Document:

Unassociated Document

SERIES C CONVERTIBLE PREFERRED

STOCK PURCHASE AGREEMENT

This Series C Convertible Preferred Stock Purchase Agreement, dated as of the 30th day of March, 2011 (this “Agreement”), by and between Curaxis Pharmaceutical Corporation, a Nevada corporation (the “Company”) and C P Acquisition Partners LP (the “Purchaser”). The Company and the Purchaser are individually referred to herein as a “Party” and collectively, as the “Parties.”

RECITALS

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, 636 shares of Series C Convertible Preferred Stock (the “Series C Preferred Stock”) of the Company (the “Series C Preferred Shares”).

AGREEMENT

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

	
  

	
1.

	
Sale and Purchase of Preferred Shares.

1.1        Sale and Purchase. The Company hereby sells to the Purchaser and the Purchaser hereby purchases from the Company 636 shares of Series C Preferred Stock. The Company and the Purchaser are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities registration pursuant to Section 4(2) of the Securities Act.

1.2        Purchase Price and Closing. The purchase price for the Series C Preferred Shares is approximately $418.08 per share, or an aggregate purchase price of $265,900.00 (the “Purchase Price”). The closing of the purchase and sale of the Preferred Shares (the “Closing”) to be acquired by the Purchaser from the Company under this Agreement shall be at such time and on such date as the Company and the Purchaser may agree upon (the “Closing Date”).  Subject to the terms and conditions of this Agreement, at the Closing the Purchaser shall make the Purchase Price available to the Company in immediately available funds, and the Company shall deliver to the Purchaser a certificate (or certificates in such denominations as such Purchaser shall request) representing 636 Series C Preferred Shares.

  

1

  

2.           Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser as of the Closing date as follows:

2.1        Organization and Standing: Articles and Bylaws. The Company is and will be a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada and will have all requisite corporate power and authority to carry on its business as proposed to be conducted. The Company is duly qualified to do business in each jurisdiction where the nature of its business or its ownership or leasing of its properties makes such qualification necessary.

2.2        Corporate Power. The Company will have at the Closing, all requisite corporate power to enter into this Agreement and to sell and issue the Preferred Shares. This Agreement shall constitute a valid and binding obligation of the Company enforceable in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, moratorium, and other laws of general application affecting the enforcement of creditors' rights.

2.3       Valid Issuance of Preferred Shares. The Preferred Shares, when issued in compliance with the provisions of this Agreement will be duly authorized, validly issued, fully paid and non-assessable, and will be free of any liens or encumbrances caused or created by the Company; provided, however, that all such shares may be subject to restrictions on transfer under state and federal securities laws as set forth herein, and as may be required by future changes in such laws.

2.4        No Conflict. The execution and delivery of this Agreement by the Company and the performance by the Company of its obligations hereunder in accordance with the terms hereof: (a) will not require the consent of any third party or governmental entity under any laws; (b) will not violate any laws applicable to the Company and (c) will not violate or breach any contractual obligation to which the Company is a party.

3.           Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as follows.

3.1        Acquisition for Investment.  The Purchaser is acquiring the Preferred Shares solely for her own account for the purpose of investment and not with a view to or for sale in connection with distribution. The Purchaser does not have a present intention to sell the Preferred Shares, nor a present arrangement (whether or not legally binding) or intention to effect any distribution of the Preferred Shares to or through any person or entity. The Purchaser acknowledges that it is able to bear the financial risks associated with an investment in the Preferred Shares and that it has been given full access to such records of the Company and the subsidiaries and to the officers of the Company and the subsidiaries and received such information as it has deemed necessary or appropriate to conduct its due diligence investigation and has sufficient knowledge and experience in investing in companies similar to the Company in terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company.

3.2        Sophistication.  The Purchaser is a sophisticated investor, as described in Rule 506(b)(2)(ii) promulgated under the Securities Act and has such experience in business and financial matters that it is capable of evaluating the merits and risk of an investment in the Company.

  

2

  

3.3        Opportunities for Additional Information.  The Purchaser acknowledges that such Purchaser has had the opportunity to ask questions of and receive answers from, or obtain additional information from, the executive officers of the Company concerning the financial and other affairs of the Company, and to the extent deemed necessary in light of such Purchaser’s personal knowledge of the Company’s affairs, such Purchaser has asked such questions and received answers to the full satisfaction of such Purchaser, and such Purchaser desires to invest in the Company.

3.4        No General Solicitation.  The Purchaser acknowledges that the Preferred Shares were not offered to such Purchaser by means of any form of general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio, or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of communications.

4.           Miscellaneous.

4.1        Successors and Assigns. This Agreement shall insure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns; provided, however, that no party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other parties.

4.2       Notices.  All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed given upon receipt by the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice):

If to the Company, to:

Curaxis Pharmaceutical Corporation

51 Berkshire Street

Swampscott, MA 01907

If to any Purchaser:

C P Acquisition Partners LP

90 Grove Street, Ste 204

Ridgefield, CT 06877

4.3    Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived or amended except in a written instrument signed by each Party.  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 subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

  

3

  

4.4        Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated in this Agreement are fulfilled to the extent possible.

4.5        Counterparts; Facsimile Execution.  This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties.  Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.

4.6        Entire Agreement; Third Party Beneficiaries. This Agreement, (a) constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the transactions contemplated herein and (b) are not intended to confer upon any person other than the Parties any rights or remedies.

4.7        Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

4.8        Assignment.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties without the prior written consent of each of the other Parties.  Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns.

[-Signature Page Follows-]

  

4

  

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

	  	
THE COMPANY

	  	  
	  	
CURAXIS PHARMACEUTICAL CORPORATION

	  	  
	  	
By: 

	
/s/ David J. Corcoran

	  	
Name: David J. Corcoran

	  	
Title:  Chief Financial Officer

	  	  
	  	
THE PURCHASER

	  	  
	  	
C P ACQUISITION PARTNERS LP

	  	  
	  	
By:

	
/s/ Henry Sargent

	  	
Name: Henry Sargent

	  	
Title: Manager of GP

 

  

5Exhibit 10.1

January 25, 2011

John J. O’Connor

3613 West 155th Street

Overland Park, KS 66224

913-897-1127

Dear Sean,

 

SeraCare Life Sciences, Inc. is very pleased to offer you the full-time, exempt position titled Vice President,  Sales and Marketing starting as soon as possible and contingent upon several items identified on page 2 of this offer letter which includes back ground and reference checks.  Anticipated start date is March 1, 2011.  Your direct supervisor will be Susan L.N. Vogt, President and CEO. Your regular work schedule will be Monday – Friday at our Milford headquarters, starting no later than 8:30 am. Typical business hours are 8:30 am - 5:00 pm; however, as I know you are aware, this position is expected to work longer hours when business demands require. Your primary place of employment will be our Milford facility with domestic and international travel anticipated and reimbursed according to our T&E Policy.

 

Your total compensation package includes the following components:

 

Base Compensation:  $4,230.77/weekly, this annualizes to $220,000

 

Management Incentive Program (MIP):      Potential of 30% of base compensation earned in the fiscal year based on achievement of company-wide and personal goals

Restricted Stock:  A recommendation will be made to the Compensation Committee of the Board of Directors to grant you 35,000 restricted stock shares at their next regularly scheduled Committee meeting subsequent to your date of hire.

Relocation:  Our relocation package, in connection with the relocation of your principal residence from Overland Park, KS to a reasonable commuting distance of the Company’s offices located in Milford, Massachusetts includes the following:

Total Relocation Budget:     Not to exceed $80,000 in total

Eligible Components:

	
  

	
·

	
Costs related to a Moving Company for relocation to Massachusetts from Kansas

	
  

	
·

	
Costs related to temporary storage of household goods

	
  

	
·

	
Cost related to temporary housing in Massachusetts through no later than end of June while your children are in school before you and your family officially moves.  (SeraCare will arrange this for you)

	
  

	
·

	
Reasonable closing costs and real estate commissions incurred in connection with the sale of your Overland Park residence and the purchase of a residence in the Milford, MA area

	
  

	
·

	
Reasonable travel expenses incurred by you, including airfare for you and your immediate family, hotel and car rental during this transition period

	
  

	
·

	
Gross-up payment for income taxes incurred by you as a result of the relocation reimbursement

	
  

	
·

	
Relocation must be concluded no later than September 1, 2011 and employment must be active and continuous during this transition.

	
  

	
·

	
Any reimbursement to you shall be paid no later than Dec 31 of the year following the year the expense was incurred and shall be provided in compliance with all requirements of Section 409A of the Internal Revenue Code.

Page 2 – Sean O’Connor – Vice President, Sales and Marketing

 

  

  

  

 

	
Requirements for 

Payment

	 	
Employment by SeraCare Life Sciences

Documentation to support each reimbursement request

	 	 	 
	
Contingencies

	 	
I, John J. O’Connor, agree to reimburse SeraCare Life Sciences, Inc. 100% of reimbursed relocation expenses if I should resign from employment prior to two full years of employment

 

I, John J. O’Connor, agree to reimburse SeraCare Life Sciences, Inc. 50% reimbursement to SeraCare Life Sciences, Inc. if I should resign prior to my third full year of employment

	 	 	 
	 	 	I, John J. O’Connor, agree that SeraCare Life Sciences, Inc. shall be entitled to withhold all or a portion of such repayment from any compensation or other monies due me, should I resign from employment prior to concluding my third year of employment and that I will be responsible for repayment in full of the remaining balance should I resign.

 

In addition you will immediately be eligible for the following benefits:

 

	
  

	
v

	
Approximately 10 Paid Holidays/Year

	
  

	
v

	
Group Travel Accident Insurance

	
  

	
v

	
Access to the SeraCare Employee Assistance Program

	
  

	
v

	
Referral Bonus Program

 

The first of the month following your date of hire you will be eligible for the following benefits:

 

	
  

	
v

	
Major Medical and Prescription Drug Plan through Blue Cross Blue Shield of MA, which is a PPO that allows you the choice of in and out of network providers

	
  

	
v

	
Dental Plan through Delta Dental

	
  

	
v

	
Pre-Tax Plan for Employee Health Insurance Contributions

	
  

	
v

	
Life and AD&D Insurance

	
  

	
v

	
Long Term Disability Insurance

	
  

	
v

	
Access to the SeraCare Life Sciences, Inc. 401(k) Profit Sharing Plan

After 90 days of continuous employment, you will receive the following benefits:

 

	
  

	
v

	
Flexible Spending Account(s) for Dependent Care and/or Medical Expenses

	
  

	
v

	
Short Term Disability Insurance

 

You were provided with a detailed summary of the benefits package at the time of your interview. Please do not hesitate to let me know if you have any questions.

 

Please note that the offer we are presenting you is contingent upon several items: (1) satisfactory verification of your eligibility to work in the United States; (2) satisfactory completion of your background verification and reference checks; (3) your confirmation that you are not subject to any confidentiality or non-competition agreements or any other similar type of restriction that would affect your ability to devote your full-time attention to work at SeraCare Life Sciences, Inc. and finally, (4) as with all employees of SeraCare Life Sciences, Inc., you will be asked to sign an Employee Confidentiality Agreement which is enclosed. In order to expedite the first item, a copy of the Immigration and Naturalization Form I-9, required of all employees, is enclosed for your review.

 

Page 3 – Sean O’Connor – Vice President, Sales and Marketing

 

  

  

  

 

Please review the list of required documents and be sure to bring the original documents with you on your first day of employment. As an employee of SeraCare, you will be an “at-will” employee. This means that you will not be obligated to continue to remain employed by the Company for any specified period of time, and likewise, the Company will not be obligated to continue your employment for any specific period and as such, either you or SeraCare may terminate your employment at any time, with or without notice and with or without cause.

 

We are looking forward to you joining the SeraCare Life Sciences team, and are confident you will make a valuable contribution to the Company.  Please contact me at your earliest convenience regarding your decision to accept this offer of employment and to confirm your start date. A verbal acceptance will allow me to initiate the background verification process. At that time, I will require your Social Security Number, Date of Birth and Driver’s License information. You will need to sign and return this letter to me indicating your acceptance of the position as offered no later than end of day Monday, January 31, 2011.  You will report to me on your first day of work in Milford, at which time you will complete safety and HR orientation and we will review other items such as payroll and benefits paperwork.

 

Should you have any questions, please do not hesitate to call me at 508-244-6404.  I look forward to hearing from you.

	
Sincerely,

	
Employee Acceptance:

	  
	  	  	  
	  	  	  
	
/s/ Kathi Benjamin

	  	  
	  	  	  
	
Kathi Benjamin

	  	  
	
Vice President, Human Resources

	
Signature: /s/ John J. O’Connor

	
 Date:  January 28, 2011

Cc: Susan L.N. Vogt, President and CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]