Document:

EX-4.20

 Exhibit 4.20 
  

 
 THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE Series C Warrant Certffcater WARRANTS NUMBER PERIOD
PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE C A P N I ACUSIP 14066L 13 9 SEE REVERSE FOR CERTAIN DEFINITION Swarrant(s) (the “Warrants” and each, a “Warrant”) to
purchase shares of Common Stock, no par value (“Common Stock”), of Capnia, Inc., a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement
referred to below, to receive from the Company that number of fully paid and non assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in
lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant
Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement (as defined on the
reverse hereof). Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of
certain events set forth in the Warrant Agreement. JEll The initial Exercise Price per share of Common Stock for any Warrant is equal to $6.25 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in
the Warrant Agreement. Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, 3-4-2020, such Warrants shall
become void. Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. This Warrant
Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York,
without regard to conflicts of laws principles thereof. COUNTERSIGNED AND REGISTERED: Dated: american stock transfer & trust company, llc (NEW YORK, NY) WARRANT AGENT BY: authorized SIGNATURE PRESIDENT SECRETARY 

  
 

 
 The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to
receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of 3-4-2015, (the “ Warrant Agreement “), duly executed and delivered by the Company to American Stock Transfer & Trust
Company, LLC, as warrant agent (the “ Warrant Agent “), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities there under of the Warrant Agent, the Company and the holders (the words “ holders “ or “ holder “ meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. Warrants may be exercised at
any time during the Exercise Period set forth in Section 3.3 of the Warrant Agreement. Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a
registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus the reunder relating to the shares of Common Stock is current, except through “cashless
exercise “ as provided for in the Warrant Agreement. The Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject
to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest whole number of shares of
Common Stock to be issued to the holder of the Warrant. Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly
authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in
the aggregate a like number of Warrants. Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed
in connection therewith. The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone),
for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant
Certificate entitles any holder hereof to any rights of a stockholder of the Company. Election to Purchase (To Be Executed Upon Exercise of Warrant) The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant
Certificate, to receive shares of Common Stock and herewith tenders payment for such shares to the order of Capnia, Inc. (the “ Company “) in the amount of $ in accordance with the terms hereof. The undersigned requests that a certificate
for such shares be registered in the name of , whose address is and that such shares be delivered to whose address is . If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares be registered in the name of , whose address is , and that such Warrant Certificate be delivered to , whose address is . In the event that the Warrant is to be exercised on a
“cashless” basis pursuant to Section 3.3.2 of the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with Section 3.3.2 of the Warrant Agreement. a “Cash
Exercise” with respect to Warrant Shares; and/or a “Cashless Exercise” with respect to Warrant Shares, resulting in a delivery obligation by the Company to the Holder of shares of Common Stock representing the applicable Net Number
and, if applicable, Market Price Net Number, subject to adjustment. In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares that this Warrant is
exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to
exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable
hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of , whose address is , and that such Warrant Certificate
be delivered to , whose address is . whose address is Signature: Tax Identification Number: Date: ASSIGNMENT (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares. Assignment of
the Warrant is subject to applicable law.) FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: Name Address Signed: By: Title: Date: NOTE: The assignor on this Assignment Form must correspond with the
name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign
the foregoing Warrant. Signature(s) Guaranteed: By THE Signature) SHOULD BE Guaranteed BY AN eligible Guarantor INSTITUTION, (BANKS, STOCKBROKERS. savings and loan associations and credit unions with membership in an approved signature GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.EX-10.25

 Exhibit 10.25 
  

 
 March 4, 2015 
 Anish
Bhatnagar, M.D. 
 President and Chief Executive Officer 

Capnia, Inc. 
 3 Twin Dolphin Drive 

Suite 160 
 Redwood City, CA 94065 

Dear Anish: 
 We are pleased that Capnia, Inc. (the
“Company”) has decided to retain Maxim Group LLC (“Maxim”) to provide certain financial advisory and investment banking services to the Company as set forth herein. This letter agreement (“Agreement”)
will confirm Maxim’s acceptance of such retention and set forth the terms of our engagement. 
 1. Retention. The Company hereby retains
Maxim as its financial advisor and investment banker to provide certain financial advisory and investment banking services, and Maxim accepts such retention on the terms and conditions set forth in this Agreement. In connection with this Agreement,
Maxim may provide certain or all of the following advisory services (the “Advisory Services”) delineated below. 
 (a)
assist management of the Company and advise the Company with respect to its strategic planning process, review and update analysis of markets and business plans including positioning and organizational structure; 

(b) advise the Company on matters relating to its capitalization including capital requirements, debt and equity investments, and capital
financing initiatives, including but not limited to assisting the Company in its contemplated solicitation of its Series B Warrants (the “Company Solicitation”). It is understood and agreed that Maxim will assist the Company in its
structuring and negotiation of the Company Solicitation, but it shall not manage or supervise any distribution of securities that may occur in connection therewith; 

(c) provide such other financial advisory and investment banking services upon which the parties may mutually agree. 

It is understood that Maxim need not perform each of the above-referenced tasks in order to receive the fees described in Section 3. 

2. Information. In connection with Maxim’s activities hereunder, the Company will cooperate with Maxim and furnish Maxim upon request with all
information regarding the business, operations, properties, financial condition, management and prospects of the Company (all such information so furnished being the “Information”) which Maxim deems appropriate and will provide
Maxim with access to the Company’s officers, directors, employees, independent accountants and legal counsel. The Company represents and warrants to Maxim that all Information made available to Maxim hereunder will be complete and correct in
all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which such statements are or
will be made. The Company further represents and warrants that any projections and other forward-looking information provided by it to Maxim will have been prepared in good faith and will be based upon assumptions which, in light of the 

Members FINRA & SIPC 

405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 2
 
  

 circumstances under which they are made, are reasonable. The Company recognizes and confirms that Maxim:
(i) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the services contemplated by this Agreement without having independently verified the same; (ii) does
not assume responsibility for the accuracy or completeness of the Information and such other information; and (iii) will not make an appraisal of any assets of the Company. Any advice rendered by Maxim pursuant to this Agreement may not be
disclosed publicly without Maxim’s prior written consent. Maxim hereby acknowledges that certain of the Information received by Maxim may be confidential and/or proprietary, including Information with respect to the Company’s technologies,
products, business plans, marketing, and other Information which must be maintained by Maxim as confidential. Maxim agrees that it will not disclose such confidential and/or proprietary Information to any other companies in the industry in which the
Company is involved. 
 3. Compensation. As consideration for Maxim’s services pursuant to this Agreement, the Company agrees to pay Maxim the
following compensation: $175,000 within fourteen (14) days of the execution of the Agreement. 
 4. Indemnification. The Company agrees to
indemnify Maxim in accordance with the indemnification and other provisions attached to this Agreement as Exhibit A (the “Indemnification Provisions”), which provisions are incorporated herein by reference and shall survive
the termination or expiration of this Agreement. 
 5. Other Activities. The Company acknowledges that Maxim has been, and may in the future be,
engaged to provide services as an underwriter, placement agent, finder, advisor and investment banker to other companies in the industry in which the Company is involved. Subject to the confidentiality provisions of Maxim contained in Section 2
hereof, the Company acknowledges and agrees that nothing contained in this Agreement shall limit or restrict the right of Maxim or of any member, manager, officer, employee, agent or representative of Maxim, to be a member, manager, partner,
officer, director, employee, agent or representative of, investor in, or to engage in, any other business, whether or not of a similar nature to the Company’s business, nor to limit or restrict the right of Maxim to render services of any kind
to any other corporation, firm, individual or association. Maxim may, but shall not be required to, present opportunities to the Company. 
 6. Term and
Termination; Survival of Provisions. Either Maxim or the Company may terminate this Agreement at any time upon 10 days’ prior written notice to the other party. In the event of such termination, the Company shall pay and deliver to Maxim:
(i) all compensation earned through the date of such termination (“Termination Date”) pursuant to Section 3 hereof, and (ii) all compensation which may be earned by Maxim after the Termination Date pursuant to
Section 3 hereof,- Notwithstanding anything expressed or implied herein to the contrary: (i) any other agreement entered into between Maxim and the Company may only be terminated in accordance with the terms thereof, notwithstanding an
actual or purported termination of this Agreement, and (ii) the terms and provisions of Sections 3, 4, (including, but not limited to, the Indemnification Provisions attached to this Agreement and incorporated herein by reference), 6, 7, 8, 9,
10, 11, 12, 13, 14 and 15 shall survive the termination of this Agreement. 
 7. Notices. All notices will be in writing and will be effective when
delivered in person or sent via facsimile and confirmed by letter, to the party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing: 

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 3
 
  

			
	To the Company:            		 Anish Bhatnagar, M.D.
 President and Chief
Executive Officer
 Capnia, Inc.
 3 Twin Dolphin Drive

Suite 160
 Redwood City, CA 94065

Telephone: (650) 213-8444

		
	To Maxim:		 James Siegel, Esq.
 Maxim Group LLC

405 Lexington Avenue
 New York, NY 10174

Attention: James Siegel
 Telephone: (212) 895-3508

Facsimile: (212) 895-3860

		
			 Mr. Clifford Teller
 Maxim Group LLC

405 Lexington Avenue
 New York, NY 10174

Attention: Clifford Teller
 Telephone: (212) 895-3773

Facsimile: (212) 895-3860

 8. Governing Law: Jurisdiction; Waiver of Jury Trial. This Agreement shall be enforced, governed by and construed in
accordance with the laws of New York without regard to principles of conflict of laws. Any controversy between the parties to this Agreement, or out of shall be resolved by arbitration before the Financial Industry Regulatory Authority
(“FINRA”) in New York City. The following arbitration agreement should be read in conjunction with these disclosures: 
  

	 	(a)	ARBITRATION IS FINAL AND BINDING ON THE PARTIES; 

	 	(b)	THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL; 

	 	(c)	PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDING; 

	 	(d)	THE ARBITRATORS’ AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDING OR LEGAL REASONING AND ANY PARTY’S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED; AND

 ARBITRATION AGREEMENT. ANY AND ALL CONTROVERSIES, DISPUTES OR CLAIMS BETWEEN THE UNDERSIGNED AND YOU OR YOUR AGENTS, REPRESENTATIVES,
EMPLOYEES, DIRECTORS, OFFICERS OR CONTROL PERSONS, ARISING OUT OF, IN CONNECTION WITH, FROM OR WITH RESPECT TO (a) ANY PROVISIONS OF OR THE VALIDITY OF THIS AGREEMENT OR ANY RELATED AGREEMENTS, (b) THE RELATIONSHIP OF THE PARTIES HERETO,
OR (c) ANY CONTROVERSY ARISING OUT OF YOUR BUSINESS SHALL BE CONDUCTED PURSUANT TO THE CODE OF ARBITRATION PROCEDURE OF FINRA. ARBITRATION MUST BE COMMENCED BY SERVICE OF A WRITTEN DEMAND FOR ARBITRATION OR A WRITTEN NOTICE OF INTENTION TO
ARBITRATE. IF YOU ARE A 

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 4
 
  

 
PARTY TO SUCH ARBITRATION, TO THE EXTENT PERMITTED BY THE RULES OF THE APPLICABLE ARBITRATION TRIBUNAL, THE ARBITRATION SHALL BE CONDUCTED IN NEW YORK, NEW YORK. THE DECISION AND AWARD OF THE
ARBITRATORS(S) SHALL BE CONCLUSIVE AND BINDING UPON ALL PARTIES, AND ANY JUDGMENT UPON ANY AWARD RENDERED MAY BE ENTERED IN A COURT HAVING JURISDICTION THEREOF, AND NEITHER PARTY SHALL OPPOSE SUCH ENTRY. 

9. Amendments. This Agreement may not be modified or amended except in a writing duly executed by the parties hereto. 

10. Headings. The section headings in this Agreement have been inserted as a matter of reference and are not part of this Agreement. 

11. Successors and Assigns. The benefits of this Agreement shall inure to the parties hereto, their respective successors and assigns and to the
indemnified parties hereunder and their respective successors and assigns, and the obligations and liabilities assumed in this Agreement shall be binding upon the parties hereto and their respective successors and assigns. Notwithstanding anything
contained herein to the contrary, neither Maxim nor the Company shall assign any of its obligations hereunder without the prior written consent of the other party. 

12. No Third Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person or
entity not a party hereto, except those entitled to the benefits of the Indemnification Provisions. Without limiting the foregoing, the Company acknowledges and agrees that Maxim is not being engaged as, and shall not be deemed to be, an agent or
fiduciary of the Company’s stockholders or creditors or any other person by virtue of this Agreement or the retention of Maxim hereunder, all of which are hereby expressly waived. 

13. Waiver. Any waiver or any breach of any of the terms or conditions of this Agreement shall not operate as a waiver of any other breach of such
terms or conditions or of any other term or condition, nor shall any failure to insist upon strict performance or to enforce any provision hereof on any one occasion operate as a waiver of such provision or of any other provision hereof or a waiver
of the right to insist upon strict performance or to enforce such provision or any other provision on any subsequent occasion. Any waiver must be in writing. 

14. Counterparts. This Agreement may be executed in any number of counterparts and by facsimile transmission, each of which shall be deemed to be an
original instrument, but all of which taken together shall constitute one and the same agreement. Facsimile signatures shall be deemed to be original signatures for all purposes. 

15. Disclaimers. Maxim and the Company further agree that neither Maxim nor any of its affiliates or any of its/their respective officers, directors,
controlling persons (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act of 1934), employees or agents shall have any liability to the Company, its security holders or creditors, or any person asserting claims on
behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating to this
Agreement or the Advisory Services rendered herein, except for losses, fees, damages, liabilities, costs or expenses that arise out of or are based on any action of or failure to act by Maxim and that are finally and fully judicially determined to
have resulted solely from the gross negligence or willful misconduct of Maxim. 

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 5
 
  

 If the terms of our engagement as set forth in this letter are satisfactory to you, please
confirm by signing and returning one copy of this letter. 
  

			
	Very truly yours,
	
	MAXIM GROUP LLC
		
	By:		 /s/ Eric B. Cheng

			 Eric B. Cheng
 Senior Managing Director,

Investment Banking

		
	By:		 /s/ Clifford A. Teller

			 Clifford A. Teller
 Executive Managing
Director,
 Investment Banking

  

	
	Agreed to and accepted this 4th day of March, 2015
	
	CAPNIA, INC.
	
	 /s/ Anish Bhatnagar, M.D.

	Name: Anish Bhatnagar, M.D.
	Title: President and Chief Executive Officer

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 6
 
  

 Exhibit A 

INDEMNIFICATION PROVISIONS 

Capitalized terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached. 

The Company agrees to indemnify and hold harmless Maxim and each of the other Indemnified Parties (as hereinafter defined) from and against
any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all legal and other costs,
expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursing or
defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”), directly or indirectly, caused by, relating to, based
upon, arising out of, or in connection with, Maxim’s acting for the Company, including, without limitation, any act or omission by Maxim in connection with its acceptance of or the performance or non-performance of its obligations under the
Agreement between the Company and Maxim to which these indemnification provisions are attached and form a part (the “Agreement”), any breach by the Company of any representation, warranty, covenant or agreement contained in the
Agreement (or in any instrument, document or agreement relating thereto, including any Agency Agreement), or the enforcement by Maxim of its rights under the Agreement or these indemnification provisions, except to the extent that any such Losses
are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder.
The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Maxim by the Company or for any other reason, except
to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful
misconduct. 
 These Indemnification Provisions shall extend to the following persons (collectively, the “Indemnified
Parties”): Maxim, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning of the federal securities laws), and the officers, directors, partners,
stockholders, members, managers, employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified Party. 

If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall
notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder. An Indemnified Party shall have the right to
retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the
Company and any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified Party made with the Company’s written consent. The Company shall not, without the prior written consent of
Maxim, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to
all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to
the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party. 

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ 

 Capnia, Inc. 

March 4, 2015 
  Page
 7
 
  

 In order to provide for just and equitable contribution, if a claim for indemnification
pursuant to these indemnification provisions is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express
provisions hereof provide for indemnification in such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders,
subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to
reflect not only the relative benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any
relevant equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received (or
anticipated to be received) by the Company and it stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which
the Agreement relates relative to the amount of fees actually received by Maxim in connection with such transaction or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by ail Indemnified Parties exceed the amount
of fees previously received by Maxim pursuant to the Agreement. 
 Neither termination nor completion of the Agreement shall affect these
Indemnification Provisions which shall remain operative and in full force and effect. The Indemnification Provisions shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnified Parties and their
respective successors, assigns, heirs and personal representatives. 

  
 Members FINRA & SIPC

 405 Lexington Ave * New York, NY 10174 * tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 

New York, NY * Long Island, NY * Redbank, NJ

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