasonably practicable all
information received by Novo Nordisk under Sections 4.2 and 7.2 of this Agreement,
except if such information relates also to the GLP-1 Development and License
Agreement (as defined in that agreement) and the option agreement relating to the
GLP-1 Development and License Agreement (as defined in that agreement) where the
transfer of any information relating to the GLP-1 Development and License Agreement
from Novo Nordisk to Emisphere shall be governed by the provisions of that GLP-1
Development and License Agreement; and

(iii) Upon Emisphere’s request, the Parties shall negotiate in good faith the
potential transfer of other information solely related to the Program Carriers.

(d) Expiration or termination of this Agreement shall not relieve the Parties of any
obligation accruing prior to such expiration or termination.

(e) Within thirty (30) days following the expiration or termination of this Agreement,
except to the extent and for so long as a Party retains license rights under Sections
12.6(a) and except as provided in Section 7.2, each Party shall destroy or deliver to the
other Party any and all Confidential Information of the other Party in its possession.
Notwithstanding the above, each Party may retain one archival copy of the other Party’s
Confidential Information solely for the purpose of ascertaining its compliance with the
confidentiality obligations of this Agreement.

12.7 Damages; Relief. Expiration or termination of this Agreement shall not preclude either Party
from claiming any other damages, compensation or other remedies available at law that it may be
entitled to upon such expiration or termination.

12.8 Rights in Bankruptcy. The occurrence of bankruptcy of Emisphere, will not, in itself, impact
Novo Nordisk’s license under this Agreement, nor adversely impact the right of Emisphere to receive
royalties or milestones. All rights and licenses granted under or pursuant to this Agreement by
Emisphere to Novo Nordisk are, and shall otherwise be deemed to be, for purposes of Section 365(n)
of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined under Section
101 of the U.S. Bankruptcy Code. The Parties agree that Novo Nordisk, as licensee of such rights
under this Agreement, shall retain and may fully exercise all of its rights and elections under the
U.S. Bankruptcy Code. The Parties further agree that, in the event of the commencement

43

 

of a bankruptcy proceeding by or against Emisphere under the U.S. Bankruptcy Code, Novo Nordisk
shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such
intellectual property and all embodiments of such intellectual property, shall be promptly
delivered to Novo Nordisk (i) upon any such commencement of a bankruptcy proceeding upon Novo
Nordisk’s written request therefor, unless Emisphere elects to continue to perform all of its
obligations under this Agreement, or (ii) if not delivered under (i) above, following the rejection
of this Agreement by or on behalf of the Party subject to such proceeding upon written request
therefore by the non-subject Party. Novo Nordisk agrees that in consideration of the rights
granted under the license it will pay to Emisphere all royalty and milestone payments which would
have been payable under this Agreement by Novo Nordisk in respect of the exercise of its rights
under the license granted in this Agreement. The provisions of this Section 12.8 are without
prejudice to any rights Novo Nordisk may have arising under any applicable insolvency statute or
other applicable law.

12.9 Survival.

(a) In the event of expiration of this Agreement under Section 12.1, Sections 2.1 (a),
4.3, 8.1 (c), (d), and (e), Article 9, Sections 10.5, 11.1, 11.2, 11.3, 12.6 (d) and (e),
12.8, this 12.9, 13.2, 13.3, 13.4 and Article 14 (except Section 14.10) shall survive and
remain in effect after such expiration of the Agreement. Any terms defined in Section 1 of
this Agreement which are being referenced in any of the aforementioned surviving sections
shall also remain in effect after expiration of the Agreement.

(b) In the event of termination of this Agreement (except if such termination is by Novo
Nordisk under Section 12.5 for Emisphere’s material breach in which case Section 12.6 (a)
applies), Sections 8.1 (c), (d), and (e), Article 9, Sections 10.5, 11.1, 11.2, 11.3, 12.6,
12.7, this 12.9, 13.2, 13.3, 13.4 and Article 14 (except Section 14.10) shall survive
termination and remain in effect after such termination of the Agreement. Any terms defined
in Section 1 of this Agreement which are being referenced in any of the aforementioned
surviving sections shall also remain in effect after termination of the Agreement.

13. Governing Law and Dispute Resolution

13.1 Resolution of Disputes by Senior Management.

In the event of a dispute, controversy or claim between the Parties under this Agreement, such
dispute, controversy or claim shall be presented to the appropriate management within each Party
for resolution except if the dispute, controversy or claim concerns a matter or activity on which
Novo Nordisk has the right to decide at its sole discretion as set forth in the Agreement. The
appropriate management shall have sixty (60) days in which to discuss in good faith a resolution of
the dispute, controversy or claim. If the appropriate management of the Parties are unable to
resolve the matter within sixty (60) days, the dispute, controversy or claim, shall be submitted
promptly to the to the Chief

44

 

Executive Officer of Emisphere or its delegate and either the Chief Science Officer or the Chief
Operating Officer of Novo Nordisk or their delegate for resolution. If one Party does not comply
with the above, or the Chief Executive Officer of Emisphere or its delegate and either the Chief
Science Officer or the Chief Operating Officer of Novo Nordisk are unable to resolve the dispute,
controversy or claim within thirty (30) days, the dispute, controversy or claim shall be resolved
as set forth in Section 13.3.

13.2 Governing Laws. This Agreement shall be governed in all respects by the laws of the State of
New York, USA, without regard to its choice of law provisions.

13.3 Submission to Jurisdiction. Any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in the Federal court sitting in Manhattan, New York, New York,
USA, and each of the Parties hereby irrevocably consents to the jurisdiction of such courts (and of
the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

13.4 Specific Enforcement. Each Party hereto acknowledges that the remedies at law of the other
Party for a breach or threatened breach of this Agreement would be inadequate and, in recognition
of this fact, any Party to this Agreement, without posting any bond, and in addition to all other
remedies that may be available, shall be entitled to obtain equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy that may then be available.

14. General Provisions

14.1 Entire Agreement; Modification. This Agreement (including the Exhibits hereto) is both a
final expression of the Parties’ agreement and a complete and exclusive statement with respect to
all of its terms. This Agreement supersedes all prior and contemporaneous agreements and
communications, whether oral, written or otherwise, concerning any and all subject matters
contained herein in relation to formulation of [*****], including the Option Agreement (the
confidentiality obligations of which are also superseded). For the avoidance of doubt, except to
the extent expressly stipulated in this Agreement, this Agreement shall constitute a separate
agreement between the Parties that does not modify the GLP-1 Development and License Agreement. No
trade customs, courses of dealing or courses of performance by the Parties shall be relevant to
modify, supplement or explain any term(s) used in this Agreement. This Agreement may not be
modified or supplemented by any purchase order, purchase change order, order acceptance, standard
terms of sale, invoice or the like. This Agreement may only be modified or supplemented in writing
signed by the Parties to this Agreement.

45

 

14.2 Relationship Between the Parties. The Parties’ relationship, as established by this
Agreement, is solely that of independent contractors. This Agreement does not create any
partnership, joint venture or similar business relationship between the Parties. Neither Party is
a legal representative of the other Party; neither Party can assume or create any obligation,
representation, warranty or guarantee, express or implied, on behalf of the other Party for any
purpose whatsoever.

14.3 Non-Waiver. The failure of a Party to insist upon strict performance of any provision of this
Agreement or to exercise any right arising out of this Agreement shall neither impair that
provision or right nor constitute a waiver of that provision or right, in whole or in part, in that
instance or in any other instance. Any waiver by a Party of a particular provision or right shall
be in writing signed by such Party, and, if applicable, shall be as to a particular matter and for
a particular period of time.

14.4 Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or
obligations hereunder may be assigned or otherwise transferred by either Party without the prior
written consent of the other Party; provided, however, that either Party may assign this Agreement
and its rights and obligations hereunder without the other Party’s consent:

(a) in connection with the transfer or sale of all or substantially all of the business of
such Party to which this Agreement relates to a Third Party, whether by merger, sale of
stock, sale of assets or otherwise, so long as such Third Party agrees in writing to assume
all of the rights and obligations of the assigning Party under this Agreement, and provided
that in the event of a transaction (whether this Agreement is actually assigned or is
assumed by the acquiring Party by operation of law), intellectual property rights of the
acquiring party to such transaction (if other than one of the Parties to this Agreement)
shall not be included in the technology licensed hereunder;

(b) in relation to Novo Nordisk, to an Affiliate of Novo Nordisk , provided that the
assigning Party shall remain liable and responsible to the non-assigning Party hereto for
the performance and observance of all such duties and obligations by such Affiliate.

The rights and obligations of the Parties under this Agreement shall be binding upon and inure to
the benefit of the successors and permitted assigns of the Parties. Any assignment not in
accordance with this Agreement shall be void.

14.5 No Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the
benefit of any party other than those executing it.

14.6 Severability. If, for any reason, any part of this Agreement is adjudicated invalid,
unenforceable or illegal by a court of competent jurisdiction, such adjudication shall not affect
or impair, in whole or in part, the validity, enforceability or legality of any remaining portions
of this Agreement. All remaining portions shall remain in full force

46

 

and effect as if the original Agreement had been executed without the invalidated, unenforceable or
illegal part.

14.7 Notices. Any notice to be given under this Agreement must be in writing and delivered either
(a) in person, (b) by any method of mail (postage prepaid) requiring return receipt, (c) by
overnight courier confirmed thereafter to the Party to be notified at its address (es) given below,
or at any address such Party has previously designated by prior written notice to the other.
Notice shall be deemed sufficiently given for all purposes upon the earlier of: (a) the date of
actual receipt; (b) if mailed, five business days after the date of postmark; or (c) if delivered
by overnight courier, the next business day the overnight courier regularly makes deliveries.

If to Novo Nordisk, notices must be addressed to:

	 	 	 

	 

	 	Novo Nordisk A/S
	 
	 	 
	 

	 	Novo Allé
	 
	 	 
	 

	 	2880 Bagsvaerd
	 

	 	Denmark
	 

	 	Attn: Head of Business Development
	 
	 	 
	With a copy to:

	 	Novo Nordisk A/S
	 

	 	Novo Allé
	 

	 	2880 Bagsvaerd
	 

	 	Denmark
	 

	 	Attn: General Counsel
	 
	 	 
	If to Emisphere, notices must be addressed to:
	 
	 	 
	 

	 	Emisphere Technologies, Inc.
	 

	 	240 Cedar Knolls Road
	 

	 	Cedar Knolls, NJ 07960
	 

	 	Attention: President and CEO
	 
	 	 
	With a copy to:

	 	Emisphere Technologies, Inc.
	 

	 	240 Cedar Knolls Road
	 

	 	Cedar Knolls, NJ 07960
	 

	 	Attention: General Counsel

14.8 Force Majeure. Except for the obligation to make payment when due, each Party shall be
excused from liability for the failure or delay in performance of any obligation under this
Agreement by reason of any event beyond such Party’s reasonable control including but not limited
to Acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest,
accident, destruction or other casualty, any lack or failure of transportation facilities, any lack
or failure of supply of raw materials, any

47

 

strike or labor disturbance, or any other event similar to those enumerated above. Such excuse
from liability shall be effective only to the extent and duration of the event(s) causing the
failure or delay in performance and provided that the Party has not caused such event(s) to occur.
Notice of a Party’s failure or delay in performance due to force majeure must be given to the other
Party within ten (10) calendar days after its occurrence. All delivery dates under this Agreement
that have been affected by force majeure shall be tolled for the duration of such force majeure.
In no event shall any Party be required to prevent or settle any labor disturbance or dispute.

14.9 Except as provided herein, nothing contained in this Agreement shall be construed as
conferring any right on either Party to use in advertising, publicity or other promotional
activities any name, trade name, trademark or other designation of the other Party, including any
contraction, abbreviation or simulation of any of the foregoing, unless the express written
permission of such other Party has been obtained.

14.10 Counterparts. This Agreement may be executed in two counterparts, each of which shall be
deemed an original document, and all of which, together with this writing, shall be deemed one
instrument.

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     IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement.

	 	 	 	 	 
	Emisphere Technologies, Inc.

 	 
	By:  	 /s/
Michael V. Novinski	 
	 	Name:  	Michael V. Novinski 	 
	 	Title:  	President and Chief Executive Officer 	 

 Date: 20 December 2010

	 	 	 	 	 
	Novo Nordisk AS

 	 
	By:  	/s/
Peter Kurtzhals 	 
	 	Name:  	Peter Kurtzhals 	 
	 	Title:  	Senior Vice President, Diabetes Research Unit 	 

 Date: 20 December 2010

49

 

Exhibit A

STRUCTURES OF CARRIERS [*****]and [*****]

[*****]

[*****]

[*****]

[*****]

50

 

Exhibit B

PATENTS AND PENDING PATENT APPLICATIONS

[*****]

51

 

Exhibit C

PRESS RELEASE

NOVO NORDISK A/S AND EMISPHERE TECHNOLOGIES, INC.

ANNOUNCE LICENSE AGREEMENT TO DEVELOP

ORAL FORMULATION OF INSULIN FOR DIABETES

CEDAR KNOLLS, NJ, December XX, 2010 — Emisphere Technologies, Inc. (OTC BB: EMIS) and Novo Nordisk
A/S (NYSE: NVO) today announced that they have entered into an exclusive Development and License
Agreement to develop and commercialize oral formulations of Novo Nordisk’s insulins, which have the
potential of treating diabetes, using Emisphere’s Eligen® Technology. This is the second
license agreement between the two companies. The first agreement, for the development of oral
formulations of GLP-1 receptor agonists, was signed in June 2008, with a potential drug currently
in a Phase I clinical trial.

The Insulin agreement includes $57.5 million in potential product development and sales milestone
payments to Emisphere, of which $5 million will be payable upon signing, as well as royalties on
sales. Further financial details of the agreement were not made public.

“This is an encouraging agreement on a promising technology for oral administration of proteins. We
are delighted to continue working with Emisphere and their Eligen® Technology. It fits
very well with Novo Nordisk’s strategy within diabetes research”, said Peter Kurtzhals, Senior Vice
President, Diabetes Research Unit at Novo Nordisk.

This extended partnership with Novo Nordisk is important for Emisphere for several reasons, said
Michael V. Novinski, President and Chief Executive Officer of Emisphere. “To date, our
collaboration with Novo Nordisk has been productive, and today’s agreement has the potential to
offer significant new solutions to millions of people with diabetes worldwide. Finally, it also
serves to further validate our Eligen® Technology.”

Emisphere’s broad-based drug delivery technology platform, known as the Eligen®
Technology, uses proprietary, synthetic chemical compounds, known as Emisphere delivery agents,
sometimes called carriers. Emisphere’s Eligen® Technology makes it possible to deliver a
therapeutic molecule without altering its chemical form or biological integrity.

About Novo Nordisk

Novo Nordisk is a global healthcare company with 87 years of innovation and leadership in diabetes
care. The company also has leading positions within haemophilia care, growth hormone therapy and
hormone replacement therapy. Headquartered in Denmark, Novo Nordisk employs approximately 30,100
employees in 76 countries, and markets its products in 179 countries. Novo Nordisk’s B shares are
listed on NASDAQ OMX Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO).
For more information, visit novonordisk.com.

52

 

About Emisphere Technologies, Inc.

Emisphere is a biopharmaceutical company that focuses on the unique and improved delivery of
therapeutic molecules or nutritional supplements using its proprietary Eligen®
Technology. The Eligen® Technology can be applied to the oral route of administration as
well as other delivery pathways such as buccal, rectal, inhalation, intra-vaginal or transdermal.
The company’s website is www.emisphere.com.
For more information, please contact:

Novo Nordisk A/S

			
	Media:

	 	Investors:
	 
	 	 
	Katrine Sperling

	 	Klaus Davidsen
	Tel: (+45) 4442 6718

	 	Tel: (+45) 4442 3176
	krsp@novonordisk.com

	 	klda@novonordisk.com
	 
	 	 
	 

	 	Kasper Roseeuw Poulsen
	 

	 	Tel: (+45) 4442 4471
	 

	 	krop@novonordisk.com
	 
	 	 
	 

	 	Jannick Lindegaard
	 

	 	Tel: (+45) 4442 4765
	 

	 	jlis@novonordisk.com
	In North America:

	 	In North America
	Lori Moore

	 	Hans Rommer
	Tel: (+1) 609 919 7991

	 	Tel: (+1) 609 919 7937
	lrmo@novonordisk.com

	 	hrmm@novonordisk.com

Emisphere Technologies, Inc.

			
	Media:

	 	Investors:
	 
	 	 
	Karen Kelsch

	 	Michael R. Garone
	Tel: (+1) 973-532-8101

	 	Tel : (+1) 973-532-8005
	kkelsch@emisphere.com

	 	mgarone@emisphere.com

Safe Harbor Statement Regarding Forward-looking Statements

The statements in this release and oral statements made by representatives of Emisphere relating to
matters that are not historical facts (including without limitation those regarding the timing or
potential outcomes of research collaborations or clinical trials, any market that might develop for
any of Emisphere’s product candidates and the sufficiency of Emisphere’s cash and other capital
resources) are forward-looking statements that involve risks and uncertainties, including, but not
limited to, the likelihood that future research will prove successful, the likelihood that any
product in the research pipeline will receive regulatory approval in the United States or abroad,
the ability of Emisphere and/or its partners to develop, manufacture and commercialize products
using Emisphere’s drug delivery technology, Emisphere’s ability to fund such efforts with or
without partners, and other risks and uncertainties detailed in Emisphere’s filings with the
Securities and Exchange Commission, including those factors discussed under the caption “Risk
Factors” in Emisphere’s Annual Report on Form 10-K (file no. 000-17758) filed on March 25, 2010,
Emisphere’s Quarterly Report on Form 10-Q filed on May 17, 2010, Emisphere’s Quarterly Report on
Form 10-Q filed on August 16, 2010, and Emisphere’s Quarterly Report on Form 10-Q filed on November
12, 2010 .

53

 

Exhibit D

NOVO NORDISK TECHNOLOGICAL COMPETITORS

[*****]

54

 

Exhibit E

Excluded Carrier List

[*****]

55

 

Exhibit F

Excluded API List

Excluded API List

[*****]

56exv10w1

Exhibit 10.1 

SECOND AMENDMENT

TO

FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

COGDELL SPENCER LP

          This SECOND AMENDMENT TO FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
COGDELL SPENCER LP is made and entered as of December 20, 2010 (the “Amendment”).
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Existing Partnership Agreement (as defined below).

RECITALS:

	 	A.	 	CS Business Trust I, a Maryland statutory trust (the “General Partner”),
entered into that certain First Amended and Restated Agreement of Limited Partnership of
Cogdell Spencer LP (the “Partnership”), dated as of November 1, 2005 (the
“Existing Partnership Agreement”), as amended by that certain First Amendment to
First Amended and Restated Agreement of Limited Partnership of Cogdell Spencer LP made and
entered as of March 10, 2008 (the “First Amendment” and together with the Existing
Partnership Agreement, the “Partnership Agreement”), to set forth the agreements
with respect to the business and affairs of the Partnership.
	 
	 	B.	 	The name of the General Partner is, and has been at all times since the date of its
formation as a Maryland statutory trust, CS Business Trust I. However, as a result of a
scrivener’s error, the name of the General Partner appearing throughout the Partnership
Agreement is incorrectly stated as “Cogdell Spencer Business Trust I,” creating an
ambiguity regarding the name of the General Partner.
	 
	 	C.	 	The name of the Parent Limited Partner is, and has been at all times since the date of
its formation as a Maryland statutory trust, CS Business Trust II. However, as a result of
a scrivener’s error, the name of the Parent Limited Partner in Article 1 of the Partnership
Agreement is incorrectly stated as “Cogdell Spencer Business Trust II,” creating an
ambiguity regarding the name of the Parent Limited Partner.
	 
	 	D.	 	A Pricing Committee of the Board of Directors (the “Board”) of Cogdell Spencer
Inc., a Maryland corporation (the “Parent”), adopted resolutions at a meeting held
on December 10, 2010 classifying and designating 2,990,000 shares of Preferred Stock (as
defined in the Articles of Amendment and Restatement of the Parent (the “Charter”))
as Series A Preferred Stock (as defined below).
	 
	 	E.	 	The Parent filed Articles Supplementary to the Charter with the State Department of
Assessments and Taxation of Maryland, effective on December 20, 2010, establishing the
Series A Preferred Stock, with such preferences, rights, powers, restrictions, limitations
as to distributions, qualifications and terms and conditions of redemption as described in
the Series A Articles Supplementary (as defined below).
	 
	 	F.	 	On December 20, 2010, the Parent issued 2,600,000 shares of the Series A Preferred
Stock; as of the date hereof, the Parent is authorized to issue an additional 390,000
shares of Series A Preferred Stock.

- 1 -

 

	 	G.	 	The General Partner has determined that, in connection with the Parent’s issuance of
the Series A Preferred Stock, it is necessary and desirable to amend the Partnership
Agreement to create additional Partnership Units in the form of Series A Preferred
Partnership Units (as defined below) having designations, preferences, conversion and other
rights which are substantially the same as the designations, preferences, conversion and
other rights of the Series A Preferred Stock.
	 
	 	H.	 	Pursuant to Section 7.3.C of the Existing Partnership Agreement (“Section
7.3.C”), the General Partner has the exclusive power, without the prior consent of the
Limited Partners, to amend the Existing Partnership Agreement to, among other things, (1)
issue additional Partnership Interests in accordance with Section 4.3 of the Existing
Partnership Agreement and to set forth in the Existing Partnership Agreement the rights,
powers, duties and preferences of the holders of any additional Partnership Units issued
pursuant to the Existing Partnership Agreement and (2) reflect a change that is of an
inconsequential nature and does not adversely affect the Limited Partners in any material
respect, and further, pursuant to Section 7.3.C, the General Partner shall provide notice
to the Limited Partners when such action with respect to (1) and (2) set forth above is
taken.

          NOW, THEREFORE, the General Partner desires to effect this Amendment to the Existing
Partnership Agreement as provided herein:

1. Definitions. Article 1 of the Existing Partnership Agreement is hereby amended to add
the following definitions:

     “Common Partnership Interest” shall mean an ownership interest in the Partnership, other
than a Preferred Partnership Interest, and includes any and all benefits to which the holder of
such an ownership interest may be entitled as provided in this Agreement or the Act, together
with all obligations of such person to comply with the terms and provisions of this Agreement
and the Act.

     “Common Partnership Unit” shall mean a fractional, undivided share of the Common
Partnership Interests of all Partners issued hereunder.

     “NASDAQ” shall mean the NASDAQ Stock Market or any successor thereto.

     “NYSE” shall mean the New York Stock Exchange or any successor thereto.

     “Preferred Partnership Interest” shall mean an ownership interest in the Partnership
evidenced by a designated series of Preferred Units, having a preference in payment of
distributions or on liquidation as determined by the General Partner for such series of
Preferred Units and as set forth in an amendment to this Agreement, and includes all benefits to
which the holder of such an ownership interest may be entitled as provided in this Agreement or
the Act, together with all obligations of such Person to comply with the terms and provisions of
this Agreement and the Act.

     “Series A Articles Supplementary” shall mean the Articles Supplementary Establishing and
Fixing the Rights and Preferences of a Series of Preferred Stock, designating the rights and
preferences of the 8.500% Series A Cumulative Redeemable Perpetual Preferred Stock, filed as
part of the Parent’s Charter with the State Department of Assessments and Taxation of Maryland,
effective on December 20, 2010.

     “Series A Preferred Partnership Interests” shall mean an ownership interest in the
Partnership evidenced by the Series A Preferred Partnership Units, having a preference in
payment of distributions or on liquidation as set forth in this Amendment.

- 2 -

 

     “Series A Preferred Partnership Units” shall mean the series of Preferred Units established
pursuant to this Amendment, representing a fractional, undivided share of the Series A Preferred
Partnership Interests of all Partners issued under the Partnership Agreement.

     “Series A Preferred Stock” shall mean the 8.500% Series A Cumulative Redeemable Perpetual
Preferred Stock of the Parent, with such preferences, rights, voting powers, restrictions,
limitations as to distributions, qualifications and terms and conditions of redemption as
described in the Series A Articles Supplementary.

2. Series A Preferred Partnership Units. In accordance with Section 4.3 of the Partnership
Agreement, set forth in Exhibit F hereto are the terms and conditions of the Series A Preferred
Partnership Units (the “Partnership Unit Designation”) hereby established and issued to the Parent
in consideration of its contribution to the Partnership of the proceeds of the issuance and sale of
the Series A Preferred Stock by the Parent. The Partnership Agreement is amended to incorporate
the Partnership Unit Designation as Exhibit F thereto and to replace Exhibit A thereto with a
revised Exhibit A to reflect the issuance of the Series A Preferred Partnership Units.

3. Name of General Partner. All references to “Cogdell Spencer Business Trust I” in the
Partnership Agreement, including, but not limited to, the recitals thereto, are hereby deleted in
their entirety and replaced with “CS Business Trust I.”

4. Name of Parent Limited Partner. All references to “Cogdell Spencer Business Trust II”
in the Partnership Agreement, including, but not limited to, the recitals thereto, are hereby
deleted in their entirety and replaced with “CS Business Trust II.”

5. Partnership Agreement. Except as set forth herein, the Partnership Agreement shall
remain in full force and effect.

6. No Oral Modification. This Amendment may not be changed orally, but only by an
agreement in writing executed by the parties hereto.

7. Governing Law. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of Delaware.

8. Severability. If any provision of this Amendment is or becomes invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.

[The remainder of this page has been intentionally left blank]

- 3 -

 

     IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed
this Amendment as of the date first written above.

	 	 	 	 	 
	 	GENERAL PARTNER:

CS BUSINESS TRUST I, a Maryland statutory trust

 	 
	 	By:  	/s/ Raymond W. Braun
 	 
	 	 	Name:  	Raymond W. Braun 	 
	 	 	Title:  	President and CEO 	 
	 

- 4 -

 

EXHIBIT F

PARTNERSHIP UNIT DESIGNATION

          A. Designation and Number. A series of Preferred Units, designated as Series A
 Preferred Partnership Units, is hereby established. The number of Series A Preferred Partnership
Units shall be 2,990,000.

          B. Rank. The Series A Preferred Partnership Units shall, with respect to rights to
receive distributions and to participate in distributions or payments upon liquidation, dissolution
or winding up of the Partnership, rank (a) senior to the Common Partnership Units and any Junior
Units of the Parent, now or hereafter issued and outstanding; (b) on a parity with any other
Partnership Units of the Partnership, now or hereafter issued and outstanding, other than
Partnership Units referred to in clauses (a) and (c) (“Parity Units”); and (c) junior to
all Partnership Units of the Partnership the terms of which specifically provide that such
Partnership Units rank senior to the Series A Preferred Partnership Units.

          C. Distributions.

          (i) Subject to the rights of holders of any Preferred Units ranking senior to the Series A
Preferred Partnership Units as to the payment of distributions, the Parent, in its capacity as
the holder of the then outstanding Series A Preferred Partnership Units, shall be entitled to
receive, when, as and if authorized by the General Partner, out of funds legally available for
payment of distributions, cumulative cash distributions at the rate of 8.500% per annum of the
$25 liquidation preference of each Series A Preferred Partnership Unit (equivalent to $2.125 per
annum per Series A Preferred Partnership Unit).

          (ii) Distributions on each outstanding Series A Preferred Partnership Unit shall be
cumulative from and including the date of original issuance, and shall be payable (i) for the
period from December 20, 2010 to March 1, 2011 on March 1, 2011, and (ii) for each quarterly
distribution period thereafter, quarterly in equal amounts in arrears on the 1st of
each March, June, September and December, commencing on June 1, 2011 (each such day being
hereinafter called a “Series A Distribution Payment Date”) at the then applicable annual
rate; provided, however, that if any Series A Distribution Payment Date falls on any day other
than a Business Day (as defined in the Series A Articles Supplementary), the distribution which
would otherwise have been payable on such Series A Distribution Payment Date may be paid on the
next succeeding Business Day with the same force and effect as if paid on such Series A
Distribution Payment Date, and no interest or other sums shall accrue on the amount so payable
from such Series A Distribution Payment Date to such next succeeding Business Day. Each
distribution is payable to holders of record as they appear on the Partnership Unit records of
the Partnership at the close of business on the record date, not exceeding 30 days preceding the
applicable Series A Distribution Payment Date, as shall be fixed by the General Partner.
Distributions shall accumulate from the most recent Series A Distribution Payment Date to which
distribution have been paid, whether or not there shall be funds legally available for the
payment of such distributions, whether the Partnership has earnings or whether such
distributions are authorized. No interest, or sum of money in lieu of interest, shall be
payable in respect of any distribution payment or payments on the Series A Preferred Partnership
Units that may be in arrears. Holders of the Series A Preferred Partnership Units shall not be
entitled to any distributions, whether payable in cash, property or stock, in excess of full
cumulative distributions, as herein provided, on the Series A Preferred Partnership Units.
Distributions payable on the Series A Preferred Partnership Units for any period greater or less
than a full distribution period shall be computed on the basis of a 360-day year consisting of
twelve 30-day months. Distributions payable on the Series A Preferred Partnership Units for
each full distribution period shall be computed by dividing the applicable annual

- 5 -

 

distribution rate by four. After full cumulative distributions on the Series A Preferred
Partnership Units have been paid or declared and funds therefor set aside for payment with
respect to a distribution period, the holders of Series A Preferred Partnership Units shall not
be entitled to any further distributions with respect to that distribution period.

          (iii) No distributions on the Series A Preferred Partnership Units shall be authorized and
declared by the General Partner or paid or set apart for payment by the General Partner at such
time as the terms and provisions of any agreement of the General Partner, including any
agreement relating to its indebtedness, prohibits such declaration, payment or setting apart for
payment or provides that such declaration, payment or setting apart for payment would constitute
a breach thereof, or a default thereunder, or if such declaration or payment shall be restricted
or prohibited by law.

          (iv) So long as any Series A Preferred Partnership Units are outstanding, no distributions,
except as described in the immediately following sentence, shall be authorized and declared or
paid or set apart for payment on any series or class or classes of Parity Units for any period
unless full cumulative distributions have been declared and paid or are contemporaneously
declared and paid or declared and a sum sufficient for the payment thereof set apart for such
payment on the Series A Preferred Partnership Units for all prior distribution periods. When
distributions are not paid in full or a sum sufficient for such payment is not set apart, as
aforesaid, all distributions authorized and declared upon the Series A Preferred Partnership
Units and all distributions authorized and declared upon any other series or class or classes of
Parity Units shall be authorized and declared ratably in proportion to the respective amounts of
distributions accumulated and unpaid on the Series A Preferred Partnership Units and such Parity
Units.

          (v) So long as any Series A Preferred Partnership Units are outstanding, no distributions
(other than distributions paid solely in Junior Units of, or in options, warrants or rights to
subscribe for or purchase, Junior Units) shall be authorized and declared or paid or set apart
for payment or other distribution authorized and declared or made upon Junior Units, nor shall
any Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase
or other acquisition of Partnership Units made for purposes of and in compliance with
requirements of an employee incentive or benefit plan of the Parent or any subsidiary, or a
conversion into or exchange for Junior Units or redemptions for the purpose of preserving the
Parent’s qualification as a REIT (as defined in the Charter), or redemptions of Partnership
Units pursuant to Article 8 of the Existing Partnership Agreement), for any consideration (or
any monies to be paid to or made available for a sinking fund for the redemption of any such
units) by the Parent, directly or indirectly (except by conversion into or exchange for Junior
Units), unless in each case full cumulative distributions on all outstanding shares of Series A
Preferred Partnership Units and any Parity Units at the time such dividends are payable shall
have been paid or set apart for payment for all past distribution periods with respect to the
Series A Preferred Partnership Units and all past distribution periods with respect to such
Parity Units.

          (vi) Any distribution payment made on the Series A Preferred Partnership Units shall first
be credited against the earliest accrued but unpaid distribution due with respect to such Series
A Preferred Partnership Units which remains payable.

          (vii) Except as provided herein, the Series A Preferred Partnership Units shall not be
entitled to participate in the earnings or assets of the Partnership.

          D. Liquidation Preference.

          (i) In the event of any liquidation, dissolution or winding up of the Partnership, whether
voluntary or involuntary, before any payment or distribution of the assets of the Partnership
shall be

- 6 -

 

made to or set apart for the holders of Junior Units, the holders of the Series A Preferred
Partnership Units shall be entitled to receive $25.00 per Series A Preferred Partnership Unit
(the “Liquidation Preference”) plus an amount per Series A Preferred Partnership Unit
equal to all distributions (whether or not earned or declared) accumulated and unpaid thereon
to, but not including, the date of final distribution to such holders; but such holders of the
Series A Preferred Partnership Units shall not be entitled to any further payment. If, upon any
such liquidation, dissolution or winding up of the Partnership, the assets of the Partnership,
or proceeds thereof, distributable among the holders of the Series A Preferred Partnership Units
shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments
on any other Parity Units, then such assets, or the proceeds thereof, shall be distributed among
the holders of such Series A Preferred Partnership Units and any such other Parity Units ratably
in accordance with the respective amounts that would be payable on such Series A Preferred
Partnership Units and any such other Parity Units if all amounts payable thereon were paid in
full. For the purposes of this Section D, none of (i) a consolidation or merger of the
Partnership with one or more entities, (ii) a statutory Partnership Unit exchange or (iii) a
sale or transfer of all or substantially all of the Partnership’s assets shall be deemed to be a
liquidation, dissolution or winding up, voluntary or involuntary, of the Partnership.

          (ii) Subject to the rights of the holders of Parity Units, upon any liquidation,
dissolution or winding up of the Partnership, after payment shall have been made in full to the
holders of the Series A Preferred Partnership Units, as provided in this Section D, any
series or class or classes of Junior Units shall, subject to any respective terms and provisions
applying thereto, be entitled to receive any and all assets remaining to be paid or distributed,
and the holders of the Series A Preferred Partnership Units shall not be entitled to share
therein.

          E. Redemption.

          (a) In connection with the redemption by the Parent of any shares of Series A Preferred
Stock in accordance with the provisions of the Series A Articles Supplementary, the
Partnership shall provide cash to the Parent for such purpose which shall be equal to the
redemption price (as set forth in the Series A Articles Supplementary), plus any and all
accumulated and unpaid dividends on the Series A Preferred Stock (whether or not earned or
declared), to, but not including, the redemption date, and one Series A Preferred
Partnership Unit shall be concurrently redeemed with respect to each share of Series A
Preferred Stock so redeemed by the Parent. From and after the applicable redemption date,
the Series A Preferred Partnership Units so redeemed shall no longer be outstanding and all
rights hereunder, to distributions or otherwise, with respect to such Series A Preferred
Partnership Units shall cease. Any Series A Preferred Partnership Units so redeemed may be
reissued to the Parent and/or General Partner at such time as the Parent reissues a
corresponding number of shares of Series A Preferred Stock so redeemed or repurchased, in
exchange for the contribution by the Parent to the Partnership of the proceeds from such
reissuance.

          (b) Following any such redemption by the Parent pursuant to this Section E, the
General Partner shall make such revisions to the Partnership Agreement as it determines are
necessary to reflect such redemption.

          F. Voting Rights. Except as required by applicable law or the Partnership Agreement,
the holder of the Series A Preferred Partnership Units, as such, shall have no voting rights.

          G. Conversion. The Series A Preferred Partnership Units are not convertible into or
exchangeable for any other property or securities of the Corporation, except as provided herein.

- 7 -

 

          (a) In the event of a conversion of the Series A Preferred Stock into REIT Shares, upon
conversion of such Series A Preferred Stock, the Partnership shall convert an equal whole
number of the Series A Preferred Partnership Units into Common Partnership Units as such
Series A Preferred Stock are converted into REIT Shares. In the event of a conversion of
the Series A Preferred Stock into REIT Shares, to the extent the Parent is required to pay
cash in lieu of fractional REIT Shares pursuant to the Series A Articles Supplementary in
connection with such conversion, the Partnership shall distribute an equal amount of cash to
the Parent, either directly or through the General Partner.

          (b) Following any such conversion by the Parent pursuant to this Section G, the
General Partner shall make such revisions to the Partnership Agreement as it determines are
necessary to reflect such conversion.

          H. Allocations. Allocations of the Partnership’s items of income, gain, loss and
deduction shall be allocated among holders of Series A Preferred Partnership Units in accordance
with Article VI of the Partnership Agreement.

- 8 -

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