Document:

EX-4.8

 Exhibit 4.8 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT FOR AND PURSUANT TO THE
PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 

WARRANT TO PURCHASE STOCK 
  

			
	 Company:
	    	Somaxon Pharmaceuticals, Inc., a Delaware corporation
	 Number of Shares:
	    	100,000, as may be adjusted from time to time hereafter in accordance with the provisions of this Warrant
	 Class of Stock:
	    	Common Stock, $0.0001 par value per share
	 Warrant Price:
	    	$0.50 per share, as may be adjusted from time to time hereafter in accordance with the provisions of this Warrant
	 Issue Date:
	    	December 19, 2011
	 Expiration Date:
	    	December 19, 2021
	 Credit Facility:
	    	This Warrant is issued in connection with that certain Payoff Letter relating to the Loan and Security Agreement dated as of August 2, 2011 among Silicon Valley Bank, Oxford Finance LLC
and the Company (the “Loan Agreement”)

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, including without limitation the
mutual promises contained in the Loan Agreement, OXFORD FINANCE LLC (together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled
to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Class of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set
forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. 
 ARTICLE 1. EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this
Warrant by delivering the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth
in Article 1.2, Holder shall also deliver to the Company a certified or bank check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the
Shares being purchased. 
 1.2 Conversion Right. In lieu of exercising this Warrant as specified in Article 1.1,
Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus
the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

 1.3 Fair Market Value. If the Class is traded in a public market, the fair
market value of a Share shall be the average closing prices of a share of common stock reported for the three (3) business days immediately before Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Class is
not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall
deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired. 

1.5 Replacement of Warrants. On 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 amount to the Company or, in the case of mutilation, on surrender and cancellation of this
Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.6 Treatment
of Warrant Upon Acquisition of Company. 
 1.6.1 “Acquisition”. For the purpose of this Warrant,
“Acquisition” means any sale, exclusive license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, merger or sale of outstanding capital stock of the Company where the
holders of the Company’s outstanding voting securities before the transaction beneficially own less than a majority of the outstanding voting securities of the surviving entity or, if applicable, its parent entity, after the transaction.

 1.6.2 Treatment of Warrant at Acquisition. 

A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is not a True Asset Sale (as defined below) in
which the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition
or (b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such
reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition.

 B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms length” sale
of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or
purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue until the Expiration Date if
the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable information as the Holder
may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

  
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 C) Upon the closing of any Acquisition other than those particularly described in subsections
(A) and (B) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 

D) Notwithstanding the foregoing provisions of this Section 1.6.2., in the event that the acquiror in an Acquisition does not agree to assume
this Warrant at and as of the closing thereof, this Warrant, to the extent not exercised or converted on or prior to such closing, shall terminate and be of no further force or effect as of immediately following such closing if all of the following
conditions are met: (i) the acquiror is subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, (ii) the class of stock or other security of the acquiror that would
be received by Holder in connection with such Acquisition were Holder to exercise or convert this Warrant on or prior to the closing thereof is listed for trading on a national securities exchange or approved for quotation on an automated
inter-dealer quotation system, and (iii) the value (determined as of the closing of such Acquisition in accordance with the definitive agreements therefor) of the acquiror stock and/or other securities that would be received by Holder in
respect of each Share were Holder to exercise or convert this Warrant on or prior to the closing of such Acquisition is equal to or greater than three (3) times the then-effective Warrant Price. 

As used in this Section 1.6, “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten
percent (10%) or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers
or partners, as applicable. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the outstanding shares of the Class payable
in common stock or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the
Shares of record as of the date the dividend occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be
proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be
proportionately increased and the number of Shares shall be proportionately decreased. 
 2.2 Reclassification,
Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be
entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange,
substitution, or other event, and the Warrant Price shall be adjusted proportionately. The Company or its successor shall 

  
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promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as a result
of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new
Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3 [Intentionally Omitted]. 
 2.4 No Impairment. The Company shall not,
by amendment of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to
protect Holder’s rights under this Article against impairment; provided, however, that notwithstanding the foregoing, nothing in this Section 2.4 shall restrict or impair the Company’s right to effect changes to the rights,
preferences, and privileges associated with the Shares with the requisite consent of the stockholders as may be required to amend the Certificate of Incorporation from time to time so long as such amendment affects the rights, preferences, and
privileges granted to Holder associated with the Shares in the same manner as the other holders of outstanding shares of the Class. 
 2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a
fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a
full Share. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of
Shares, the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon
which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price, Class and number of Shares in effect upon the date thereof and the series of adjustments leading to such Warrant
Price, Class and number of Shares. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 (a) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon
issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 

  
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 3.2 Notice of Certain Events. If the Company proposes at any time (a) to
declare any dividend or distribution upon the outstanding shares of the same class and series as the Shares, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription or sale
pro rata to the holders of the outstanding shares of the same class and series as the Shares any additional shares of any class or series of the Company’s stock; (c) to effect any reclassification, reorganization or recapitalization of the
outstanding shares of the Class; or (d) to effect an Acquisition or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder notice thereof at the same time and in the same manner as the Company
notifies the holders of the outstanding shares of the Class thereof. Company will also provide information requested by Holder reasonably necessary to enable the Holder to comply with the Holder’s accounting or reporting requirements, subject
to Holder being bound by customary confidentiality obligations. 
 3.3 No Shareholder Rights. Except as provided in
this Warrant, Holder will not have any rights as a shareholder of the Company until the exercise of this Warrant. 
 ARTICLE 4. REPRESENTATIONS,
WARRANTIES OF THE HOLDER. 
 The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be
acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of
acquiring this Warrant or the Shares. 
 4.2 Disclosure of Information. Holder has received or has had full access
to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has
such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise or
conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona 

  
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fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely
unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. 
 ARTICLE 5. MISCELLANEOUS. 
 5.1 Term: This Warrant is exercisable in
whole or in part at any time and from time to time on or before the Expiration Date. 
 5.2 Legends. This Warrant and the
Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT FOR AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE COMPANY TO OXFORD FINANCE LLC DATED AS OF DECEMBER 19, 2011 MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer.
This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any “affiliate” (as such term is defined in Regulation D promulgated under the Act) of Holder, provided that any such transferee is an
“accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of an exemption to registration
under Rule 144, including without limitation, the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has
complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 
 5.4
Transfer Procedure. After receipt by Holder of the executed Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford’s affiliates (each, an “Oxford Affiliate”), by execution of an Assignment
substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, 

  
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Oxford, any such Oxford Affiliate and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or
indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being
transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this
Warrant or the Shares to any person who directly competes with the Company (as determined by Holder), unless, in either case, the stock of the Company is publicly traded. Any transferee shall take this Warrant subject to all provisions and
restrictions contained herein. 
 5.5 Notices. All notices and other communications from the Company to the Holder,
or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may (or on the
first business day after transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to the
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 Oxford Finance LLC 
 133 N. Fairfax Street 

Alexandria, VA 22314 

Attn: Tim A. Lex, Chief Operating Officer 

Telephone: (703) 519-4900 

Facsimile: (703) 519-5225 
 Notice to the Company shall be addressed as follows until the Holder receives notice of a change in address: 
 Somaxon Pharmaceuticals, Inc. 
 Attn: Tran Nguyen, Chief Financial
Officer 
 10935 Vista Sorrento Parkway, Suite 250 

San Diego, CA 92130 

Telephone: (858) 876-6510 

Facsimile: (858) 509-1761 

with copies to: 
 Somaxon Pharmaceuticals, Inc. 
 Attn: Matthew W. Onaitis, General
Counsel 
 10935 Vista Sorrento Parkway, Suite 250 

San Diego, California 92130 

Fax: (858) 509-1761 

Latham & Watkins LLP 

Attn: Cheston J. Larson, Esq. 

12636 High Bluff Drive, Suite 400 

San Diego, California 92130 

Fax: (858) 523-5450 

  
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 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged
or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other
party all costs incurred in such dispute, including reasonable attorneys’ fees. 
 5.8 Automatic Conversion upon
Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted,
and the Company shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder. 
 5.9 Counterparts. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. 
 [Remainder of page left blank intentionally] 

  
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 5.10 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
  

			
	“COMPANY”
	
	SOMAXON PHARMACEUTICALS, INC.
		
	By:	 	/s/ MATTHEW W. ONAITIS
		
	Name: 	 	 MATTHEW W. ONAITIS

		 	(Print)
		
	Title:	 	SVP AND GENERAL COUNSEL 
	
	“HOLDER”
	
	OXFORD FINANCE LLC
		
	By:	 	/s/ JOHN G. HENDERSON
		
	Name: 	 	 JOHN G. HENDERSON

		 	(Print)
		
	Title:	 	VICE PRESIDENT & GENERAL COUNSEL

 Oxford Finance LLC 
 Warrant 3 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
            shares of the Common Stock of SOMAXON PHARMACEUTICALS, INC. pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full.

 [or] 
 1. Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is exercised for
            of the Shares covered by the Warrant. 
 [Strike
paragraph that does not apply.] 
 2. Please issue a certificate or certificates representing the shares in the name
specified below: 
  

					
			
		 	 	 	
		 	Holders Name	 	
			
		 	 	 	
			
		 	 	 	
		 	 (Address)
	 	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	
	HOLDER:
	
	 
		
	By:	 	 
		
	Name: 	 	 
		
	Title:	 	 
		
	(Date): 	 	 

 APPENDIX 2 
 ASSIGNMENT 
 For value received, OXFORD FINANCE LLC hereby sells, assigns and transfers unto 

 

							
				
		 	Name:	 	 	 	
		 	 Address: 
	 	 	 	
				
		 	 Tax ID:
	 	 	 	

 that certain Warrant to Purchase Stock issued by SOMAXON PHARMACEUTICALS, INC. (the “Company”), on
December 19, 2011 (the “Warrant”) together with all rights, title and interest therein. 
  

			
	OXFORD FINANCE LLC
		
	 By:
	 	 
		
	 Name: 
	 	 
		
	 Title:
	 	 

  

			
	Date: 	 	 

 By its execution below, and for the benefit of the Company, makes each of the representations and warranties set
forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

			
	
	 
		
	By:	 	 
		
	 Name: 
	 	 
		
	 Title:EX-10.35

 Exhibit 10.35 

 
 

 
  

			
	 October 1, 2011
	 	
	 Jeffrey W. Raser
	 	
	 	 	
	 	 	

 Dear Jeff: 

Somaxon Pharmaceuticals, Inc. (“Somaxon”) desires to obtain your services as a consultant during the term of this agreement. You agree to
provide such services in accordance with the following terms and conditions. 
  

	1.	Services. 

 At times agreeable to you and
as requested by Somaxon, you will make available your services and undertake consulting for a period commencing on the date first listed above (the “Effective Date”) and expiring on June 30, 2013, subject to earlier termination or
renewal as provided in Section 4 (the “Term”). No services shall be performed by you prior to the written request by Somaxon to perform such services. The services shall include, but not be limited to, information, advice and
assistance concerning matters that are within the scope of your knowledge and expertise as mutually agreed to between you and Somaxon. 

	2.	Compensation and Expense Reimbursement. 

As compensation for your services, Somaxon shall pay you $200.00 per hour. Total hours will be limited initially to up to ten (10) pre-authorized
hours per month, unless additional hours are further authorized by Somaxon in writing. 
 During the Term, all of your unexercised stock
options, restricted stock units and such other awards (collectively, the “Stock Awards”) granted pursuant to the Company’s 2004 Equity Incentive Award Plan or 2005 Equity Incentive Award Plan (the “Plans”) and related Stock
Award agreements shall continue to vest and be exercisable, if applicable, pursuant to the terms of the Plans and related Stock Award agreements pursuant to which they were granted. Following the expiration of the Term, the vested Stock Awards shall
be exercisable by you in accordance with the terms of the Plans, related Stock Award agreements pursuant to which they were granted and the Separation Agreement between you and Somaxon dated as of October 1, 2011. There shall be no break in
service as a result of your conversion from an employee to an independent contractor for purposes of your Stock Awards. 
 In addition, you
shall be reimbursed for air travel (economy class), and all reasonable living expenses, including but not limited to car rental, meals and lodging incurred by you when associated with the rendering of your services at locations away from the San
Diego area, subject to the prior written approval of Somaxon. You shall be solely responsible for all other expenses incurred in the performance of your services under this Agreement. 

 Somaxon shall make all payments to you hereunder within thirty (30) days of receipt of an invoice from
you itemizing your hours spent providing services hereunder and permitted expenses, including receipts for incidental expenses in excess of $25.00. 
 All payments, including reimbursements for actual expenditures, shall be included in your gross income as compensation for services rendered and accordingly reported on your IRS Form 1099. 

You shall be responsible for payment of all taxes, including Social Security taxes, on income earned under this Agreement as none will be withheld by
Somaxon. 
 Your invoices shall be e-mailed to Somaxon at accountspayable@somaxon.com. 

 

	3.	Independent Contractor. 

 It is agreed
that you are to have complete freedom of action as to the details, methods, and means of performing services hereunder. It is further understood that you are retained and have contracted with Somaxon only for the purposes and to the extent set forth
in this Agreement, and your relation to Somaxon shall, during the period of your retainer and service, be that of an independent contractor, and you shall be free to dispose of such portion of your entire time, energy, and skill as you are not
obligated to devote to Somaxon in such manner you see fit and to such persons, firms, or corporations as you deem advisable, so long as same does not create a conflict of interest between Somaxon and such other persons, firms, or corporations.

 You shall not be considered under the provisions of this Agreement or otherwise as having status as an employee of Somaxon, nor shall you be
entitled hereafter to participate in any plans, arrangements, or distributions by Somaxon relating to any pension, deferred compensation, stock bonus, stock option, hospitalization, insurance, or other benefits extended to its employees since you
are performing the services as an independent contractor. 
  

	4.	Contract Period. 

 This Agreement becomes
effective as of the Effective Date and will continue in effect for the Term, unless otherwise extended by the mutual agreement of the parties. It is provided, however, that either you or Somaxon may immediately terminate this Agreement at any time
during the Term. Upon any notice of termination, you agree to discontinue any services performed for Somaxon under this agreement, unless otherwise agreed to between you and Somaxon. 
 Termination of this Agreement shall not affect (i) Somaxon’s obligation to pay for services previously rendered by you or expenses reasonably incurred by you for which you are entitled to
reimbursement under Section 2 of this Agreement, or (ii) your obligations to Somaxon under Sections 5, 6 and the first paragraph of Section 10 of this Agreement 

 

	5.	Non-disclosure of Confidential Information. 

 a. By signing below, you recognize and acknowledge that certain technical and non-technical knowledge and information which you will acquire or develop relating to Somaxon’s business, including,
without limitation, patents, copyrights, trade secrets, and proprietary information, techniques, sketches, drawings, models, inventions, know-how, processes, apparatus, equipment, algorithms, software programs, software source documents, and
formulae related to the current, future and proposed products and services of Somaxon and its suppliers and customers, and their respective information concerning research, experimental 

  
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work, development, design details, clinical trials, and specifications, engineering, financial information, procurement requirements, purchasing, manufacturing, customer lists, business
forecasts, sales and merchandising and marketing plans and information (collectively, “Confidential Information”) are the valuable property of Somaxon. 
 b. You covenant and agree that, without the prior written consent of Somaxon, you will not use, disclose, divulge or publish any Confidential Information at any time during the term hereof or thereafter
except as may be necessary to perform the services under this Agreement; provided, however, that you shall not be obligated to treat as confidential, any Confidential Information that you can prove through your own written
documentation that (i) was publicly known at the time of disclosure to you, (ii) became publicly known or available thereafter other than by means in violation of this Agreement or any other duty owed to Somaxon by you, or (iii) was
lawfully disclosed to you by a third party that was not itself violating any obligation of confidentiality to Somaxon by such disclosure. In the event a court or governmental agency legally compels you to disclose Confidential Information, you shall
promptly inform Somaxon of the compelled disclosure, so that Somaxon may seek a protective order or other remedy or waive compliance with this Agreement, or both. In any event, you shall limit any compelled disclosure of Confidential Information to
that legally required. 
 c. You agree that any disclosure of Confidential Information will only be such as is reasonably
necessary to the performance of the services under this Agreement and, if applicable, will only be to your employees and assistants who are bound by written agreements with you to maintain the Confidential Information in confidence. 

d. You also agree not to disclose to Somaxon, or use in connection with your efforts for Somaxon, any Confidential Information belonging
to any third party, including your prior employers, or any prior inventions made by you and which Somaxon is not otherwise legally entitled to learn of or use. 
 e. Upon termination of your service hereunder you are to promptly deliver to Somaxon all Confidential Information in your possession that is in written or other tangible form (together with all copies or
duplicates thereof including computer files), and all other property, materials or equipment that belong to Somaxon or its customers, prospects or suppliers. 
 f. You further acknowledge that you continue to be bound by the Proprietary Information and Inventions Agreement (the “Confidential Information Agreement”) that you signed in connection
with your employment with Somaxon, in accordance with the terms thereof. 
  

	6.	Intellectual Property. 

a. You agree to assist Somaxon in any reasonable manner to obtain and enforce for Somaxon’s benefit any patents, copyrights and
other property rights in any and all countries, with respect to any Intellectual Property (defined below). 
 b. You agree to
cooperate in the defense of any claims involving Intellectual Property. In addition, you agree to execute, when requested, patent, copyright or similar applications and assignments to Somaxon and any other lawful documents deemed necessary by
Somaxon to carry out the purposes of this Agreement with respect thereto. In the event that Somaxon is unable for any reason to secure your signature to any document required to apply for or execute any patent, copyright or other applications with
respect to any Intellectual Property 

  
 3 

 
(including improvements, renewals, extensions, continuations, divisions or continuations in part thereof), after a written demand is made therefor upon you (which shall refer to the provisions of
this paragraph), you hereby irrevocably designate and appoint Somaxon and its duly authorized officers and agents as your agents and attorneys-in-fact to act for and on your behalf and instead of you, to execute and file any such application and to
do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, mask works or other rights thereon with the same legal force and effect as if executed by you. You further agree to inform Somaxon immediately in
the event you are contacted by any third party with regard to any Intellectual Property matters, including pending litigation, and to cooperate with Somaxon and its duly authorized officers, agents and attorneys in responding to any such
communication. 
 c. “Intellectual Property” includes any patents owned, assigned or licensed to Somaxon and
any and all new or useful art, discovery, improvement, technical development, or invention, whether or not patentable, and all related know-how, designs, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artworks,
software or other work, that you, solely or jointly with others, make, conceive or reduce to practice that result from your services for Somaxon under this Agreement. All right, title and interest of every kind and nature whatsoever in and to any
Intellectual Property made, discussed, developed, secured, obtained or learned by you during the term of this Agreement, or the 60-day period immediately following termination of this Agreement, are hereby assigned to Somaxon, and shall be the sole
and exclusive property of Somaxon for any purposes or uses whatsoever, and shall be disclosed promptly by you to Somaxon. All copyrightable material shall constitute works for hire. 

 

	7.	Conflict of Interest. 

 You agree that,
during the Term of this Agreement, you will not, without Somaxon’s express written consent, engage in any employment or activity (whether as a consultant, advisor or otherwise) in any business competitive with Somaxon’s current business.

  

	8.	Freedom of Action. 

 It is agreed that
your rendering of services under this Agreement shall in no way conflict or interfere with your existing job responsibilities. 
  

	9.	Injunctive Relief. 

 If you breach or
threaten to commit a breach of any of the provisions of Sections 5 or 6 or the first paragraph of Section 10 below (collectively, the “Restrictive Covenants”), Somaxon shall have the right and remedy to have the Restrictive Covenants
specifically enforced by any court of competent jurisdiction (without the need to post bond or other security), it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to Somaxon and that
money damages would not provide an adequate remedy to Somaxon. Somaxon shall also have any other rights and remedies available to Somaxon under law or in equity. 
  

	10.	General Conditions. 

 You agree that
during the Term of this Agreement and for a period of one (1) year following termination of this Agreement, you will not (i) directly nor indirectly solicit business as to products or services competitive with those of Somaxon or any of
its subsidiaries, from any of Somaxon’s or any of its subsidiaries’ customers with whom you had contact during the course of your service to Somaxon or within one year prior to the termination of this Agreement; or (ii) directly or
indirectly induce or solicit any of the Company’s employees or consultants to leave their employment. 

  
 4 

 If any provision of this Agreement shall be declared invalid, illegal or un-enforceable, such provision
shall be severed and all remaining provisions shall continue in full force and effect. 
 The term “Somaxon,” as used herein, shall
include any subsidiary or affiliate of Somaxon Pharmaceuticals, Inc. 
 This Agreement shall be binding upon you, your heirs, executors, assigns
and administrators and shall inure to the benefit of Somaxon, its successors and assigns. 
 This Agreement shall be governed by and construed
in accordance with the laws of the State of California. 
  

	11.	Arbitration. 

 Any dispute or controversy
between Somaxon and you arising out of or relating to this Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration in San Diego, California administered by the American Arbitration Association in accordance with its
National Rules for the Resolution of Employment Disputes then in effect and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall have the authority to award any remedy or
relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. However, either party may, without inconsistency with this arbitration provision, apply to any court having
jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce
this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of Somaxon and
you. Somaxon shall pay all of the direct costs and expenses in any arbitration hereunder and the arbitrator’s fees and costs; provided, however, that the arbitrator shall have the discretion to award the prevailing party reimbursement of its,
his reasonable attorney’s fees and costs. Somaxon and you hereby expressly waive its and your right to a jury trial. 
  

	12.	Prior Agreements. 

 This Agreement shall
replace any prior agreement between you and Somaxon relative to your services as a consultant, and this Agreement contains the entire understanding of the parties. Further, it shall be amended only in writing agreed to by both parties and shall not
be assignable by you. 
 13. RIGHT TO ADVICE OF COUNSEL. YOU ACKNOWLEDGE THAT YOU HAVE THE RIGHT, AND ARE ENCOURAGED, TO CONSULT
WITH YOUR LAWYER; BY YOUR SIGNATURE BELOW, YOU ACKNOWLEDGE THAT YOU HAVE HAS CONSULTED WITH YOUR LAWYER CONCERNING THIS AGREEMENT OR HAVE DECLINED TO DO SO. 

  
 5 

 Please indicate your acceptance of the foregoing by signing in the space provided below and returning one
original letter to my attention. 
 Sincerely, 
  

			
	SOMAXON PHARMACEUTICALS, INC.
		
	By:	 	/s/ Richard W. Pascoe
	Name:	 	Richard W. Pascoe
	Title:	 	President & CEO

 ACCEPTED AND AGREED TO THIS 1ST DAY OF OCTOBER, 2011: 

 

			
	
		
	By:	 	/s/ Jeffrey W. Raser
		 	Jeffrey W. Raser

  

			
	Tax Identification Number: 	 	 

  
 6

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