Document:

EX-10.4  STOCK PURCHASE AGREEMENT

 

Exhibit 10.4

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (the “Agreement”) is made and entered into as of July
5, 2006, by and between Sytera II, Inc., a Delaware corporation (the “Company”), and
Sirion Therapeutics, Inc., a North Carolina corporation (the “Purchaser”).

Recitals

     Whereas, the Company and Purchaser are parties to: (i) that certain Agreement and
Plan of Merger and Reorganization, dated as of July 1, 2006 (the “Merger Agreement”), by and among
the Company, Purchaser, Barry Butler, solely in his capacity as the Sirion Stockholders’
Representative (as defined in the Merger Agreement), Sytera, Kenneth J. Widder, M.D., solely in his
capacity as Stockholders’ Representative (as defined in the Merger Agreement); and (ii) that
certain Exclusive License Agreement, dated as of July 1, 2006 (the “License Agreement”), by and
between the Company and Purchaser; and

     Whereas, in connection with the transactions contemplated by the Merger Agreement and
the License Agreement, the Company desires to sell and issue to Purchaser, and Purchaser desires to
purchase from the Company, 5,620,396 shares (the “Shares”) of the Company’s common stock, par value
$0.001 per share (the “Common Stock”) pursuant to the terms and conditions set forth in this
Agreement.

     Now, Therefore, in consideration of the foregoing recitals and the mutual promises,
representations, warranties and covenants hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

Agreement

1. Purchase and Sale of Stock. Subject to the terms and conditions set forth in this
Agreement, the Company hereby agrees to sell and issue to Purchaser at the Closing (as defined
below), and Purchaser hereby agrees to purchase from the Company at the Closing, the Shares at a
purchase price of $0.001 per Share, payable in cash.

2. Closing. 

     2.1 Closing; Delivery. The closing of the sale and purchase of Shares pursuant to
this Agreement (the “Closing”) shall occur at the offices of the Company at the Effective Time (as
defined in the Merger Agreement). At the Closing: (i) the Company shall deliver to Purchaser a
certificate representing the Shares purchased by Purchaser at the Closing; and (ii) Purchaser shall
deliver to the Company payment, via wire transfer of immediately available funds, of the aggregate
purchase price for the Shares being purchased by Purchaser at the Closing.

     2.2 Appointment of Purchaser Representative to Board. Effective as of, and
contingent upon the occurrence of, the Closing, the Company and its board of directors (the
“Board”) shall take all actions necessary to: (i) increase the size of the Board to three (3)
members; and (ii) appoint Barry Butler, as a representative of Purchaser, to serve as a member of

1.

 

the Board; provided, however, that in the event that, at any time following
the occurrence of Development Payment Event 4 (as defined in the Merger Agreement), the Sytera
Assets (as defined in the Merger Agreement) are transferred or required to be transferred by
Purchaser to the Company in accordance with Section 1.5(h) of the Merger Agreement, Purchaser shall
promptly cause Barry Butler to resign from the Board and shall have no further rights to appoint
any individual to serve on the Board.

3. Representations and Warranties of the Company. The Company hereby represents and
warrants to Purchaser that:

     3.1 Organization and Authority. The Company is duly organized, validly existing and in good
standing under the laws of the State of Delaware and has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement. All corporate
action on the part of the Company, its officers, directors and stockholders necessary for: (i) the
authorization, execution and delivery of this Agreement; and (ii) the performance of the Company’s
obligations under this Agreement, including, without limitation, the issuance of the Shares, has
been taken or will be taken prior to the Closing.

     3.2 Valid Agreement. This Agreement constitutes the valid and legally binding obligations of
the Company, enforceable in accordance with its terms, except: (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally; and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies.

     3.3 No Conflict. Neither the execution of this Agreement, nor the consummation by the
Company of the transactions contemplated by this Agreement, including, without limitation, the
issuance of the Shares, will contravene the Company’s certificate of incorporation or bylaws or
constitute a violation of or default under, or conflict with or require a consent under, any
contract, commitment, agreement, understanding, arrangement, restriction, law, statute, rule,
regulation, judgment, order, injunction, suit, action or proceeding of any kind to which the
Company is a party or by which the Company or any of its assets is bound.

     3.4 Capitalization. The authorized capital of the Company consists, or will consist
immediately prior to the Closing, of 15,000,000 shares of Common Stock, of which 8,430,594 shares
have been previously issued.

     3.5 Valid Issuance. The Common Stock that is being purchased by Purchaser hereunder, when
sold, issued and delivered in accordance with the terms of this Agreement for the consideration
expressed herein, will be duly and validly issued, fully paid and nonassessable, and will be free
of restrictions on transfer other than restrictions on transfer under this Agreement and under
applicable state and federal securities laws.

4. Representations and Warranties of Purchaser. Purchaser hereby represents and warrants
to the Company that:

     4.1 Authorization. Purchaser has full power and authority to enter into this Agreement, which
constitutes its valid and binding obligation, enforceable in accordance with its terms, except: (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium

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and other laws of
general application affecting enforcement of creditors’ rights generally; and (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable
remedies.

     4.2 Purchase Entirely for Own Account. The Shares will be acquired for investment for
Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same. Purchaser does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant participations to
such person or to any third person, with respect to any of the Shares.

     4.3 Disclosure of Information. Purchaser has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of the Shares and the
business, properties, prospects and financial condition of the Company.

     4.4 Investment Experience. Purchaser can bear the economic risk of its investment in the
Shares and has such knowledge and experience in financial or business matters such that it is
capable of evaluating the merits and risks of the investment in the Shares. Purchaser also
represents it has not been organized for the purpose of acquiring the Shares.

     4.5 Accredited Investor. Purchaser is an “accredited investor” within the meaning of Rule
501, as presently in effect, of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”).

     4.6 Restricted Securities. Purchaser understands that the Shares are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from
the Company in a transaction not involving a public offering and that, under such laws and
applicable regulations, such Shares may be resold without registration under the Securities Act
only in certain limited circumstances. Purchaser represents that it is familiar with Rule 144
promulgated under the Securities Act, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. Purchaser understands and acknowledges
herein that an investment in the Shares involves an extremely high degree of risk and may result in
a complete loss of such Purchaser’s investment. Purchaser understands that the Shares have not
been and will not be registered under the Securities Act and have not been and will not be
registered or qualified in any state in which they are offered, and thus Purchaser will not be able
to resell or otherwise transfer the Shares unless such Shares are registered under the Securities
Act and registered or qualified under applicable state securities laws, or an exemption from such
registration or qualification is available.

     4.7 No Liquidity. Purchaser has no immediate need for liquidity in connection with its
investment in the Shares, does not anticipate being
required to sell such Shares in the foreseeable future and has the capacity to sustain a
complete loss of such investment in the Shares.

5. Transferability. 

     5.1 Limitations. In addition to any other limitations on transfer created by applicable
securities laws, Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose

3.

 

of
any interest in any Shares unless and until the proposed transferee acknowledges and agrees in
writing that it shall be subject to the restrictions on transfers during the Lock-Up Period (as
defined below) set forth in Section 7.

     5.2 Refusal to Transfer. The Company shall not be required to: (i) transfer on its books any
Shares which have been transferred in violation of any of the provisions set forth in this
Agreement; or (ii) treat as owner of such Shares, accord the right to vote as such owner or pay
dividends to any transferee to whom such Shares have been so transferred.

6. Restrictive Legends. All certificates representing Shares shall have endorsed thereon
legends in substantially the following forms (in addition to any other legend which may be required
by appropriate blue sky officials or by other agreements between the parties hereto):

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.”

7. Market Stand-Off Agreement. Purchaser shall not sell, dispose of, transfer, make any
short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, any Shares, for a period of time specified by
the managing underwriter(s) (not to exceed one hundred eighty (180) days) following the effective
date of a registration statement of the Company filed under the Securities Act (the “Lock-Up
Period”); provided, however, that nothing contained in this Section 7 shall prevent
the exercise by the Company of the Repurchase Option during the Lock-Up Period. Purchaser agrees
to execute and deliver such other agreements as may be reasonably requested by the Company and/or
the managing underwriter that are consistent with the foregoing or that are necessary to give
further effect thereto. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to Purchaser’s Shares until the end of the Lock-Up Period.
The underwriters of the Company’s stock are intended third-party beneficiaries of this Section 7
and shall have the right, power and authority to enforce the provisions hereof as though they were
parties to this Agreement.

8. Miscellaneous.

     8.1 Notices. All notices and other communications given or made pursuant hereto
shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party
to be notified; (ii) when sent by confirmed electronic mail or facsimile if received during normal
business hours of the recipient or, if not, then on the next business day; (iii) three days
after having been sent by registered or certified mail, return receipt requested, postage prepaid;
or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective
parties at each such party’s address set forth on the signature page hereto (or at such other
addresses as shall be specified by notice given in accordance with this Section 8.1).

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     8.2 Successors and Assigns. This Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding
upon Purchaser’s successors and assigns.

     8.3 Expenses. Each of Licensor and Licensee shall each bear its respective expenses and legal
fees incurred with respect to this Agreement and the transactions contemplated herein.

     8.4 Waiver. No failure on the part of any party to exercise any power, right, privilege or
remedy under this Agreement, and no delay on the part of any party in exercising any power, right,
privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege
or remedy and no single or partial exercise of any such power, right, privilege or remedy shall
preclude any other or further exercise thereof or of any other power, right, privilege or remedy.
No party shall be deemed to have waived any claim arising out of this Agreement, or any power,
right, privilege or remedy under this Agreement, unless the waiver of such claim, power, right,
privilege or remedy is expressly set forth in a written instrument duly executed and delivered on
behalf of such party, and any such waiver shall not be applicable or have any effect except in the
specific instance in which it is given.

     8.5 Severability. If one or more provisions of this Agreement are held by a court of
competent jurisdiction to be unenforceable under applicable law, the parties agree to promptly
renegotiate such provision in good faith. In the event that the parties cannot reach a mutually
agreeable and enforceable replacement in writing for such provision, then: (i) such provision shall
be excluded from this Agreement; (ii) the balance of the Agreement shall be interpreted as if such
provision were so excluded; and (iii) the balance of the Agreement shall be enforceable in
accordance with its terms.

     8.6 Governing Law; Venue. This Agreement shall be construed in accordance with, and governed
in all respects by, the internal laws of the State of Delaware without giving effect to its
principles of conflicts of laws.

     8.7 Entire Agreement. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings
between the parties with respect thereto. No addition to or modification of any provision of this
Agreement shall be binding upon any party unless made in writing and signed by all of the parties
hereto.

     8.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which together shall constitute one instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

5.

 

     In witness whereof, the parties hereto have executed this Stock Purchase Agreement as
of the date first set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	COMPANY:	 	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Sytera II, Inc.	 	 	 	Sirion Therapeutics, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Kenneth J. Widder 	 	 	 	By:	 	/s/ Barry Butler 	 	 
	 

	 	 

Kenneth J. Widder, M.D.
	 	 	 	 	 	 

Barry Butler
	 	 
	 

	 	Chairman and Chief Executive Officer
	 	 	 	 	 	Chairman and Chief Executive Officer	 	 

	 	 	 	 	 	 	 	 	 	 	 
	Address:

	 	505 Coast Boulevard South	 	 	 	Address:	 	3110 Cherry Palm Drive 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	Suite 412	 	 	 	 	 	Suite 350	 	 
	 
	 	La Jolla, California 92037 	 	 	 	 	 	Tampa, FL 33610 	 	 

6.EX-10.5  AGREEMENT FOR SALE AND PURCHASE

 

Exhibit 10.5

AGREEMENT FOR SALE AND PURCHASE

OF MEMBERSHIP INTERESTS

     THIS AGREEMENT (the “Agreement”) entered into and effective this 2nd day of June, 2006, (the
“Effective Date”) by and between RX DEVELOPMENT RESOURCES, LLC, a Florida limited liability
company, and/or Assignee (“Seller”) and PHILIPPE BOULANGEAT (“Buyer”).

RECITALS:

     A. The Seller is the sole member in FOCUS-ED, LLC, a Florida limited liability company (the
“Company”).

     B. Without any intention to cause the dissolution of the Company under Florida law, the Seller
desires to sell one hundred percent (100%) of the limited liability company membership interest in
the Company (the “Interests”) to Buyer and Buyer desires to purchase the Interests and to continue
to operate the Company without interruption, subject to and in accordance with all of the terms,
provisions, conditions and limitations, and for the purchase price, set forth in this Agreement.

AGREEMENT:

     NOW, THEREFORE, in consideration of the premises, the covenants herein contained, the sums of
money to be paid hereunder and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

     1. Sale and Purchase of Interest in Company. The Seller agrees to sell and the Buyer
agrees to purchase, subject to and in accordance with all of the terms, provisions, conditions and
limitations set forth in this Agreement and free and clear of all security interests, pledges,
liens, encumbrances, claims, interests, restrictions and limitations (except for those restrictions
and limitations set forth in this Agreement and in the Operating Agreement), the Interests in the
Company owned by the Seller.

     2. Purchase Price for Interests. The purchase price payable by Buyer to Seller for
the Interests shall be One Hundred Five Thousand Dollars ($105,000.00) (the “Purchase Price”). The
Buyer shall pay Seller the Purchase Price in full in cash at Closing.

     3. Closing. The closing of the transactions contemplated hereby (the “Closing”) shall
occur at the offices of Seller’s legal counsel at such time as the parties may mutually agree, but
in no event later than May 19, 2006.

     4. Representations and Warranties of Seller as to the Interests. The Seller, in order
to induce the Buyer to enter into this Agreement and close the transactions contemplated by this

 

 

Agreement and as a material consideration therefor, makes the following representations and
warranties:

          (a) The Seller is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Florida has the requisite power and authority to own, lease
and operate its business and to consummate the transaction contemplated hereby.

          (b) The execution and delivery by the Seller of this Agreement and the other instruments and
agreements to be executed by it as provided for herein, and the performance by it of its
obligations hereunder and thereunder, have been duly and validly authorized by all necessary
corporate or company action on its part, and this Agreement and all other such instruments and
agreements delivered or to be delivered in connection herewith are or will be valid and binding
obligation, enforceable against Seller in accordance with their respective terms.

          (c) The Company is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Florida. Seller is the sole member of the Company and
Barry Butler is the sole Manager of the Company. The Company has all requisite power and authority
to own, lease and operate its properties and to carry on its business as presently conducted by it.

          (d) There are no outstanding or authorized subscriptions, options, warrants, calls, rights,
commitments or any other agreements of any character which obligate or may obligate the Company to
issue any additional interest in the Company.

          (e) The Seller has, and will transfer to the Buyer, good, marketable and sufficient title to
and possession of all of the Interests, in each case free and clear of all mortgages, liens,
pledges, charges, claims, encumbrances, restrictions, or rights, title and interests in others.
The Seller and the Interests are subject to no restrictions on transfer that will be breached by
the consummation of the transactions contemplated hereby. As of the date hereof, the Seller has
not entered into any agreement to sell the Interests other than pursuant to this Agreement, and the
Company has not granted any right or option to purchase any of its assets to any person or entity.

          (f) Neither the execution and delivery by the Seller of this Agreement and the other agreement
provided for herein, nor the performance by them of their obligations hereunder and thereunder,
will, nor with the giving of notice or the lapse of time or both would, conflict with or result in
a breach of or constitute a default under any provision of the Articles of Organization, the
Operating Agreement of the Company, or any other agreements and governing documents of or binding
upon any of the Seller or the Company.

          (g) To Seller’s knowledge, no consent, approval or agreement of any person, party, court,
government or entity is required to be obtained by the Seller in connection with the execution and
delivery of this Agreement or the consummation of the transaction contemplated hereby.

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     “Seller’s’ knowledge,” or words of similar import, as used in this Agreement with respect to
the Company means that of Barry Butler only and of no other person and is based solely on his
direct actual present knowledge without investigation or a requirement for same.

     5. Buyer’s Representations and Warranties.

          (a) Seller has made available to the Buyer the opportunity to ask questions of and receive
answers from the Company concerning the business and operations of the Company, and to obtain any
additional information relating thereto, to the extent that the Company possess such information or
can acquire it without unreasonable effort or expense, necessary to verify the accuracy of the
information given to it;

          (b) Buyer has reviewed and is fully advised with respect to the business, financial condition,
assets and liabilities, and prospects of the Company, and he has such knowledge and experience in
financial and business matters so as to enable him to evaluate the merits and risks of purchasing
and owning the Interests in the Company;

          (c) Buyer is purchasing the Interests for investment purposes only and not for resale or with
a view to any distribution or resale thereof in violation of the registration requirements of
applicable federal or state securities laws. Buyer has no contract, understanding or arrangement
with any person to sell, transfer or pledge to such person, or anyone else, any of the Interests,
and Buyer has no present plans or intentions to enter into any such contract, understanding or
arrangement

          (d) Neither the Seller, the Company, nor any of its agents, employees or affiliates has made
any representations or warranties, oral or otherwise, concerning the Company except those that have
been made in this Agreement. Buyer is not relying upon any information, other than the results of
his own independent review of the written information provided to Buyer at his request by the
Seller or the Company.

     6. Closing Costs and Deliveries.

          (a) All costs and expenses necessary to close the transactions contemplated by this Agreement
and to effectuate the admission of Buyer as a member in the Company pursuant to the terms of the
Operating Agreement and this Agreement (excluding, however, all legal fees incurred by either party
in connection with the negotiation and preparation of this Agreement and in closing the
transactions contemplated by this Agreement, which shall be the responsibility of the party
incurring such fees) whether or not specifically mentioned herein shall be shared equally by
Seller, on the one hand, and Buyer, on the other hand.

          (b) The Seller shall deliver to Buyer at the Closing the Assignment of Company Interests in
the form of those attached as Exhibit “A” together with such other documents and
instruments as shall reasonably be requested by counsel for Buyer with respect to the consummation
of the transactions contemplated by this Agreement.

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     7. Indemnification.

          (a) Buyers Indemnity. The Buyer agrees to forever indemnify, protect and hold
harmless the Seller from and against the following (including, without limitation, the reasonable
fees and disbursements of counsel arising out of the following), which shall survive the Closing
for one hundred eighty (180) days, provided, however, that suit on any claim must be initiated
within such one hundred eighty (180) day period:

          (i) any and all liabilities and obligations of the Company of any nature, whether
existing, accrued, absolute, contingent or otherwise, existing on the Closing Date to the
extent the same have been disclosed to the Buyer in this Agreement and/or the Exhibits
attached hereto or arising after the Closing Date and based upon facts or events occurring,
in whole or in part, after the Closing Date.

          (ii) any and all claims, demands, actions, suits, judgments, liabilities, payments,
damages, deficiencies, costs and/or expenses resulting from or arising out of any
misrepresentation, concealment of a material fact, omission of a material fact, or breach of
or untruth of any warranties or representations in this Agreement attributable to the Buyer
under or related to this Agreement. The provisions of this Section 7 shall survive the
Closing.

          (b) The Seller agrees to indemnify, defend, protect and hold harmless Buyer from and against
the following (including, without limitation, the reasonable fees and disbursements of counsel
arising out of the following), which shall survive the Closing for one hundred eighty (180) days,
provided, however, that suit on any claim must be initiated within such one hundred eighty (180)
day period:

          (i) any and all liabilities and obligations of the Company of any nature, whether
existing, accrued, absolute, contingent or otherwise, (1) existing through the Closing Date,
or (2) arising after the Closing Date but based upon facts or events occurring, in whole or
in part, prior to or on the Closing Date, except for those liabilities and obligations
disclosed on Exhibit “B” attached to this Agreement; and

          (ii) any and all claims, demands, actions, suits, judgments, liabilities, payments,
damages, deficiencies, costs and/or expenses resulting from or arising out of any material
misrepresentation, concealment of a material fact, omission of a material fact, or material
breach of or inaccuracy in any warranties or representations in this Agreement made by or
attributable to the Seller under this Agreement or any material breach by Seller or the
Company of any agreements, covenants or obligations under this Agreement.

     8. Conditions Precedent to Closing. The obligation of Buyer to close the sale and
purchase transaction contemplated in this Agreement shall be and hereby is expressly conditioned
upon the prior occurrence, satisfaction or fulfillment of the following:

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          (a) Representations and Warranties. That at the time of closing all representations
and warranties of the Seller made in this Agreement shall be true and correct and there shall have
been no material breach or breaches of the same by Seller.

          (b) Satisfaction of Seller Obligations. That at the time of closing all obligations
of the Seller provided in this Agreement shall have been fully satisfied or shall have occurred or
shall have been waived by Buyer in writing or as otherwise provided in this Agreement.

          (c) Termination of Agreement. That the Agreement has not been terminated pursuant to
its terms.

          (d) Closing Documents. The Seller shall have delivered to the Buyer by or on the
Closing Date the following:

(i) the Assignment of Company Interests;

(ii) such further instruments of conveyance, transfer and assignment or
other documents as may reasonably be required by the Buyer or its counsel in
order to effectuate the provisions of this Agreement and the transactions
contemplated herein.

          The Buyer shall have delivered to the Seller by or on the Closing Date the following:

(i) such instruments of or other documents as may reasonably be required by
the Buyer or its counsel in order to effectuate the provisions of this
Agreement and the transactions contemplated herein.

9. [Intentionally Omitted.]

     10. Prorations.

          (a) Taxes. All ad valorem real and personal property taxes shall be prorated as of
the Closing Date based upon the current year’s taxes at the maximum discount available as of thirty
(30) days following the Closing Date. If the current year’s taxes are not available, then taxes
will be prorated on the gross amount of the prior year’s taxes and reporated upon receipt of the
tax bill for the year of closing.

          (b) Income and Expenses. All income and expense with respect to the Seller’s business
shall be prorated as of the Closing Date. Any continuing services for which a separate bill through
the Closing Date cannot be obtained shall be prorated as of the Closing Date when received, and if
unpaid as of the Closing Date, shall be paid by the appropriate party

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within fifteen (15) days
after reasonable proof of payment of such charge is submitted. The Seller shall pay all
obligations of the Company up through the day before the Closing Date.

     11. Notices. Any notice or other communication permitted or required to be given
hereunder by one party to the other, for all purposes and time periods set forth in this Agreement,
shall be in writing and shall be delivered by hand or deposited in the United States Mail,
registered or certified, postage prepaid, return receipt requested, or sent by recognized overnight
courier service such as Federal Express to the address specified below or at such other address as
may hereafter be designated in writing by any such party. Such notice shall be deemed received
upon receipted delivery or refusal to accept same.

	 	 	 	 	 
	 

	 	To Seller:
	 	RX Development Resources, LLC

c/o Barry Butler

3110 Cherry Palm Drive, Suite 350

Tampa, Florida 33619
	 
	 	 	 	 
	 

	 	With Copy to:
	 	R. Reid Haney, Esq.

Ward Rovell, Professional Association

Bank of America Plaza

101 East Kennedy Boulevard

Suite 4100

Tampa, Florida 33602
	 

	 	 	 	Telephone No: 813.222.8700
	 

	 	 	 	Facsimile No: 813.222.8701
	 

	 	 	 	rhaney@wardrovell.com
	 
	 	 	 	 
	 

	 	To Buyer:
	 	Philippe Boulangeat

3110 Cherry Palm Drive, Suite 350

Tampa, Florida 33619

     12. Miscellaneous.

          (a) Litigation and Attorneys’ Fees. If it shall be necessary for either party to this
Agreement to bring suit to enforce any provisions hereof or for damages on account of any breach of
this Agreement, the prevailing party on any issue in any such litigation and any appeals therefrom
shall be entitled to recover from the other party, in addition to any damages or other relief
granted as a result of such litigation, all costs and expenses of such litigation and a reasonable
attorneys’ fee as fixed by the court.

          (b) Time of Essence. Time is of the essence of this Agreement and in the performance
of all conditions and covenants to be performed or satisfied by either party hereto. Waiver of
performance or satisfaction of timely performance or satisfaction of any condition or covenant by
one party shall not be deemed to be a waiver of the performance or satisfaction of any other
condition or covenant unless specifically consented to in writing. Any reference herein to time
periods of less than six (6) days shall in the computation thereof exclude Saturdays,

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Sundays and
legal holidays, and whenever a date specified herein shall fall on a Saturday, Sunday or legal
holiday, the date shall be extended to the next succeeding business day.

          (c) Counterparts. This Agreement may be executed in one or more duplicate
counterparts, each of which shall upon execution by all parties be deemed to be an original.

          (d) Captions and Paragraph Headings. Captions and paragraph headings contained in
this Agreement are for convenience and reference only and in no way define, describe, extend or
limit the scope or content of this Agreement nor the intent of any provision hereof.

          (e) Governing Law and Binding Effect. The interpretation and enforcement of this
Agreement shall be governed by and construed in accordance with the laws of the State of Florida
and shall bind, and the benefits and advantages shall inure to and be enforceable by the Buyer and
Seller as well as their respective personal representatives, heirs, successors and assigns.
Jurisdiction and venue for any disputes hereunder shall be in the Circuit Court of Hillsborough
County, Florida. Whenever used, the singular name shall include the plural, the plural the
singular, and the use of any gender shall be applicable to all genders.

          (f) Integrated Contract, Waiver and Modification. This Agreement represents the
complete and entire understanding and agreement between and among the parties hereto with regard to
all matters involved in this Agreement and supersedes any and all prior or contemporaneous
agreements, whether written or oral. This Agreement may not be modified or amended, nor may any
provision contained herein be waived, except in writing signed by all parties, or if such
modification, amendment or waiver is for the benefit of one or more of the parties hereto and to
the detriment of the others, then the same must be in writing signed by all parties to whose
detriment the modification, amendment or waiver inures.

          (g) Effective Date. The “Effective Date” or date hereof shall be the date on which
this Agreement has been executed by the Seller, as evidenced by the date following their signature
line, and a facsimile of the signature pages has been sent to the Buyer’s attorney followed by
overnight delivery of originals of same.

          (h) Non-Merger. In addition to any specific language of non-merger found in certain
sections of this Agreement, any provision hereof which by its terms would be reasonably performed
after the Closing shall survive the Closing and shall not merge in the Closing or in the deed,
except as specifically provided to the contrary herein.

7

 

     IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the Effective
Date.

	 	 	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered

in the presence of:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ Roger Vogel	 	 	 	/s/ Philippe Boulangeat	 	 
	 	 	 	 	 	 	 
	Print Name: Roger Vogel	 	 	 	Philippe Boulangeat	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Date:
	 	June 2, 2006	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	“Buyer”
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	RX DEVELOPMENT RESOURCES, LLC,

a Florida limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ Penelope A. Cobb	 	 	 	/s/ Barry Butler	 	 
	 	 	 	 	 	 	 
	Print Name: Penelope A. Cobb	 	 	 	Barry Butler, Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Date:
	 	June 2, 2006	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	“Seller”	 	 

8

 

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	—
	 	Form Assignment of Membership Interest
	 
	 	 	 	 
	Exhibit B

	 	—
	 	Assumed Pre-Closing Obligations

 

 

EXHIBIT “B”

Assumed Pre-Closing Liabilities

Seller shall be responsible for payment of obligations payable or accrued through the Closing
except to the extent such obligations relate to the medical education contracts to which
the Company is a party or under which it has obligations. By way of illustration but not
limitation, Seller shall be responsible for payment of legal fees incurred by the Company through
the date of Closing.

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