exv10w8






Exhibit 10.8




SECURED PROMISSORY NOTE




			
	$3,636,364
	 	Dated: May 13, 2010






     FOR VALUE RECEIVED, the undersigned, NUPATHE INC., a Delaware corporation (“Borrower”) HEREBY
PROMISES TO PAY to the order of MIDCAP FUNDING III, LLC (“Lender”) the principal amount of
THREE MILLION SIX HUNDRED THIRTY SIX THOUSAND THREE HUNDRED AND SIXTY FOUR DOLLARS ($3,636,364) or
such lesser amount as shall equal the outstanding principal balance of the Term A Loan made to
Borrower by Lender, plus interest on the aggregate unpaid principal amount of the Term A Loan, at
the rates and in accordance with the terms of the Loan and Security Agreement by and among Borrower
and Midcap Funding III, LLC, as Agent, and the Lenders as defined therein (as amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”). If not sooner paid,
the entire principal amount and all accrued interest hereunder and under the Loan Agreement shall
be due and payable on Maturity Date as set forth in the Loan Agreement.


Borrower agrees to pay any initial partial month interest payment from the date of this Secured
Promissory Note (this “Note”) to the first Payment Date (“Interim Interest”) on the first Payment
Date.



Principal, interest and all other amounts due with respect to the Term A Loan, are payable in
lawful money of the United States of America to Lender as set forth in the Loan Agreement and this
Note. The principal amount of this Note and the interest rate applicable thereto, and all payments
made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed
on the grid attached hereto which is part of this Note.



The Loan Agreement, among other things, (a) provides for the making of a secured Term A Loan to
Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of
certain stated events.



This Note may not be prepaid except as set forth in Section 2.2(c) and Section 2.2(d) of the Loan
Agreement.



This Note and the obligation of Borrower to repay the unpaid principal amount of the Term A Loan,
interest on the Term A Loan and all other amounts due Lender under the Loan Agreement is secured
under the Loan Agreement.



Presentment for payment, demand, notice of protest and all other demands and notices of any kind in
connection with the execution, delivery, performance and enforcement of this Note are hereby
waived.



Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable
attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of
Borrower’s obligations hereunder not performed when due. This Note shall be governed by, and
construed and interpreted in accordance with, the laws of the State of Maryland.



Note Register; Ownership of Note. The ownership of an interest in this Note shall be
registered on a record of ownership maintained by Lender or its agent. Notwithstanding anything
else in this Note to the contrary, the right to the principal of, and stated interest on, this Note
may be transferred only if the transfer is registered on such record of ownership and the
transferee is identified as the owner of an interest in the obligation. Borrower shall be entitled
to treat the registered holder of this Note (as recorded on such record of ownership) as the owner
in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim
to or interest in this Note on the part of any other person or entity.






 









 








     IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof.



	 	 	 	 	 
	 	BORROWER:



NUPATHE INC.

 	 
	 	By:  	/s/  Keith A. Goldan
 	 
	 	 	Name:  	Keith A. Goldan 	 
	 	 	Title:  	CFO