SEC Contract Filing

Filing Date: 2015-07-07

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d72536dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>This Agreement and First Amendment to Asset Purchase Agreement (the &#147;<B>Agreement</B>&#148;) is entered into as of June&nbsp;30,
2015, by and among Capnia, Inc., a Delaware corporation (&#147;<B>Capnia</B>&#148;), George Tidmarsh, MD, PhD, a resident of [PRIVATE ADDRESS] (&#147;<B>Tidmarsh</B>&#148;), and BioMedical Drug Development Inc. (&#147;<B>BDDI</B>&#148;). <B>
</B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W I T N E S S E T H: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, BDDI and Stryker Corporation (&#147;<B>Stryker</B>&#148;) entered into that certain Asset Purchase agreement dated as of
May&nbsp;7, 2010 (the &#147;<B>Stryker Purchase Agreement</B>&#148;), between BDDI and Stryker, where, among other matters, BDDI purchased certain assets of Stryker relating to non-invasive end tidal breath gas monitor medical technology known as
the COCO<SUB STYLE="font-size:85%; vertical-align:bottom">2</SUB>Puff (the &#147;<B>Technology</B>&#148;) for the payment set forth therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>Capnia and BDDI entered into that certain Asset Purchase Agreement dated as of May&nbsp;11, 2010 (the &#147;<B>Capnia Purchase
Agreement</B>&#148;), pursuant to which, among other matters, BDDI agreed to sell to Capnia the Technology and BDDI received, among other consideration, certain royalty payments related to the Technology (the &#147;<B>Royalties</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Tidmarsh and BDDI entered into an Asset Purchase Agreement dated as of June&nbsp;4, 2012 (the &#147;<B>Asset Transfer
Agreement</B>&#148;), pursuant to which, among other matters, the Stryker Purchase Agreement and the Capnia Purchase Agreement were assigned and transferred to Tidmarsh. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Capnia and Tidmarsh desire to amend the Capnia Purchase Agreement to remove the provisions related to the Royalties from the
Capnia Purchase Agreement in exchange for the issuance or payment by Capnia to Tidmarsh of (i)&nbsp;40,000 shares of Capnia&#146;s Common Stock (the &#147;<B>Shares</B>&#148;) and (ii)&nbsp;an aggregate cash payment of $450,000 (the &#147;<B>Cash
Consideration</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>in the consideration of the premises, mutual covenants and promises hereinafter set
forth, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Amendments</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
Section&nbsp;2 of the Capnia Purchase Agreement is deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>2. <U>Buyer Payment
Obligations.</U></B> Subject to the terms and conditions of this Agreement, if an event occurs that gives rise to a payment obligation under Section&nbsp;2 of the Original Agreement in connection with the Cash Consideration or the Regulatory
Milestone (each such term, as defined in the Original Agreement, and each such event, a &#147;<U>Payment Condition</U>&#148;, and the date of such event, a &#147;<U>Payment Condition Date</U>&#148;), Buyer shall pay Seller the requisite amount
within thirty (30)&nbsp;business days of the Payment Condition Date, except that payment with respect to the Cash Consideration shall be made </P>

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immediately after execution of this Agreement in accordance with Section&nbsp;5 below. Buyer shall make such payments to Seller by check or wire of immediately available funds to a bank account
designated by Seller.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Section&nbsp;6 of the Capnia Purchase Agreement is deleted in its entirety and replaced with the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>6. </B>Intentionally Deleted.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Representation and Warranty of Tidmarsh</U>. Tidmarsh represents and warrants to Capnia, and acknowledges that Capnia is relying on such
representations and warranties, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Tidmarsh was, as of the date of the Asset Transfer Agreement, and has been, through the
date hereof, the so