X0306 4 2016-11-03 0 0001322505 ALBIREO PHARMA, INC. ALBO 0001357865 Zorn Peter A C/O ALBIREO PHARMA INC. 50 MILK STREET, 16TH FLOOR BOSTON MA 02109 0 1 0 0 Senior VP, Corp Dev, GC & Sec Common Stock 2016-11-03 4 A 0 934 0.00 A 934 D Stock Option (right to buy) 1.00 2016-11-03 4 A 0 52441 0.00 A 2026-04-14 Common Stock 52441 52441 D Represents shares of common stock of Albireo Pharma, Inc. (the "Issuer"), formerly known as Biodel Inc., issued in the share exchange transaction that was completed on November 3, 2016 pursuant to an Amended and Restated Share Exchange Agreement, dated as of July 13, 2016, by and among Biodel Inc., Albireo Limited ("Albireo") and the holders of Albireo shares and notes convertible into Albireo shares. This option was issued in replacement of an option to purchase shares of Albireo Limited. This option is vested and exercisable as to 33.33% of the underlying shares on the grant date, with the remainder vesting and becoming exercisable in 32 equal installments on the first day of each calendar month beginning with December 1, 2016 and ending July 1, 2019. /s/ Peter A. Zorn 2016-11-07