NEAH POWER SYSTEMS, INC. May 20, 2008Neah Power • May 23rd, 2008 • Neah Power Systems, Inc. • Miscellaneous electrical machinery, equipment & supplies
We refer to (i) the Purchase Agreement (the “Purchase Agreement”) dated November 27, 2007 between Neah Power Systems, Inc., a Nevada corporation (the “Borrower”), and CAMHZN Master LDC (the “Lender”), (ii) the 12% Secured Promissory Note (the “Note”) in the principal amount of $500,000 dated November 27, 2007 issued by the Borrower to the Lender, (iii) the Security Interest and Pledge Agreement dated November 27, 2007 (the “Pledge Agreement”) by and between the Borrower and the Lender, (iv) the Warrant dated November 27, 2007 issued by the Borrower to the Lender (the “Warrant”), and (v) the letter agreement by and between the Borrower and the Lender, November 27, 2007 (the “Letter Agreement”). The Purchase Agreement, the Note, the Pledge Agreement, the Warrant and the Letter Agreement are referred to herein as the “Loan Documents.” Unless otherwise defined herein, capitalized terms have the meanings assigned to them in the Loan Documents.
