Document:

EX-10.9

 Exhibit 10.9 
  

			
	

	  	 Capnia, Inc.
 2445 Faber Place, Suite
250
 Palo Alto CA 94303
 650-213-8444 Main

650-213-8383 Fax

 17 April 2014 
 Antoun
Nabhan, JD 
 Dear Antoun: 
 I am pleased to
offer you a position with Capnia, Inc., a Delaware corporation (the “Company”), as its Vice President, Corporate Development. You shall report to the Chief Executive Officer of the Company. If you decide to join us, you will receive
an annual base salary of $225,000, which will be paid in accordance with the Company’s normal payroll procedures, less applicable withholding taxes. As an employee, you will also be eligible to receive certain employee benefits. The
Company will re-assess your compensation within 60 days of a successful IPO transaction. 
 At the first Board of Directors’ meeting
after you begin employment, the Company will recommend that you be granted an option to purchase 126,000 shares of the Company’s common stock. All option grants are subject to approval by the Company’s Board of Directors. The Board will
determine the exercise price per share when it grants the option. This option grant shall be subject to the terms and conditions of the Company’s Stock Option Plan and Stock Option Agreement, including vesting and repurchase requirements. No
right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continued vesting or employment. This option shall vest, subject to your continued employment with the Company, as to one fourth
(1/4) of the shares on the first anniversary of the date of your employment, and as to an additional one forty-eight (1/48th) of the total number of shares subject to the option on the
first day of each calendar month thereafter. 
 Upon the closing of an IPO in which at least $15 million of net cash proceeds is received by
the Company, you will be awarded, at the first meeting of the Board of Directors following such closing, a fully-vested option to purchase up to 27,262 shares of the Company’s common stock pursuant to the above mentioned Plan, Agreement and
pricing. 
 The Company is excited about your joining and looks forward to a beneficial and productive relationship. Nevertheless, you
should be aware that your employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly,
the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without 

 
notice. We request that, in the event of resignation, you give the Company at least a two-week notice. 

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that
may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which
the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company which would result in you devoting less than 100% of your professional
efforts to the Company. Similarly, you agree not to bring any third party confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such
information. 
 As a Company employee, you will be expected to abide by the Company’s rules and standards. 

As a condition of your employment, you are also required to sign and comply with an At-Will
Employment, Confidential Information, Invention Assignment and Arbitration Agreement (the “At-Will Employment Agreement”) which requires, among other provisions, the assignment of patent rights to any invention made during your
employment at the Company, and non-disclosure of Company proprietary information. In the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that
(i) any and all disputes between you and the Company shall be fully and finally resolved by binding arbitration, (ii) you are waiving any and all rights to a jury trial but all court remedies will be available in arbitration,
(iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and (v) the Company shall pay all but the first $125 of the arbitration fees.
Please note that we must receive your signed At-Will Employment Agreement before your first day of employment. 
 To accept the Company’s offer, please
sign and date this letter in the space provided below. If you accept our offer, your first day of employment will be 11 April 2014. This letter, along with any agreements relating to proprietary rights between you and the Company, set forth the
terms of your employment with the Company and supersede any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews, pre-employment
negotiations or the Consulting Agreement between you and the Company dated October 10, 2013, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not
be modified or amended except by a written agreement signed 

  
 - 2 - 

 
by a designated officer of the Company and you. This offer of employment will terminate if it is not accepted, signed and returned within one week of the date set forth at the top of this letter.

 We look forward to your favorable reply and to working with you at Capnia, Inc. 

 

	
	Sincerely,
	
	 /s/ Anish Bhatnagar

	Anish Bhatnagar, CEO

 Agreed to and accepted: 
  

			
	Signature:	 	 /s/ Antoun A. Nabhan

		
	Printed Name:	 	 Antoun A. Nabhan

		
	Date:	 	 04/17/2014

 Enclosure: 
 At-Will Employment,
Confidential Information, Invention Assignment and Arbitration Agreement 

  
 - 3 -EX-10.10

 Exhibit 10.10 

ASSET PURCHASE AGREEMENT 

THIS ASSET PURCHASE AGREEMENT (“Agreement”) is made and entered into as of May 11, 2010 (the “Effective
Date”) by and between Capnia, Inc., a Delaware corporation (“Buyer”), and BioMedical Drug Development Inc., a Delaware corporation (“Seller”). Buyer and Seller are referred to herein collectively as the
“Parties”. 
 RECITALS 

Seller entered into that certain Asset Purchase Agreement with Stryker Corporation, a Michigan corporation (“Stryker”) and
Everest Biomedical Instruments Company, a Delaware corporation (“Everest”, and together with Stryker, “Original Holders”) dated as of May 7, 2010 (the “Original Agreement”). 

Pursuant to the Original Agreement, Seller acquired from the Original Holders certain intellectual property relating to non-invasive end tidal
breath gas monitor medical technology known as the COCO2Puff (the “Technology”). 

Buyer desires to engage in the business of developing, manufacturing, and selling a product utilizing the Technology. Seller wishes to sell,
and Buyer wishes to purchase from Seller, all assets of Seller that were acquired under the Original Agreement or are otherwise used in connection with the Technology (as more particularly described in Section 1 hereof). 

NOW, THEREFORE, in consideration of the foregoing and of the terms set forth below, the Parties agree as follows: 

TERMS 
 1.
Purchased Assets. Seller hereby sells, assigns, transfers, and sets over to Buyer all of its right, title and interest in, to and under the following patent applications: 

 

	 	•	 	PCT/US2003/19310, entitled “Breath End Tidal Gas Monitor,” filed on June 19, 2003; and 

  

	 	•	 	U.S. Patent Application No. 10/561561, entitled “Breath End Tidal Gas Monitor,” filed on December 19, 2005 

(collectively, the “Patent Applications”), through the execution of the Assignment attached to this Agreement as Exhibit 1, and
which is incorporated in its entirety into this Agreement. Seller also hereby sells, assigns, transfers and sets over to Buyer all of its right, title and interest in, to and under the assets, if any, listed in Exhibit 2 of this
Agreement that are used, or held for use, in the design and development of the Technology (collectively, with the Patent Applications, the “Purchased Assets”). 

2. Buyer Payment Obligations. Subject to the terms and conditions of this Agreement, if an event occurs that gives rise to a
payment obligation under Section 2 of the Original Agreement in connection with the Cash Consideration or the Regulatory Milestone (each such term, as defined in 

 
the Original Agreement, and each such event, a “Payment Condition”, and the date of such event, a “Payment Condition Date”), Buyer shall pay Seller the requisite
amount within thirty (30) business days of the Payment Condition Date, except that payment with respect to the Cash Consideration shall be made immediately after execution of this Agreement in accordance with Section 5 below. Buyer shall
make such payments to Seller by check or wire of immediately available funds to a bank account designated by Seller. The payments to be made under Section 2 shall be independent of the royalty payments that may become payable under
Section 5. Upon receipt of Buyer’s payment pursuant to this section (each, a “Buyer Payment”), Seller shall immediately remit such Buyer Payment to the Original Holders, without any deduction or setoff, and provide Buyer
with a notice confirming that such Buyer Payment has been remitted to the Original Holders, all within fifteen (15) days of Seller’s receipt of the Buyer Payment. In the event that Seller does not remit a Buyer Payment to the Original
Holders and confirm that such remittance has been made in accordance with this section, Buyer shall give Seller written notice of such failure (the “Buyer Payment Final Notice”). In the event that Seller does not remit a Buyer
Payment to the Original Holders and confirm that such remittance has been made within fifteen (15) days of the date of the Buyer Payment Final Notice, (x) all of Buyer’s then future payment obligations to Seller under this Agreement
shall immediately terminate and be no longer enforceable, (y) Buyer shall assume the obligations under Section 2 of the Original Agreement and make any then payments remaining due, directly to the Original Holders, and (z) Buyer shall
have the right but not the obligation to acquire Seller in a transaction of Buyer’s choosing (including without limitation, a stock acquisition, reorganization, merger, consolidation or otherwise) at an aggregate consideration of $10, in which
event Buyer shall transfer the Shares to George Tidmarsh immediately prior to the closing of such transaction provided George Tidmarsh, in his capacity as a director, officer and/or stockholder of Seller, has taken all action necessary or desirable
to effect such transaction. 
 3. Seller Payment Obligations. Subject to the terms and conditions of this Agreement, if the
First Sales Milestone or the Second Sales Milestone (each such term, as defined in the Original Agreement) becomes payable, including upon an applicable anniversary of the Effective Date of the Original Agreement (any such event, a “Seller
Payment Condition”, and the date of such event, a “Seller Payment Condition Date”) Seller shall remit payment (each, a “Seller Payment”) to the Original Holders and provide Buyer with a notice confirming
that such Seller Payment has been remitted to the Original Holders, all within forty five (45) days of the Seller Payment Condition Date; provided, however, that if an amount becomes payable upon an applicable anniversary of the Effective Date
of the Original Agreement, such amount shall be paid on such anniversary date and Seller shall provide Buyer with a notice confirming that such Seller Payment has been remitted to the Original Holders, within fifteen (15) days of the applicable
anniversary date. In the event that Seller does not remit a Seller Payment to the Original Holders and confirm that such remittance has been made in accordance with this section, Buyer shall give Seller written notice of such failure (the
“Seller Payment Final Notice”). In the event that Seller does not remit a Seller Payment to the Original Holders and confirm that such remittance has been made within fifteen (15) days of the date of the Seller Payment Final
Notice, all of Buyer’s then future payment obligations to Seller under this Agreement shall immediately terminate and be no longer enforceable. 

4. Reversion Right. In the event Buyer fails to make the requisite payment in connection with (x) a Payment
Condition as set forth in Section 2, or (y) as set forth in Sections 5 or 6, Seller 

  
 -2- 

 
will have sixty (60) days from the Payment Condition Date or other applicable event (the “Notification Period”) to request in writing that Buyer transfer back to Seller, all
Buyer’s right, title and interest in, to and under the Purchased Assets. Upon receipt by Buyer of such written request, Buyer shall have sixty (60) business days to arrange payment of such amount that is due and payable in connection with
the applicable Payment Condition (the “Cure Period”). In the event that Buyer receives such written notification within the Notification Period and does not pay Seller within the Cure Period the amount that has become due and
payable, Buyer hereby agrees and covenants to transfer back to Seller the Purchased Assets, free of any liens or encumbrances created or imposed upon by Buyer during the period Buyer owned the Purchased Assets, pursuant to an assignment agreement in
a form consistent with Exhibit 1. If Seller fails to provide written notification within the Notification Period as required herein, Seller’s rights under this Section 3 will expire, and no transfer of ownership of the
Purchased Assets by Buyer to Seller will occur hereunder. 
 5. Payments. In addition to Buyer’s obligations to make the
payments set forth in Section 2 above, Buyer shall pay to Seller an aggregate amount of $150,000 to be paid upon execution and delivery of this Agreement by Seller to Buyer on the Effective Date; provided, however, that the Cash Consideration
described in Section 2 shall be deemed paid upon receipt of the Buyer’s payment under this section. 
 6.
Royalty Payments. Buyer further agrees to make the following royalty payments to Seller: 
  

	 	(a)	a one time cash payment of $100,000 upon aggregate Net Product Sales first exceeding $5,000,000; and 

  

	 	(b)	a one time cash payment of $100,000 upon aggregate Net Product Sales first exceeding $10,000,000; and 

  

	 	(c)	2% of Net Product Sales until such time that Annual Net Product Sales first exceeds $10,000,000; and 

  

	 	(d)	3% of Net Product Sales from such time that Annual Net Product Sales first exceeds $10,000,000 until such time that Annual Net Product Sales first exceeds $25,000,000; and 

 

	 	(e)	4% of Net Product Sales from such time that Annual Net Product Sales first exceeds $25,000,000 until such time that Annual Net Product Sales first exceeds $50,000,000; and 

 

	 	(f)	5% of Net Product Sales from such time that Annual Net Product Sales first exceeds $50,000,000. 

For the purposes of this Agreement, “Net Product Sales” shall have the meaning given in the Original Agreement; provided
however, that Net Product Sales shall include only (x) sales of products which are covered by claims contained in the Patent Applications or by any claim in patents that issue from or claim priority to the Patent Applications (and for the
purposes of the royalty 

  
 -3- 

 
payments under sections (c) through (I) above, sales in the United States only), and any improvements or modifications to the Technology or (y) sales of products embodying
technology directly related to the Purchased Assets, as specifically identified by Seller and disclosed to Buyer prior to the Effective Date, and any improvements or modifications to the Technology. “Annual Net Product Sales” shall
mean the Net Product Sales for a particular calendar year, as measured following the end of such calendar year. Payments due under (a) and (b) above shall be made within thirty days of the event giving rise to such payment, respectively,
and payments due under (c) through (f) above shall be made within 45 days of the end of the applicable calendar year. 
 7.
Equity Grant. As soon as practicable after the Effective Date, Buyer shall issue Seller 319,810 shares of restricted Common Stock of Buyer (the “Shares”) representing 1.5% of the fully-diluted capitalization of Buyer as
of the Effective Date, assuming exercise and/or conversion of all outstanding equity securities convertible into or exchangeable for Common Stock of Buyer, all shares reserved for issuance under any stock option or similar plan and any other
obligations or commitments to issue shares of capital stock of the Company as of the Effective Date. The Shares shall be subject to a right of repurchase in favor of Buyer (the “Repurchase Option”) subject to the following vesting
requirements: 50% of the total number of Shares shall be released from the Repurchase Option upon the Effective Date, and the remaining 50% of the total number of Shares shall be released from the Repurchase Option upon the 510k Approval, subject to
Seller continuing to provide without charge consulting services to Buyer through George Tidmarsh or such other individual(s) as mutually agreed, through such time. 

8. Seller Representations and Warranties. Seller represents and warrants to Buyer that (a) Seller is the sole and exclusive
owner of all rights, if any, title, and interest in and to the Purchased Assets, (b) Seller, and its undersigned representative, have full power and authority to enter into this Agreement, (c) U.S. Patent Application No. 10/561561 is
currently pending before the United States Patent and Trademark Office, (d) Seller will pay the Original Holders the “Cash Consideration” due to the Original Holders under the Original Agreement as set forth in Section 2 above;
and (e) from the date of the Original Agreement to the Effective Date, Seller has not taken any action or omitted to take any action that could reasonably be expected to have an adverse effect on the Purchased Assets, the Technology, or
Seller’s ability to consummate the transactions contemplated by this Agreement. Subject to the foregoing, nothing in this Agreement shall be construed as (i) a warranty or representation by Seller as to the status, patentability,
registrability, validity, enforceability, or scope or rights included in the Patent Applications or any other intellectual property right, if any, within the Purchased Assets; or (b) a warranty or representation that anything made, used, sold
or otherwise disposed of under this Agreement will or will not infringe intellectual property rights of third parties. SUBJECT TO THE FOREGOING, SELLER MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING
BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND SELLER ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO THE USE, SALE, OR OTHER DISPOSITION BY BUYER OR ITS CUSTOMERS OR OTHER TRANSFEREES OF THE
TECHNOLOGY OR PURCHASED ASSETS TRANSFERRED UNDER THIS AGREEMENT. 

  
 -4- 

 9. Buyer’s Representations and Warranties. Buyer represents and warrants to
Seller that Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and that Buyer, and its undersigned representative, have full corporate power and authority to enter into this Agreement
and to carry out, and perform in accordance with the terms of this Agreement. Buyer acknowledges that the Technology and the Purchased Assets are not cleared for commercial sale by the FDA or any other regulatory body and that Buyer will assume all
responsibility for any and all FDA (and other applicable regulatory) compliance and maintenance activities. 
 10. Closing
Conditions. The obligations of Buyer under this Agreement shall be subject to the fulfillment on or before the Effective Date of each of the following conditions, the waiver of which shall not be effective unless consented to in writing
thereto: 
  

	 	(a)	Seller shall have delivered to Buyer all regulatory filings, documentations, registrations, permits, licenses, certificates, variances, clearances, consents, commissions, franchises, exemptions, orders and other
authorizations and approvals of the FDA or other regulatory body, related to the Technology and owned by or in the possession of Seller, including without limitation, documentation related to FDA registration, CE Mark approval, design history files
and quality control information, and all correspondence related thereto. 

  

	 	(b)	All consents, waivers, approvals, authorizations and notices necessary for Seller to enter into this Agreement shall have been obtained and shall be in full force and effect. 

11. Non-Competition. In consideration of Buyer entering into this Agreement and in order that Buyer may enjoy the full benefit
of the Purchased Assets, for a period of five (5) years from the Effective Date, neither Seller nor any of its affiliates will directly or indirectly engage in a Noncompete Business anywhere in the Territory without the prior written consent of
Buyer, provided that nothing herein will prevent Seller or its affiliates from owning for passive investment purposes less than two percent (2%) of the outstanding equity of a person or entity engaged in a Noncompete Business. For purposes of
this Section 11, “Noncompete Business” shall mean a business in the field of non-invasive end tidal breath gas monitor medical technology. 

12. Termination. Buyer may terminate this Agreement at any time by giving ten (10) days’ written notice to Seller.

 13. Confidentiality. The Parties will not disclose the terms of this Agreement or any other information that is designated
by any Party as confidential or which a receiving Party reasonably should know that such information is confidential. The Parties will not disclose confidential information to any third party without prior written authorization of the disclosing
Party, except as may be required by law or by lawful order of any applicable government agency. 

  
 -5- 

 14. Notices. Any notice, demand, request or other communication under this
Agreement shall be in writing and shall be deemed to have been given on the date of service if personally served or on the fifth (5th) day after mailing if mailed by registered or certified mail, return receipt requested, addressed as follows
(or to such other address of which either of the Parties shall have notified the other Party): 
 To Buyer: 

Capnia, Inc. 
 2445 Faber Place,
Suite 250 
 Palo Alto, CA 94303 
 With copy
to: 
 Wilson Sonsini Goodrich & Rosati, P.C. 

650 Page Mill Road 
 Palo Alto, CA
94304 
 Attn: Michael J. Danaher / Elton Satusky 

To Seller: 
 BioMedical Drug Development Inc.

 533 Bryant St. #6 
 Palo
Alto, CA 94028 
 15. Governing Law and Venue. This Agreement will be governed by and construed in accordance with the laws of
the State of California as applicable to contracts made and to be performed in that state, without regard to conflicts of laws principles. 

16. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and
all of which shall constitute one agreement 
 17. Assignment and Successors. Either Party may assign this Agreement at
any time. 
 18. No Third Party Beneficiaries. Except as expressly permitted by this Agreement, nothing in this Agreement will
confer any rights upon any person or entity which is not a party or permitted assignee of a party to this Agreement. 
 19.
Severability. If any provision of this Agreement is held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision will be of no force and effect, but the illegality or unenforceability will have no
effect upon and will not impair the enforceability of any other provision of this Agreement. 
 20. Integration,
Amendments, and Interpretation. This Agreement, together with its exhibits, constitutes the entire Agreement between the Parties and supersedes any prior expression of intent or agreement of the Parties with respect to the
subject matter of this Agreement. No representation, promise, inducement or statement of intention has been made by either Party that is not embodied in this Agreement or in the documents referred to in this Agreement, and neither Party will be
bound by or liable for any alleged representation, promise, inducement or statement of intention not set forth in this Agreement. This Agreement may not be modified or amended except by a written instrument duly executed by each of the Parties. The
headings of the sections and subsections of this Agreement are inserted for convenience only and shall not constitute a part of this Agreement. The Parties agree that no term or provision of this Agreement shall be construed against any party solely
in whole or in part because that party drafted or modified that term or provision. 

  
 -6- 

 21. Expenses. Within two weeks of execution and delivery of this Agreement by
Seller to Buyer on the Effective Date, Buyer shall reimburse the reasonable documented fees of counsel for Seller, such amount not to exceed $5,000. 

22. Seller Covenant. Seller hereby covenants and agrees that it will not agreed to amend the Original Agreement without
Buyer’s written consent, which consent Buyer may withhold in its sole and absolute discretion. 
 [Signature Page Follows] 

  
 -7- 

 IN WITNESS WHEREOF, the Parties, in the presence of and by their respective duly authorized
officers, have caused this Agreement to be made effective as of the date, set forth above. 
  

									
	BioMedical Drug Development Inc.	 		 	Capnia, Inc.
					
	Signature:	 	 /s/ George Tidmarsh
	 		 	Signature:	 	 /s/ Anish Bhatnagar, MD

					
	Name:	 	 George Tidmarsh
	 		 	Name:	 	 Anish Bhatnagar, MD

					
	Title:	 	 CEO
	 		 	Title:	 	 President

 Asset Purchase Agreement 

 EXHIBIT 1 

PATENT ASSIGNMENT 

THIS PATENT ASSIGNMENT (this “Assignment”), effective as of May 11, 2010 (the “Effective Date”), is made by
and between Capnia, Inc., a Delaware corporation located at 2445 Faber Place, Suite 250, Palo Alto, CA 94303 (“Assignee”) and BioMedical Drug Development Inc., a Delaware corporation located at 533 Bryant Street #6, Palo Alto, CA 94028
(“Assignor”). 
 WHEREAS, pursuant to an Asset Purchase Agreement dated concurrently herewith between Assignor and
Assignee, Assignor agreed to sell and transfer and sold and transferred to Assignee all of Assignor’s rights, if any, title, benefit and interest in and to all inventions, granted Patents and any reissues thereof, and all applications for
Letters Patent listed below: 
  

	 	•	 	PCT/US2003/19310, entitled “Breath End Tidal Gas Monitor,” filed on June 19, 2003; and 

  

	 	•	 	U.S. Patent Application No. 10/561561, entitled “Breath End Tidal Gas Monitor,” filed on December 19, 2005 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the parties hereto,
intending to be legally bound, agree as follows: 
 1. Assignor has assigned, sold and set over, and by these presents assign, sell
and set over unto the Assignee, its successors, legal representatives and assigns, for the territory of the United States of America and all foreign countries, the entire rights, if any, title and interest in and to said inventions, said Patents,
including the right to sue for past infringements thereof, and said applications for Letters Patent, including the right to file foreign patent applications corresponding to said applications, and the right to claim the priority date of said patent
applications and any legal equivalents thereof, and any and all Letters Patent or Patents in the United States of America and all foreign countries which may be granted therefor and thereon, and to any and all divisions, continuations, and
continuations-in-part of said applications, or re-issues or extensions of said Letters Patent or Patents prepared and executed by Assignor on even date herewith, the same to be held and enjoyed by the Assignee, as fully and entirely as the same
would have been held by Assignor had this Assignment and sale not been made. 
 2. Assignor hereby covenants and agrees that Assignor will
at any time upon the request and at the expense of the Assignee execute and deliver any and all papers and do all reasonable lawful acts that may be necessary or desirable to perfect the title to said inventions and to obtain Letters Patent
therefor, and Assignor hereby authorizes and requests the Commissioner of Patents to issue said Letters Patent to the said Assignee in accordance with this Agreement. 

3. This Assignment may be executed in one or more counterparts, all of which will be considered one and the same agreement, and will become
effective when one or more counterparts have been signed by each of the parties and delivered to the other party. This Assignment may be executed and delivered by facsimile or e-mail transmission with the same effect as if a manually signed original
was personally delivered. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be made effective
as of the date above as executed on the dates indicated below. 
  

											
	ASSIGNOR BioMedical Drug Development Inc.	 		 	ASSIGNEE: Capnia, Inc.
						
	Signature:	 	 /s/ George Tidmarsh
	 		 		 	Signature:	 	 /s/ Anish Bhatnagar, M.D.

						
	Name:	 	 George Tidmarsh
	 		 		 	Name:	 	 Anish Bhatnagar, MD

						
	Title:	 	 CEO
	 		 		 	Title:	 	 President

						
	Date:	 	 11 May 10
	 		 		 	Date:	 	 May 11, 2010

 EXHIBIT 2 

OTHER PURCHASED ASSETS 

Hardware: 
  

			
	Item Description	  	Quantity
		
	 CoCoPuff Devices
	  	
	 Complete prototypes with Vreman/Crestline
	  	14
	 Complete CoCoPuff prototype (St. Louis)
	  	1
	 Partially complete CoCoPuff prototypes
	  	3
	 CoCoPuff AC adaptors
	  	4
	 CoCoPuff Nasal Cannula
	  	250
		
	 CoCoPuff components
	  	
	 BCI Capnometer of unknown condition
	  	3
	 Expired A5H CO sensors
	  	4
	 Membrane keypad prototypes
	  	5
	 CoCoPuff battery packs
	  	18
	 CO Sensor Manifolds complete
	  	3
	 CO Sensor manifold parts and gaskets
	  	10
	 CO Sensor metal shields
	  	21
	 Assembled CoCoPuff mainboard
	  	1
	 LCD Displays
	  	2
	 partial boxes of tygon tubing
	  	2
	 Lee co LHLX0500350BB valves
	  	16
	 CoCoPuff valve PCB unstuffed
	  	13
	 Components for CoCoPuff enclosure
	  	5
	 enclosure rubber feet
	  	40
	 Misc Pneumatic and mechanical components
	  	
		
	 Test and Development Equipment and Supplies
	  	
	 5ppm CO reference gas cylinder
	  	1
	 CO Sensor biasing fixture
	  	1
	 Box of prototyping scraps - wire, tubing, mechanical
	  	1
		
	 Other Devices
	  	
	 Natus CO-stat device
	  	1
	 Natus CO-stat disposables
	  	50
	 Biologic thermal printer and paper
	  	1
	 Crestline etCO prototypes (without palm)
	  	2
	 Microstream cannula
	  	1
	 Respironics BiliCheck Disposables
	  	220
	 Misc Cannula Engineering samples
	  	3
	 Criticare Poet EtCO2 meter
	  	1
	 pnumotrace sensor
	  	1
	 Cardiopulminary Tech CO2 Module Evaluation Module and software
	  	1
	 BCI Evaluation kit and software
	  	1

 Technical Drawings and Information: 

 

			
	Title	  	Description
	Chesterfield Project	  	Engineering Datasheets
	COCO2 Puff End-tidal Breath Analyzer	  	Project documents (unsigned copies) (MRD, BCD, PRS, PP, Cost, IFU, Marketing lit, Articles, Abstracts)
	Neonatal Jaundice Reviews	  	Articles and clinical papers
	Blood Gas Monitor	  	Articles and clinical papers
	Oregon Health Science University — Clinical Data	  	OSHU clinical study data — raw forms
	Untitled Engineering Binder	  	A5H CO sensor characterization studies
	Chesterfield Project — Clinical Trials	  	Daily reports and communication (OSHU)
	Biliruben Studies	  	Natus and related articles
	Design Review	  	Engineering design review
	COCO2 Puff “One Breath Makes a Difference”	  	Clinical evidence
	Chesterfield Project Engineering Notebook	  	Engineering notebook of R. Walden 1/15/02 — 9/1/06
	COCO2 Puff Clinical Sites	  	OHSU and Hennepin
	COCO2 Puff Clinical Manual	  	Info and procedures for clinical studies
	Chesterfield Project	  	
	Standards	  	
	Design Reviews	  	
	Hazard Analysis	  	
	SW V&V Plan	  	
	HW V&V Plan	  	
	QA Procedures	  	
	Sample Chamber Design	  	
	Enclosure Design	  	
	Schematics Revisions	  	
	Shield Design	  	
	Battery Specs	  	
	Charger Specs	  	
	Keypad Design	  	
	UL Test Reports	  	
	Bench Test Reports	  	

  
 -2-

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