Document:

Exhibit 10.4

Exhibit 10.4

NUPATHE INC.

2010 OMNIBUS INCENTIVE COMPENSATION PLAN

NONQUALIFIED STOCK OPTION GRANT

This NONQUALIFIED STOCK OPTION GRANT AGREEMENT (this “Agreement”), dated as of                         ,
2010 (the “Date of Grant”), is delivered by NuPathe Inc. (the “Company”) to                      (the
“Grantee”).

RECITALS

A. The NuPathe Inc. 2010 Omnibus Incentive Compensation Plan (the “Plan”) provides for the
grant of options to purchase shares of common stock of the Company. The Board of Directors of the
Company (the “Board”) has decided to make a stock option grant to the Grantee in consideration of
their continued services on the Board. A copy of the prospectus has been delivered to the Grantee
and the Grantee acknowledges receipt of such prospectus.

B. The Board is authorized to appoint a committee to administer the Plan. If a committee is
appointed, all references in this Agreement to the “Board” shall be deemed to refer to the
committee.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Option. Subject to the terms and conditions of Agreement and the Plan, the
Company hereby grants to the Grantee a nonqualified stock option (the “Option”) to purchase
                     shares of common stock of the Company (“Shares”) at an exercise price of $                     per
Share. The Option shall become exercisable according to Paragraph 2 below.

2. Vesting and Exercisability of Option.

(a) The Option shall become vested and exercisable on the following dates, if the Grantee is
employed by, or providing service to, the Employer (as defined in the Plan) on the applicable
vesting date (each, a “Vesting Date”):

[Insert
Vesting and Exercisability Schedule]

The vesting and exercisability of the Option is cumulative, but shall not exceed 100% of the
Shares subject to the Option. If the foregoing schedule would produce fractional Shares, the
number of Shares for which the Option becomes vested and exercisable shall be rounded down to the
nearest whole Share.

(b) Notwithstanding subparagraph (a) above, if the Grantee is employed by or providing service
to, the Company on such date, 100% of the Option shall vest and become exercisable on the earliest
of (i) a Change of Control (as defined in the Plan), (ii) death or (iii) Disability (as defined in
the Plan).

 

 

3. Term of Option.

(a) The Option shall have a term of ten years from the Date of Grant and shall terminate at
the expiration of that period, unless it is terminated at an earlier date pursuant to the
provisions of this Agreement or the Plan.

(b) The Option shall automatically terminate upon the happening of the first of the following
events:

(i) The expiration of the one year period after the Grantee ceases to be employed by, or
provide service to, the Employer, if the termination is for any reason other than Cause (as defined
in the Plan).

(ii) The date on which the Grantee ceases to be employed by, or provide service to, the
Employer for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the
Grantee engages in conduct that constitutes Cause after the Grantee’s employment or service
terminates, the Option shall immediately terminate, and the Grantee shall automatically forfeit all
Shares underlying any exercised portion of the Option for which the Company has not yet delivered
the Share certificates, upon refund by the Company of the exercise price paid by the Grantee for
such Shares.

Notwithstanding the foregoing, in no event may the Option be exercised after the date that is
immediately before the tenth anniversary of the Date of Grant. Any portion of the Option that is
not exercisable at the time the Grantee ceases to be employed by, or provide service to, the
Employer shall immediately terminate.

4. Exercise Procedures.

(a) Subject to the provisions of Paragraphs 2 and 3 above, the Grantee may exercise part or
all of the exercisable Option by giving the Company written notice of intent to exercise in the
manner provided in this Agreement, specifying the number of Shares as to which the Option is to be
exercised and the method of payment. Payment of the exercise price shall be made in accordance
with procedures established by the Board from time to time based on type of payment being made but,
in any event, prior to issuance of the Shares. The Grantee shall pay the exercise price (i) in
cash, (ii) unless the Board determines otherwise, by delivering Shares owned by the Grantee and
having a Fair Market Value (as defined in the Plan) on the date of exercise at least equal to the
exercise price or by attestation (on a form prescribed by the Board) to ownership of Shares having
a Fair Market Value on the date of exercise at least equal to the exercise price, (iii) by payment
through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve
Board, (iv) by surrender of all or any part of the vested Shares for which the Option is
exercisable to the Company for an appreciation distribution payable in shares of common stock with
a Fair Market Value at the time of the Option surrender equal to the dollar amount by which the
then Fair Market Value of the shares of common stock subject to the surrendered portion exceeds the
aggregate exercise price payable for those shares, or (v) by such other method as the Board may
approve. The Board may impose from time to time such limitations as it deems appropriate on the
use of Shares of the Company to exercise the Option.

 

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(b) The obligation of the Company to deliver Shares upon exercise of the Option shall be
subject to all applicable laws, rules, and regulations and such approvals by governmental agencies
as may be deemed appropriate by the Board, including such actions as Company counsel shall deem
necessary or appropriate to comply with relevant securities laws and regulations.

(c) All obligations of the Company under this Agreement shall be subject to the rights of the
Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if
applicable. Subject to Board approval, the Grantee may elect to satisfy any tax withholding
obligation of the Employer with respect to the Option by having Shares withheld up to an amount
that does not exceed the minimum applicable withholding tax rate for federal (including FICA),
state and local tax liabilities.

5. Change of Control. Except as set forth in Section 2(b) above, the provisions of the
Plan applicable to a Change of Control shall apply to the Option, and, in the event of a Change of
Control, the Board may take such actions as it deems appropriate pursuant to the Plan.

6. Restrictions on Exercise. Except as the Board may otherwise permit pursuant to the
Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the
Grantee’s death, the Option shall be exercisable (subject to the limitations specified in the Plan)
solely by the legal representatives of the Grantee, or by the person who acquires the right to
exercise the Option by will or by the laws of descent and distribution, to the extent that the
Option is exercisable pursuant to this Agreement.

7. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant and exercise of the Option are subject to interpretations, regulations
and determinations concerning the Plan established from time to time by the Board in accordance
with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights
and obligations with respect to withholding taxes, (b) the registration, qualification or listing
of the Shares, (c) changes in capitalization of the Company and (d) other requirements of
applicable law. The Board shall have the authority to interpret and construe the Option pursuant
to the terms of the Plan, and its decisions shall be conclusive as to any questions arising
hereunder.

8. No Employment or Other Rights. The grant of the Option shall not confer upon the
Grantee any right to be retained by or in the employ or service of the Employer and shall not
interfere in any way with the right of the Employer to terminate the Grantee’s employment or
service at any time. The right of the Employer to terminate the Grantee’s employment or service at
any time for any reason is specifically reserved.

9. No Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the
Grantee’s rights in the event of the Grantee’s death, shall have any of the rights and privileges
of a stockholder with respect to the Shares subject to the Option, until certificates for Shares
have been issued upon the exercise of the Option.

 

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10. Assignment and Transfers. Except as the Board may otherwise permit pursuant to the
Plan, the rights and interests of the Grantee under this Agreement may not be sold, assigned,
encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by
the laws of descent and distribution. In the event of any attempt by the Grantee to alienate,
assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder, except as
provided for in this Agreement, or in the event of the levy or any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate the Option by
notice to the Grantee, and the Option and all rights hereunder shall thereupon become null and
void. The rights and protections of the Company hereunder shall extend to any successors or
assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement
may be assigned by the Company without the Grantee’s consent.

11. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

12. Notice. Any notice to the Company provided for in this instrument shall be addressed
to the Company in care of the President at 227 Washington Avenue, Suite 200, Conshohocken, PA,
19428, and any notice to the Grantee shall be addressed to such Grantee at the current address
shown on the payroll of the Employer, or to such other address as the Grantee may designate to the
Employer in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a
properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a
post office regularly maintained by the United States Postal Service.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant.

	 	 	 	 	 
	 	NUPATHE INC.

 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the
Plan and this Agreement. I hereby further agree that all the decisions and determinations of the
Board shall be final and binding.

	 	 	 	 	 
	 	 	 
	 	Grantee:  	
 	 
	 	 	 
	 	 	 
	 

 

-5-Exhibit 10.5

Exhibit 10.5

NUPATHE INC.

2010 OMNIBUS INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK GRANT

This RESTRICTED STOCK GRANT AGREEMENT (this “Agreement”), dated as of                      (the “Date
of Grant”), is delivered by NuPathe Inc. (the “Company”), to                                          (the “Grantee”).

RECITALS

A. The NuPathe Inc. 2010 Omnibus Incentive Compensation Plan (the “Plan”) provides for the
grant of restricted stock in accordance with the terms and conditions of the Plan. The Board of
Directors of the Company (the “Board”) has decided to make a restricted stock grant as an
inducement for the Grantee to promote the best interests of the Company and its stockholders. A
copy of the prospectus has been delivered to the Grantee and the Grantee acknowledges receipt of
such prospectus.

B. The Board is authorized to appoint a committee to administer the Plan. If a committee is
appointed, all references in this Agreement to the “Board” shall be deemed to refer to the
committee.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Restricted Stock Grant. Subject to the terms and conditions set forth in this Agreement
and the Plan, the Company hereby grants the Grantee                      shares of common stock of the Company,
subject to the restrictions set forth below and in the Plan (the “Restricted Stock”). Shares of
Restricted Stock may not be transferred by the Grantee or subjected to any security interest until
the shares have become vested pursuant to this Agreement and the Plan.

2. Vesting and Nonassignability of Restricted Stock.

(a) The shares of Restricted Stock shall become vested, and the restrictions described in
Sections 2(b) and 2(c) shall lapse, according to the following vesting schedule, if the Grantee
continues to be employed by, or provide service to, the Employer (as defined in the Plan) from the
Date of Grant until the applicable vesting date:

[Insert Vesting Schedule]

The vesting of the Restricted Stock shall be cumulative, but shall not exceed 100% of the shares.
If the foregoing schedule would produce fractional shares, the number of shares of Restricted Stock
that vest shall be rounded down to the nearest whole share.

 

 

 

(b) If the Grantee ceases to be employed by, or provide service to, the Employer for any
reason before the Restricted Stock fully vests, the shares of Restricted Stock that are not then
vested shall be forfeited and must be immediately returned to the Company.

(c) During the period before the shares of Restricted Stock vest (the “Restriction Period”),
the non-vested Restricted Stock may not be assigned, transferred, pledged or otherwise disposed of
by the Grantee. Any attempt to assign, transfer, pledge or otherwise dispose of the shares
contrary to the provisions hereof, and the levy of any execution, attachment or similar process
upon the shares, shall be null, void and without effect.

3. Issuance of Certificates.

(a) Stock certificates representing the Restricted Stock may be issued by the Company and held
in escrow by the Company until the Restricted Stock vests, or the Company may hold non-certificated
shares until the Restricted Stock vests. During the Restriction Period, the Grantee shall receive
any cash dividends with respect to the shares of Restricted Stock, may vote the shares of
Restricted Stock and may participate in any distribution pursuant to a plan of dissolution or
complete liquidation of the Company. In the event of a dividend or distribution payable in stock
or other property or a reclassification, split up or similar event during the Restriction Period,
the shares or other property issued or declared with respect to the non-vested shares of Restricted
Stock shall be subject to the same terms and conditions relating to vesting as the shares to which
they relate.

(b) When the Grantee obtains a vested right to shares of Restricted Stock, a certificate
representing the vested shares shall be issued to the Grantee, free of the restrictions under
Section 2 of this Agreement.

(c) The obligation of the Company to deliver shares upon the vesting of the Restricted Stock
shall be subject to all applicable laws, rules, and regulations and such approvals by governmental
agencies as may be deemed appropriately to comply with relevant securities laws and regulations.

4. Change of Control. The provisions of the Plan applicable to a Change of Control (as
defined in the Plan) shall apply to the Restricted Stock, and, in the event of a Change of Control,
the Board may take such actions as it deems appropriate pursuant to the Plan.

5. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of
which are incorporated herein by reference, and in all respects shall be interpreted in accordance
with the Plan. The grant is subject to interpretations, regulations and determinations concerning
the Plan established from time to time by the Board in accordance with the provisions of the Plan,
including, but not limited to, provisions pertaining to (a) rights and obligations with respect to
withholding taxes, (b) the registration, qualification or listing of the shares, (c) changes in
capitalization of the Company, and (d) other requirements of applicable law. The Board shall have
the authority to interpret and construe the grant pursuant to the terms of the Plan, and its
decisions shall be conclusive as to any questions arising hereunder.

 

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6. Withholding. The Grantee shall be required to pay to the Company, or make other
arrangements satisfactory to the Company to provide for the payment of, any federal, state, local
or other taxes that the Employer is required to withhold with respect to the grant or vesting of
the Restricted Stock. Subject to Board approval, the Grantee may elect to satisfy any tax
withholding obligation of the Employer with respect to the Restricted Stock by having shares
withheld up to an amount that does not exceed the minimum applicable withholding tax rate for
federal (including FICA), state, local and other tax liabilities.

7. Section 83(b) Election. The Grantee hereby acknowledges that the Grantee has been
informed that, with respect to the Restricted Stock, the Grantee may file an election with the
Internal Revenue Service, within 30 days of the execution of this Agreement, electing pursuant to
Section 83(b) of the Internal Revenue Code of 1986, as amended, (the “Code”) to be taxed currently
on any difference between the purchase price of the Restricted Stock and their fair market value on
the date of purchase. Absent such an election, taxable income will be measured and recognized by
the Grantee at the time or times at which the forfeiture restrictions on the Restricted Stock
lapse. The Grantee is strongly encouraged to seek the advice of his own tax consultants in
connection with the issuance of the Restricted Stock and the advisability of filing of the election
under Section 83(b) of the Code. A form of Election under Section 83(b) is attached hereto as
Exhibit A for reference.

THE GRANTEE ACKNOWLEDGES THAT IT IS NOT THE COMPANY’S, BUT RATHER THE GRANTEE’S SOLE RESPONSIBILITY
TO FILE THE ELECTION UNDER SECTION 83(b) TIMELY.

8. No Employment or Other Rights. This grant shall not confer upon the Grantee any right
to be retained by or in the employ or service of the Employer and shall not interfere in any way
with the right of the Employer to terminate the Grantee’s employment or service at any time. The
right of the Employer to terminate at will the Grantee’s employment or service at any time for any
reason is specifically reserved.

9. Assignment by Company. The rights and protections of the Company hereunder shall extend
to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and
affiliates. This Agreement may be assigned by the Company without the Grantee’s consent.

10. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflicts of laws provisions thereof.

11. Notice. Any notice to the Company provided for in this instrument shall be addressed
to the Company in care of the President at 227 Washington Avenue, Suite 200, Conshohocken, PA
19428, and any notice to the Grantee shall be addressed to such Grantee at the current address
shown on the payroll of the Employer, or to such other address as the Grantee may designate to the
Employer in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a
properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a
post office regularly maintained by the United States Postal Service.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest
this instrument, and the Grantee has placed his or her signature hereon, effective as of the Date
of Grant.

	 	 	 	 	 
	 	NUPATHE INC.

 	 
	 	By:  	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 

I hereby accept the grant of Restricted Stock described in this Agreement, and I agree to be bound
by the terms of the Plan and this Agreement. I hereby further agree that all of the decisions and
determinations of the Board shall be final and binding.

	 	 	 	 	 
	 	 	 
	 	Grantee:  	
 	 
	 	 	 
	 	 	 
	 

 

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ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

The undersigned taxpayer hereby makes an election pursuant to Section 83(b) of the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (the “Regulations”), and
in connection with this election supplies the following information:

	 	(1)	 	Name of taxpayer making election:                                                             

Address:                                                             
                                        

Social Security Number:                                                                
                 

Tax Year for which election is being made:                                         

(2) The property with respect to which the election is being made consists of                      shares of common
stock of NuPathe Inc. (the “Company”).

(3) Date the property was transferred:                      (the “Date of Grant”).

(4) The stock is subject to forfeiture to the Company if the taxpayer ceases to be employed
by, or provide service to, the Company during the restriction period. The restriction period
lapses according to the following schedule, if the taxpayer is employed by, or providing service
to, the Company from the Date of Grant until the applicable vesting date:

	 	 	 
	Vesting Date	 	Shares Vested on Vesting Date
	 
	 	 
	                                        

	 	                    
	                                        

	 	                    
	                                        

	 	                    
	                                        

	 	                    

(5) The fair market value at the time of the transfer of the stock (determined without regard
to any restriction other than a restriction which by its terms will never lapse) is $                     per share.

(6) The amount paid for the stock is $      per share ( $                     aggregate consideration).

(7) A copy of this statement has been furnished to the Company (and to the transferee of the
Stock, if different from the taxpayer) as required by §1.83-2(d) of the Regulations.

(8) This statement is executed as of                                         .

 
Taxpayer

 

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INSTRUCTIONS FOR FILING SECTION 83(B) ELECTION

Attached is a form of election under section 83(b) of the Internal Revenue Code. If you wish
to make such an election, you should complete, sign and date the election and then proceed as
follows:

1. Execute three counterparts of your completed election (plus one extra counterpart for each
person other than you, if any who receives property that is the subject of your election),
retaining at least one photocopy for your records.

2. Send one counterpart to the Internal Revenue Service Center with which you will file your
Federal income tax return for the current year (e.g., Kansas City, Missouri for
Pennsylvania residents) via certified mail, return receipt requested. THE ELECTION SHOULD BE SENT
IMMEDIATELY, AS YOU ONLY HAVE 30 DAYS FROM THE ISSUANCE/PURCHASE/GRANT DATE WITHIN WHICH TO MAKE
THE ELECTION — NO WAIVERS, LATE FILINGS OR EXTENSIONS ARE PERMITTED.

3. Deliver one counterpart of the completed election to the Company for its files.

4. If anyone other than you (e.g., one of your family members) will receive property that
is the subject of your election, deliver one counterpart of the completed election to each such
person.

5. Attach one counterpart of the completed election to your Federal income tax return for this
year when you file that return next year.

 

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