[SPENCER TRASK PRIVATE EQUITY FUND I, LP]
11.5% SENIOR SECURED NOTE
New York, New York May 27, 2005
1. DEFINITIONS. For purposes of this Note:
A. BORROWER. The "Borrower" means Vyteris Holdings (Nevada), Inc., a Nevada corporation having its
chief executive office at 13-01 Pollitt Drive, Fair Lawn, New Jersey 07410.
B. COLLATERAL. "Collateral" means any collateral, subordination, guaranty, endorsement or other security or
assurance of payment, whether now existing or hereafter arising or accruing, that now or hereafter secures the
payment of or is otherwise applicable to the Outstanding Principal Account or any interest or other amount
payable pursuant to this Note and remaining unpaid.
C. EVENT OF DEFAULT. "Event of Default" has the meaning set forth in SECTION 6 hereof.
D. INTEREST. "Interest" has the meaning set forth in SECTION 3 hereof.
E. LENDER. The "Lender" means Spencer Trask Private Equity Fund I, LP, a New York limited liability
company, having its chief executive office at 535 Madison Avenue, New York, New York 10022.
F. MATURITY DATE. The "Maturity Date" shall be July 27, 2005.
G. NOTES. This Note is part of a series of 11.5% Senior Secured Promissory Notes of like tenor issued on the
date hereof on identical terms, in an aggregate principal amount equal to up to $2 million, and are collectively
referred to as the "Notes."
H. OUTSTANDING BALANCE. The "Outstanding Balance" means the sum of the outstanding Principal
Amount and any Interest accrued hereunder from time to time.
I. PRINCIPAL AMOUNT. The "Principal Amount" means the outstanding principal amount of this Note from
time to time.
J. TRANSACTION DOCUMENTS. The "Transaction Documents" shall mean this Note, and any other notes
issued in connection with the Loan, and the Security Agreement as defined in SECTION 7 hereof.
2. PROMISE TO PAY. The principal amount plus all accrued and unpaid interest owing under this Note shall be
paid on the Maturity Date.
3. INTEREST. Interest, calculated on th