Document:

EX-4.14

 Exhibit 4.14 

THIS NOTE AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. 
 CAPNIA, INC. 

CONVERTIBLE PROMISSORY NOTE 

 

			
		  	Palo Alto, California
	$        	  	April 28, 2014

 FOR VALUE RECEIVED CAPNIA, INC., a Delaware corporation (the “Company”), promises to pay to
                     (the “Holder”), or its registered assigns, the principal amount of
$        , or such lesser amount as shall equal the outstanding principal amount hereof (the “Principal Amount”), together with simple interest from the date of this Note on the unpaid balance
of the Principal Amount at: (i) in the event that this Note is automatically converted into Units (as defined below) upon the Company’s Contemplated IPO (as defined below) in accordance with Section 3(a) below on or prior to
the Maturity Date (as defined below), a rate equal to two percent (2%) per annum; or (ii) in the event that either (A) this Note is automatically converted into Next Financing Securities (as defined below) upon the Company’s Next
Financing (as defined below) in accordance with Section 3(b) below on or prior to the Maturity Date, (B) upon the prior written election of the Holder, this Note is voluntarily converted into shares of the Company’s Series C
Preferred Stock or shares of equity securities issued by the Company in a Non-Qualified Financing (as defined below), as the case may be, in accordance with Section 3(c) below after the Maturity Date, or (C) no conversion of this
Note below occurs prior to, on or after the Maturity Date, a rate equal to twelve percent (12%) per annum, in each case computed on the basis of the actual number of days elapsed and a year of 365 days (the “Interest”). Unless
earlier converted upon the Contemplated IPO in accordance with Section 3(a) below on or prior to the Maturity Date, two (2) times the unpaid Principal Amount, together with any then accrued but unpaid Interest and any other amounts
payable hereunder, shall be due and payable upon the earlier to occur of: (i) upon demand made after September 30, 2015 (the “Maturity Date”) by Holders representing at least two-thirds (2/3) of the Principal Amount
of all then outstanding Notes issued pursuant to the Convertible Note and Warrant Purchase Agreement, dated as of April 28, 2014, by and among the Company and the Investors described therein (as the same may from time to time be amended,
modified or supplemented, the “2014 Purchase Agreement”); or (ii) when, upon or after the occurrence of an Event of Default (as defined below), such amounts are declared due and payable by the Holder or made automatically due
and payable in accordance with the terms of this Note. This Note is one of the “Notes” issued pursuant to the 2014 Purchase Agreement. Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to
such terms in the 2014 Purchase Agreement. 
 The following is a statement of the rights of the Holder of this Note and the conditions to
which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees: 

 1. Certain Definitions. 

(a) “Change of Control” means, unless otherwise determined in writing by the holders of at least two-thirds (2/3) of the
Company’s Preferred Stock then outstanding: (i) the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any merger, consolidation or other form of
reorganization) in which outstanding shares of the Company are exchanged for or converted into securities or other consideration issued, or caused to be issued, by the acquiring entity or its affiliate, unless the Company’s stockholders of
record as constituted immediately prior to such transaction or series of related transactions will, immediately after such transaction or series of related transactions, hold at least a majority of the voting power of the surviving or acquiring
entity on account of shares held by them prior to such transaction or series of related transactions; or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company. 

(b) “Contemplated IPO” means the closing of the Company’s firm commitment underwritten initial public offering of Units
pursuant to the Company’s registration statement on Form S-1 filed under the Securities Act. 
 (c) “Contemplated IPO
Conversion Price” means a price per Unit equal to seventy percent (70%) of the price per Unit offered by the Company for sale to the public in connection with the Contemplated IPO. 

(d) “Event of Default” has the meaning given in Section 4 of this Note. 

(e) “Interest” “has the meaning given in the preamble to this Note. 

(f) “Next Financing” is a transaction or series of related transactions after the date of issuance of this Note that is
approved by the board of directors of the Company in which the Company issues and sells shares of its capital stock in exchange for aggregate gross proceeds of at least $1,500,000 (excluding any amounts received upon conversion or cancellation of
the Notes, the 2012 Notes or the 2010 Notes); provided, however, that the Contemplated IPO shall not be deemed a Next Financing for purposes of this Note or the other Notes. 

(g) “Next Financing Conversion Price” means a price per share equal to seventy-five percent (75%) of the price per share
paid by the other purchasers of the Next Financing Securities issued and sold in the Next Financing. 
 (h) “Next Financing
Securities” are the equity securities issued and sold by the Company in the Next Financing with such rights, preferences, privileges and restrictions, contractual or otherwise, as the securities issued by the Company in the Next Financing.

 (i) “Non-Qualified Financing” is a transaction or series of related transactions after the date of issuance of this Note
that is approved by the board of directors of the Company in which the Company issues and sells shares of its capital stock in exchange for cash, conversion or cancellation of indebtedness, or any combination thereof, and which: (i) does not
constitute the Contemplated IPO; (ii) does not constitute a Next Financing; or (iii) constitutes a Next Financing but occurs after the Maturity Date. 

(j) “Principal Amount” has the meaning given in the preamble to this Note. 

(k) “2014 Purchase Agreement” has the meaning given in the preamble to this Note. 

  
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 (l) “Units” means the units to be offered for sale to the public in connection
with the Contemplated IPO, which shall consist of: (1) one (1) share of Common Stock; and (2) a warrant to purchase one (1) share of Common Stock. 

2. Prepayment. The Company may not prepay this Note in whole or in part, without the written consent of the Holders of at least
two-thirds (2/3) of the principal amount of all then outstanding Notes issued pursuant to the 2012 Purchase Agreement; provided, however, that any such prepayment will be applied first to the payment of expenses due under the
Notes, second to interest accrued on the Notes and third, if the amount of prepayment exceeds the amount of all such expenses and accrued interest, to the payment of principal of the Notes, all on a pro-rata basis. 

3. Conversion. 
 (a)
Automatic Conversion upon Contemplated IPO. If the Company consummates the Contemplated IPO on or prior to the Maturity Date, then the outstanding Principal Amount, and accrued and unpaid Interest, shall automatically convert into a number of
Units at the Contemplated IPO Conversion Price, with any fractional Units rounded down, and otherwise upon the terms and conditions offered to purchasers of Units in connection with the Contemplated IPO. 

(b) Automatic Conversion upon a Next Financing prior to Contemplated IPO or Maturity Date. If a Next Financing occurs on or prior to:
(i) the consummation of the Contemplated IPO; or (ii) the Maturity Date, then the outstanding Principal Amount, and all accrued and unpaid Interest, shall automatically convert into fully paid and nonassessable shares of Next Financing
Securities at the Next Financing Conversion Price, with any fractional shares rounded down, and otherwise upon the terms and conditions offered to purchasers of the Next Financing Securities in the Next Financing. Upon the automatic conversion of
this Note pursuant to this Section 3(b), the Company shall give written notice to the Holder, notifying the Holder of such conversion and specifying the Next Financing Conversion Price, the Principal Amount of the Note converted and the
date upon which such conversion occurred and calling upon such Holder to surrender the Note to the Company. Upon such conversion, the Holder shall surrender this Note at the Company’s principal executive office, or, if this Note has been lost,
stolen, destroyed or mutilated, then, in the case of loss, theft or destruction, the Holder shall deliver an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, the Holder shall surrender
and cancel this Note. The Company shall, as soon as practicable thereafter, issue and deliver to the Holder at such principal executive office a certificate or certificates for the number of shares of Next Financing Securities to which the Holder
shall be entitled upon such conversion (bearing such legends as are required by the 2014 Purchase Agreement and applicable state and federal securities laws in the opinion of counsel to the Company). Such conversion shall be deemed to have been made
immediately prior to the close of business on the date of the closing of the Next Financing, and on and after such date the person entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of
such shares as of such date. 
 (c) Voluntary Conversion. If neither the Contemplated IPO nor a Next Financing occurs on or prior to
the Maturity Date, then all or a portion of the outstanding Principal Amount, and all accrued and unpaid Interest, shall be convertible at the option of the Holder at any time after the Maturity Date into: (i) a number of shares of the
Company’s Series C Preferred Stock at a price of $1.35 per share (as adjusted to reflect subsequent stock dividends, stock splits, combinations or recapitalizations); or (ii) a number of shares of the equity securities issued by the
Company in a Non-Qualified Financing at a price per share equal to seventy five percent (75%) of the price per share paid by the other purchasers of the equity securities sold in the Non-Qualified Financing. Before the Holder shall be entitled
to convert this Note under this Section 3(c), the Holder shall surrender this Note, duly endorsed, at the Company’s principal executive office and shall 

  
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give written notice to the Company of the election to convert the same pursuant to this Section 3(c), and shall state therein the amount of the unpaid Principal Amount to be converted
and the name or names in which the certificate or certificates for shares are to be issued. The Company shall, as soon as practicable thereafter, issue and deliver to the Holder at such principal executive office a certificate or certificates for
the number of shares to which the Holder shall be entitled upon such conversion (bearing such legends as are required by the 2014 Purchase Agreement and applicable state and federal securities laws in the opinion of counsel to the Company), together
with a replacement Note (if any principal amount is not converted) and any other securities and property to which the Holder is entitled upon such conversion under the terms of this Note, including a check payable to the Holder for any cash amounts
payable as described in Section 3(d) below. The conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of this Note, and the person entitled to receive the shares issuable
upon such conversion shall be treated for all purposes as the record holder of such shares as of such date. 
 (d) Fractional Shares;
Nonassessable; Effect of Conversion. Subject to Section 3(a) above, no fractional shares shall be issued upon conversion of this Note, and in lieu of the Company issuing any fractional shares to the Holder upon the conversion of this
Note, the Company shall pay to the Holder an amount equal to the product obtained by multiplying the Next Financing Conversion Price by the fraction of a share not issued pursuant to this sentence. The Company covenants that the shares of Next
Financing Securities issuable upon the conversion of this Note will, upon conversion of this Note, be validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof. Upon conversion of this
Note in full and the payment of the amounts specified in this Section 3(d), the Company shall be forever released from all its obligations and liabilities under this Note. 

(e) Further Assurances. In connection with the conversion of this Note, the Holder, by acceptance of this Note, agrees to execute all
agreements and other documents executed by the investors in the Contemplated IPO, the Next Financing, a Non-Qualified Financing or in connection with the purchase of shares of the Company’s Series C Preferred Stock, as the case may be. 

4. Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 (a) Failure to Pay. The Company shall fail to pay: (i) when due any Principal Amount payment on the due date hereunder; or
(ii) any Interest or other payment required under the terms of this Note on the date due and such payment shall not have been made within five (5) days of the Company’s receipt of the Holder’s written notice to the Company of
such failure to pay; 
 (b) Voluntary Bankruptcy or Insolvency Proceedings. The Company shall: (i) apply for or consent to the
appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (ii) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding
commenced against it; (iii) make an assignment for the benefit of creditors; or (iv) take any action for the purpose of effecting any of the foregoing; 

(c) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian
of the Company or of all or a substantial part of the Company’s property, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the Company’s debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement; 

  
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 (d) Breach of Representations and Warranties. Any material breach by the Company of any of
the representations or warranties contained in Section 3 of the 2014 Purchase Agreement; or 
 (e) Failure to Pay Obligations.
The Company generally fails to pay its obligations as and when due or if any judgment is secured against the Company, which judgment is not satisfied within ten (10) days. 

Upon the occurrence or existence of any Event of Default described in Sections 4(a), (d) and (e) and at any time thereafter
during the continuance of such Event of Default, the Holder may, with the consent of the Holders of at least two-thirds (2/3) of the principal amount of all then outstanding Notes issued pursuant to the 2014 Purchase Agreement, by written
notice to Company, declare this Note immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained in this Note to the contrary notwithstanding. Upon
the occurrence or existence of any Event of Default described in Sections 4(b) and (c), immediately and without notice, this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived, anything contained in this Note to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, the Holder may exercise
any other right, power or remedy permitted to it by law. 
 5. Miscellaneous. 

(a) Loss, Theft, Destruction or Mutilation of Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note and, in the case of loss, theft or destruction, delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of
this Note, the Company shall execute and deliver, in lieu of this Note, a new Note executed in the same manner as this Note, in the same principal amount as the unpaid principal amount of this Note and dated the date to which interest shall have
been paid on this Note or, if no interest shall have yet been so paid, dated the date of this Note. 
 (b) Payment. All payments
under this Note shall be made in lawful tender of the United States. 
 (c) Waivers. The Company hereby waives notice of default,
presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument. 

(d) Usury. In the event any Interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that
portion of the Interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the Principal Amount of this Note. 

(e) Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the
Holders of at least two-thirds (2/3) of the Principal Amount of all then outstanding Notes issued pursuant to the 2014 Purchase Agreement. 

(f) Notices. Any notice, request or other communication required or permitted hereunder shall be given in accordance with the 2014
Purchase Agreement. 

  
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 (g) Expenses; Attorneys’ Fees. If action is instituted to collect this Note, the
Company promises to pay all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action. 

(h) Successors and Assigns. This Note may be assigned or transferred by the Company only with the prior written approval of the Holder.
Subject to the preceding sentence, the rights and obligations of the Company and the Holder of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties. 

(I) Governing Law. THIS NOTE SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF CALIFORNIA AS SUCH LAWS ARE APPLIED TO
AGREEMENTS BETWEEN CALIFORNIA RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN CALIFORNIA, BUT WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS OF CALIFORNIA, OR OF ANY OTHER STATE. 

(j) Pari Passu Notes. The Holder acknowledges and agrees that the payment of all or any portion of the outstanding Principal Amount of
this Note, and all accrued and unpaid Interest, shall be pari passu in right of payment and in all other respects (other than with respect to the priority of any security interest in the assets of the Company) to: (i) the other Notes;
(ii) the 2012 Notes; and (iii) the 2010 Notes. In the event that the Holder receives payments in excess of such Holder’s pro rata share of the Company’s payments to the holders of all the Notes, the 2012 Notes and the 2010 Notes,
then the Holder shall hold in trust all such excess payments for the benefit of the holders of all the other Notes, the 2012 Notes and the 2010 Notes, and shall pay such amounts held in trust to such other holders upon demand by such holders. 

(Signature Page Follows) 

  
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 IN WITNESS WHEREOF, the Company has caused this Note to be executed by its duly authorized
officer as of the date and year first indicated above. 
  

			
	COMPANY:
	
	CAPNIA, INC.
		
	By:	 	  

	Name:	 	Anish Bhatnagar
	Title:	 	President and Chief Executive Officer
	
	Address:
	2445 Faber Place
	Suite 250
	Palo Alto, CA 94303

 Capnia, Inc. – 2014 Convertible Promissory NoteEX-4.15

 Exhibit 4.15 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS
OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

CAPNIA, INC. 

WARRANT TO PURCHASE SHARES 

Dated as of April 28, 2014 

Void after the date specified in Section 8 

No. 2014-     

THIS CERTIFIES THAT, for value received,
                    , or its registered assigns (the “Holder”), is entitled, subject to the provisions and upon the terms and
conditions set forth herein, to purchase from Capnia, Inc., a Delaware corporation (the “Company”), Shares (as defined below), in the amounts, at such times and at the price per share set forth in Section 1. The term
“Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. This Warrant is issued in connection with the transactions described in the Convertible Note and
Warrant Purchase Agreement, dated as of April 28, 2014, by and among the Company and the Investors described therein (the “2014 Purchase Agreement”). This Warrant is one of the “Warrants” issued pursuant to the
2014 Purchase Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the 2014 Purchase Agreement and/or the form of convertible promissory note attached as Exhibit B to the 2014 Purchase Agreement
(the “Note”, and together with each other Note issued pursuant to the 2014 Purchase Agreement, the “Notes”), as applicable. 

The following is a statement of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by
acceptance of this Warrant, agrees: 
 1. Number and Price of Shares; Exercise Period. 

(a) Definition of Shares. “Shares” shall mean Next Financing Securities in the event that either a Next
Financing occurs prior to the earlier of: (i) the Company’s consummation of the Contemplated IPO; or (ii) September 30, 2015 (the “Note Maturity Date”), and the Holder converts the Note issued to the Holder into
Next Financing Securities. In the event that a Next Financing has not occurred before the earlier of the Company’s consummation of the Contemplated IPO or the Note Maturity Date, “Shares” shall mean either the Company’s
Series C Preferred Stock or Next Financing Securities, whichever such securities Original Issue Price (as such term is defined in the Company’s Amended and Restated Certificate of Incorporation) is lower. 

 (b) Number of Shares. Subject to any previous exercise of the Warrant, the Holder
shall have the right to purchase up to the number of Shares that equals the quotient obtained by dividing: (x) 25% of the Principal Amount of the Note delivered in connection with this Warrant pursuant to the Purchase Agreement;
by (y) the Exercise Price (as defined below), prior to (or in connection with) the expiration of this Warrant as provided in Section 8. 

(c) Exercise Price. The exercise price per Share shall be equal to seventy-five percent (75%) of the price per share of the
Next Financing Securities issued in the Next Financing; provided, however, that if the Shares subject to this Warrant are deemed to be the Company’s Series C Preferred Stock in accordance with Section 1(a), the
exercise price for the Shares subject to this Warrant shall be $1.35 per Share, subject to adjustment pursuant hereto (the “Exercise Price”). 

(d) Exercise Period. This Warrant shall be exercisable, in whole or in part: (A) after the earlier of: (i) the closing
date of a Next Financing that occurs prior to the Company’s consummation of the Contemplated IPO; or (ii) the Note Maturity Date; and (B) prior to (or in connection with) the expiration of this Warrant as set forth in
Section 8. 
 2. Exercise of the Warrant. 

(a) Exercise. The purchase rights represented by this Warrant may be exercised at the election of the Holder, in whole or in
part, in accordance with Section 1, by: 
 (i) the tender to the Company at its principal office (or such other office or
agency as the Company may designate) of a notice of exercise in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder, together with the surrender of this Warrant; and

 (ii) the payment to the Company of an amount equal to: (x) the Exercise Price; multiplied by (y) the number of Shares
being purchased, by wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company. 

(b) Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii), if the fair market value of
one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Shares equal to the value of this Warrant (or of any portion of this Warrant being cancelled) by surrender of
this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to
the Holder that number of Shares computed using the following formula: 
  

									
		 	X      	  	=    	  	 Y (A – B)
	  	
	 	  	  	A	  	

 Where: 
  

					
	X	  	=	  	The number of Shares to be issued to the Holder.
			
	Y	  	=	  	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such
calculation).

  
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	A	  	=	  	The fair market value of one Share (at the date of such calculation).
			
	B	  	=	  	The Exercise Price (as adjusted to the date of such calculation).

 For purposes of the calculation above, the fair market value of one Share shall be determined by the Board of
Directors of the Company, acting in good faith; provided, however, that: 
 (i) where a public market exists for the Company’s
common stock at the time of such exercise, the fair market value per Share shall be the product of: (x) the average of the closing bid prices of the Common Stock or the closing price quoted on the national securities exchange on which the
common stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading day period ending five (5) trading days prior to the date of determination of fair market value; and (y) the number of
shares of Common Stock into which each Share is convertible at the time of such exercise, as applicable; and 
 (ii) if the Warrant is
exercised in connection with the Company’s initial public offering of Common Stock (other than the Contemplated IPO), the fair market value per Share shall be the product of: (x) the per share offering price to the public of such initial
public offering by the Company; and (y) the number of shares of common stock into which each Share is convertible at the time of such exercise, as applicable. 

(c) Stock Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such
exercise shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance with its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated
for all purposes as the holder of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, the Company shall issue and deliver to the person or persons entitled to receive the same
a certificate or certificates for that number of shares issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired, the Company shall execute and deliver a new Warrant reflecting the
number of Shares that remain subject to this Warrant. 
 (d) No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price
multiplied by such fraction of a share. 
 (e) Conditional Exercise. The Holder may exercise this Warrant conditioned upon
(and effective immediately prior to) consummation of any transaction that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise. 

(f) Reservation of Stock. The Company agrees during the term the rights under this Warrant are exercisable to take all
reasonable action to reserve and keep available from its authorized and unissued shares of Preferred Stock for the purpose of effecting the exercise of this Warrant such number of shares (and shares of Common Stock for issuance on conversion of such
shares) as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and if at any time the number of authorized but unissued shares of Preferred Stock (and shares of Common stock for issuance on conversion of
such shares) shall not be sufficient for purposes of the exercise of this Warrant in accordance with its terms and the conversion of the Shares, without limitation of such other remedies as may be available to the Holder, the Company will use
reasonable efforts to take such corporate action as may, in the opinion of counsel, be 

  
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necessary to increase its authorized and unissued shares of its Preferred Stock (and shares of Common Stock for issuance on conversion of such shares) to a number of shares as shall be sufficient
for such purposes. 
 3. Replacement of the Warrant. Subject to the receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on
surrender and cancellation of this Warrant, the Company at the expense of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 

4. Transfer of the Warrant. 

(a) Warrant Register. The Company shall maintain a register (the “Warrant Register”) containing the name and
address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes,
notwithstanding any notice to the contrary. Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice to the Company requesting a change. 

(b) Warrant Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in
Section 4(a), issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this Warrant or conducting related activities. 

(c) Transferability of the Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act
of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers, including, without limitation, compliance with the restrictions on transfer set forth in Section 5, title to this Warrant may be
transferred by endorsement (by the transferor and the transferee executing the assignment form attached hereto as Exhibit B (the “Assignment Form”)) and delivery in the same manner as a negotiable instrument transferable by
endorsement and delivery. 
 (d) Exchange of the Warrant upon a Transfer. Upon surrender of this Warrant (and a properly
endorsed Assignment Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the Company shall issue to or on the order of the Holder a new warrant
or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof, and the Company shall register any such transfer
upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable, as a condition precedent to the sale, pledge,
hypothecation or other transfer of any interest in any of the securities represented hereby. 
 (e) Taxes. In no event shall
the Company be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of any certificate in a name other than that of the Holder, and the Company shall not be required to issue or deliver any such
certificate unless and until the person or persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid or is not payable. 

  
 - 4 - 

 5. Restrictions on Transfer of the Warrant and Shares; Compliance with Securities
Laws. By acceptance of this Warrant, the Holder agrees to comply with the following: 
 (a) Restrictions on
Transfers. This Warrant may not be transferred or assigned in whole or in part without the Company’s prior written consent (which shall not be unreasonably withheld), and any attempt by the Holder to transfer or assign any rights,
duties or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares or the shares of Common Stock issuable upon conversion of the Shares (the “Securities”) must be in
compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until
the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original
Holder hereunder, and 
 (i) there is then in effect a registration statement under the Securities Act covering such proposed disposition
and such disposition is made in accordance with such registration statement (excluding, for purposes hereof, any registration statement on Form S-1 under the Securities Act that becomes effective in connection with the Contemplated IPO), or 

(ii) (A) such Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition and shall
have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the transferee shall have confirmed to the satisfaction of the Company in writing that the Securities are being acquired
(1) solely for the transferee’s own account and not as a nominee for any other party, (2) for investment and (3) not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be
reasonably requested by the Company, and (C) if requested by the Company, such Holder shall have furnished the Company, at the Holder’s expense, with evidence satisfactory to the Company that such disposition will not require registration
of such Securities under the Securities Act, whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the Holder to the Company. 

(b) Securities Law Legend. The Securities shall (unless otherwise permitted by the provisions of this Warrant) be stamped or
imprinted with a legend substantially similar to the following (in addition to any legend required by state securities laws): 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A
CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 
 (c)
Market Stand-off Legend. The Shares and Common Stock issued upon exercise hereof or conversion thereof shall also be stamped or imprinted with a legend in substantially the following form: 

  
 - 5 - 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

(d) Instructions Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and giving
instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5. 
 (e)
Removal of Legend. The legend referring to federal and state securities laws identified in Section 5(b) stamped on a certificate evidencing the Shares (and the Common Stock issuable upon conversion thereof) and the
stock transfer instructions and record notations with respect to such securities shall be removed and the Company shall issue a certificate without such legend to the holder of such securities if: (i) such securities are registered under the
Securities Act; or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of such securities may be made without registration or qualification. 

6. Adjustments. Subject to the expiration of this Warrant pursuant to Section 8, the number and kind of shares
purchasable hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows: 
 (a) Merger or
Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause the
expiration of this Warrant under Section 8) in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so
that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent in value to that which a
holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to
the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable after that event upon the exercise of this Warrant. 

(b) Reclassification of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a
different number of securities of any other class or classes by reclassification, capital reorganization, conversion of all outstanding shares of the relevant class or series (other than in connection with the Contemplated IPO or as would cause the
expiration of this Warrant pursuant to Section 8) or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in lieu of the number of Shares which the Holder would
otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number of securities deliverable upon exercise of this
Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect to such other shares. 

(c) Subdivisions and Combinations. In the event that the outstanding shares of the securities issuable upon exercise of this
Warrant are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon 

  
 - 6 - 

 
exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately increased, and the Exercise
Price shall be proportionately decreased, and in the event that the outstanding shares of the securities issuable upon exercise of this Warrant are combined (by reclassification or otherwise) into a lesser number of shares of such securities, the
number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the Exercise Price shall be
proportionately increased. 
 (d) Redemption. In the event that all of the outstanding shares of the securities issuable upon
exercise of this Warrant are redeemed in accordance with the Company’s certificate of incorporation, this Warrant shall thereafter be exercisable for a number of shares of the Company’s Common Stock equal to the number of shares of Common
Stock that would have been received if this Warrant had been exercised in full immediately prior to such redemption and the Preferred Stock received thereupon had been simultaneously converted into common stock. 

(e) Notice of Adjustments. Upon any adjustment in accordance with this Section 6, the Company shall give notice
thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in
reasonable detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished to such Holder a certificate setting forth: (i) such adjustments; (ii) the Exercise Price at
the time in effect; and (iii) the number of securities and the amount, if any, of other property that at the time would be received upon exercise of this Warrant. 

7. Notification of Certain Events. Prior to the expiration of this Warrant pursuant to Section 8, in the event that
the Company shall authorize: 
 (a) the issuance of any dividend or other distribution on the capital stock of the Company (other than:
(i) dividends or distributions otherwise provided for in Section 6; (ii) repurchases of Common Stock issued to or held by employees, officers, directors or consultants of the Company or its subsidiaries upon termination of
their employment or services pursuant to agreements providing for the right of said repurchase; (iii) repurchases of Common Stock issued to or held by employees, officers, directors or consultants of the Company or its subsidiaries pursuant to
rights of first refusal or first offer contained in agreements providing for such rights; or (iv) repurchases of capital stock of the Company in connection with the settlement of disputes with any stockholder), whether in cash, property, stock
or other securities; 
 (b) the voluntary liquidation, dissolution or winding up of the Company; or 

(c) any transaction resulting in the expiration of this Warrant pursuant to Section 8(b) or 8(c); 

the Company shall send to the Holder of this Warrant at least ten (10) days prior written notice of the date on which a record shall be taken for any
such dividend or distribution specified in clause (a) or the expected effective date of any such other event specified in clause (b) or (c), as applicable. The notice provisions set forth in this Section 7 may be shortened or
waived prospectively or retrospectively by the consent of the holders of two-thirds (2/3) of the Shares issuable upon exercise of the rights under the Warrants issued pursuant to the 2014 Purchase Agreement. 

  
 - 7 - 

 8. Expiration of the Warrant. This Warrant shall expire and shall no longer be
exercisable as of the earlier of: 
 (a) 5:00 p.m., Pacific time, on the ten (10)-year anniversary of the First Tranche Initial Closing
under 2014 Purchase Agreement; 
 (b) A Change of Control (as defined in the Note); or 

(c) Immediately prior to the closing of a Qualified IPO (as defined in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time). 
 9. No Rights as a Stockholder. Nothing contained herein shall entitle the
Holder to any rights as a stockholder of the Company or to be deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall anything contained herein be construed to confer
upon the Holder, as such, any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other rights of a
stockholder of the Company until the rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights hereunder shall have become deliverable as provided herein. 

10. Market Stand-off. The Holder hereby agrees that Section 1.15 of the Amended and Restated Investor Rights Agreement, dated as
of March 20, 2008, by and among the Company and certain of the Company’s stockholders (as amended from time to time in accordance with the terms thereof) shall govern the Shares and any shares issuable upon conversion thereof. 

11. Miscellaneous. 

(a) Amendments. Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument referencing this Warrant and signed by the Company and the holders of warrants representing not less than two-thirds (2/3) of the Shares issuable upon exercise of any and all outstanding Warrants
issued pursuant to the 2014 Purchase Agreement, which majority does not need to include the consent of the Holder. Any amendment, waiver, discharge or termination effected in accordance with this Section 11(a) shall be binding upon each
holder of the Warrants, each future holder of such Warrants and the Company; provided, however, that no special consideration or inducement may be given to any such holder in connection with such consent that is not given ratably to all such
holders, and that such amendment must apply to all such holders equally and ratably in accordance with the number of shares of capital stock issuable upon exercise of the Warrants. The Company shall promptly give notice to all holders of Warrants of
any amendment effected in accordance with this Section 11(a). 
 (b) Waivers. No waiver of any single breach or
default shall be deemed a waiver of any other breach or default theretofore or thereafter occurring. 
 (c) Notices. All notices and
other communications required or permitted under this Warrant shall be in writing and shall be delivered personally by hand or by courier, mailed by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic mail
directed: (i) if to an Investor, at such Investor’s address, facsimile number or electronic mail address as shown in the Company’s records, or as such Investor may designate by advance written notice to the Company in accordance with
the provisions hereof; or (ii) if to the Company, to its address or facsimile number set forth on its signature page to this 

  
 - 8 - 

 
Agreement and directed to the attention of the President, or at such other address or facsimile number as the Company may designate by advance written notice to the Holder. All such notices and
other communications shall be deemed given upon personal delivery, on the date of mailing, upon confirmation of facsimile transfer or when directed to the electronic mail address, of the last holder of this Warrant for which the Company has contact
information in its records. 
 (d) Governing Law. This Warrant and all actions arising out of or in connection with this
Warrant shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any other state. 

(e) Jurisdiction and Venue. Each of the Holder and the Company irrevocably consents to the exclusive jurisdiction and venue of
any court within Santa Clara County, State of California, in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein, and agrees that process may be served upon them in any manner authorized by the
laws of the State of California for such persons. 
 (f) Titles and Subtitles. The titles and subtitles used in this Warrant
are used for convenience only and are not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and
exhibits attached hereto. 
 (g) Severability. If any provision of this Warrant becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such illegal, unenforceable or void provision shall be replaced with a
valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant shall be enforceable in accordance with its terms.

 (h) Waiver of Jury Trial. EACH OF THE HOLDER AND THE COMPANY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS WARRANT. If the waiver of jury trial set forth in this Section 11(h) is not enforceable, then any claim
or cause of action arising out of or relating to this Warrant shall be settled by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually
acceptable to the parties or, if no agreement is reached, by a referee appointed by the Presiding Judge of the California Superior Court for Santa Clara County. This Section 11(h) shall not restrict the Holder or the Company from
exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law. 
 (i) California
Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR
RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL
PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 (j) Rights and
Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant. 

  
 - 9 - 

 (k) Entire Agreement. Except as expressly set forth herein, this Warrant (including
the exhibits attached hereto) constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof.

 (Signature Page Follows) 

  
 - 10 - 

 The Company signs this Warrant as of the date stated on the first page. 

 

			
	COMPANY:
	
	CAPNIA, INC.
		
	By:	 	  

	Name:	 	Anish Bhatnagar
	Title:	 	President and Chief Executive Officer
	
	Address:
	2445 Faber Place
	Suite 250
	Palo Alto, CA 94303

 Capnia, Inc. – 2014 Warrant to Purchase Shares 

 EXHIBIT A 

NOTICE OF EXERCISE 
  

			
	TO:	  	CAPNIA, INC. (the “Company”)
		
	Attention:    	  	President

  

	(1)	Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached Warrant: 

  

					
	Number of shares:	 	  
	 	
			
	Type of security:	 	  
	 	

  

	(2)	Method of Exercise. The undersigned elects to exercise the attached Warrant pursuant to: 

  

			
	 ̈	  	A cash payment, and tenders herewith payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any.
		
	 ̈	  	The net issue exercise provisions of Section 2(b) of the attached Warrant.

  

	(3)	Conditional Exercise. Is this a conditional exercise pursuant to Section 2(e): 

  

									
	 ̈    	 	Yes            	 	 ̈      No	  		 	
		
	If “Yes,” indicate the applicable condition:	 	
		
	  
	 	]

  

	(4)	Stock Certificate. Please issue a certificate or certificates representing the shares in the name of: 

  

					
	 ̈    	  	The undersigned    	  	
			
	 ̈	  	Other—Name:	  	  

			
		  	Address:	  	  

			
		  		  	  

  

	(5)	Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the attached Warrant in the name of: 

 

					
	 ̈    	  	The undersigned    	  	
			
	 ̈	  	Other—Name:	  	  

			
		  	Address:	  	  

			
		  		  	  

			
	 ̈	  	Not applicable	  	

  
 A-1 

	(6)	Investment Intent. The undersigned represents and warrants that the aforesaid shares are being acquired for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for
the same. 

  

	(7)	Investment Representation Statement. The undersigned has executed, and delivers herewith, an Investment Representation Statement in a form satisfactory to the Company. 

 

	(8)	Market Standoff Agreement. The undersigned acknowledges and agrees that Section 1.15 of that certain Amended and Restated Investor Rights Agreement, dated as of March 20, 2008, by and among the Company
and certain of the Company’s stockholders (as amended from time to time in accordance with the terms thereof) shall govern the aforesaid shares and any shares issuable upon conversion thereof. 

 

	(9)	Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware General Corporation Law § 232(e), the undersigned consents to the delivery of any notice to stockholders given by the
Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by: (i) facsimile telecommunication to the facsimile number provided below (or to any other facsimile number for the undersigned in
the Company’s records); (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail address for the undersigned in the Company’s records); (iii) posting on an electronic network together
with separate notice to the undersigned of such specific posting; or (iv) any other form of electronic transmission (as defined in the Delaware General Corporation Law) directed to the undersigned. This consent may be revoked by the undersigned
by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General Corporation Law § 232. 

  

	
	  

	(Print name of the warrant holder)
	
	  

	(Signature)
	
	  

	(Name and title of signatory, if applicable)
	
	  

	(Date)
	
	  

	(Fax number)
	
	  

	(Email address)

 (Signature page to the Notice of Exercise)

  
 A-2 

 EXHIBIT B 

ASSIGNMENT FORM 
  

					
	ASSIGNOR:	  	  

			
	COMPANY:	  	CAPNIA, INC.	  	
		
	WARRANT:	  	THE WARRANT TO PURCHASE SHARES ISSUED ON APRIL 28, 2014 (THE “WARRANT”)
			
	DATE:	  	  
	  	

  

	(1)	Assignment. The undersigned registered holder of the Warrant (“Assignor”) assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the
Warrant, with respect to the number of shares set forth below: 

  

			
	Name of Assignee:	 	  

		
	Address of Assignee:	 	  

		
		 	  

		
	Number of Shares Assigned:	 	  

 and does irrevocably constitute and appoint
                     as attorney to make such transfer on the books of CAPNIA, INC., maintained for the purpose, with full power of substitution in
the premises. 
  

	(2)	Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to be issued upon exercise of the rights thereunder (and any shares issuable upon conversion thereof) (the
“Securities”) subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original holder thereof. 

 

	(3)	Investment Intent. Assignee represents and warrants that the Securities are being acquired for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with,
the distribution thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same.

  

	(4)	Investment Representation Statement. Assignee has executed, and delivers herewith, an Investment Representation Statement in a form satisfactory to the Company. 

 

	(5)	Market Stand-Off Agreement. Assignee acknowledges and agrees that Section 1.15 of that certain Amended and Restated Investor Rights Agreement, dated as of March 20, 2008, by and among the Company and
certain of the Company’s stockholders (as amended from time to time in accordance with the terms thereof) shall govern the Securities. 

  
 B-1 

 Assignor and Assignee are signing this Assignment Form on the date first set forth above. 

 

					
	ASSIGNOR	 		 	ASSIGNEE
			
	  
	 		 	  

	(Print name of Assignor)	 		 	(Print name of Assignee)
			
	  
	 		 	  

	(Signature of Assignor)	 		 	(Signature of Assignee)
			
	  
	 		 	  

	(Print name of signatory, if applicable)	 		 	(Print name of signatory, if applicable)
			
	  
	 		 	  

	(Print title of signatory, if applicable)	 		 	(Print title of signatory, if applicable)
			
		 		 	
	Address:	 		 	Address:
			
	  
	 		 	  

			
	  
	 		 	  

  
 B-2

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