Document:

Ex-10.6.9

Exhibit 10.6.9

Amendment to the

Statement of Work

By and between

MAKEMYTRIP INDIA PRIVATE LIMITED

And

IBM DAKSH BUSINESS PROCESS SERVICES PRIVATE LIMITED

Dated

March 05, 2008

This Seventh (7th) Amendment Agreement (“Amendment No. 7”) dated 7th April 2011, is to
the Statement of Work dated March 05, 2008, First Amendment dated July 16, 2008, Second Amendment
dated July 28, 2009, Third Amendment dated November 4, 2009, Fourth Amendment dated December 09,
2010, Fifth Amendment dated December 10, 2010 and Sixth Amendment dated December 18, 2010 thereto
(collectively referred to as the “SoW”).

 

 

By and between:

MakeMyTrip India Private Limited, a company registered under the Companies Act, 1956 and having its
corporate office at 103, Udyog Vihar, Phase 1, Gurgaon, 122016 (hereinafter referred to as “MMTL”
which expression shall, unless repugnant to or inconsistent with the context, mean and include its
successors and permitted assigns), of the ONE PART

And

IBM Daksh Business Process Services Private Limited, a company registered under the Companies Act,
1956 and having its registered office at Birla Tower, 1st Floor, 25, Barakhamba Road, Connaught
Place, New Delhi 110001 (hereinafter referred to as “IBM” which expression shall, unless repugnant
to or inconsistent with the context, mean and include its successors and assigns), of the OTHER
PART.

WHEREAS MMTL has entered into the SoW with IBM pursuant to the Master Services Agreement dated
March 05, 2008between MMTL and IBM;

AND WHEREAS the Parties are now desirous of amending part of the SoW.

TERMS AND CONDITIONS GOVERNING THIS ADDENDUM

The Parties hereby agree to amend and include the following terms and conditions in the SoW:

	I.	 	Amend the existing Section 2 of the SoW to add the following to the current
scope of services:
	 
	 	 	“General Description of Services for Finance and Accounting LOB:
	 
	 	 	IBM shall provide a contact and back office support personnel from an IBM facility in
India. The scope of services that will be undertaken by IBM for MMTL shall be in the
following three areas:

	 	1.	 	Vendor service calls: These are calls from MM TL hotel vendors;
	 
	 	2.	 	Back-end transactions: These are from MMTL vendors; and
	 
	 	3.	 	Outbound calls: No Separate set of Agents factored for outbound calls. It is
assumed that the same set of Agents will be able to make outbound calls. Since the
Volume of emails is low, the same set of Agents will be able to manage the emails as
well.
	 
	 	4.	 	Accounting support for the vendor payables and creation of payment files and
deduction of necessary TDS wherever applicable
	 
	 	5.	 	Ledger scrutiny of hotel vendor payables and advances made.
	 
	 	6.	 	Control over the utilization of advance given to hotels etc.
	 
	 	7.	 	Publishing prebuying & advance utilization tracker
	 
	 	8.	 	Publishing hotel wise Payable tracker
	 
	 	9.	 	Daily Payment Tracker

 

 

	 	10.	 	Sales Order Generation & Posting into GL
	 
	 	11.	 	Purchase Order Generation & Posting into GL
	 
	 	12.	 	Refund / Cancellation Posting into GL
	 
	 	13.	 	Vendor GL reconciliation

	 	 	The Outbound calls are general complaint close looping calls, a/c activation processing
follow-up calls, complaint handling calls etc.
	 
	 	 	IBM shall start operations from Chandigarh delivery centre. IBM shall hire 6 Agents to
cater to the scope of work as defined in this Amendment No. 7. However, till the time the
number of agents goes up to the agreed ratios as per MSA, IBM shall deploy support
resources on shared basis with in the MMT account.
	 
	 	 	Attrition backfill and new hiring shall be done at Chandigarh delivery location and shall
be maintained through out the Term of the SoW to deliver login hours equivalent to login
hours of Chandigarh as 167 hours per month.
	 
	 	 	While ascertaining the Agent count at Chandigarh, both IBM and MMTL shall keep into
consideration any productivity benefits or other such changes as they occur at any time.
	 
	 	 	Both IBM and MMTL understand that such changes may alter the Agent requirement at
Chandigarh.

	 	 	     Hours of operation for the IBM facility will be twelve hours six days a week. IBM and
MMTL mutually agree to re-visit and change the hours of operation (if needed) to support
ongoing MMTL business needs. However, any impact on resources will be mutually discussed by
IBM and MMTL.

	II.	 	Amend the existing Section 5.1.1 of the SOW to add following :
	 
	 	 	“The solution assumes the training time as mentioned below:
	 
	 	 	1 Day (Induction & Soft skills ) + 12 working days (i.e 2 week) classroom training.
Agent training will include classroom, hands-on, and computer-based training.”

 

 

	 
	III.	 	Amend the exiting Section 6 of SOW to add the following to the Key Performance
Indices:
	 
	 	 	“The scope of work shall have Key Performance Indices (KPIs) that MMTL and IBM shall
mutually agree to. All KPIs will be mutually discussed and decided three (3) months post
Go-Live through a baselining process. Metrics will be reviewed quarterly for any potential
change to accommodate for the environmental factors that may impact metric delivery
capability. Either Party may request for a change in KPIs through a change request process
as per Section 5 of the Agreement. The same shall be applicable as per mutual consent
between the Parties. Detailed KPI metrics shall be discussed and mutually agreed upon
between the Parties.”
	 
	IV.	 	Amend the existing Section 8 of SOW to add the following for Financial and
Accounting LOB:
	 
	 	 	“IBM shall manage upto 110% of the locked forecast for the month at applicable KPIs. In
case actual volumes are more than 110%, this period shall be excluded from any penalty on
account of missed KPIs. The KPIs shall not apply beyond 110% of locked forecast though IBM shall
manage these volumes on a commercially reasonable efforts basis and keep
as close as possible to the expected KPIs.”
	 
	V.	 	Amend the existing Section 10 of the SoW to add the following::
	 
	 	 	“IBM and MMTL agree to the following price points for their ‘Accounts Payable Process’ work
to be delivered out of Chandigarh:
	 
	 	 	Price Points:

	 	 	 	 	 	 	 	 	 
	 
	 	Year 1	 	 	Year 2	 	 	Year 3	 
	 	46,850

	 	 	49,193
	 	 	51,652	 
	 

	 	n
	 	Year 1 will start from the Effective Date of this Amendment No. 7.
	 
	 	n
	 	All prices mentioned above are in INR per Agent per month.
	 
	 	n
	 	On each anniversary of the Effective Date, price will be adjusted upwards by 5 %
for inflation.
	 
	 	n
	 	The price above includes cost of any routine background checks. Any other
verification/check, if required by MMTL, will be a pass through expense to MMTL at
actuals.
	 
	 	n
	 	The price is exclusive of any withholding or Service or transaction taxes like
sales, VAT, excise, etc. Any taxes, other than direct Income Tax, imposed on the
transaction by local authorities shall be a pass through expense to MMTL.
	 
	 	n
	 	It is assumed that all compliance requirements are built into the process. No PCI
compliance or SAS 70 audits have been factored into the solution. IBM and

 

 

	 	 	 	MMTL shall
mutually discuss and agree upon the scope of any certification that may be needed
and the associated cost impact.
	 
	 	n
	 	Cost of any certification (HIPAA, SAS70, SOX, etc.) or audit required by MMTL
would be a pass through cost to MMTL. Scope of all audits would be mutually
discussed between IBM and MMTL. Information classified as IBM Confidential would not
be shared during these audits.
	 
	 	n
	 	All applicable taxes and levies shall apply over and above the abovementioned
rates as applicable. However, any Income Tax or any direct tax related liability
will be on account of IBM. MMTL will deduct the relevant withholding tax (TDS) from
the regular payments for which it will issue a consolidated annual TDS certificate
to IBM.
	 
	 	n
	 	Cost of outbound calls will be passed onto MMTL at actuals.”
	 
	 	n
	 	Prices shown above are out side the purview of any price discounts agreed with
MMTL.

	VI.	 	Amend the existing Annexure 3 of the SoW(IT Architecture)to add the following:
	 
	 	 	The existing technology process as being used between IBM & MMTL will be extended for the
‘Accounts Payable Process’
	 
	VII.	 	This Amendment No. 7 shall be effective from 29th March’ 2011 (“Effective Date
of Amendment No. 7”) and shall be co-existent and co-terminus with the SoW.
	 
	VIII.	 	Except for the amendments provided hereunder, all other terms and conditions of
the SoW, which have not been specifically changed / amended / modified hereunder, shall
remain unchanged and continue to be binding between the Parties and the same shall be
deemed to be a part of this Amendment No. 7 by reference.
	 
	IX.	 	This Amendment No. 7 read together with the SoW reflects the complete
understanding between the Parties. This Amendment No. 7 is incorporated into and deemed
to be part of the SoW.

 

 

ACCEPTED AND AGREED BY THE FOLLOWING AUTHORISED REPRESENTATIVES OF THE PARTIES:

	 	 	 
	MakeMyTrip India Private Limited
	 	IBM Daksh Business Process Services Pvt. Ltd.
	 	 	 
	By: /s/ Vikas Bhasin	 	By: /s/ Gerry von Kalm
	 	 	 
	Name: Vikas Bhasin	 	Name: GERRY VON KALM
	 	 	 
	Title: Group Financial Controller
	 	Title: DIRECTOR-FINANCE
	 	 	           IBM DAKSH BUSINESS PROCESS SERVICES PVT. LTD
	 	 	 
	Date: 7/4/2011
	 	Date: 7/4/2011exv4w6

Exhibit 4.6

CERTIFICATE OF DESIGNATION

OF

SERIES A CONVERTIBLE PREFERRED STOCK

OF

BIODEL INC.

PURSUANT TO SECTION 151 OF THE

DELAWARE GENERAL CORPORATION LAW

     BIODEL INC., a Delaware corporation (the “Corporation”), in accordance with the
provisions of Section 103 of the Delaware General Corporation Law (the “DGCL”) does hereby certify
that, in accordance with Sections 141(c) and 151 of the DGCL, the following resolution was duly
adopted by a duly authorized committee of the Board of Directors of the Corporation by the
unanimous written consent of that committee duly effected on May 12, 2011:

     RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of
the Corporation in accordance with the provisions of the Second Amended and Restated Certificate of
Incorporation of the Corporation (the “Certificate of Incorporation”), there is hereby
established a series of the Corporation’s authorized Preferred Stock, par value $.01 per share,
which series shall be designated as the Series A Convertible Preferred Stock, par value $.01 per
share, of the Corporation, with the designation, number of shares, powers, preferences, rights,
qualifications, limitations and restrictions thereof (in addition to any provisions set forth in
the Certificate of Incorporation of the Corporation which are applicable to the Preferred Stock of
all classes and series) as follows:

SERIES A CONVERTIBLE PREFERRED STOCK

     Section 1. Definitions. For the purposes hereof, the following terms shall
have the following meanings:

“Affiliate” means any person or entity that, directly or indirectly through one or
more intermediaries, controls or is controlled by or is under common control with a person
or entity, as such terms are used in and construed under Rule 144 under the Securities Act .
With respect to a Holder, any investment fund or managed account that is managed on a
discretionary basis by the same investment manager as such Holder will be deemed to be an
Affiliate of such Holder.

“Alternate Consideration” shall have the meaning set forth in Section 7(b).

“Beneficial Ownership Limitation” shall have the meaning set forth in Section 6(c).

“Business Day” means any day except Saturday, Sunday, any day which shall be a
federal legal holiday in the United States or any day on which banking institutions in the

 

 

State of New York are authorized or required by law or other governmental action to close.

“Buy-In” shall have the meaning set forth in Section 6(d)(iii).

“Closing Sale Price” means, for any security as of any date, the last closing trade
price for such security prior to 4:00 p.m., New York City time, on the principal securities
exchange or trading market where such security is listed or traded, as reported by
Bloomberg, L.P. (or an equivalent, reliable reporting service mutually acceptable to and
hereafter designated by Holders of a majority of the then-outstanding Series A Preferred
Stock and the Corporation), or if the foregoing do not apply, the last trade price of such
security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, L.P., or, if no last trade price is reported for such security by
Bloomberg, L.P., the average of the bid prices of any market makers for such security as
reported on the OTC Pink Market by OTC Markets Group, Inc. If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing
Sale Price of such security on such date shall be the fair market value as determined in
good faith by the Board of Directors of the Corporation.

“Commission” means the Securities and Exchange Commission.

“Common Stock” means the Corporation’s Common Stock, par value $.01 per share, and
stock of any other class of securities into which such securities may hereafter be
reclassified or changed into.

“Conversion Date” shall have the meaning set forth in Section 6(a).

“Conversion Price” shall mean $2.16, as adjusted pursuant to paragraph 7 hereof.

“Conversion Ratio” shall have the meaning set forth in Section 6(b).

“Conversion Shares” means, collectively, the shares of Common Stock issuable upon
conversion of the shares of Series A Preferred Stock in accordance with the terms hereof.

“Daily Failure Amount” means the product of (x) .005 multiplied by (y) the Closing
Sale Price of the Common Stock on the applicable Share Delivery Date.

“DGCL” shall mean the Delaware General Corporation Law.

“Distributions” shall have the meaning set forth in Section 5(a).

“DWAC Delivery” shall have the meaning set forth in Section 6(a).

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder.

2

 

“Fundamental Transaction” shall have the meaning set forth in Section 7(b).

“Holder” means any holder of Series A Preferred Stock.

“Junior Securities” shall have the meaning set forth in Section 5(a).

“Notice of Conversion” shall have the meaning set forth in Section 6(a).

“Parity Securities” shall have the meaning set forth in Section 5(a).

“Person” means any individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

“Senior Securities” shall have the meaning set forth in Section 5(a).

“Series A Preferred Stock Register” shall have the meaning set forth in Section
2(b).

“Share Delivery Date” shall have the meaning set forth in Section 6(d).

“Stated Value” shall mean $2.16.

“Trading Day” means a day on which the Common Sock is traded for any period on the
principal securities exchange or if the Common Stock is not traded on a principal securities
exchange, on a day that the Common Stock is traded on another securities market on which the
Common Stock is then being traded.

     Section 2. Designation, Amount and Par Value; Assignment.

     a) The series of preferred stock designated by this Certificate shall be designated as the
Corporation’s “Series A Convertible Preferred Stock” (the “Series A Preferred Stock”) and
the number of shares so designated shall be 1,700,000. Each share of Series A Preferred Stock
shall have a par value of $.01 per share.

     b) The Corporation shall register shares of the Series A Preferred Stock, upon records to be
maintained by the Corporation for that purpose (the “Series A Preferred Stock Register”),
in the name of the Holders thereof from time to time. The Corporation may deem and treat the
registered Holder of shares of Series A Preferred Stock as the absolute owner thereof for the
purpose of any conversion thereof and for all other purposes. The Corporation shall register, or
cause the Corporation’s transfer agent to register, the transfer of any shares of Series A
Preferred Stock in the Series A Preferred Stock Register, upon surrender of the certificates
evidencing such shares to be transferred, duly endorsed by the Holder thereof, to the Corporation
at its principal place of business. Upon any such registration or transfer, a new

3

 

certificate
evidencing the shares of Series A Preferred Stock so transferred shall be issued to the transferee
and a new certificate evidencing the remaining portion of the shares not so transferred, if any,
shall be issued to the transferring Holder, in each case, within three Business Days. The
provisions of this Certificate are intended to be for the benefit of all Holders from time to time
and shall be enforceable by any such Holder.

     Section 3. Dividends. Holders shall not be
entitled to receive any dividends in respect of the Series A Preferred Stock, unless and until
specifically declared by the Board of Directors of the Corporation to be payable to the Holders of
the Series A Preferred Stock.

     Section 4. Voting Rights. Except as otherwise provided herein or as otherwise
required by the DGCL, the Series A Preferred Stock shall have no voting rights. However, as long as
any shares of Series A Preferred Stock are outstanding, the Corporation shall not, without the
affirmative vote of the Holders of a majority of the then outstanding shares of the Series A
Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the
Series A Preferred Stock or alter or amend this Certificate of Designation, (b) increase the number
of authorized shares of Series A Preferred Stock, or (c) enter into any agreement with respect to
any of the foregoing.

     Section 5. Rank; Liquidation.

     a) The Series A Preferred Stock shall rank (i) senior to all of the Common Stock; (ii) senior
to any class or series of capital stock of the Corporation hereafter created specifically ranking
by its terms junior to any Series A Preferred Stock (“Junior Securities”); (iii) on parity
with any class or series of capital stock of the Corporation hereafter created specifically ranking
by its terms on parity with the Series A Preferred Stock (“Parity Securities”); and
(iv) junior to any class or series of capital stock of the Corporation hereafter created
specifically ranking by its terms senior to any Series A Preferred Stock (“Senior
Securities”), in each case, as to dividends, distributions of assets upon liquidation,
dissolution or winding up of the Corporation, whether voluntarily or involuntarily (all such
distributions being referred to collectively as “Distributions”).

     b) Subject to the prior and superior rights of the holders of any Senior Securities of the
Corporation, upon liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary (each, a “Liquidation Event”), each holder of shares of Series A Preferred
Stock shall be entitled to receive, in preference to any distributions of any of the assets or
surplus funds of the Corporation to the holders of the Common Stock and Junior Securities and pari
passu with any distribution to the holders of Parity Securities, an amount equal to $.01 per share
of Series A Preferred Stock, plus an additional amount equal to any dividends declared but unpaid
on such shares, before any payments shall be made or any assets distributed to holders of any class
of Common Stock or Junior Securities. If, upon any such Liquidation Event, the assets of the
Corporation shall be insufficient to pay the holders of shares of the Series A Preferred Stock the
amount required under the preceding sentence, then all remaining assets of the Corporation shall be
distributed ratably to holders of the shares of the Series A Preferred Stock and Parity Securities.

4

 

     c) After payment to the holders of shares of the Series A Preferred Stock of the amount
required under Section 5(b) and subject to the prior and superior rights of the holders of any
Senior Securities of the Corporation, the remaining assets or surplus funds of the Corporation, if
any, available for distribution to stockholders shall be distributed ratably among the holders of
the Series A Preferred Stock, any other class or series of capital stock that participates with the
Common Stock in the distribution of assets upon any Liquidation Event and the Common Stock, with
the holders of the Series A Preferred Stock deemed to hold that number of shares of Common Stock
into which such shares of Series A Preferred Stock are then convertible (without giving effect for
such purposes to the Beneficial Ownership Limitation contemplated by Section 6(c)).

     Section 6. Conversion.

     a) Conversions at Option of Holder. Each share of Series A Preferred Stock shall be
convertible, at any time and from time to time from and after the date of the issuance thereof, at
the option of the Holder thereof, into a number of shares of Common Stock equal to the Conversion
Ratio in effect at the time of such conversion. Holders shall effect conversions by providing the
Corporation with the form of conversion notice attached hereto as Annex A (a “Notice of
Conversion”), duly completed and executed. Other than a conversion following a Fundamental
Transaction or following a notice provided for under Section 7(d)(ii) hereof, the Notice of
Conversion must specify at least a number of shares of Series A Preferred Stock to be converted
equal to the lesser of (x) 100 shares (such number subject to appropriate adjustment following the
occurrence of an event specified in Section 7(a) hereof) and (y) the number of shares of Series A
Preferred Stock then held by the Holder. Provided the Corporation’s transfer agent is participating
in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program, the
Notice of Conversion may specify, at the Holder’s election, whether the applicable Conversion
Shares shall be credited to the account of the Holder’s prime broker with DTC through its Deposit
Withdrawal Agent Commission system (a “DWAC Delivery”). The “Conversion Date”, or
the date on which a conversion shall be deemed effective, shall be defined as the Trading Day that
the Notice of Conversion, completed and executed, is sent by facsimile to, and received during
regular business hours by, the Corporation; provided that the original certificate(s) representing
such shares of Series A Preferred Stock being converted, duly endorsed, and the accompanying Notice
of Conversion, are received by the Corporation within two (2) Trading Days thereafter. In all other
cases, the Conversion Date shall be defined as the Trading Day on which the original stock
certificates representing the shares of Series A Preferred Stock being converted, duly endorsed,
and the accompanying Notice of Conversion, are received by the Corporation. The calculations set
forth in the Notice of Conversion shall control in the absence of manifest or mathematical error.

     b) Conversion Ratio. The “Conversion Ratio” for each share of Series A
Preferred Stock shall be equal to the Stated Value divided by the Conversion Price.

     c) Beneficial Ownership Limitation. Notwithstanding anything herein to the contrary,
the Corporation shall not effect any conversion of the Series A Preferred Stock, and a Holder shall
not have the right to convert any portion of its Series A Preferred Stock, to the extent that,
after giving effect to an attempted conversion set forth on an applicable Notice of

5

 

Conversion,
such Holder (together with such Holder’s Affiliates, and any other Person whose beneficial
ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act and the applicable rules and regulations of the Commission, including any “group”
of which the Holder is a member) would beneficially own a number of shares of Common Stock in
excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by such Holder and its
Affiliates shall include the number of shares of Common Stock issuable upon conversion of the
Series A Preferred Stock subject to the Notice of Conversion with respect to which the
determination of such sentence is being made, but shall exclude the number of shares of Common
Stock which are issuable upon (A) conversion of the remaining, unconverted shares of Series A
Preferred Stock beneficially owned by such Holder or any of its Affiliates, and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Corporation
beneficially owned by such Holder or any of its Affiliates (including, without limitation, any
convertible notes, convertible stock or warrants) that are subject to a limitation on conversion or
exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this Section 6(c), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the applicable rules and regulations of the Commission.
In addition, for purposes hereof, “group” has the meaning set forth in Section 13(d) of the
Exchange Act and the applicable rules and regulations of the Commission. For purposes of this
Section 6(c), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Corporation’s most recent
Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Commission, as the
case may be, (B) a more recent public announcement by the Corporation or (C) a more recent notice
by the Corporation or the Corporation’s transfer agent to the Holder setting forth the number of
shares of Common Stock then outstanding. For any reason at any time, upon the written or oral
request of a Holder (which may be by email), the Corporation shall, within two (2) Business Days of
such request, confirm orally and in writing to such Holder (which may be via email) the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to any actual conversion or exercise of securities of
the Corporation, including shares of Series A Preferred Stock, by such Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was last publicly
reported or confirmed to the Holder. The “Beneficial Ownership Limitation” shall be 9.98%
of the number of shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock pursuant to such Notice of Conversion (to the extent permitted
pursuant to this Section 6(c)). The Corporation shall be entitled to rely on representations made
to it by the Holder in any Notice of Conversion regarding its Beneficial Ownership Limitation.

     d) Mechanics of Conversion

     i. Delivery of Certificate or Electronic Issuance Upon Conversion. Not later
than three Trading Days after the applicable Conversion Date, or if the Holder requests the
issuance of physical certificate(s), two Trading Days after receipt by the Corporation of
the original certificate(s) representing such shares of Series A Preferred Stock being
converted, duly endorsed, and the accompanying Notice of Conversion (the “Share

6

 

Delivery Date”), the Corporation shall (a) deliver, or cause to be delivered, to the converting
Holder a physical certificate or certificates representing the number of Conversion Shares
being acquired upon the conversion of shares of Series A Preferred Stock (which certificate
or certificates shall not have any legends on it) or (b) in the case of a DWAC Delivery,
electronically transfer such Conversion Shares by crediting the account of the Holder’s
prime broker with DTC through its DWAC system. If in the case of any Notice of Conversion
such certificate or certificates are not delivered to or as directed by or, in the case of a
DWAC Delivery, such shares are not electronically delivered to or as directed by, the
applicable Holder by the Share Delivery Date, the applicable Holder shall be entitled to
elect to rescind such Conversion Notice by written notice to the Corporation at any time on
or before its receipt of such certificate or certificates for Conversion Shares or
electronic receipt of such shares, as applicable, in which event the Corporation shall
promptly return to such Holder any original Series A Preferred Stock certificate delivered
to the Corporation and such Holder shall promptly return to the Corporation any Common Stock
certificates or otherwise direct the return of any shares of Common Stock delivered to the
Holder through the DWAC system, representing the shares of Series A Preferred Stock
unsuccessfully tendered for conversion to the Corporation.

     ii. Obligation Absolute. Subject to Section 6(c) hereof and subject to
Holder’s right to rescind a Conversion Notice pursuant to Section 6(d)(i) above, the
Corporation’s obligation to issue and deliver the Conversion Shares upon conversion of
Series A Preferred Stock in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by a Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by such Holder or any other
Person of any obligation to the Corporation or any violation or alleged violation of law by
such Holder or any other Person, and irrespective of any other circumstance which might
otherwise limit such obligation of the Corporation to such Holder in connection with the
issuance of such Conversion Shares. Subject to Section 6(c) hereof and subject to a Holder’s
right to rescind a Conversion Notice pursuant to Section 6(d)(i) above, in the event a
Holder shall elect to convert any or all of its Series A Preferred Stock, the Corporation
may not refuse conversion based on any claim that such Holder or any one associated or
affiliated with such Holder has been engaged in any violation of law, agreement or for any
other reason, unless an injunction from a court, on notice to such Holder, restraining
and/or enjoining conversion of all or part of the Series A Preferred Stock of such Holder
shall have been sought and obtained by the Corporation, and the Corporation posts a surety
bond for the benefit of such Holder in the amount of 150% of the value of the Conversion
Shares into which would be converted the Series A Preferred Stock which is subject to such
injunction, which bond shall remain in effect until the completion of arbitration/litigation
of the underlying dispute and the proceeds of which shall be payable to such Holder to the
extent it obtains judgment. In the absence of such injunction, the Corporation shall,
subject to Section 6(c) hereof and subject to a Holder’s right to rescind a Conversion
Notice pursuant to Section 6(d)(i) above, issue Conversion Shares upon a properly noticed
conversion. If the Corporation fails to deliver

7

 

to a Holder such certificate or
certificates, or electronically deliver (or cause its transfer agent to electronically
deliver) such shares in the case of a DWAC Delivery, pursuant to Section 6(d)(i) on or prior
to the fifth (5th) Trading Day after the Share Delivery Date applicable to such conversion
(other than a failure caused by incorrect or incomplete information provided by such Holder
to the Corporation), then, unless the Holder has rescinded the applicable Conversion Notice
pursuant to Section 6(d)(i) above, the Corporation shall pay (as liquidated damages and not
as a penalty) to such Holder an amount payable, at the Corporation’s option, either (a) in
cash or (b) in shares of Common Stock that are valued for these purposes at the Closing Sale
Price on the date of such calculation, in each case equal to the product of (x) the number
of Conversion Shares required to have been issued by the Corporation on such Share Delivery
Date, (y) an amount equal to the Daily Failure Amount and (z) the number of Trading Days
actually lapsed after such fifth (5th) Trading Day after the Share Delivery Date during
which such certificates have not been delivered, or, in the case of a DWAC Delivery, such
shares have not been electronically delivered; provided, however, the Holder shall only
receive up to such amount of shares of Common Stock such that Holder and any other persons
or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Exchange Act (including shares held by any “group” of
which the Holder is a member, but excluding shares beneficially owned by virtue of the
ownership of securities or rights to acquire securities that have limitations on the right
to convert, exercise or purchase similar to the limitation set forth herein) shall not
collectively beneficially own greater than 9.98% of the total number of shares of Common
Stock of the Corporation then issued and outstanding. Nothing herein shall limit a Holder’s
right to pursue actual damages for the Corporation’s failure to deliver Conversion Shares
within the period specified herein and such Holder shall have the right to pursue all
remedies available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief; provided that Holder shall not
receive duplicate damages for the Corporation’s failure to deliver Conversion Shares within
the period specified herein. The exercise of any such rights shall not prohibit a Holder
from seeking to enforce damages pursuant to any other Section hereof or under applicable
law.

     iii. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon
Conversion. If the Corporation fails to deliver to a Holder the applicable certificate
or certificates or to effect a DWAC Delivery, as applicable, by the Share Delivery Date
pursuant to Section 6(d)(i) (other than a failure caused by incorrect or incomplete
information provided by such Holder to the Corporation), and if after such Share Delivery
Date such Holder is required by its brokerage firm to purchase (in an open market
transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of
Common Stock to deliver in satisfaction of a sale by such Holder of the Conversion Shares
which such Holder was entitled to receive upon the conversion relating to such Share
Delivery Date (a “Buy-In”), then the Corporation shall (A) pay in cash to such Holder (in
addition to any other remedies available to or elected by such Holder) the amount by which
(x) such Holder’s total purchase price (including any brokerage commissions) for the shares
of Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares
of Common Stock that such Holder was

8

 

entitled to receive from the conversion at issue
multiplied by (2) the actual sale price at which the sell order giving rise to such purchase
obligation was executed (including any brokerage commissions) and (B) at the option of such
Holder, either reissue (if surrendered) the shares of Series A Preferred Stock equal to the
number of shares of Series A Preferred Stock submitted for conversion or deliver to such
Holder the number of shares of Common Stock that would have been issued if the Corporation
had timely complied with its delivery requirements under Section 6(d)(i). For example, if a
Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted conversion of shares of Series A Preferred Stock with
respect to which the actual sale price (including any brokerage commissions) giving rise to
such purchase obligation was a total of $10,000 under clause (A) of the immediately
preceding sentence, the Corporation shall be required to pay such Holder $1,000. The Holder
shall provide the Corporation written notice, within three (3) Trading Days after the
occurrence of a Buy-In, indicating the amounts payable to such Holder in respect of such
Buy-In together with applicable confirmations and other evidence reasonably requested by the
Corporation. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Corporation’s failure to
timely deliver certificates representing shares of Common Stock upon conversion of the
shares of Series A Preferred Stock as required pursuant to the terms hereof; provided,
however, that the Holder shall not be entitled to both (i) require the reissuance of the
shares of Series A Preferred Stock submitted for conversion for which such conversion was
not timely honored and (ii) receive the number of shares of Common Stock that would have
been issued if the Corporation had timely complied with its delivery requirements under
Section 6(d)(i).

     iv. Reservation of Shares Issuable Upon Conversion. The Corporation covenants
that it will at all times reserve and keep available out of its authorized and unissued
shares of Common Stock for the sole purpose of issuance upon conversion of the Series A
Preferred Stock, free from preemptive rights or any other actual contingent purchase rights
of Persons other than the Holders of the Series A Preferred Stock, not less than such
aggregate number of shares of the Common Stock as shall be issuable (taking into account the
adjustments of Section 7) upon the conversion of all outstanding shares of Series A
Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so
issuable shall, upon issue, be duly authorized, validly issued, fully paid and
nonassessable.

     v. Fractional Shares. No fractional shares or scrip representing fractional
shares of Common Stock shall be issued upon the conversion of the Series A Preferred Stock.
As to any fraction of a share which a Holder would otherwise be entitled to receive upon
such conversion, the Corporation shall at its election, either pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by the
Conversion Price or round up to the next whole share.

     vi. Transfer Taxes. The issuance of certificates for shares of the Common
Stock upon conversion of the Series A Preferred Stock shall be made without charge to

9

 

any
Holder for any documentary stamp or similar taxes that may be payable in respect of the
issue or delivery of such certificates, provided that the Corporation shall not be required
to pay any tax that may be payable in respect of any transfer involved in the issuance and
delivery of any such certificate upon conversion in a name other than that of the registered
Holder(s) of such shares of Series A Preferred Stock and the Corporation shall not be
required to issue or deliver such certificates unless or until the Person or Persons
requesting the issuance thereof shall have paid to the Corporation the amount of such tax or
shall have established to the satisfaction of the Corporation that such tax has been paid.

     e) Status as Stockholder. Upon each Conversion Date, (i) the shares of Series A
Preferred Stock being converted shall be deemed converted into shares of Common Stock and (ii) the
Holder’s rights as a holder of such converted shares of Series A Preferred Stock shall cease and
terminate, excepting only the right to receive certificates for such shares of Common Stock and to
any remedies provided herein or otherwise available at law or in equity to such Holder because of a
failure by the Corporation to comply with the terms of this Certificate of Designation. In all
cases, the holder shall retain all of its rights and remedies for the Corporation’s failure to
convert Series A Preferred Stock.

     Section 7. Certain Adjustments.

     a) Stock Dividends and Stock Splits. If the Corporation, at any time while the
Series A Preferred Stock is outstanding: (A) pays a stock dividend or otherwise makes a
distribution or distributions payable in shares of Common Stock (which, for avoidance of doubt,
shall not include any shares of Common Stock issued by the Corporation upon conversion of shares of
Series A Preferred Stock) with respect to the then outstanding shares of Common Stock;
(B) subdivides outstanding shares of Common Stock into a larger number of shares; or (C) combines
(including by way of a reverse stock split) outstanding shares of Common Stock into a smaller
number of shares, then the Conversion Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding any treasury shares of the
Corporation) outstanding immediately before such event and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event (excluding any treasury
shares of the Corporation). Any adjustment made pursuant to this Section 7(a) shall become
effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision or combination.

     b) Fundamental Transaction. If, at any time while the Series A Preferred Stock is
outstanding, (A) the Corporation effects any merger or consolidation of the Corporation with or
into another Person (other than a merger in which the Corporation is the surviving or continuing
entity and its Common Stock is not exchanged for or converted into other securities, cash or
property), (B) the Corporation effects any sale of all or substantially all of its assets in one
transaction or a series of related transactions, (C) any tender offer or exchange offer (whether by
the Corporation or another Person) is completed pursuant to which all of the Common Stock is
exchanged for or converted into other securities, cash or property, or (D) the Corporation effects
any reclassification of the Common Stock or any compulsory share exchange pursuant (other

10

 

than as a
result of a dividend, subdivision or combination covered by Section 7(a) above) to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (in any
such case, a “Fundamental Transaction”), then, upon any subsequent conversion of this
Series A Preferred Stock the Holders shall have the right to receive, in lieu of the right to
receive Conversion Shares, for each Conversion Share that would have been issuable upon such
conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and
amount of securities, cash or property as it would have been entitled to receive upon the
occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of one share of Common Stock (the “Alternate Consideration”). For
purposes of any such subsequent conversion, the determination of the Conversion Ratio shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and
the Corporation shall adjust the Conversion Ratio in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holders shall be given the same choice as to the Alternate Consideration it
receives upon any conversion of this Series A Preferred Stock following such Fundamental
Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the
Corporation or surviving entity in such Fundamental Transaction shall file a new Certificate of
Designation with the same terms and conditions and issue to the Holders new preferred stock
consistent with the foregoing provisions and evidencing the Holders’ right to convert such
preferred stock into Alternate Consideration. The terms of any agreement to which the Corporation
is a party and pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 7(b)
and ensuring that the Series A Preferred Stock (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction. The Corporation
shall cause to be delivered to each Holder, at its last address as it shall appear upon the stock
books of the Corporation, written notice of any Fundamental Transaction at least 20 calendar days
prior to the date on which such Fundamental Transaction is expected to become effective or close.

     c) Calculations. All calculations under this Section 7 shall be made to the nearest
cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 7, the
number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be
the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation)
issued and outstanding.

     d) Notice to the Holders.

     i. Adjustment to Conversion Price. Whenever the Conversion Price is adjusted
pursuant to any provision of this Section 7, the Corporation shall promptly deliver to each
Holder a notice setting forth the Conversion Ratio after such adjustment and setting forth a
brief statement of the facts requiring such adjustment.

     ii. Other Notices. If (A) the Corporation shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the Corporation shall

11

 

declare
a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Corporation shall authorize the granting to all holders of the Common Stock of rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any
rights, (D) the approval of any stockholders of the Corporation shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to
which the Corporation is a party, any sale or transfer of all or substantially all of the
assets of the Corporation, of any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property or (E) the Corporation shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the
Corporation, then, in each case, the Corporation shall cause to be filed at each office or
agency maintained for the purpose of conversion of this Series A Preferred Stock, and shall
cause to be delivered to each Holder at its last address as it shall appear upon the stock
books of the Corporation, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or
if a record is not to be taken, the date as of which the holders of the Common Stock of
record to be entitled to such dividend, distributions, redemption, rights or warrants are to
be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of
which it is expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange,
provided that the failure to deliver such notice or any defect therein or in the delivery
thereof shall not affect the validity of the corporate action required to be specified in
such notice.

     Section 8. Miscellaneous.

     a) Notices. Any and all notices or other communications or deliveries to be provided
by the Holders hereunder including, without limitation, any Notice of Conversion, shall be in
writing and delivered personally, by facsimile, or sent by a nationally recognized overnight
courier service, addressed to the Corporation, at 100 Saw Mill Road, Danbury, Connecticut 06810,
facsimile number (203) 796-5002, or such other facsimile number or address as the Corporation may
specify for such purposes by notice to the Holders delivered in accordance with this Section. Any
and all notices or other communications or deliveries to be provided by the Corporation hereunder
shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile number or address of such
Holder appearing on the books of the Corporation, or if no such facsimile number or address appears
on the books of the Corporation, at the principal place of business of such Holder. Any notice or
other communication or deliveries hereunder shall be deemed given and effective on the earliest of
(i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section prior to 5:30 p.m. (New York City time) on any date,
(ii) the date immediately following the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in this Section between 5:30 p.m. and
11:59 p.m. (New York City time) on any date, (iii) the second

12

 

Business Day following the date of
mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by
the party to whom such notice is required to be given.

     b) Lost or Mutilated Series A Preferred Stock Certificate. If a Holder’s Series A
Preferred Stock certificate shall be mutilated, lost, stolen or destroyed, the Corporation shall
execute and deliver, in exchange and substitution for and upon cancellation of a mutilated
certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate, a new
certificate for the shares of Series A Preferred Stock so mutilated, lost, stolen or destroyed, but
only upon receipt of evidence of such loss, theft or destruction of such certificate, and of the
ownership thereof, reasonably satisfactory to the Corporation and, in each case, customary and
reasonable indemnity, if requested. Applicants for a new certificate under such circumstances shall
also comply with such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Corporation may prescribe.

     c) Waiver. Any waiver by the Corporation or a Holder of a breach of any provision of
this Certificate of Designation shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Certificate of Designation
or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict
adherence to any term of this Certificate of Designation on one or more occasions shall not be
considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist
upon strict adherence to that term or any other term of this Certificate of Designation. Any waiver
by the Corporation or a Holder must be in writing.

     d) Severability. If any provision of this Certificate of Designation is invalid,
illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect,
and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain
applicable to all other Persons and circumstances. If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable
rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest
permitted under applicable law.

     e) Next Business or Trading Day. Whenever any payment or other obligation hereunder
shall be due on a day other than a Business Day or a Trading Day, such payment shall be made on the
next succeeding Business Day or Trading Day, as the case may be.

     f) Headings. The headings contained herein are for convenience only, do not
constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any
of the provisions hereof.

     g) Status of Converted Series A Preferred Stock. If any shares of Series A Preferred
Stock shall be converted or reacquired by the Corporation, such shares shall resume the status of
authorized but unissued shares of preferred stock and shall no longer be designated as Series A
Preferred Stock.

13

 

********************

     IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designation to be signed by
its duly authorized officer this      
 day of May 2011.

	 	 	 	 	 
	 	BIODEL INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

14

 

	 	 	 	 	 

ANNEX A

NOTICE OF CONVERSION

(TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO

CONVERT SHARES OF SERIES A PREFERRED STOCK)

The undersigned Holder hereby irrevocably elects to convert the number of shares of Series A
Convertible Preferred Stock indicated below, represented by stock certificate No(s).
_______________ (the “Preferred Stock Certificates”), into shares of common stock, par
value $0.01 per share (the “Common Stock”), of Biodel Inc., a Delaware corporation (the
“Corporation”), as of the date written below. If securities are to be issued in the name of
a person other than the undersigned, the undersigned will pay all transfer taxes payable with
respect thereto. Capitalized terms utilized but not defined herein shall have the meaning ascribed
to such terms in that certain Certificate of Designation of Preferences, Rights and Limitations of
Series A Convertible Preferred Stock (the “Certificate of Designation”) filed by the
Corporation on May  , 2011.

As of the date hereof, the number of shares of Common Stock beneficially owned by the undersigned
Holder (together with such Holder’s Affiliates, and any other Person whose beneficial ownership of
Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act and the applicable regulations of the Commission, including any “group” of which the Holder is
a member), including the number of shares of Common Stock issuable upon conversion of the Series A
Preferred Stock subject to this Notice of Conversion, but excluding the number of shares of Common
Stock which are issuable upon (A) conversion of the remaining, unconverted Series A Preferred Stock
beneficially owned by such Holder or any of its Affiliates, and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Corporation (including any
warrants) beneficially owned by such Holder or any of its Affiliates that are subject to a
limitation on conversion or exercise similar to the limitation contained in Section 6(c) of the
Certificate of Designation, is _______________. For purposes hereof, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act and the applicable regulations of
the Commission. In addition, for purposes hereof, “group” has the meaning set forth in Section
13(d) of the Exchange Act and the applicable regulations of the Commission.

Conversion calculations:

     Date to Effect Conversion: _______________

     Number of shares of Series A Preferred Stock owned prior to Conversion: _______________

     Number of shares of Series A Preferred Stock to be Converted: _______________

     Number of shares of Common Stock to be Issued: _______________

Address for delivery of physical certificates: ________________________________________

Or for DWAC Delivery:

     DWAC Instructions:

               Broker no: _______________

               Account no: _______________

	 	 	 	 	 
	 	[HOLDER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Date: 	 	 

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