EMISPHERE TECHNOLOGIES INC
WARRANT ADJUSTMENT NOTICE BETWEEN EMISPHERE
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<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>exhibit10-9.htm
<DESCRIPTION>WARRANT ADJUSTMENT NOTICE BETWEEN EMISPHERE
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<P align=right><B><FONT face=serif size=2>EXHIBIT 10.9 </FONT></B></P>
<P align=right><FONT face=serif size=2>August 30, 2007 </FONT></P>
<P align=justify><FONT face=serif size=2>To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atticus European Fund LTD </FONT></P>
<P align=justify><FONT face=serif size=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to warrant No. A2 issued by
Emisphere Technologies, Inc. on March 31, 2005 (the &#147;Warrant&#148;) </FONT></P>
<P align=justify><FONT face=serif size=2>Dear Warrant Holder: </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant
to the terms of the Warrant, Emisphere Technologies, Inc. (the &#147;Company&#148;) is
required to provide you with notice upon any antidilution adjustments. As
described below, the Company has consummated a financing that results in a new
exercise price for shares subject to the Warrant of $3.98. Additionally, the
Warrant now entitles you to purchase from the Company up to a total of 376,884
shares of common stock of the Company (&#147;Common Stock&#148;).</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>According
to the terms and conditions of the Warrant, the Warrant entitles the holder to
purchase up to 375,000 shares (&#147;Warrant Shares&#148;) of Common Stock at an exercise
price for each share of Common Stock of $4.00. Thereafter, certain antidilution
adjustments are required to be made upon the occurrence of certain
events.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On August 22, 2007, the Company
completed the sale (the &#147;Offering&#148;) of 2,000,000 shares of Common Stock and
warrants to purchase 400,000 shares of Common Stock. The shares of Common Stock
and warrants were sold together as units for a negotiated sales price of $3.785.
The Common Stock sold in the Offering had a deemed per share price of $3.76 per
share, the last reported sale price for our common stock on the Nasdaq Global
Market on August 16, 2007. Therefore, pursuant to the terms of the Warrant, the
Offering resulted in the automatic adjustment of the Exercise Price to $3.98 and
of the Warrant Shares to 376,884. The calculation reflecting these adjustments
is shown below.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The value
of the warrant coverage for the warrants sold in the Offering was $0.025. Based
on the 20% level of warrant coverage, the consideration received for a warrant
to purchase one full share of Common Stock is $0.125 ($0.025 multiplied by 5).
The warrants are also subject to an exercise price of $3.948 per share of common
stock, resulting in a total price for each share of Common Stock subject to the
warrants of $4.073 ($0.125 plus $3.948). Therefore, the sale of the warrants in
the Offering does not trigger any further antidilution adjustment to the
exercise price of the Warrant.</FONT></P>
<P align=center><B><FONT face=serif size=2>Adjustment Calculations
</FONT></B></P>
<P align=justify><U><FONT face=serif size=2>Adjustment to Exercise
Price</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Warrant provides that upon the issuance of Additional Shares of Common Stock (as
defined in the Warrant), without consideration or for a consideration per share
less than the Exercise Price in effect on the date of and immediately prior to
such issue, the Exercise Price shall be reduced to a price (calculated to the
nearest cent) determined in accordance with the following formula: </FONT></P>
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    <TD noWrap align=left width="1%"><FONT face=serif size=2>New Exercise
      Price =</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>EP1 </FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>x</FONT>&nbsp;
    &nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"><FONT size=+0><FONT face=serif size=2>CS1&nbsp; +&nbsp;
      AS1</FONT></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="96%"><FONT face=serif size=2>CS1&nbsp;
      +&nbsp; AS2</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>where </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>EP1 = the
Exercise Price then in effect; <BR></FONT><FONT face=serif size=2>CS1 = the
total number of shares of Common Stock outstanding immediately prior to such
issue calculated on a fully diluted basis, as if all convertible securities had
been fully converted into shares of Common Stock and any outstanding options
bearing an exercise price lower than the price at which the Additional Shares of
Common Stock were issued had been fully exercised as of such date; <BR>AS1 = the
total number of Additional Shares of Common Stock that would have been issued at
the aggregate consideration received by the Company at the Exercise Price in
effect immediately prior to such issuance; and <BR>AS2 = the total number of
Additional Shares of Common Stock issued. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>New Exercise
Price = $4.00&nbsp;&nbsp; x&nbsp;&nbsp; 29,450,133 +
1,880,000<BR>&nbsp;29,450,133 + 2,000,000 </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>New Exercise
Price = $4.00&nbsp;&nbsp; x&nbsp;&nbsp; 31,330,133<BR>&nbsp;31,450,133
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>New Exercise
Price = $3.98 </FONT></P>
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<P align=justify><U><FONT face=serif size=2>Adjustment to Share
Number</FONT></U><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Warrant provides that upon each adjustment of the Exercise Price, the number of
Warrant Shares shall be adjusted by multiplying such number of Warrant Shares by
a fraction, the numerator of which shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator of which shall be the
Exercise Price in effect after giving effect to such adjustment.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New Warrant Shares =
375,000&nbsp;&nbsp; x&nbsp;&nbsp; $4.00&nbsp;<BR><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>$3.98
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New Warrant Shares =
376,884</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If you have any questions regarding
this notice, please contact William T. Rumble by telephone at (914) 785-4717.
</FONT></P>
<P align=right><FONT face=serif size=2>Very truly yours, </FONT></P>
<P align=right>&nbsp;</P>
<P align=right>
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    <TD noWrap align=right width="50%"><FONT face=serif size=2>By:<FONT size=3>&nbsp;</FONT> <FONT size=3></FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="50%"><FONT size=2>/s/ William T. Rumble</FONT><FONT size=3></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%" colSpan=2><FONT face=serif size=2>William T. Rumble</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="100%" colSpan=2><FONT face=serif size=2>Corporate Controller</FONT></TD></TR></TABLE><BR>
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