Document:

EX-10.1

 Exhibit 10.1 

ASSIGNMENT AGREEMENT 
 This
ASSIGNMENT AGREEMENT (this “Agreement”) is effective as of December 28, 2021 (the “Effective Date”), by and among Soleno Therapeutics, Inc., a Delaware corporation, f/k/a Capnia, Inc. (the
“Company”), and Vivo Ventures Fund V, L.P. and Vivo Ventures V Affiliates Fund, L.P. (collectively, “Vivo”). 

Background 

A.    Reference is made to the Agreement and Plan of Merger and Reorganization, dated as of December 22, 2016, by and
among Soleno Therapeutics, Inc., a Delaware corporation, Essentialis, Inc., a Delaware corporation, Company E Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Soleno Therapeutics, and Neil Cowen as the stockholders’
representative (the “Merger Agreement”). Capitalized terms used herein, but not defined, have the meanings ascribed to them in the Merger Agreement. 

B.    Pursuant to the Merger Agreement, Vivo, as a former stockholder in Essentialis, Inc., has the right to certain
Commercial Milestone Cash Payments in the event that the Company achieves certain Commercial Milestones (the “Milestone Payments”). 

C.    Given the uncertainty as to when or if Vivo will receive the Milestone Payments, how much the Milestone Payments
will be payable to Vivo if any, and the urgency of getting Vivo dissolved by the end of 2021, The general partner of Vivo believes that it is in the best interest of Vivo to assign any and all rights to such Milestone Payments to the Company in
exchange for the payment by the Company of one U.S. dollar (USD$1.00) to each of Vivo Ventures Fund V, L.P. and Vivo Ventures V Affiliates Fund, L.P. (the “Consideration”). 

Operative Terms 

The Company and Vivo agree as follows: 

1.    Assignment and Consideration. In exchange for the Consideration, Vivo hereby transfers and
assigns to the Company all right, title and interest in and to the Milestone Payments, including any and all interest, fees, income, payments and other proceeds now or hereafter due or payment with respect to the Milestone Payments, and all claims
and cause of action for damages, with the right to sue for and collect the same for its own use and on behalf of its successors, affiliates, assigns and other legal representatives, and any notification rights related thereto. Vivo acknowledges and
agrees that the Consideration represents fair consideration and at least sufficient value for the assignment of such rights hereunder. 

2.    Representations and Warranties of Vivo. Vivo represents and warrants to the
Company, as of the date of this Agreement, as follows: 
 (a)    Authority. Vivo has the full right, power and
authority to enter into this Agreement and to assume and perform its obligations under this Agreement. Vivo has taken all action necessary to authorize its execution and delivery of this Agreement and the performance of its obligations hereunder.
Vivo has duly executed and delivered this Agreement, and this Agreement constitutes a valid and legally binding obligation of Vivo, enforceable against Vivo in accordance with its terms. 

(b)    No Conflict. The execution, delivery and performance of this Agreement by Vivo does not and will not:
(i) violate any provisions of law or any order of any court or any governmental entity 

 
to which Vivo is subject; (ii) require the consent, waiver, approval, or other authorization of any person or entity, or (iii) conflict with, result in a breach of, or constitute a
default under, any indenture, mortgage, lease, agreement, or other instrument to which Vivo is a party. 
 (c)    No
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any foreign, federal, state or local governmental authority or any other third party on the part of Vivo is
required (that has not already been properly obtained) in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

(d)    No Brokers. There are no claims for and no person or entity is entitled to any brokerage commissions,
finder’s fees, or similar compensation from Vivo in connection with the transactions contemplated by this Agreement. 

(e)    Receipt of Information. Vivo believes it has received all the information that it considers necessary or
appropriate for deciding whether to enter into this Agreement and perform the obligations set forth herein. Vivo hereby acknowledges that it has not relied on any representation or statement of the Company in making its decision to assign its rights
to the Milestone Payments. 
 (f)    Sophisticated Investor. Vivo (i) is a sophisticated investor familiar
with transactions similar to those contemplated by this Agreement, (ii) has negotiated this Agreement on an arm’s-length basis and has had an opportunity to consult with its own legal, tax and
financial advisors concerning this Agreement, (iii) has independently and without reliance upon the Company, and based on such information and the advice of such foregoing advisors as it has deemed appropriate, made its own analysis and
decision to enter into this Agreement, and (iv) and understands that Vivo alone is responsible for payment of all local, state, federal and/or foreign taxes on the payments and any other consideration provided hereunder by the Company and any
penalties or assessments thereon. Vivo (A) acknowledges that none of the Company or its affiliates is acting as a fiduciary or financial, legal, tax or investment adviser to it, and none of such persons has given Vivo any advice, opinion or
other information on whether the assignment hereunder is prudent, (B) acknowledges that the Company currently may have, and later may come into possession of, information with respect to the Company that is not known to Vivo and that may be
material to a decision to assign the rights to the Milestone Payments (“Excluded Information”), (C) acknowledges that it has determined to assign its rights notwithstanding lack of knowledge of Excluded Information,
(D) acknowledges that the Consideration represents a negotiated price that may not accurately reflect the fair market value of the Milestone Payments and understands that the such payments may be of a greater value and that Vivo shall not
receive any future payments, (E) acknowledges the Company shall not have any liability to Vivo, and Vivo to the fullest extent of the law waives and releases any claims, whether known or unknown, that it might have against the Company, whether
under applicable securities laws or otherwise, with respect to the nondisclosure of the Excluded Information in connection with the assignment hereunder and the transactions contemplated by this Agreement . Vivo understands that the Company will
rely on the accuracy and truth of the foregoing representations, and Vivo hereby consents to such reliance. In addition, Vivo, its affiliates, and successors hereby irrevocably forever waives the right to receive, and releases the Company from any
obligation to pay, any Milestone Payments. Without limitation of the foregoing, each party hereby waives the application of any provision of law, including California Civil Code Section 1542, that purports to limit the scope of a general
release. Section 1542 of the California Civil Code provides: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by
him must have materially affected his settlement with the debtor.” 
  

  
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 (g)    Taxes. Vivo acknowledges that it should consult with its
own tax advisor regarding all tax consequences relating to this Agreement. The Company makes no representations or warranties with respect to the tax consequences of this Agreement. Vivo agrees and understands that it is responsible for payment, if
any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. 

3.    Miscellaneous. 

(a)    Survival. All representations and warranties contained herein shall survive the execution and delivery of
this Agreement. 
 (b)    Governing Law, Jurisdiction and Venue. This Agreement shall be governed by the
internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. The parties (a) hereby irrevocably and unconditionally submit to
the jurisdiction of the state courts of California and to the jurisdiction of the United States District Court for the Northern District of California for the purpose of any suit, action or other proceeding arising out of or based upon this
Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of California or the United States District Court for the Northern District of California, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN
FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 (c)    Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties are expressly canceled. 
 (d)    Amendment and Waiver. No amendment or waiver as to this Agreement
or any part of this Agreement shall be valid unless in writing and signed by Vivo and the Company. 
 (e)    No
Implied Waiver. No delay or course of dealing by a party to this Agreement in exercising any right, power, or remedy under this Agreement will operate as a waiver of any right, power, or remedy of that party, except to the extent expressly
manifested in writing by that party. The failure at any time of any party to require performance by another party of any provision of this Agreement will in 

  
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no way affect the party’s right thereafter to enforce such provision or this Agreement. In addition, the waiver by a party of a breach of any provision of this Agreement will not constitute
a waiver of any succeeding breach of the provision or a waiver of the provision itself, unless expressly so stated in writing. 

(f)    Severability. If any provision of this Agreement, or the application of such provision to any person or
circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby; provided that the parties
shall attempt to reformulate such invalid provision to give effect to such portions thereof as may be valid without defeating the intent of such provision. 

(g)    Binding Effect. This Agreement is binding on, and inures to the benefit of, Vivo, the Company and their
respective successors and assigns. 
 (h)    Counterparts; Facsimile. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute one and the same Agreement. A facsimile. portable document format (PDF) copy, or electronic (e.g. Docusign) of a signature page to this
Agreement shall be deemed an original signature page and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. 

(i)    Specific Enforcement and Equitable Relief. Each party hereby acknowledges and agrees that the failure of
any party to perform its agreements and covenants hereunder will cause irreparable injury to the other parties for which damages, even if available, will not be an adequate remedy. Accordingly, each party hereby consents to the issuance of
injunctive relief by any court of competent jurisdiction to compel performance of such party’s obligations and to the granting by any court of the remedy of specific performance of its obligations hereunder in addition to any other rights and
remedies existing in such party’s favor. Each party agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that any other party has an adequate remedy at law or that any award
of specific performance is not an appropriate remedy for any reason at law or in equity. Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement
shall not be required to provide any bond or other security in connection with any such order or injunction. 

(j)    Legal Counsel. The parties acknowledge that, with respect to the preparation of this Agreement and the
transactions contemplated by this Agreement, Wilson Sonsini Goodrich & Rosati, P.C. (“WSGR”) acted solely as counsel to the Company, and neither WSGR did not represent Vivo. Vivo acknowledges that it has reviewed the
contents of this Agreement and fully understands its terms. Vivo acknowledges that it is fully aware of its right to the advice of independent counsel, that it has been advised that a conflict exists between Vivo’s and the Company’s
respective interests with respect to this Agreement and the transactions contemplated by this Agreement and that such interests may presently and in the future be adverse, that it should seek the advice of independent counsel, and that it has had
the opportunity to seek the advice of independent counsel. Vivo further acknowledges that WSGR has not provided any advice or representations to it regarding the tax consequences of this Agreement to it or any other matter, and that it has been
advised to seek the advice and consultation of its own personal tax advisers with respect to such tax consequences. Vivo, by executing this Agreement, represents that it has, after being advised of the potential conflicts between Vivo and the
Company with respect to the future consequences of this Agreement and the transactions contemplated by this Agreement, either consulted independent legal counsel or elected, notwithstanding advice as to potential conflicts, not to consult such
independent legal counsel. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date
first written above. 
  

			
	 COMPANY:

	
	SOLENO THERAPEUTICS, INC.
		
	By:	 	 /s/ Anish Bhatnagar

	Name:	 	Anish Bhatnagar
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Assignment Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date
first written above. 
  

			
	Vivo Ventures Fund V, L.P.
		
	By:	 	 /s/ Frank Kung

	Name:	 	Frank Kung
	Title:	 	Managing Member of Vivo Ventures V. LLC, General Partner
	
	Vivo Ventures V Affiliates Fund, L.P.
		
	By:	 	 /s/ Frank Kung

	Name:	 	Frank Kung
	Title:	 	Managing Member of Vivo Ventures V. LLC, General Partner

  
 [Signature Page to
Assignment Agreement]Exhibit
10.1

 

AGREEMENT

 

This
Agreement is entered into on December 30, 2021 between USA Equities Corp., a Nevada corporation (“USAQ” or the “Company”),
and Troy Grogan (“TG”). Each of USAQ and TG is referred to herein as a “Party,” collectively, the “Parties.”

 

R
E C I T A L S:

 

The
Parties desire to enter into a transaction whereby the Company shall issue to TG 2,644,424 shares of its Series A-2 Convertible Preferred
Shares in exchange for the Convertible Notes provided for herein.

 

NOW
THEREFORE, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

	1.	Issuance
                                            of Shares; Surrender of Convertible Notes. (a) In consideration of all right, title and
                                            interest in the Convertible Notes, the Company agrees to issue to TG 2,644,424 of its Series
                                            A-2 Convertible Preferred Shares (the “Shares”) as soon as practical after the
                                            date hereof.  TG agrees that the Company need not issue a physical certificate
                                            representing the Shares and that the Company may maintain a ledger confirming his ownership
                                            of the Shares or direct its transfer agent to do so.

 

(b)       In
consideration of the Shares, TG hereby assigns to the Company all right, title and interest  in the following convertible promissory notes originally issued to TG (i) a convertible promissory note in the original principal
amount of $73,500 issued October 2009, bearing interest at 12% per annum and convertible at a price of $0.10 per share, (ii) a convertible
promissory note in the original principal amount of $124,562 issued September 2019, bearing interest at 1% per annum and convertible
at a price of $0.25 per share, and (iii) a convertible promissory note in the original principal amount of $88,016 issued in September
2020, bearing interest at 6% per annum and convertible at a price of $1.00 per share collectively, the “Convertible Notes”).

 

(c)       The
exchange contemplated hereby shall be deemed effective December 31, 2021, that interest will accrue on the Convertible Notes through
such date, and that such interest is assigned to the Company, and that there shall be no dividend accrual on the Shares for the year
ended December 31, 2021.

 

	2.	Representations
                                            of TG. TG acknowledges that the Shares and the common stock issuable upon conversion
                                            of the Shares (collectively, the “Securities”) have not been registered under
                                            the Securities Act of 1933, as amended (the “Securities Act”) or any state securities
                                            laws and, therefore, cannot be resold, reoffered or otherwise transferred unless they are
                                            so registered or an exemption from registration is available. TG acknowledges that the Company
                                            is under no obligation to register the Securities or to assist the Investor in complying
                                            with any exemption from registration under the Securities Act or any other law.

 

TG
is acquiring the Shares for his own account, for investment purposes only and not with a view toward distributing or reselling the Interest
in whole or in part.

 

TG
has all requisite power, authority and capacity to acquire and hold the Shares and to execute, deliver and comply with the terms of each
of the instruments required to be executed and delivered by TG in connection with this Agreement, and such execution, delivery and compliance
does not conflict with, or constitute a default under, any instruments governing TG, or violate any law, regulation or order, or any
agreement to which TG is a party or by which TG is bound.

 

	3.	Representations
                                            of USAQ. USAQ has all requisite power, authority and capacity to issue the Shares and
                                            all necessary corporate action has been taken to authorize the execution and delivery of
                                            this Agreement and all other agreements required to be delivered by USAQ in connection with
                                            this Agreement, and such execution, delivery and compliance does not conflict with, or constitute
                                            a default under, any instruments governing USAQ, or violate any law, regulation or order,
                                            or any agreement to which USAQ is a party or by which USAQ is bound. Upon issuance, the Shares
                                            and the shares of common stock issued upon conversion of the Shares shall be duly authorized,
                                            validly issued and non-assessable.

 

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	4.	Further
                                            Agreements.Upon request, each of the Parties shall execute and deliver to the other
                                            such other instruments as may be necessary to carry out the intent and purposes of this Agreement.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date written above.

 

	USA
    Equities Corp. 	 	 
	 	 	 
	By:	/s/Troy
    Grogan	 	/s/Troy
    Grogan
	 	Troy
    Grogan	 	Troy
    Grogan
	 	President	 	 

 

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