Document:

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                                                                 Exhibit 10.22

                             PUT AND CALL AGREEMENT

         THIS AGREEMENT made as of the 22nd day of December, 1999, by and
between (i) Gary D. Engle; James A. Coyne; Wayne Ellis Engle, Trustee, Staci
Albury Trust u/i/t dated July 21, 1998; Wayne Ellis Engle, Trustee, Kristen
Engle Trust u/i/t dated July 21, 1998; Wayne Ellis Engle, Trustee, Sydney Peyton
Engle Trust u/i/t dated July 21, 1998; and Wayne Ellis Engle, Trustee, Zoe P.
Engle Trust u/i/t dated July 21, 1998 (each a "Seller" and collectively the
"Sellers"); and (ii) Semele Group Inc., a Delaware corporation (the "Buyer");

                                   WITNESSETH:

         WHEREAS, the Sellers and the Buyer have entered into a certain Stock
Purchase Agreement dated as of December 16, 1999 (the "Purchase Agreement"),
providing for the sale by the Sellers and the purchase by the Buyer of 85
percent of the issued and outstanding shares of capital stock of Equis II
Corporation, a Delaware corporation (the "Company");

         WHEREAS, following the closing of the purchase and sale contemplated by
the Purchase Agreement, the Sellers will continue to own 15 percent of the
issued and outstanding shares of capital stock of the Company, each Seller
owning the number of shares of Voting Common Stock and Non-Voting Common Stock,
each $.01 par value, of the Company set forth opposite their respective names on
Exhibit A (collectively, the "Shares");

         WHEREAS, the Sellers desire to have the ability to sell the Shares to
the Buyer; and

         WHEREAS, the Buyer desires to have the ability to purchase the Shares
from the Sellers;

         NOW, THEREFORE, in consideration of the mutual covenants and promises
hereinafter set forth, the Sellers and the Buyer hereby agree as follows:

         1.       PUT RIGHTS.

         Commencing on the date on which the stockholders of the Buyer shall
have approved the payment by the Buyer to the Sellers of the purchase price
provided for in Section 3 hereof, and continuing for a period of one year
thereafter, Gary D. Engle, as representative of the Sellers, may, but only for
the purchase price provided for in Section 3, require the Buyer to purchase all
of the Shares upon the terms contained in this Agreement by giving written
notice thereof to the Buyer in accordance with the terms of Section 8(b) hereof.
If no such approval shall have been obtained by December 31, 2000, then the
rights of Mr. Engle and the Sellers set forth in the preceding sentence shall
terminate. Any such written notice shall state that the Sellers have exercised
their rights under this Section 1. Upon the giving of such notice to the Buyer,
the Sellers shall become and be absolutely and unconditionally obligated to sell
to the Buyer, and the Buyer shall become and be absolutely and unconditionally
obligated to purchase from the Sellers, all of the Shares in accordance with the
terms of this Agreement. The Sellers may exercise the foregoing right only in
respect of all the Shares.

<PAGE>

         2.       CALL RIGHTS.

         Commencing on the date on which the stockholders of the Buyer shall
have approved the payment by the Buyer to the Sellers of the purchase price
provided for in Section 3 hereof, and continuing for a period of one year
thereafter, the Buyer may require the Sellers to sell all of the Shares upon the
terms contained in this Agreement, but only for the purchase price provided for
in Section 3, by giving written notice thereof to the Sellers in accordance with
the terms of Section 8(b) hereof. If no such approval shall have been obtained
by [June 30, 2000], then the rights of the Buyer set forth in the preceding
sentence shall terminate. Any such written notice shall state that the Buyer has
exercised its rights under this Section 2. Upon the giving of such notice to the
Sellers, the Sellers shall become and be absolutely and unconditionally
obligated to sell to the Buyer, and the Buyer shall become and be absolutely and
unconditionally obligated to purchase from the Sellers, all of the Shares in
accordance with the terms of this Agreement. The Buyer may exercise the
foregoing right only in respect of all the Shares.

         3.       PURCHASE PRICE.

         The purchase price for the Shares shall be 510,000 shares of the Common
Stock, $.10 par value, of the Buyer.

         4.       PAYMENT OF PURCHASE PRICE.

         The Buyer, within 30 days after (a) receiving notice from the Sellers
in accordance with Section 1 hereof, or (b) giving notice to the Sellers in
accordance with Section 2 hereof, shall pay to the Sellers the entire amount of
the purchase price for the Shares by delivering to the Sellers certificates
evidencing shares of Common Stock of the Buyer in the names and in the amounts
shown on Exhibit B within such 30-day period.

         5.       TRANSFER OF THE SHARES TO THE BUYER.

         Simultaneously with the payment of the purchase price to the Sellers in
accordance with the provisions of Section 4 above, the Sellers shall deliver to
the Buyer the certificates representing the Shares purchased, duly endorsed for
transfer to the Company or accompanied by one or more duly executed stock
powers, and shall take all such further action as may then be necessary to
transfer title to the Shares to the Buyer free and clear of all liens,
encumbrances and interests of others except those shown on Exhibit C.

         6.       RESTRICTIONS.

         The Sellers shall not sell, assign, transfer, pledge, or dispose of any
or all of their respective Shares except as provided for herein or as otherwise
agreed to in writing by all the parties hereto. Each certificate representing
Shares held by the Sellers shall bear a legend substantially as follows:

                "The shares of stock represented by this certificate are subject
                to restrictions on transfer as set forth in a Put and Call
                Agreement dated December 22, 1999, between the Sellers
                identified therein and Semele Group Inc. No transfer of any
                shares represented

                                      -2-
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                by this certificate shall be valid unless made in accordance
                with the provisions of such Agreement."

         7.       OTHER PROVISIONS.

                  (a) AMENDMENT. This Agreement may not be amended, modified or
revoked in whole or in part except by a writing signed by each of the parties
hereto.

                  (b) NOTICES. All notices given shall be in writing and shall
become effective when received. Notices shall be deemed to have been duly
received if delivered by hand or by overnight delivery service or mailed by
certified or registered mail, return receipt, requested, postage prepaid, to the
respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given in accordance with this Section):

         If to the Sellers:

         Gary D. Engle
         Equis Financial Group Limited Partnership
         88 Broad Street
         Boston, MA  02110

         with a copy to:

         Nixon Peabody LLP
         101 Federal Street
         Boston, Massachusetts 02110-1832
         Attn:  Joan Barkhorn Hass

         and, if to the Buyer:

         Semele Group Inc.
         One Canterbury Green, 8th Floor
         Stamford, CT  06901
         Attn:  James A. Coyne

         with a copy to:

         Shefsky & Froelich Ltd.
         444 North Michigan Avenue
         Chicago, IL  60611
         Attn:  Michael J. Choate

                  (c) BINDING AGREEMENT; GOVERNING LAW. This Agreement shall be
binding upon and inure to the benefit of the Sellers and the Buyer and their
respective heirs, successors, assigns and legal representatives. This Agreement
shall be governed by and construed in accordance with the laws of The
Commonwealth of Massachusetts.

                                      -3-
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as a
sealed instrument as of the date first above written.

<TABLE>
<S>                                             <C>
THE SELLERS:                                    SEMELE GROUP INC.

/s/ Gary D. Engle                               By: /s/ Gary M. Romano
-------------------------------------               ---------------------------
Gary D. Engle                                   Gary M. Romano, Chief Financial
                                                  Officer

/s/ James A. Coyne
-------------------------------------
James A. Coyne

/s/ Wayne E. Engle
-------------------------------------
Wayne Ellis Engle, Trustee, Staci
Albury Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------
Wayne Ellis Engle, Trustee, Kristen
Engle Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------
Wayne Ellis Engle, Trustee, Sydney
Peyton Engle Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------
Wayne Ellis Engle, Trustee, Zoe P.
Engle Trust u/i/t dated July 21, 1998
</TABLE>

                                      -4-
<PAGE>

                                    EXHIBIT A

<TABLE>
<CAPTION>
                                                                NUMBER OF SHARES
                        NAME                                          OWNED

                                                          VOTING               NON-VOTING
  <S>                                                     <C>                     <C>
                   Gary D. Engle                           68                     186

                   James A. Coyne                           8                     144

   Wayne Ellis Engle, Trustee, Staci Albury Trust         None                     11
             u/i/t dated July 21, 1998

  Wayne Ellis Engle, Trustee, Kristen Engle Trust         None                     11
             u/i/t dated July 21, 1998

  Wayne Ellis Engle, Trustee, Sydney Peyton Engle         None                     11
          Trust u/i/t dated July 21, 1998

   Wayne Ellis Engle, Trustee, Zoe P. Engle Trust         NONE                     11
             u/i/t dated July 21, 1998

                       TOTALS                              76                     374
</TABLE>

                                      -5-
<PAGE>

                                    EXHIBIT B

<TABLE>
<CAPTION>
                                                                       NUMBER OF
                          NAME                                   PURCHASE PRICE SHARES
<S>                                                                      <C>

                     Gary D. Engle                                       287,300

                     James A. Coyne                                      171,700

  Wayne Ellis Engle, Trustee, Staci Albury Trust u/i/t                    12,750
                  dated July 21, 1998

 Wayne Ellis Engle, Trustee, Kristen Engle Trust u/i/t                    12,750
                  dated July 21, 1998

 Wayne Ellis Engle, Trustee, Sydney Peyton Engle Trust                    12,750
               u/i/t dated July 21, 1998

  Wayne Ellis Engle, Trustee, Zoe P. Engle Trust u/i/t                    12,750
                  dated July 21, 1998

                         TOTAL                                           510,000

</TABLE>

                                      -6-
<PAGE>

                                    EXHIBIT C

                        LIENS AND ENCUMBRANCES ON SHARES

The Shares referred to in the accompanying Put and Call Agreement, which are to
be purchased by the Buyer, are pledged to Fleet Bank, N.A., a national banking
association having an office at 592 Fifth Avenue, New York, New York 10036 (the
"Bank") as partial collateral for that certain loan agreement between Equis II
Corporation, the Bank and other interested parties dated July 17, 1997, as
amended (the "Acquisition Credit Agreement"), together with related agreements.
The Shares are also subject to an irrevocable proxy giving the Bank the right to
vote the Shares after an event of default under the Acquisition Credit
Agreement.

At September 30, 1999, the outstanding principal balance of indebtedness under
the Acquisition Credit Agreement was $19,540,000.<PAGE>

                                                                    Exhibit 4.1

 Number                          click2learn                        SHARES
CLK 6952                                .com

INCORPORATED UNDER THE LAWS                    SEE REVERSE SIDE FOR STATEMENTS
 OF THE STATE OF DELAWARE                      RELATING TO RIGHTS, PREFERENCES,
                                               PRIVILEGES AND RESTRICTIONS,
                                                           IF ANY

--------------------------------------------------------------------------------
                                                            CUSIP 18681S 10 6
This Certifies that

is the owner of
--------------------------------------------------------------------------------
            FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK,
                       PAR VALUE $0.01 PER SHARE, OF
--------------------------click2learn.com, inc. --------------------------------
transferable only on the books of the Corporation by the holder hereof in
person or by duly authorized Attorney upon surrender of this certificate
properly endorsed. This certificate is not valid until countersigned and
registered by the Transfer Agent and Registrar.
     WITNESS the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers.

Dated

          /S/ STEVEN ESAU                             /S/ JOHN D. ATHERLY
  -------------------------------                 ---------------------------
  VICE PRESIDENT, GENERAL COUNSEL                  VICE PRESIDENT, FINANCIAL
      AND CORPORATE SECRETARY          SEAL            AND ADMINISTRATION
                                                  AND CHIEF FINANCIAL OFFICER

COUNTERSIGNED AND REGISTERED
  CHASEMELLON SHAREHOLDERS SERVICES, L.L.C.
                     TRANSFER AGENT AND REGISTRAR

<PAGE>

                             click2learn.com, inc.

     A statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or
series thereof and the qualifications, limitations or restrictions of such
preferences and/or rights as established, from time to time, by the
Certificate of Incorporation of the Corporation and by any certificate of
determination, the number of shares constituting each class and series, and
the designations thereof, may be obtained by the holder hereof upon request
and without charge at the principal office of the Corporation.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>
     <S>                                            <C>
     TEN COM - as tenants in common                  UNIF GIFT MIN ACT - _______________ Custodian ______________
     TEN ENT - as tenants by the entireties                                   (Cust.)                 (Minor)
     JT TEN  - as joint tenants with right of                            under Uniform Gifts to Minors
               survivorship and not as tenants                           Act ____________________________________
               in common                                                               (State)
                                                     UNIF TRF MIN ACT  - _______________ Custodian (until age ___)
                                                                             (Cust.)

                                                                         _________________ under Uniform Transfers
                                                                               (Minor)
                                                                         to Minors Act ___________________________
                                                                                                  (State)
</TABLE>

     Additional abbreviations may also be used though not in the above list

     FOR VALUE RECEIVED, ________________ hereby sell, assign and transfer unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
----------------------------------------

----------------------------------------

_______________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares
of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Date: _______________________

                                      X _______________________________________

                                      X _______________________________________
                                        THE SIGNATURE(S) TO THIS ASSIGNMENT
                                        MUST CORRESPOND WITH THE NAME(S) AS
                                        WRITTEN UPON THE FACE OF THE
                                NOTICE: CERTIFICATE IN EVERY PARTICULAR,
                                        WITHOUT ALTERATION OR ENLARGEMENT
                                        OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By ___________________________________
THE SIGNATURE(S) MUST BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM)
PURSUANT TO S.E.C. RULE 17Ad-15

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