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Exhibit 10.2  

 
  COMMON STOCK SUBSCRIPTION AGREEMENT    
    

        This Common Stock Subscription Agreement ("Agreement") is made as of June     , 2003 by and among Axonyx Inc., a Nevada corporation, with
its executive offices at 500 Seventh Ave., 10th Floor, New York, NY 10018 (the "Company") and [          ] (the "Investor"). 

WITNESSETH:  

        WHEREAS, the Investor desires to purchase from the Company, and the Company desires to sell to the Investor, shares of the Company's common stock, par value
$0.001 per share (the "Shares"), upon the terms and subject to the conditions set forth herein; 

        NOW
THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt of which are hereby acknowledged, the parties
agree as follows: 

	I.
	Purchase and Sale of the Shares, Closing Date; Delivery, Restrictive Legend.

        1.1   Purchase and Sale of Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined
below), the undersigned hereby subscribes for [          ] (            ) Shares at the per share purchase price of $2.50 ("Per Share
Purchase Price"). All dollar
amounts set forth in this Agreement shall be in United States Dollars. 

        1.2   Closing Date. The closing of the purchase and sale of the Shares hereunder (the "Closing") shall be held at the offices
of Torys LLP on June    , 2003 or at such other time and place upon which the Company and the Investor shall agree (the "Closing Date"). 

        1.3   Delivery: At the Closing, the Company shall deliver to the Investor a certificate or certificates, registered in the name
of the Investor, representing the Shares purchased by the Investor, and the Investor shall deliver to the Company an amount equal to the product of Shares to be purchased by such Investor and the Per
Share Purchase Price (the "Purchase Price"), by certified check payable to "Axonyx Inc. Corporate Account" or by wire transfer of immediately available funds to the following account of the
Company: 

Chase
Manhattan Bank NYC

ABA Routing #:021000021

FBO Salomon Smith Barney

A/C # 066-198038

For further credit to: Axonyx Inc. A/C #204-90314-1-8-501 

        1.4   Restrictive Legend. Each certificate representing (i) the Shares and (ii) any other securities issued in
respect of such Shares or upon any stock split, stock dividend, recapitalization, merger, conversion, consolidation or similar event relating to the Shares, shall be stamped or otherwise imprinted
with a legend in the following form (in addition to any legend required under applicable state securities laws) until such legend is no longer required under applicable securities laws: 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM SUCH REGISTRATION; provided THAT THE SELLER DELIVERS TO THE COMPANY AN
OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION. 

1

 
	II.
	Company Representations.

        2.1   Concerning the Shares and the Common Stock. The Shares, when issued, delivered and paid for in accordance with this
Agreement, will be duly and validly authorized and issued. 

        2.2   Authorization; Enforcement. (a) The Company has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement and to issue, sell and perform its obligations with respect to the Shares in accordance with the terms hereof, (b) the execution and delivery of
this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by the Company's Board of Directors and no further consent or authorization
is required by the Company, its Board of Directors or its stockholders, and (c) this Agreement has been duly executed and delivered by the Company. No other corporate proceedings on the part of
the Company are necessary to approve and authorize the execution and delivery of this Agreement and the issuance of the Shares. This Agreement, when executed and delivered by the Company, constitutes
a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies. 

        2.3   Securities Law Exemption. Assuming the truth and accuracy of each Investor's representations set forth in this Agreement,
the offer, sale and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") and
applicable state securities laws, and neither the Company nor any authorized agent acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

	III.
	Registration Rights.

        3.1   Registrable Shares. The Shares issued pursuant to this Agreement shall be "Registrable Shares" for the purposes of this
Agreement; provided that such Shares shall not be Registrable Shares if the Investor (i) is able to sell such Shares pursuant to an effective registration statement under the Securities Act or
(ii) is able to sell under Rule 144(k) under the Securities Act all of the remaining Shares issued or issuable to such Investor. 

        3.2   Company Registration.

        Subject
to Section 3.5, if the Company proposes to register any of its common stock under the Securities Act other than a registration (A) on Form S-8 or
S-4 or any successor or similar form, (B) relating to common stock issuable upon exercise of employee shares
options or in connection with any employee benefit or similar plan of the Company, or (C) in connection with a public offering involving an underwriter), it will at such time, give prompt
written notice at least twenty (20) days prior to the anticipated filing date of the registration statement (a "Registration Statement") relating to such registration to the Investor, which
notice shall set forth the Investor's rights under this Section 3.2 and shall offer the Investor the opportunity to include in such registration statement such number of Registrable Shares as
the Investor may request. Upon the written request of the Investor made within ten (10) days after the receipt of notice from the Company (which request shall specify the number of Registrable
Shares intended to be disposed of by the Investor), the Company will use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Shares that the
Company has been so requested to register by the Investor, to the extent necessary to permit the disposition of the Registrable Shares to be so registered; provided that the Investor agrees to sell
those if its Registrable Shares to be included in such registration in the same manner and on the same terms and conditions as the other shares of common stock which the Company proposes to register. 

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        3.3   Covenants of the Company With Respect to Registration.

        The
Company covenants and agrees as follows: 

        (a)   Following
the effective date of the Registration Statement under Section 3.2, the Company shall, upon the request of the Investor, forthwith supply such
reasonable number of copies of the Registration Statement, preliminary prospectus and prospectus meeting the requirements of the Securities Act, and other documents necessary or incidental to the
public offering of the Registrable Shares, as shall be reasonably requested by the Investor to permit the Investor to make a public distribution of the Registrable Shares registered in connection with
the Registration Statement. 

        (b)   The
Company shall prepare and file with the Securities and Exchange Commission (the "SEC") such amendments and supplements to such Registration Statement and the
prospectus used in connection with such Registration Statement as may be necessary to comply with the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the period of time such Registration Statement remains effective; 

        (c)   The
Company shall use its commercially reasonable efforts to register and qualify the securities covered by such Registration Statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Investor; provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 

        (d)   During
the period of time such Registration Statement remains effective, the Company shall notify each Investor of Registrable Shares covered by such Registration
Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act or the happening of any event as a result of which the prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing; 

        (e)   The
Company shall use its commercially reasonable efforts to cause all such Registrable Shares registered hereunder to be listed on each securities exchange on which
securities of the same class issued by the Company are then listed; 

        (f)    The
obligations of the Company hereunder with respect to the Registrable Shares are subject to the Investor furnishing to the Company such appropriate information
concerning the Investor, the Registrable Shares and the terms of the Investor offering of such Registrable Shares as the Company may reasonably request in writing. 

        3.4   Expenses. All expenses incurred in effecting a registration pursuant to this Agreement (including, without limitation,
all registration, qualification and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses) shall be borne by the Company. All transfer taxes,
underwriting discounts and selling commissions applicable to the sale of the Registrable Shares shall be borne by the Investor. 

        3.5   Suspension of Sales.

        (a)   With
respect to the Registration Statement filed pursuant to Section 3.2, the Investor may suspend sales of Registrable Shares under such Registration Statement
for a period of not more than forty five (45) days with respect to such Registration Statement if, at any time the Investor is engaged in confidential negotiations or other confidential
business activities, the disclosure of which would be required if such sales were not suspended and the Board of Directors of the Company determines in good faith that such suspension would be in the
Company's best interest at such time; provided that the Company shall not be permitted to suspend such sales for more than sixty (60) days in any twelve 

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(12) month
period. In order to suspend sales pursuant to this Section 3.5(a), the Company shall promptly (but in any event within five (5) business days), upon determining to seek
such suspension, deliver to each holder of Registrable Shares a certificate signed by an executive officer of the Company stating that the Company is suspending such filing pursuant to this
Section 3.5(a) and a general statement of the reason for such suspension and an approximation of the anticipated delay. Each holder of Registrable Shares hereby agrees to keep confidential any
information disclosed to it in any such certificate (including the fact that a certificate was delivered). 

        (b)   If
the Investor suspends such Registration Statement pursuant to Section 3.5(a) above, the Investor shall, as promptly as practicable following the termination of
the circumstances which entitled the Investor to do so but in no event more than fifteen (15) days thereafter, take such actions as may be necessary to file or reinstate the effectiveness of
such Registration Statement and/or give written notice to the selling Investor authorizing them to resume sales pursuant to such Registration Statement. If, as a result thereof, the prospectus
included in such Registration Statement has been amended to comply with the requirements of the Securities Act, the Investor shall enclose such revised prospectus with the notice to the selling
Investor given pursuant to this Section 3.5(b), and the selling Investor shall make no offers or sales of securities pursuant to such Registration Statement other than by means of such revised
prospectus. 

        3.6   Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Shares granted to
the Investor by the Company under this Section 5 may be transferred or assigned by the Investor to a transferee or assignee of such Registrable Shares that (i) is a subsidiary, parent,
current or former partner, current or former limited partner, current or former member, current or former manager or stockholder of the Investor, (ii) is an entity controlling, controlled by or
under common control, or under common investment management, with the Investor, including without limitation a corporation, partnership or limited liability company that is a direct or indirect parent
or subsidiary of the Investor, or (iii) is a transferee or assignee of not less than 50,000 Registrable Shares (as presently constituted and subject to subsequent adjustments for stock splits,
stock dividends, reverse stock splits and the like); provided that the Company is given written notice at the time of or within a reasonable time after said transfer or assignment, stating the name
and address of said transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, and provided
further that the transferee or assignee of such rights assumes the obligations of such Investor under this Section 3. 

        3.7   Reports under Exchange Act. With a view to making available to the Investor the benefits of Rule 144 promulgated
under the Securities Act and any other rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration, the Company agrees
to: 

        (a)   Make
and keep public information available, as those terms are used in SEC Rule 144, at all times; 

        (b)   File
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act of 1934, as amended (the
"Exchange Act"); 

        (c)   Furnish
to the Investor, so long as the Investor owns any Registrable Shares, forthwith on request, (i) a written statement by the Company that it has complied
with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports
and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Investor of any rule or regulation of the SEC that permits the selling of
any such securities without registration; and 

        (d)   Undertake
any additional actions reasonably necessary to maintain the availability of the use of Rule 144. 

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        3.8   Delay of Registration. The Investor shall not have any right to obtain or seek an injunction restraining or otherwise
delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 

IV.    Representations and Warranties of the Investor

        The
Investor, except as set forth herein, represents and warrants to the Company with respect to the purchase of the Shares as follows: 

        4.1   Private Placement. The Investor agrees and understands that the Shares are being offered and sold to Investor in reliance
upon specific exemptions from the registration requirements of the Securities Act and the rules and regulations promulgated thereunder and that, in order to determine the availability of such
exemptions and the eligibility of the Investor to acquire the Shares, the Company is relying upon the truth and accuracy of Investor's representations and warranties, and compliance with the
Investor's covenants and agreements, set forth in this Agreement. The Investor further agrees with the Company that (i) no Shares were offered or sold to the Investor by means of any form of
general solicitation or general advertising, and in connection therewith, the Investor did not (1) receive or review any advertisement, article, notice or other communication published in a
newspaper or magazine or similar media or broadcast over television or radio, whether closed circuit or generally available; or (2) attend any seminar meeting or industry investor conference
whose attendees were invited by any general solicitation or general advertising. The Investor hereby acknowledges that the offering of the Shares has not been reviewed by the SEC or any state
regulatory authority since the offering of the Shares is intended to be exempt from the registration requirements of Section 5 of the Securities Act. The Investor understands that the Shares
have not been registered under the Securities Act and agrees not to sell or otherwise transfer the Shares except pursuant to an effective registration statement under the Securities Act or unless an
exemption from such registration is available. 

        4.2   Accredited Investor. The Investor is an "accredited investor", as defined in Regulation D promulgated under the
Securities Act. 

        4.3   Experience: The Investor has substantial experience in evaluating and investing in private placement transactions and
Investor is capable of evaluating the merits and risks of Investor's investment in the Company. The Investor, by reason of his business or financial experience, has the capacity to protect his own
interests in connection with the purchase of the Shares, hereunder. 

        4.4   Investment. Investor is acquiring the shares for investment for Investor's own account, not as a nominee or agent, and
not with the view to, or for resale in connection with, any distribution thereof in violation of the Securities Act. Investor understands that the Shares have not been, and will not be, registered
under the Securities Act or under any state securities laws. Investor understands that the Shares are being offered and sold to it in reliance on specific exemptions from the registration provisions
of federal and state securities laws which depend upon, among other things, the bona fide nature of the investment intent and the truth and accuracy of such Investor's representations as expressed
herein. If Investor is not an individual, Investor has not been formed for the specific purpose of acquiring the Shares. With respect to corporate tax and other economic considerations involved in an
investment in the Shares, the Investor is not relying on the Company. Investor has carefully considered and has, to the extent the Investor believes such discussion necessary, discussed with its
professional legal, tax, accounting and financial advisors the suitability of an investment in the Shares for its particular tax and financial situation and has determined that the Shares are a
suitable investment for the Investor. The Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer, pledge, hypothecate, grant any option to
purchase or otherwise dispose of any of the Shares. 

        4.5   Rule 144. Investor acknowledges that the Shares must be held indefinitely and may not be offered, sold or
otherwise transferred except pursuant to an effective registration statement under the 

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Securities
Act or unless exemption from such registration is available. Investor is aware of the provisions of Rule 144 promulgated under the Securities Act that permit limited resale of
securities purchased in a private placement subject to the satisfaction of certain conditions, including, among other things, the existence of a public market for the securities, the availability of
certain current public information about the Company, the resale occurring not less than two years after a party has purchased and paid for the security to be sold, the sale being effected through a
"broker's transaction" or in transactions directly with a "market maker" (as provided by Rule 144(f)) and the number of securities being sold during any three-month period not exceeding
specified limitations. 

        4.6   Information. The Company has made available to the Investor all documents and information that the Investor has requested
relating to an investment in the Shares. The Investor has been furnished with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002, and has
had access to the Company's SEC filings and other public filings. 

        4.7   Authorization; Enforcement. (a) If the Investor in not an individual, the Investor has the requisite power and
authority to enter into and perform its obligations under this Agreement and to purchase the Shares and perform its obligations with respect to the Shares in accordance with the terms hereof and
(b) this Agreement has been duly executed and delivered by the Investor. This Agreement, when executed and delivered by the Investor, constitutes a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies. 

        4.8   No Conflicts. Neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated
hereby will violate or result in a breach of any material agreement to which the Investor is a party. 

        4.9   Confidentiality. The Investor understands and expressly agrees that the existence and nature of all conversations and
presentations, if any, regarding the Company and the offer and sale of the Shares must be kept strictly confidential. The Investor understands that the federal securities laws impose restrictions on
trading based on material non-public information. In addition, the Investor hereby acknowledges that unauthorized disclosure of information regarding the offer and sale of the Shares may
cause the Company to violate Regulation F-D under the Exchange Act. 

        4.10 Subject
to the Company's disclosures in this Agreement and its SEC filings, the Investor recognizes that the Company has generated only limited revenues to date, is not
expected to have any products commercially available for a number of years, if at all, and that investment in the Company involves substantial risks, including loss of the entire amount of such
investment and has taken full cognizance of and understands all of the risk factors relating to the purchase of the Shares. 

        4.11 Investor
(i) has adequate means of providing for his current financial needs and possible contingencies, and has no need for liquidity of investment in the
Company, (ii) can afford to hold unregistered securities for an indefinite period of time and sustain a complete loss of the entire amount of the subscription, and (iii) has not made an
overall commitment to investments which are not readily marketable that is so disproportionate as to cause such overall commitment to become excessive. 

V.    Miscellaneous

        5.1   Governing Law. This Agreement shall be governed in all respects by the laws of the State of New York. 

        5.2   Survival. The representations, warranties, covenants and agreements made herein shall survive any investigation made by
any party and the closing of the transactions contemplated hereby. 

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        5.3   Successors and Assigns. All terms, covenants, agreements, representations, warranties and undertakings in this Agreement
made by and on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including transferees of any Shares) whether so
expressed or not, subject to Section 3.6. 

        5.4   Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Investor with respect to
the subject matter hereof. There are no representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement
supersedes all prior agreements between the parties with respect to the Shares purchased hereunder and the subject matter hereof. 

        5.5   Notices. All notices, requests, consents, demands, notice or other communication to the Company required or permitted
under this Agreement shall be in writing and shall be deemed duly given and received when delivered personally or transmitted by facsimile, or one (1) business day after being deposited for
next-day delivery with a nationally recognized overnight delivery service, or three (3) days after being deposited as first class mail with the United States Postal Services, all
charges or postage prepaid, and properly addressed: 

to
the Company at: 

Axonyx Inc.

500 Seventh Avenue

10th Floor

New York, NY 10018

Telephone: (212) 645-7705

Facsimile: (212) 989-1745.

Attention: President and Chief Executive Officer 

to
Investor at the address listed on the signature page hereto. 

        5.6   Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one and the same
instrument. 

        5.7   Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under
applicable law, such provision shall be replaced with a provision that accomplishes, to the extent possible, the original business purpose of such provision in a valid and enforceable manner, and the
balance of the Agreement shall be interpreted as if such provision were so modified and shall be enforceable in accordance with its terms. 

        5.8   Interpretation. Each party hereto acknowledges that he or she has participated in the drafting of this Agreement, and any
applicable rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in connection with the construction or interpretation of this
Agreement. 

        5.9   Publicity. Neither party shall originate any publicity, news release or other public announcement, written or oral,
whether relating to the performance under this Agreement or the existence of any arrangement between the parties, without the prior written consent of the other party (which consent shall not be
unreasonably withheld or delayed), except where such publicity, news release or other public announcement is required by law, provided that, in such
event, each such party shall (a) promptly consult the other party in connection with any such publicity, news release or other public announcement prior to its release; (b) promptly
provide the other party a copy thereof; and (c) use commercially reasonable efforts to ensure that such portions of such information as may reasonably be designated by the other party are
accorded confidential treatment by the applicable governmental entity. 

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        IN
WITNESS WHEREOF, this Agreement has been duly executed by the Investor or one of its officers thereunto duly authorized as of the date set forth below. 

Name
of Investor: 

	Exact name to appear

on stock certificate:	    

	

Signature:	

    

	

Title:	

    

	

Date:	

    

	

Address:	

    

        This
Agreement has been accepted as of the date set forth below: 

	

AXONYX INC.	

 
	

By:	

    
 Michael R. Espey

Vice President and Secretary	

 
	

Date:	

    
	

 

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Exhibit 10.3  

 
 

COMMON STOCK SUBSCRIPTION AGREEMENT    
    

        This Common Stock Subscription Agreement ("Agreement") is made as of April 24, 2003 by and among Axonyx Inc., a Nevada corporation, with its executive
offices at 500 Seventh Ave., 10th Floor, New York, New York 10018 (the "Issuer") and 4 P Management Partners S.A., c/o General Guisan-Quai 36, CH-8002, Zurich, Switzerland (the "Subscriber"). 

WITNESSETH:  

        WHEREAS, the Issuer and the Subscriber have signed an Investor Relations Agreement, dated March 15, 2003 (the "Investor Relations Agreement") pursuant to
which Issuer undertakes to compensate Subscriber by issuing 75,000 shares of common stock as consideration for the investment banking and investor relations services to be performed under the Investor
Relations Agreement; and 

        WHEREAS,
the Board of Directors of the Issuer passed a resolution dated March 17, 2003 that the Subscriber shall be issued 75,000 shares of the Issuer's common stock, par
value $0.001 (the "Shares") in compensation for the services to be rendered to the Issuer by the Subscriber under the terms of the Investor Relations Agreement; and 

        WHEREAS,
the Issuer and Subscriber have agreed that 37,500 of the 75,000 Shares to be issued pursuant to the Investor Relations Agreement will be issued on the date hereof and the
remaining Shares will be issued on May 31, 2003. 

        NOW
THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt of which are hereby acknowledged, the parties
agree as follows: 

I.    Agreement to Subscribe; Purchase Price.  

        1.1    Subscription.    The undersigned hereby subscribes for 75,000 Shares, to be issued in two separate
tranches each consisting of 37,500 Shares and in accordance with Section 2.1 below. 

        1.2    Sale and Issuance of Common Stock.    Subject to the terms and conditions hereof, at each Closing the Issuer
will issue to the Subscriber at the Closing (as defined below), 37,500 Shares with a value of $1.00 per Share. 

II.    Closing Date; Delivery, Restrictive Legend.  

        2.1    Closing Date.    Each closing of the purchase and sale of the Shares hereunder (the "Closing") shall be held at
the offices of the Issuer on or at such other time and place upon which the Issuer and the Subscriber shall agree (each, a "Closing Date"). 

        2.2    Delivery.    At each Closing, the Issuer will, upon request by the Subscriber, deliver to the Subscriber a
certificate or certificates registered in the Subscriber's name, representing 37,500 Shares to be issued on the Closing Date. 

        2.3    Restrictive Legend.    Each certificate representing (i) the Shares and (ii) any other securities
issued in respect of such Shares or upon any stock split, stock dividend, recapitalization, merger, conversion, consolidation or similar event relating to the Shares, shall be stamped or otherwise
imprinted with a legend in the following form (in addition to any legend required under applicable state securities laws) until such legend is no longer required under applicable securities laws: 

1

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM SUCH REGISTRATION, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN
OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION. 

III.    Representations and Warranties of the Subscriber.  

        The Subscriber, except as set forth herein, represents and warrants to the Issuer with respect to the purchase of the Shares as follows: 

        3.1    The
Subscriber is an "accredited investor", as defined in Regulation D promulgated under the Securities Act. 

        3.2    The
Subscriber (i) has adequate means of providing for its current financial needs and possible contingencies, and has no need for liquidity of investment in the
Issuer, (ii) can afford to hold unregistered securities for an indefinite period of time and sustain a complete loss of the entire amount of the subscription, and (iii) has not made an
overall commitment to investments which are not readily marketable that is so disproportionate as to cause such overall commitment to become excessive. 

        3.3    The
Subscriber agrees and understands that the Shares are being offered and sold to the Subscriber in reliance upon specific exemptions from the registration
requirements of the Securities Act and the rules and regulations promulgated thereunder and that, in order to determine the availability of such exemptions and the eligibility of the Subscriber to
acquire the Shares, the Issuer is relying upon the truth and accuracy of the Subscriber's representations and warranties, and compliance with the Subscriber's covenants and agreements, set forth in
this Agreement. The Subscriber further agrees with the Issuer that (i) no Shares were offered or sold to the Subscriber by means of any form of general solicitation or general advertising, and
in connection therewith, the Subscriber did not (1) receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or
broadcast over television or radio, whether closed circuit or generally available; or (2) attend any seminar meeting or industry investor conference whose attendees were invited by any general
solicitation or general advertising. The Subscriber hereby acknowledges that the offering of the Shares has not been reviewed by the SEC or any state regulatory authority since the offering of the
Shares is intended to be exempt from the registration requirements of Section 5 of the Securities Act pursuant to Regulation D promulgated thereunder. The Subscriber understands that the Shares have
not been registered under the Securities Act and agrees not to sell or otherwise transfer the Shares
unless they are registered under the Securities Act or unless an exemption from such registration is available. 

        3.4    The
Shares are being purchased by the Subscriber for its own account, for investment purposes only, not for the account of any other person, or corporation and not with
a view to distribution, assignment or resale to others in whole or in part. The Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the Shares. The
Subscriber does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer, pledge, hypothecate, grant any option to purchase or otherwise dispose of any of the
Shares. 

        3.5    The
Subscriber has been furnished with the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2001, as amended, and has had access to the
Issuer's SEC filings and other public filings. 

2

 

        3.6    With
respect to corporate tax and other economic considerations involved in an investment in the Shares, the Subscriber is not relying on the Issuer. The Subscriber has
carefully considered and has, to the extent the Subscriber believes such discussion necessary, discussed with its professional legal, tax, accounting and financial advisors the suitability of an
investment in the Shares for its particular tax and financial situation and has determined that the Shares are a suitable investment for the Subscriber. 

        3.7    The
Issuer has made available to the Subscriber all documents and information that the Subscriber has requested relating to an investment in the Shares. 

        3.8    Subject
to the Issuer's disclosures in this Agreement and its SEC filings, the Subscriber recognizes that the Issuer has generated only limited revenues to date, is not
expected to have any products commercially available for a number of years, if at all, and that investment in the Issuer involves substantial risks, including loss of the entire amount of such
investment and has taken full cognizance of and understands all of the risk factors relating to the purchase of the Shares. 

        3.9    The
Subscriber has not been formed for the specific purpose of acquiring the Shares. 

        3.10    This
Agreement when executed and delivered by the Subscriber will constitute a valid and legally binding obligation of the Subscriber, enforceable in accordance with
its terms, and subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other
equitable remedies. 

IV.    Issuer Representations.  

        4.1    Concerning the Shares and the Common Stock.    The Shares, when issued, delivered and paid for in accordance
with this Agreement, will be duly and validly authorized and issued. 

V.    Registration Rights.  

        5.1    Registrable Shares.    The Shares issued pursuant to this Agreement shall be "Registrable Shares" for the
purposes of this Agreement. 

        5.2    Company Registration.    

        Subject
to Section 5.5, if the Issuer proposes to register any of its common stock under the Securities Act other than a registration (A) on Form S-8 or S-4 or any
successor or similar form, (B) relating to common stock issuable upon exercise of employee shares options or in connection with any employee benefit or similar plan of the Issuer, or
(C) in connection with a public offering involving an underwriter), it will at such time, give prompt written notice at least 20 days prior to the anticipated filing date of the registration
statement (a "Registration Statement") relating to such registration to the Subscriber, which notice shall set forth the Subscribers rights under this Section 5.2 and shall offer the Subscriber
the opportunity to include in such registration statement such number of Registrable Shares as the Subscriber may request. Upon the written request of the Subscriber made within 10 days after
the receipt of notice from the Issuer (which request shall specify the number of Registrable Shares intended to be disposed of by the Subscriber), the Issuer will use its commercially reasonable
efforts to effect the registration under the Securities Act of all Registrable Shares that the Issuer has been so requested to register by the Subscriber, to the extent necessary to permit the
disposition of the Registrable Shares to be so registered. 

        5.3    Covenants of the Issuer With Respect to Registration.    

        The
Issuer covenants and agrees as follows: 

        (a)   Following
the effective date of the Registration Statement under Section 5.2, the Issuer shall, upon the request of the Subscriber, forthwith supply such
reasonable number of copies of the 

3

 

Registration
Statement, preliminary prospectus and prospectus meeting the requirements of the Securities Act, and other documents necessary or incidental to the public offering of the Registrable
Shares, as shall be reasonably requested by the Subscriber to permit the Subscriber to make a public distribution of the Registrable Shares registered in connection with the Registration Statement. 

        (b)   The
Issuer shall prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection with such
Registration Statement as may be necessary to comply with the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the period of time such
Registration Statement remains effective; 

        (c)   The
Issuer shall use its commercially reasonable efforts to register and qualify the securities covered by such Registration Statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Subscriber; provided that the Issuer shall not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such states or jurisdictions; 

        (d)   During
the period of time such Registration Statement remains effective, the Issuer shall notify each Subscriber of Registrable Shares covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act or the happening of any event as a result of which the prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing; 

        (e)   The
Issuer shall use its commercially reasonable efforts to cause all such Registrable Shares registered hereunder to be listed on each securities exchange on which
securities of the same class issued by the Issuer are then listed; 

        (f)    The
obligations of the Issuer hereunder with respect to the Registrable Shares are subject to the Subscriber furnishing to the Issuer such appropriate information
concerning the Subscriber, the Registrable Shares and the terms of the Subscriber offering of such Registrable Shares as the Issuer may reasonably request in writing. 

        5.4    Expenses.    All expenses incurred in effecting a registration pursuant to this Agreement (including, without
limitation, all registration, qualification and filing fees, printing expenses, fees and disbursements of counsel for the Issuer, blue sky fees and expenses) shall be borne by the Issuer. All transfer
taxes, underwriting discounts and selling commissions applicable to the sale of the Registrable Shares shall be borne by the Subscriber. 

        5.5    Suspension of Sales.    

        (a)   With
respect to the Registration Statement filed pursuant to Section 5.2, the Issuer may suspend sales of Registrable Shares under such Registration Statement for a
period of not more than forty five (45) days with respect to such Registration Statement if, at any time the Issuer is engaged in confidential negotiations or other confidential business activities,
the disclosure of which would be required if such sales were not suspended and the Board of Directors of the Issuer determines in good faith that such suspension would be in the Issuers best interest
at such time, provided that the Issuer shall not be permitted to suspend such sales for more than sixty (60) days in any twelve (12) month period. In
order to suspend sales pursuant to this Section 5.5(a), the Issuer shall promptly (but in any event within five (5) business days), upon determining to seek such suspension, deliver to each
holder of Registrable Shares a certificate signed by an executive officer of the Issuer stating that the Issuer is suspending such filing pursuant to this Section 5.5(a) and a general statement
of the reason for such suspension and an approximation of the anticipated 

4

 

delay.
Each holder of Registrable Shares hereby agrees to keep confidential any information disclosed to it in any such certificate (including the fact that a certificate was delivered). 

        (b)   If
the Issuer suspends such Registration Statement pursuant to Section 5.5(a) above, the Issuer shall, as promptly as practicable following the termination of the
circumstances which entitled the Issuer to do so but in no event more than fifteen (15) days thereafter, take such actions as may be necessary to file or reinstate the effectiveness of such
Registration Statement and/or give written notice to the selling Subscriber authorizing them to resume sales pursuant to such Registration Statement. If, as a result thereof, the prospectus included
in such Registration Statement has been amended to comply with the requirements of the Securities Act, the Issuer shall enclose such revised prospectus with the notice to the selling Subscriber given
pursuant to this Section 5.5(b), and the selling Subscriber shall make no offers or sales of securities pursuant to such Registration Statement other than by means of such revised prospectus. 

        5.6   Transfer or Assignment of Registration Rights.    The rights to cause the Issuer to register Registrable Shares
granted to the Subscriber by the Issuer under this Section 5 may be transferred or assigned by the Subscriber to a transferee or assignee of such Registrable Shares that (i) is a
subsidiary, parent, current or former partner, current or former limited partner, current or former member, current or former manager or stockholder of the Subscriber, (ii) is an entity
controlling, controlled by or under common control, or under common investment management, with the Subscriber, including without limitation a corporation, partnership or limited liability company
that is a direct or indirect parent or subsidiary of the Subscriber, or (iii) is a transferee or assignee of not less than 50,000 shares of Registrable Shares (as presently constituted
and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits and the like), provided that the Issuer is given written
notice at the time of or within a reasonable time after said transfer or assignment, stating the name and address of said transferee or assignee and identifying the securities with respect to which
such registration rights are being transferred or assigned, and provided further that the transferee or assignee of such rights assumes the obligations
of such Subscriber under this Section 5. 

        5.7    Reports under Exchange Act.    With a view to making available to the Subscriber the benefits of
Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit the Subscriber to sell securities of the Issuer to the public
without registration, the Issuer agrees to: 

        (a)   Make
and keep public information available, as those terms are used in SEC Rule 144, at all times; 

        (b)   File
with the SEC in a timely manner all reports and other documents required of the Issuer under the Securities Act and the Exchange Act of 1934, as amended (the
"Exchange Act"); 

        (c)   Furnish
to the Subscriber, so long as the Subscriber owns any Registrable Shares, forthwith on request, (i) a written statement by the Issuer that it has complied
with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Issuer and such other reports
and documents so filed by the Issuer, and (iii) such other information as may be reasonably requested in availing any Subscriber of any rule or regulation of the SEC that permits the
selling of any such securities without registration; and 

        (d)   Undertake
any additional actions reasonably necessary to maintain the availability of the use of Rule 144. 

        5.8    Delay of Registration.    The Subscriber shall not have any right to obtain or seek an injunction restraining
or otherwise delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 5. 

5

 

VI.    Miscellaneous  

        6.1    Governing Law.    This Agreement shall be governed in all respects by the laws of the State of New York. 

        6.2    Survival.    The representations, warranties, covenants and agreements made herein shall survive any
investigation made by any party and the closing of the transactions contemplated hereby. 

        6.3    Notices.    All notices, requests, consents, demands, notice or other communication to the Issuer required or
permitted under this Agreement shall be in writing and shall be deemed duly given and received when delivered personally or transmitted by facsimile, or one business day after being deposited for
next-day delivery with a nationally recognized overnight delivery service, or three days after being deposited as first class mail with the United States Postal Services, all charges or postage
prepaid, and properly addressed: 

to
the Issuer at: 

Axonyx
Inc.

500 Seventh Avenue, 10th Floor

New York, New York 10018

Fax: (212) 645-7704

Attention: President and Chief Executive Officer 

to
the Subscriber at: 

4
P Management Partners S.A. 

c/o
General Guisan-Quai 36,

CH-8002 Zurich

Switzerland 

        6.4    Successors and Assigns.    Except as otherwise provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto; provided, however, that the rights
of the Subscriber hereunder shall not be assignable (except by operation of law or to successor by merger, acquisition or other reorganization) except pursuant to the Investor Relations Agreement. 

        6.5    Counterparts.    This Agreement may be executed in counterparts, all of which together shall constitute one and
the same instrument. 

        6.6    Entire Agreement.    This Agreement constitutes the entire agreement between the Issuer and the Subscriber with
respect to the subject matter hereof. There are no representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This
Agreement supersedes all prior agreements between the parties with respect to the Shares purchased hereunder and the subject matter hereof. 

6

 

        IN
WITNESS WHEREOF, this Agreement has been duly executed by the Subscriber or one of its officers thereunto duly authorized as of the date set forth below. 

	Name of Subscriber:	 	4 P Management Partners S.A.	 	 
	

Exact name to appear

on stock certificate:	
 	

    

	

Signature:	
 	

/s/  LUIS A. DAVIS      
 Luis A. Davis	
 	

/s/  ISIDRA I. RIVERA      
 Isidra Rivera
	

Title:	
 	

President	
 	

Secretary
	

Date:	
 	

April 11, 2003	
 	

 
	

Address:	
 	

c/o General Guisan-Quai 36

CH-8002 Zurich

Switzerland	
 	

 

        This
Agreement has been accepted as of the date set forth below: 

AXONYX
INC. 

	

By:	
 	

/s/  MICHAEL R. ESPEY      
 Michael R. Espey

Vice President and Secretary	
 	

 
	

Date:	
 	

April 23, 2003
	
 	

 

7

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COMMON STOCK SUBSCRIPTION AGREEMENT

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