Document:

EX-10.1

lightbridge, inc.

Employee’s Restricted Stock Agreement

1. Restricted Stock Award and Acceptance. Lightbridge, Inc. (the “Company”) has authorized to
(the “Grantee”), a restricted stock award (the “Award”) at no cost to the Grantee, pursuant to the
Company’s 2004 Stock Incentive Plan (the “Plan”), of shares (the “Shares”) of common stock, $0.01
par value (“Common Stock”), of the Company, subject to the terms and conditions of this Agreement
and the Plan. The Award is subject to acceptance by the Grantee on or before the date set forth in
the Grantee’s Acceptance Form attached hereto. By signing and dating the Acceptance Form, the
Grantee accepts the Award as of the date set forth below his name on the Grantee’s Acceptance Form
(the “Acceptance Date”). If the Grantee does not sign the Acceptance Form prior to the acceptance
date in the Acceptance Form attached hereto, the Award shall be null and void. Except where the
context otherwise requires, the term “Company” shall include any parent and all present and future
subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code
of 1986, as amended or replaced from time to time (the “Code”). Capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to them in the Plan.

2. Forfeitable Shares and Vested Shares. All Shares shall be deemed to be “Forfeitable
Shares” until the Company’s right of purchase or forfeiture, described in Section 4, has expired
(and the Grantee’s right to retain such shares has accrued) in accordance with the vesting schedule
set forth in Section 3. Forfeitable Shares shall be subject to purchase or forfeiture as described
in Section 4, below. “Vested Shares” are Shares held by the Grantee as to which the Company’s
right of purchase or forfeiture has expired (and the Grantee’s right to retain has accrued) based
on the stock vesting schedule. All certificates representing Forfeitable Shares shall remain in
the possession of the Company until such shares become Vested Shares in accordance with the terms
of this Agreement.

3. Vested Shares.

3.1 Vesting Schedule. The Company’s right of purchase or forfeiture shall expire and the
Shares shall become Vested Shares if the Grantee remains employed by the Company through the
vesting dates set forth in the following schedule: Shares shall become Vested Shares on a
quarterly basis at a rate of 6.25% per quarter until fully vested upon the fourth anniversary of
the date of the Award.

3.2 Change in Control: Notwithstanding the foregoing vesting schedule, in the event of a
Change in Control (as defined in the Plan) then 50% of any remaining Forfeitable Shares shall
become Vested Shares, and the remaining balance shall continue to vest on a quarterly basis in
accordance with the provisions of paragraphs of Section 3.1, as applicable. The provisions of this
Section 3.2 shall not be deemed to limit the authority of the Committee to take actions including,
without limitation, further acceleration with respect to Forfeitable Shares.

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4. Purchase or Forfeiture of Forfeitable Shares.

4.1 Right of Company to Purchase or Require Forfeiture. If for any reason the Grantee ceases
to be employed by the Company for any reason (including, without limitation, by reason of the
Grantee’s death, disability or voluntary resignation, or the Company’s dismissal of the Grantee for
any reason, with or without cause), then the Company shall have the right to purchase or require
forfeiture of (if acquired at no cost) from the Grantee or his or her personal representatives,
estate or heirs, as the case may be, all Shares which as of the date of such termination of
employment constitute Forfeitable Shares. There shall be no further accruals under the vesting
schedule, and no further Forfeitable Shares shall become Vested Shares, from and after the date of
any such termination of employment, except to the extent that the Company does not exercise its
purchase or forfeiture right in accordance with Section 4.2.

4.2 Exercise of Purchase Right or Requirement of Forfeiture. The Company may exercise its
right to purchase or require forfeiture the Forfeitable Shares by delivering written notice of its
election to exercise such right to the Grantee or by sending such notice to the Grantee or his or
her personal representative, estate or heirs, as the case may be, at the Grantee’s last known
address, in each case within ninety (90) days after the termination of the Grantee’s employment
with the Company. Such notice shall specify the number of Forfeitable Shares to be purchased or
forfeited and shall be accompanied by a check in the amount of the original purchase price, if any,
paid by the Grantee for said Shares. If and to the extent that the Company does not exercise its
right to purchase or require forfeiture the Forfeitable Shares by giving notice within the 90-day
period, the Company’s right to purchase or require forfeiture of any Forfeitable Shares shall
terminate automatically effective upon the expiration of the 90-day period, and the Forfeitable
Shares shall become Vested Shares to the extent not purchased or requested to be forfeited by the
Company.

4.3 Forfeiture of Forfeitable Shares. The Grantee’s rights in all Forfeitable Shares which
are purchased by or required to be forfeited to the Company in accordance with Section 4.2 shall
terminate as of the date of repurchase, and the Company may thereupon cancel the certificate or
certificates representing such Forfeitable Shares on its books. In the event that the certificates
then being retained by the Company under this Agreement also represent other shares of Common Stock
not being forfeited to the Company, the Company shall issue to the Grantee replacement certificates
for such other shares.

4.4 Nontransferability of Shares. No Forfeitable Shares may be transferred, assigned, pledged
or hypothecated in any way (whether by operation of law or otherwise) or otherwise disposed of
prior to their becoming Vested Shares. Upon any attempt to transfer, assign, pledge, hypothecate
or otherwise dispose of any Forfeitable Shares, or upon the levy of any attachment or similar
process upon Forfeitable Shares, the Company shall have a right of Forfeiture with respect to such
Forfeitable Shares.

5. No Special Employment Rights. Nothing contained in the Plan or this Agreement shall confer
upon the Grantee any right with respect to the continuation of his or her employment by the Company
or interfere in any way with the right of the Company at any time to terminate such employment or
to increase or decrease the Grantee’s compensation.

6. Rights as a Shareholder. The Grantee shall have the rights of a shareholder with respect
to all of the Forfeitable Shares and the Vested Shares held by the Grantee (including, without
limitation, any rights to vote and to receive dividends or non-cash distributions with respect to
such shares) unless and until the Company exercises its right of repurchase or forfeiture as to any
or all of the Forfeitable Shares in accordance with Section 4.

7. Availability of Tax Election; Withholding.

7.1 Section 83(b) Election and Section 16 Requirements. The Company and the Grantee shall
comply with all federal and state laws and regulations respecting the withholding, deposit and
payment of any income, employment or other taxes relating to the Award. With respect to an Award
that is subject to Section 83 (or any comparable successor provision) of the United States Internal
Revenue Code, the Grantee acknowledges and agrees that (s)he is familiar with the provisions of
Section 83, that (s)he understands that within thirty (30) days of the date of grant of the award
(s)he has the right to file and is solely responsible for filing an election under Section 83(b) of
the Code with respect to the federal income tax treatment of the Award, and that (s)he has
consulted his or her personal tax advisor about the tax consequences of the Award. If the Grantee
is subject to Section 16 of the Securities Exchange Act of 1934, then the Grantee acknowledges and
agrees that the he is obligated to, and will, file a report concerning his acquisition of the Award
with the Securities and Exchange Commission.

7.2 Withholding. Grantee shall, no later than the date as of which the value of any Shares
first becomes includable in the gross income of the Grantee for Federal income tax purposes, pay to
the Company, or make arrangements satisfactory to the Committee regarding payment of any Federal,
state, local and/or payroll taxes of any kind required by law to be withheld with respect to such
income. The Company and its Affiliates shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment of any kind otherwise due to the Grantee.

Grantee may elect to have such tax withholding obligation satisfied, in whole or in part, by
(i) authorizing the Company to withhold from the Shares a number of shares with an aggregate Fair
Market Value (as defined in the Plan, and determined of the date the withholding is effected) that
would satisfy the withholding amount due with respect to such Award, or (ii) delivering to the
Company a number of Shares with an aggregate Fair Market Value (as of the date the withholding is
effected) that would satisfy the withholding amount due.

8. Miscellaneous.

8.1 Lock-Up. By accepting this Award, Grantee agrees that, if so requested by the Company or
by the underwriters managing any underwritten offering of the Company’s securities, the recipient
will not, without the prior written consent of the Company or such underwriters, as the case may
be, sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose
of any shares subject to any such Award during the Lock-up Period, as defined below. The “Lock-Up
Period” shall mean a period of time not exceeding 180 days or, if greater, such number of days as
shall have been agreed to by each director and executive officer of the Company in a substantially
similar lock-up agreement by which each such director and executive officer is bound. If requested
by the Company or such underwriters, the Grantee will enter into an agreement with such
underwriters consistent with the foregoing.

8.2 Legend. Any certificate representing Shares shall be subject to a legend in substantially
the following form:

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ARE TRANSFERABLE ONLY IN
ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AGREEMENT DATED . ANY ATTEMPTED TRANSFER OF THE
SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE IN VIOLATION OF SUCH AGREEMENT SHALL BE NULL AND VOID
AND WITHOUT EFFECT. A COPY OF THE AGREEMENT MAY BE OBTAINED FREE OF CHARGE FROM THE SECRETARY OF
THE COMPANY.”

8.3 Stock Power. Grantee hereby agrees to execute and deliver to the Secretary or Assistant
Secretary of the Company a stock power (endorsed in blank) hereto covering this Award and
authorizes the Secretary or Assistant Secretary to deliver to the Company for cancellation any and
all Shares that are forfeited or withheld under the provisions of this Agreement.

8.4 Amendment. Except as provided herein, this Agreement may not be amended or otherwise
modified unless evidenced in writing and signed by the Company and the Grantee.

8.5 Notices. All notices or other communications under this Agreement shall be in writing,
shall be deemed to have been made if delivered in hand, sent by nationally recognized courier
service by means of overnight delivery with confirmation of delivery by the service, or sent by
regular U.S. mail, postage prepaid, to the recipient’s address as set forth in this Agreement.

8.6 Applicable Law. This Agreement shall be governed by and construed in accordance with the
laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

8.7 Plan Governs. This Agreement is and shall be subject in every respect to the provisions
of the Plan, as amended from time to time, which is incorporated herein by reference and made a
part hereof.

8.8 Notice, Access and Consent. By Grantee’s signature and the Company’s signature below,
Grantee and the Company agree that the Shares are granted under and governed by the terms and
conditions of the Company’s 2004 Stock Incentive Plan, as amended (the “Plan”), and the Restricted
Stock Agreement. The current Prospectus relating to the shares of Common Stock offered under the
2004 Incentive Plan, the Plan and the Restricted Stock Agreement are available on the Company’s
intranet website at www.inside.lightbridge.com and at www.optionslink.com and can
be downloaded or printed for your convenience, or provided in written form by contacting the
Company’s Human Resources Department at 30 Corporate Drive, Burlington, MA 01803, 781-359-4000. By
Grantee’s signature below, Grantee consents to the delivery of those documents in the manner
described herein.

8.9 Award Subject to Claims or Creditors. The Grantee shall not have any interest in any
particular assets of the Company, its parent, if applicable, or any Subsidiary by reason of the
right to earn an Award under the Plan and this Agreement, and the Grantee or any other person shall
have only the rights of a general unsecured creditor of the Company, its parent, if applicable, or
a Subsidiary with respect to any rights under the Plan or this Agreement.

8.10 Captions. The captions of specific provisions of this Agreement are for convenience and
reference only, and in no way define, describe, extend or limit the scope of this Agreement or the
intent of any provision hereof.

8.11 Counterparts. This Agreement may be executed in any number of identical counterparts,
each of which shall be deemed an original for all purposes, but all of which taken together shall
form but one agreement.

8.12 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns except as may be limited by the
Plan.

This Agreement is executed in two (2) counterpart originals, one (1) to be retained by the
Grantee and one (1) to be retained by the Company.

	 	 	 
	Date of Award:	 	Lightbridge, Inc.
	
 
	 	By:
	 

	 	 
	
 
	 	Title:

30 Corporate Drive

Burlington, MA 01803

Attention: General Counsel

2

GRANTEE’S ACCEPTANCE

The undersigned hereby accepts the Award of the Restricted Stock described in this Agreement
and agrees to the terms and conditions thereof. This Award must be accepted by
     to be effective.

GRANTEE:

Signature

Acceptance Date:

Name:

(Please Print)

Address:

Social Security Number:

STOCK POWER

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to the Company a total
of      shares of the Common Stock of the Company represented by stock certificate number
     to be delivered herewith, and does hereby irrevocably constitute and appoint
     as attorney to transfer said shares on the books of the Company with full
power of substitution in the premises.

Dated:      

Signature

Name:

(Please Print)

3EX-10.1

EXHIBIT 10.1 Execution Copy

ESCROW AGREEMENT

THIS ESCROW AGREEMENT (“Agreement”) is made and entered into as of the 9th day of May, 2006,
by and among Lowenstein Sandler PC (the “Escrow Agent”), Emisphere Technologies, Inc., a Delaware
corporation (the “Company”), ThinkEquity Partners LLC (“ThinkEquity”), W.R. Hambrecht + Co., LLC
(“W.R. Hambrecht”) and WBB Securities, LLC (“WBB Securities” and together with ThinkEquity and W.R.
Hambrecht, the “Placement Agents”).

WITNESSETH:

WHEREAS, the Company proposes to sell up to an aggregate of 3,040,000 shares of common stock,
par value $0.01 per share (the “Shares”), of the Company, all as described in the Company’s
registration statement on Form S-3 (Registration No. 333-133087) (which, together with all
amendments or supplements thereto is referred to herein as the “Registration Statement”);

WHEREAS, the Shares are being offered by the Company to subscribers identified by the
Placement Agents, pursuant to the terms of the Placement Agency Agreement dated May 9, 2006 by and
among the Company and the Placement Agents (the “Placement Agency Agreement”) and the Subscription
Agreements executed by the subscribers in substantially the form attached to the Placement Agency
Agreement as Exhibit A thereto (the “Subscription Agreements”);

WHEREAS, with respect to all subscription payments received from subscribers (such subscribers
having agreed to settle through delivery by electronic book-entry at The Depository Trust Company
pursuant to Deposit/Withdrawal at Custodian (“DWAC”) instructions (“DWAC Subscribers”)), the
Company and the Placement Agents propose to establish an escrow account with the Escrow Agent in
the name of the Company at 1251 Avenue of the Americas, New York, New York 10020; and

WHEREAS, the Escrow Agent is willing to receive and disburse the proceeds from the offering of
the Shares purchased by the DWAC Subscribers in accordance herewith.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1. Deposit of Escrowed Funds. Unless otherwise agreed to by the Company,
the Placement Agents and any particular subscriber, the Placement Agents shall, from time to time,
cause the DWAC Subscribers to wire to or deposit with the Escrow Agent funds of such subscribers
delivered in payment for their respective Shares (the “Escrowed Funds”). Upon receipt of Escrowed
Funds from such subscribers, the Escrow Agent shall credit such Escrowed Funds to a non-interest
bearing account held by the Escrow Agent. The wire instructions for such subscriber funds are set
forth in the notice provision for the Escrow Agent in Section 8 to this Agreement and in
Section 1(c) and on the signature page to the Subscription Agreements.

2. Acceptance. Upon receipt of the Escrowed Funds, the Escrow Agent shall
acknowledge such receipt in writing to the Company and Placement Agents and shall hold and disburse
the same pursuant to the terms and conditions of this Agreement. The Escrow Agent shall have no
duty to verify whether the amounts and property delivered comport with the requirements of any
other agreement.

3. List of DWAC Subscribers. The Placement Agents shall furnish or cause to
be furnished to the Escrow Agent, at the time of each deposit of funds pursuant to Section
1, a list, substantially in the form of Exhibit A hereto, containing the name of, the
address of, the number of Shares subscribed for by, and the subscription amount delivered to the
Escrow Agent on behalf of each subscriber whose funds are being deposited for each listed
subscriber. The Escrow Agent shall notify the Placement Agents and the Company of any discrepancy
between the subscription amounts set forth on any list delivered pursuant to this Section 3
and the subscription amounts received by the Escrow Agent. The Escrow Agent is authorized, with the
consent of the Company, not to be unreasonably withheld, to revise such list to reflect the actual
subscription amounts received and the release of any subscription amounts pursuant to Section
4.

4. Withdrawal of Subscription Amounts.

(a) If the Escrow Agent shall receive a written notice, substantially in the form of
Exhibit B hereto (an “Offering Termination Notice”), from the Company, the Escrow Agent
shall promptly after receipt of such Offering Termination Notice, send to each subscriber listed on
the list held by the Escrow Agent pursuant to Section 3 whose total subscription amount
shall not have been released pursuant to paragraph (b) or (c) of this Section 4, in the
manner set forth in paragraph (d) of this Section 4, a check to the order of such DWAC
Subscriber in the amount attributable to such DWAC Subscriber of the remaining subscription amount
held by the Escrow Agent as set forth on such list held by the Escrow Agent. The Escrow Agent shall
notify the Company and the Placement Agents of the distribution of such funds to the DWAC
Subscribers.

(b) In the event that (i) any of the Shares have been subscribed for and funds in respect
thereof shall have been deposited with the Escrow Agent on or before the Closing Date and (ii) no
Offering Termination Notice shall have been delivered to the Escrow Agent, the Company and the
Placement Agents shall deliver to the Escrow Agent on the Closing Date a joint notice,
substantially in the form of Exhibit C hereto (a “Closing Notice”), designating the date on
which Shares are to be sold and delivered to the DWAC Subscribers thereof (the “Closing Date”), the
proceeds of which are to be distributed on such Closing Date, and identifying the DWAC Subscribers
and the number of Shares to be sold to each thereof on such Closing Date. The Escrow Agent, after
receipt of such Closing Notice, shall on such Closing Date, pay to the Company and the Placement
Agents, in immediately available funds and otherwise in the amounts and in the manner specified by
the Company and the Placement Agents in such Closing Notice, an amount equal to the aggregate of
the subscription amounts paid by the DWAC Subscribers identified in such Closing Notice for the
Shares to be sold on such Closing Date as set forth on Schedule I to such Closing Notice; and

(c) If at any time and from time to time prior to the release of any DWAC Subscriber’s total
subscription amount pursuant to paragraph (a) or (b) of this Section 4 from escrow, the
Company shall deliver to the Escrow Agent a notice, substantially in the form of Exhibit D
hereto (a “Subscription Termination Notice”), to the effect that any or all of the subscriptions of
such subscriber have been rejected by the Company (a “Rejected Subscription”), the Escrow Agent
promptly after receipt of such Subscription Termination Notice and, if such subscriber delivered a
check in payment of its Rejected Subscription, after the clearance of such check, shall send to
such subscriber, in the manner set forth in paragraph (d) of this Section 4, a check to the
order of such subscriber in the amount of such Rejected Subscription amount.

(d) For the purposes of this Section 4, any check that the Escrow Agent shall be
required to send to any subscriber or the Company shall be sent to such subscriber or the Company
by first class mail, postage prepaid, at such subscriber’s address furnished to the Escrow Agent
pursuant to Section 3 or the Company’s address as set forth in Section 8(b).

5. Escrow Agent; Duties and Liabilities.

(a) It is expressly understood and agreed by the parties that (i) the duties of the Escrow
Agent, as herein specifically provided, are purely ministerial in nature; (ii) the Escrow Agent
shall not have any duty to deposit or to invest the Escrowed Funds except as provided herein, (iii)
the Escrow Agent shall not be responsible or liable in any manner whatsoever for, or have any duty
to inquire into, the sufficiency, correctness, genuineness or validity of the notices it receives
hereunder, or the identity, authority or rights of any of the parties; (iv) the Escrow Agent shall
have no duties or responsibilities in connection with the Escrowed Funds, other than those
specifically set forth in this Agreement; (v) the Escrow Agent shall not incur any liability in
acting upon any signature, written notice, request, waiver, consent, receipt, or any other paper or
document believed by the Escrow Agent to be genuine; (vi) the Escrow Agent may assume that any
person purporting to have authority to give notices on behalf of any of the parties in accordance
with the provisions hereof has been duly authorized to do so; (vii) the Escrow Agent shall incur no
liability whatsoever except for such resulting from its willful misconduct or gross negligence, as
long as the Escrow Agent has acted in good faith in the performance of its duties hereunder; and
(viii) upon the Escrow Agent’s performance of its obligations under Section 4 hereof, the
Escrow Agent shall be relieved of all liability, responsibility and obligation with respect to the
Escrowed Funds or arising out of or under this Agreement.

(b) Escrow Agent shall not be under any obligation to take any legal action in connection with
this Agreement or towards its enforcement or performance, or to appear in, prosecute or defend any
action or legal proceeding, or to file any return, or pay or withhold any income or other tax
payable with respect to any Escrowed Funds or the disbursement thereof, any payment of or in
respect of which shall constitute a Loss under Section 6 below, and the Placement Agents
and the Company agree to provide to Escrow Agent such information and documentation as Escrow Agent
may reasonably request in connection therewith.

(c) In the event of any disagreement relating to the Escrowed Funds or the disbursement
thereof resulting in adverse claims or demands being made in connection with the Escrowed Funds or
in the event that Escrow Agent is in doubt as to what action it should take hereunder, Escrow Agent
shall be entitled to refrain from taking any action and retain the Escrowed Funds, but only to the
extent of the Escrowed Funds in controversy, until Escrow Agent shall have received (i) a final
non-appealable order of a court of competent jurisdiction regarding the proper disposition or (ii)
a joint letter of instruction from the Company and the Placement Agents directing delivery of the
Escrowed Funds, in which event Escrow Agent shall disburse the Escrowed Funds in accordance with
such order or letter. Any court order shall be accompanied by a legal opinion by counsel for the
presenting party satisfactory to Escrow Agent to the effect that the order is final and
non-appealable. Escrow Agent shall act on such court order and legal opinion without further
question. If a proceeding for such determination is not begun and diligently continued, the Escrow
Agent may make an ex parte application, or bring any appropriate action, for leave to deposit the
Escrowed Funds in the Supreme Court of the State of New York, County of New York seeking such
determination or such declaratory relief as the Escrow Agent shall deem reasonably necessary under
the circumstances, and the parties each hereby irrevocably consent to the entering of an ex parte
order pursuant to all applicable laws, rules and procedures of the State of New York and such
court. The Escrow Agent shall be reimbursed by the Company, for all of Escrow Agent’s reasonable
costs and expenses of such action or proceeding, including, without limitation, attorneys’ fees and
disbursements.

(d) Escrow Agent does not have any interest in the Escrowed Funds deposited hereunder and is
serving as escrow agent only and having only possession thereof. Any payments of income from the
Escrowed Funds shall be subject to withholding regulations then in force with respect to United
States federal or state income taxes. Section 5(c) and this Section 5(d) shall
survive any termination of this Agreement or the resignation of Escrow Agent in accordance with
Section 5(i) below.

(e) None of the provisions of this Agreement shall require the Escrow Agent to expend or risk
its own funds or otherwise to incur any liability, financial or otherwise, in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it.

(f) The Escrow Agent may consult with independent counsel and the advice or any opinion of
counsel shall be full and complete authorization and protection in respect of any action taken or
omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel.

(g) The Escrow Agent shall have no obligation to, and shall not, invest and/or reinvest any
cash held by the Escrow Agent in the absence of timely and specific written investment direction
from the Company and the Placement Agents. In no event shall the Escrow Agent be liable for the
selection of investments or for investment losses incurred thereon; provided that the Escrow Agent
has complied with written investment directions from the Company and the Placement Agents. The
Escrow Agent shall have no liability in respect of losses incurred as a result of the liquidation
of any investment prior to its stated maturity or the failure of the Company and the Placement
Agents to provide timely written investment direction.

(h) The Escrow Agent may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or through agents, attorneys, custodians or nominees appointed with due
care, and shall not be responsible for any willful misconduct or gross negligence on the part of
any agent, attorney, custodian or nominee so appointed.

(i) The Escrow Agent may at any time resign by giving ten (10) days written notice of
resignation to the Company and the Placement Agents. Upon receiving such notice of resignation,
the Company and the Placement Agents shall promptly appoint a successor and, upon the acceptance by
the successor of such appointment, release the resigning Escrow Agent from its obligations
hereunder by written instrument, a copy of which instrument shall be delivered to the resigning
Escrow Agent and the successor. If no successor shall have been so appointed and have accepted
appointment within forty-five (45) days after the giving of such notice of resignation, the
resigning Escrow Agent may petition any court of competent jurisdiction for the appointment of a
successor.

(j) Any partnership or other similar entity into which the Escrow Agent may be merged or
converted or with which it may be consolidated, or any partnership, corporation or other similar
entity resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a
party, or any partnership, corporation or other similar entity succeeding to the business of the
Escrow Agent shall be the successor of the Escrow Agent hereunder without the execution or filing
of any paper with any party hereto or any further act on the part of any of the parties hereto
except where an instrument of transfer or assignment is required by law to effect such succession,
anything herein to the contrary notwithstanding.

(k) Each of the parties to this Agreement hereby acknowledges that the Escrow Agent acts as
counsel to the Placement Agents and shall have the right to continue to represent the Placement
Agents in any action, proceeding, claim, litigation, dispute, arbitration or negotiation arising
hereunder, and the Company hereby consents thereto and waives any objection to the continued
representation of the Placement Agents by the Escrow Agent in connection therewith based upon the
services of the Escrow Agent hereunder, without waiving any duty or obligation the Escrow Agent may
have to the parties under this Agreement.

(l) No printed or other matter in any language (including, without limitation, the
Registration Statement, notices, reports and promotional material) which mentions the Escrow
Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the other
parties hereto or on such parties’ behalf unless the Escrow Agent shall first have given its
specific written consent thereto. The Escrow Agent hereby consents to the use of its name and the
reference to the escrow arrangement in the Registration Statement and in the prospectus supplement
relating to the Registration Statement.

6. Indemnification of Escrow Agent. The Company and the Placement Agents
hereby agree to indemnify and hold the Escrow Agent harmless from any and all liabilities,
obligations, damages, losses, claims, encumbrances, costs or expenses (including, without
limitation, court costs, reasonable attorneys’ fees and expenses) (any or all of the foregoing
herein referred to as a “Loss”) arising hereunder or with respect to the Escrowed Funds, unless it
is finally determined that such Losses resulted directly from the willful misconduct or gross
negligence of the Escrow Agent. Anything in this agreement to the contrary notwithstanding, in no
event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been
advised of the likelihood of such loss or damage and regardless of the form of action.

7. [Reserved]

8. Notices. Any notice, instruction, demand or other communication required
or permitted to be given hereunder shall be in writing and deemed given when sent by facsimile
transmission with receipt confirmed to the telephone number below and addressed as follows:

	 	a.	 	If to the Escrow Agent, to:

Lowenstein Sandler PC

1251 Avenue of the Americas

New York, NY 10020

Attention: Michael D. Maline, Esq.

Facsimile: (973) 422-6873

with wire transfers to:

PNC Bank New Jersey

ABA # 031-207-607

Account Name: Lowenstein Sandler PC Attorney Trust Account

Account #: 8025720131

	 	b.	 	If to Company, to:

Emisphere Technologies, Inc.

765 Old Saw Mill River Road

Tarrytown, New York 10591

Attention: Chief Executive Officer

Facsimile No.: (914) 593-8253

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

Brown Rudnick Berlack Israels LLP

One Financial Center

Boston, Massachusetts 02111

Attention: Timothy C. Maguire, Esq.

Facsimile No.: 617-289-0413

	 	c.	 	If to Placement Agents, to:

ThinkEquity Partners LLC

31 West 52nd Street

Suite 1700

New York, New York 10019

Attention: David J. Strupp, Jr.

Facsimile No.: 212-468-7044

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

Lowenstein Sandler PC

1251 Avenue of the Americas

New York, NY 10020

Attention: Michael D. Maline, Esq.

Facsimile: (973) 422-6873

or to such other address or account information as hereafter shall be designated in writing by the
applicable party.

9. Entire Agreement. This Agreement, the Placement Agency Agreement, the
Subscription Agreements, and any exhibits and schedules hereto and thereto constitute the entire
agreement between the parties hereto pertaining to the subject matters hereof, and supersede all
negotiations, preliminary agreements and all prior and contemporaneous discussions and
understandings of the parties in connection with the subject matters hereof. Any exhibits and
schedules hereto are hereby incorporated into and made a part of this Agreement.

10. Amendments. No amendment, waiver, change or modification of any of the
terms, provisions or conditions of this Agreement shall be effective unless made in writing and
signed or initialed by all parties or by their duly authorized agents. Waiver of any provision of
this Agreement shall not be deemed a waiver of future compliance therewith and such provision shall
remain in full force and effect.

11. Severability. In the event any provision of this Agreement is held
invalid, illegal or unenforceable, in whole or in part, the remaining provisions of this Agreement
shall not be affected thereby and shall continue to be valid and enforceable.

12. Governing Law. This Agreement shall be governed and construed in
accordance with the laws of the State of New York without regard to any applicable principles of
conflicts of law.

13. Submission to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF
AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
THE PARTIES HERETO HEREBY ACCEPT FOR THEMSELVES AND IN RESPECT OF THEIR RESPECTIVE PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS AND APPELLATE COURTS FROM
ANY THEREOF. THE PARTIES HERETO HEREBY IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS OUT OF ANY OF
THE AFOREMENTIONED COURTS IN ANY ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF TO SUCH
PARTY BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT REQUESTED, TO SUCH PARTY AT
ITS ADDRESS SPECIFIED HEREIN. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY OBJECTION,
INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF
FORUM NON CONVENIENS, WHICH ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH
ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.

14. Headings and Captions. The titles or captions of paragraphs in this
Agreement are provided for convenience of reference only, and shall not be considered a part hereof
for purposes of interpreting or applying this Agreement, and such titles or captions do not define,
limit, extend, explain or describe the scope or extent of this Agreement or any of its terms or
conditions.

15. Gender and Number. Words and phrases herein shall be construed as in
the singular or plural number and as masculine, feminine or neuter gender, according to the
context.

16. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument, and in making proof hereof, it shall not be necessary to
produce or account for more than one such counterpart.

17. Binding Effect on Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective legal
representatives, heirs, successors and assigns, and the subscribers of the Shares. Nothing in this
Agreement, express or implied, is intended to confer upon any party, other than the parties hereto
(and their respective legal representatives, heirs, successors and assigns), any rights, remedies,
obligations or liabilities.

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	ESCROW AGENT:
	 	COMPANY:
	Lowenstein Sandler PC
	 	Emisphere Technologies, Inc.
	 
	 	By: /s/Elliot M. Maza

	By: /s/Steven E. Siesser
	 	 	—	 
	—
	 	Name: Elliot M. Maza

	Member of the Firm
	 	Title: Chief Executive Officer

	PLACEMENT AGENTS:
	 	 	 	 
	ThinkEquity Partners LLC
	 	 	 	 
	By: /s/ David J. Strupp, Jr.
	 	 	 	 
	 
	 	 	 	 
	Name: David J. Strupp, Jr.
Title: Partner
	 	 	 	 
	W.R. Hambrecht + Co., LLC
	 	 	 	 
	By: /s/E. John Schneider, IV
	 	 	 	 
	 
	 	 	 	 
	Name: E. John Schneider, IV
Title: Managing Director
	 	 	 	 
	WBB Securities, LLC
	 	 	 	 
	By: /s/M. LaRae Bakerink
	 	 	 	 
	 
	 	 	 	 
	Name: M. LaRae Bakerink
Title: Chief Executive Officer
	 	 	 	 

2

EXHIBIT A

DWAC SUBSCRIBERS

	 	 	 	 	 
	Name and Address	 	Number of Shares	 	Subscription Amount
	TOTAL:

	 	

	 	

	 

	 	

	 	

3

EXHIBIT B

FORM OF OFFERING TERMINATION NOTICE

[     ], 2006

Lowenstein Sandler PC

1251 Avenue of the Americas

New York, New York 10020

Attention: Michael D. Maline, Esq.

Ladies and Gentlemen:

Pursuant to Section 4(a) of the Escrow Agreement dated as of May 9, 2006 (the “Escrow
Agreement”) among Emisphere Technologies, Inc. (the “Company”), ThinkEquity Partners LLC, W.R.
Hambrecht + Co., LLC, WBB Securities, LLC, and you, the Company hereby notifies you of the
termination of the offering of the Shares (as that term is defined in the Escrow Agreement) and
directs you to make payments to DWAC Subscribers as provided for in Section 4(a) of the Escrow
Agreement.

Very truly yours,

EMISPHERE TECHNOLOGIES, INC.

By:

Name:

Title:

4

EXHIBIT C

FORM OF CLOSING NOTICE

[     ], 2006

Lowenstein Sandler PC

1251 Avenue of the Americas

New York, New York 10020

Attention: Michael D. Maline, Esq.

Ladies and Gentlemen:

Pursuant to Section 4(b) of the Escrow Agreement dated as of May 9, 2006 (the “Escrow
Agreement”) among Emisphere Technologies, Inc. (the “Company”), ThinkEquity Partners LLC
(“ThinkEquity”), W.R. Hambrecht + Co., LLC (“W.R. Hambrecht”), WBB Securities, LLC (“WBB
Securities” and together with ThinkEquity and W.R. Hambrecht, the “Placement Agents”), and you, the
Company hereby certifies that it has received subscriptions for the Shares (as that term is defined
in the Escrow Agreement) and the Company will, subject to and in accordance with the terms of the
Placement Agency Agreement and the Subscription Agreements, as defined in the Escrow Agreement,
sell and deliver Shares to the DWAC Subscribers thereof at a closing to be held on May 15, 2006
(the “Closing Date”). The names of the DWAC Subscribers concerned, the number of Shares subscribed
for by each of such subscribers and the related subscription amounts are set forth on Schedule
I annexed hereto.

Please accept these instructions as standing instructions for the closing to be held on the
Closing Date. The parties hereto certify that they do not wish to have a call back regarding these
instructions. The parties hereto further certify that their instructions may be transmitted to you
via facsimile.

We hereby request that the aggregate subscription amount be paid to the Placement Agents and
us as follows:

1. To Emisphere Technologies, Inc. $     as follows:

     

     

     

2. To ThinkEquity Partners LLC $     as follows:

     

     

     

3. To W.R. Hambrecht + Co., LLC $     as follows:

     

     

     

4. To WBB Securities, LLC $     as follows:

     

     

     

5

These instructions may be executed in any number of counterparts, each of which shall be
deemed to be an original, and all of which together shall constitute one and the same instrument.

Very truly yours,

EMISPHERE TECHNOLOGIES, INC.

By:

Name:

Title:

THINKEQUITY PARTNERS LLC

By:

Name:

Title:

W.R. HAMBRECHT + CO., LLC

By:

Name:

Title:

WBB SECURITIES, LLC

By:

Name:

Title:

6

SCHEDULE I

to

CLOSING NOTICE

	 	 	 	 	 	 	 	 	 
	Name	 	Number	 	Subscription
	of DWAC Subscriber	 	of Shares	 	Amount

7

EXHIBIT D

FORM OF SUBSCRIPTION TERMINATION NOTICE

[     ], 2006

Lowenstein Sandler PC

1251 Avenue of the Americas

New York, New York 10020

Attention: Michael D. Maline, Esq.

Ladies and Gentlemen:

Pursuant to Section 4(c) of the Escrow Agreement dated as of May 9, 2006 (the “Escrow
Agreement”) among Emisphere Technologies, Inc. (the “Company”), ThinkEquity Partners LLC, W.R.
Hambrecht + Co., LLC, WBB Securities, LLC, and you, the Company hereby notifies you that the
following subscription(s) have been rejected:

	 	 	 	 	 
	Name of

DWAC Subscriber

	 	Number of Subscribed

Shares Rejected
	 	Dollar Amount of

Rejected Subscription

Very truly yours,

EMISPHERE TECHNOLOGIES, INC.

By:

Name:

Title:

8

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