Document:

Exhibit 10.22

 

PURCHASE AGREEMENT

 

This Purchase Agreement (the “Agreement”) is dated as
of May ___, 2006, between Osmotics Corporation (the “Seller”), and The Longview
Fund, L.P. (“Purchaser”).

 

WHEREAS, the Seller
presently is the holder of 150,000 shares (the “Shares”) of restricted stock
issued by Ceragenix Pharmaceuticals Inc., a Delaware corporation (“Ceragenix”).

 

WHEREAS, the Purchaser desires to purchase the Shares
from the Seller, and the Seller desires to sell the Shares to the Purchaser on
the terms set forth in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual
covenants contained in this Agreement, and for other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
Seller and the Purchaser agree as follows:

 

ARTICLE I

PURCHASE
AND SALE

 

1.             The
Closing

 

(a)           The
Closing.         Subject to the terms
and conditions set forth in this Agreement, the Seller shall sell to the
Purchaser and the Purchaser shall purchase from the Seller the Shares for a
purchase price of $300,000 ($2.00 per share) (“Purchase Price”).   Payment may be made by wire transfer or by
Grushko & Mittman, IOLA Trust Account check.  The closing of the purchase and sale of the
Shares (the “Closing”) shall take place at the offices of Grushko &
Mittman, P.C., immediately following the execution hereof or such later date as
the parties shall agree.  The date of the
Closing is hereinafter referred to as the “Closing Date.”

 

                (i)            On the Closing Date, the parties
shall deliver or shall cause to be delivered the following: (A) the Seller
shall deliver to Grushko & Mittman, P.C.: (1) the Shares together with
medallion guaranteed stock powers, subject to an escrow agreement among Grushko
& Mittman, P.C., the Seller and the Purchaser; and (B) the Purchaser will
deliver to Grushko & Mittman, P.C. the Purchase Price in United States
dollars in immediately available funds by wire transfer.

 

                (ii)     Pursuant to the escrow agreement (“Escrow
Agreement”), Grushko & Mittman, P.C. shall act as escrow agent.  Upon its receipt of the Shares and stock
powers Grushko & Mittman, P.C. shall release the purchase price paid by
Purchaser to the Seller and the Shares to Purchaser.

 

ARTICLE
II

REPRESENTATIONS
AND WARRANTIES

 

2.1           Representations
and Warranties of the Seller.  The
Seller hereby makes the following representations and warranties to the
Purchaser:

 

(A)     Authorization;
Enforcement.  The Seller has the
requisite power and authority to enter into and to consummate the transactions
contemplated by this Agreement and the Escrow Agreement and otherwise to carry
out its obligations hereunder and thereunder. 
The execution and delivery of each of this Agreement and the Escrow
Agreement by Seller and the consummation by Seller of the transactions
contemplated hereby have been duly authorized by all necessary action on the
part of 

 

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Seller and no further action is required by Seller except as described
herein.  Each of the documents
contemplated by this transaction has been duly executed by the Seller and, when
delivered in accordance with the terms hereof, will constitute the valid and
binding obligation of the Seller enforceable against the Seller in accordance
with its terms.  Seller is not in
violation of any of the provisions of its certificate or articles of
incorporation, bylaws or other organizational or charter documents.

 

(B)           Ownership.            Seller owns and is conveying to
Purchaser all of its rights, title and interests to the Shares, free and clear
of all liens, mortgages, pledges, security interests, encumbrances or charges
of any kind or description and upon consummation of the transaction
contemplated herein good title in the Shares shall vest in Purchaser free of
all liens and other charges.

 

(C)           Litigation;
Proceedings.  There is no action,
suit, inquiry, notice of violation, proceeding or investigation pending or, to
the knowledge of the Seller, threatened against or affecting the Seller or any
of its respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which (i) adversely affects or
challenges the legality, validity or enforceability of any of the documents
hereunder or the Shares or (ii) could, if there were an unfavorable decision,
individually or in the aggregate, have or result in a material adverse effect.

 

(D)          No
Default or Violation.  The Seller is
not (i) in default under or in violation of (and no event has occurred which
has not been waived which, with notice or lapse of time or both, would result
in a default by the Seller), nor has the Seller received notice of a claim that
it is in default under or that it is in violation of, any indenture, loan or
credit agreement or any other agreement or instrument to which it is a party or
by which it or any of its properties is bound, (ii) is in violation of any
judgment or order of any court, arbitrator or governmental body, or (iii) is in
violation of any statute, rule or regulation of any governmental authority, in
each case of clauses (i), (ii) or (iii) above, except as could not individually
or in the aggregate, have or result in a material adverse effect.

 

(E)           Solvency.  Seller is solvent and in receiving fair and
reasonable consideration for the Shares.

 

2.2           Representations
and Warranties of the Purchaser.  The
Purchaser represents and warrants to the Seller as follows:

 

(A)   Organization;
Authority.  The Purchaser is an
entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite corporate or
partnership power and authority to enter into and to consummate the
transactions contemplated hereby and otherwise to carry out its obligations
hereunder.  The purchase by the Purchaser
of the Shares has been duly authorized by all necessary action on the part of
the Purchaser.  This Agreement has been
duly executed by the Purchaser, and when delivered by the Purchaser in
accordance with the terms hereof, will constitute the valid and legally binding
obligation of the Purchaser, enforceable against it in accordance with its
terms.

 

(B)           Purchase
of Shares.   On the Closing Date, the
Purchaser will acquire the Shares for its own account, for investment purposes,
and not with a view toward the resale or distribution of any part thereof,
except as permitted under the 1933 Act.

 

(C)           Ability
of such Purchaser to Bear Risk of Investment.  The Purchaser is able to bear the economic
risk of an investment in the Shares and, at the present time, is able to afford
a complete loss of such investment.

 

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                (D)      General Solicitation.  Such Purchaser is not purchasing the Shares
as a result of or subsequent to any advertisement, article, notice or other
communication regarding the Shares published in any newspaper, magazine or
similar media or broadcast over television or radio or presented at any seminar
or any other general solicitation or general advertisement.

 

ARTICLE III

LOCKUP AND RIGHT OF FIRST REFUSAL

 

 

                                3.1           Lockup.   Seller is the holder of 341,768 additional
Shares, identical to the Shares to be sold and purchased pursuant to this
Agreement (“Additional Shares”).  Seller
agrees that Seller will not directly or indirectly sell, transfer, convey,
encumber or assign the Additional Shares nor allow any of the foregoing to
occur voluntarily or involuntarily for a period commencing on the date of this
Agreement and until 120 days after the Closing Date, without the prior written
consent of Purchaser.  During the ninety
days prior to the date of this Agreement, Seller has not made any sales or
transfers of any stock of Ceragenix which may be aggregated with the sale of
the Shares by Purchaser for purposes of Rule 144.

 

                                3.2           Right of First Refusal.   Until one year after the Closing Date,
Purchaser shall be given not less than seven (7) business days prior written
notice of any proposed sale by Seller. 
Purchaser shall have the right during the seven (7) business days following
receipt of the notice to purchase such offered Additional Shares in accordance
with the terms and conditions set forth in the notice of sale.  In the event such terms and conditions are
modified during the notice period, Purchaser shall be given prompt notice of
such modification and shall have the right during the seven (7) business days
following the notice of modification to exercise such right.

 

ARTICLE IV

MISCELLANEOUS

 

4.1           Entire
Agreement; Amendments.  The Agreement
contains the entire understanding of the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been
merged into such documents, exhibits and schedules.

 

                            4.2               Notices. 
All notices, requests, demands and other communications required or
permitted hereunder shall be in writing and shall be sent  by telecopy (with the sender’s facsimile
machine confirming transmission and a copy of the notice delivered by overnight
courier, regular or certified mail) and shall be deemed to have been duly given
(a) one (1) day after being sent, if sent by 5:00 P.M., New York time on a
business day, or (b) the next business day if sent at any other time

 

(a)           If to the Seller, to:

 

                Osmotics Corporation

                1444 Wazee Street

                Suite 210

                Denver, CO 80202

                Fax: (303) 534-1860

 

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(b)           If to the Purchaser, to:

 

The Longview Fund, L.P.

600 Montgomery Street, 44th Floor

San Francisco, CA 94111

Fax:
(415) 981-5301

 

4.3           Amendments;
Waivers.  No provision of this
Agreement may be waived or amended except in a written instrument signed, in
the case of an amendment, by the Seller and the Purchaser or, in the case of a
waiver, by the party against whom enforcement of any such waiver is
sought.  No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of
either party to exercise any right hereunder in any manner impair the exercise
of any such right accruing to it thereafter.

 

4.4           Successors
and Assigns.  This Agreement shall be
binding upon and inure to the benefit of the parties and their successors and
permitted assigns.  The Seller may not
assign this Agreement or any rights or obligations hereunder without the prior
written consent of the Purchaser.

 

4.5           No
Third-Party Beneficiaries.  This
Agreement is intended for the benefit of the parties hereto and their
respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person.

 

4.6           Governing
Law.  All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the internal laws
of the State of New York, without regard to the principles of conflicts of law
thereof.  Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting
in New York County, New York for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is
improper.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery). Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. If either party shall commence an action or
proceeding to enforce any provisions of the documents contemplated herein, then
the prevailing party in such action or proceeding shall be reimbursed by the
other party for its attorneys fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such action or proceeding.

 

4.7           Survival.  The representations, warranties, agreements
and covenants contained herein shall survive the Closing.

 

4.8           Execution.  This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. 
In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid and binding obligation of the party
executing 

 

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(or on whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature page were an original thereof.

 

4.9           Severability.  In case any one or more of the provisions of
this Agreement shall be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement
shall not in any way be affecting or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision which shall be a reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Agreement.

 

4.10         Remedies.  In addition to being entitled to exercise all
rights provided herein or granted by law, including recovery of damages, the
Purchaser will be entitled to specific performance of the obligations of the
Seller under the documents contemplated by this Agreement.  The parties hereto agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach
of its obligations described in the foregoing sentence and hereby agrees to
waive in any action for specific performance of any such obligation the defense
that a remedy at law would be adequate.

 

 

REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	
   

  	
  SELLER:

  
	
   

  	
  OSMOTICS CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Print Name

  	
   

  
	
   

  	
  Title

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
  THE LONGVIEW FUND, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Print Name

  	
   

  
	
   

  	
  Title

  	
   

  

 

ACKNOWLEDGMENT

 

Ceragenix Pharmaceuticals,
Inc., (“Ceragenix”) by ____________________, its ________________, acknowledges
the foregoing Purchase Agreement and agrees and undertakes to facilitate the
reissuance of the Shares in the name of the Purchaser or other designee
requested by Purchaser or Escrow Agent. 
Ceragenix agrees to cooperate with Purchaser in fulfilling the purposes
and intent of this Agreement and not take any action or suffer inaction
inconsistant with Purchaser’s lawful rights under this Agreement.  Ceragenix agrees that all of the registration
rights granted to Purchaser pursuant to a Subscription Agreement dated November
28, 2005, to which Ceragenix and Purchaser are parties, are granted to
Purchaser in connection with the Shares and further agrees to immediately
include the Shares in the Registration Statement.

 

	
   

  	
  CERAGENIX PHARMACEUTICALS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

6Exhibit
10.23

 

April
____, 2006

 

Ceragenix Pharmaceuticals, Inc.

1444 Wazee Street

Denver, Colorado

 

Dear Sirs:

 

                The
undersigned understands that Ceragenix Pharmaceuticals, Inc. (the “Company”)
has filed a Registration Statement and Prospectus thereunder (the “Prospectus”)
with the Securities and Exchange Commission registering under the Securities
Act of 1933, as amended (the “Securities Act”) the resale by certain
securityholders (the “Selling Securityholders”) of shares of the Company’s
common stock (the “Common Stock”).  The
undersigned is one of the Selling Securityholders identified in the Prospectus.

 

                In
consideration of filing the Registration Statement and the inclusion therein of
shares of Common Stock beneficially owned, as defined in Rule 13d-3 of the
Securities Act, by the undersigned, and for other good and valuable
consideration, receipt of which is hereby acknowledged, the undersigned agrees
that the undersigned will not, (i) for a period beginning on the date hereof
and ending three months from the date hereof (the “Initial Lock-Up Period”),
offer to sell, sell, contract to sell or otherwise dispose of, during any 30
day period within the Initial Lock-Up 
Period,  more than five percent of
the total shares of Common Stock being registered under the Prospectus owned by
the Selling Securityholder and (ii)  for
a period beginning on the expiration of the Initial  Lock-Up Period and ending 12 months from the
date hereof (the “Second Lock-Up Period”), offer to sell, sell, contract to
sell or otherwise dispose of, during any 30 day period within the Second
Lock-Up  Period,  more than ten percent of the total shares of
Common Stock being registered under the Prospectus owned by the Selling
Securityholder.

 

                Notwithstanding
anything to the contrary herein, the following transactions shall not be
restricted hereby:

 

                (a)           if the undersigned is one or more
natural persons, any transfer to the undersigned’s ancestors or descendants or
spouse or to a trust for the benefit of the undersigned and/or any such person;

 

                (b)           if the undersigned is one or more
natural persons, any bona fide gift;

 

                (c)           if the undersigned is a corporation
or partnership, any transfer by the undersigned (i) in connection with the sale
or other bona fide transfer in a single transaction of all or substantially all
of the undersigned’s assets not undertaken for the purpose of avoiding the
restrictions imposed hereby; (ii) to another corporation or partnership if the
transferee and the undersigned are direct or indirect parent and subsidiary or
subsidiary and parent or if the transferee and the undersigned share a direct
or indirect parent; or (iii) as a part of a distribution without consideration
from the undersigned to its equity holders on a pro rata basis;

 

provided,
however, that, as a condition of any such transfer, each
transferee shall agree to be bound by the terms hereof and shall execute and
the transferor shall cause to be delivered to you an agreement substantially in
the form of this Agreement.

 

 

                The
undersigned agrees and consents to the entry of stop transfer instructions with
the company’s transfer agent against the transfer of shares of Common Stock
held by the undersigned except in compliance with this Agreement.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name

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